BECFD began as an unregistered CFD and Forex broker in August 2017. Their website appears to be unavailable at the moment. The company is owned by BECFD Limited, which is located at Trust Company Complex, Ajeltake Island, Majuro, Marshall Islands MH96960. In the United Kingdom, dial +44 203 807 2033, and in Germany, dial +49 69 204 579 237. Customer service can be reached at support@becfd.com.
BECFD’s TraderSoft trading platform allows investors to trade CFDs and Forex. Hundreds of underlying assets are available for trading, including Crypto, Forex, Stocks, Commodities, and Market Indices.
The standard leverage on Forex pairs like EUR/USD is 200:1, and the spread is three pips. You can use the web-based desktop trading platform, MetaTrader4, or one of the recently announced mobile trading apps for Android or iOS. To open a new trading account, a $250 minimum deposit is required, and the broker’s website is available in German, Italian, and Russian.
License and Regulation
The most common indication of a broker scam or a Forex trading scam is that the broker is either unregulated or has a low-quality regulatory license.
Any Becfd reviews will not only answer the question of whether or not the broker is licensed, but will also provide some insight into the regulatory body and indicate whether or not the license is top tier. However, if the broker no longer offers communication methods such as email, phone, text messaging, and chat, and has a support team that does not appear to understand the trade or is evasively asking certain questions, this could be a sign of a scam or a low-quality broker.
During our preliminary research on this broker, we came across a slew of Becfd reviews in which people complained about poor customer service after the initial withdrawal. While these platforms would be beneficial in the hands of other brokers, Becfd engages in unauthorized trades and traders have difficulty withdrawing funds from Becfd. These account options may sound appealing, but trading on Becfd is a scam.
What we look for when reviewing CFD or Forex brokers to determine whether they are legitimate or fraudulent is very simple. Are they licensed and regulated by a competent government regulator, such as ASIC in Australia or the FCA in the UK? Trading with a licensed broker ensures that you will not have any problems.
BeCFD is not a registered broker. When selecting a new Forex broker, it is critical to ensure that they are indeed licensed for investors in your country of residence. BECFD has been identified as a possible fraudulent broker. This broker is on the blacklist of a well-known regulatory authority and should be avoided. BECFD is owned by BECFD Limited, an offshore company based in the Marshall Islands. BECFD Limited is a Forex and CFD broker that BECFD owns and operates.
The company’s headquarters are in the Marshall Islands, an offshore jurisdiction where brokers are typically unregulated and unsupervised. On the internet, there isn’t much information about the broker, only two phone numbers: British and Austrian.
This means that BECFD has attempted to provide services in these countries without being regulated or permitted. On the internet, there isn’t much information about the broker, only two phone numbers: British and Austrian. This means that BECFD has attempted to provide services in these countries without being regulated or permitted. The Austrian Financial Market Authority (FMA) has also recently issued a warning against this company.
We constantly warn traders that dealing with offshore brokers is extremely risky because their funds are not secure. We strongly advise only opening a trading account with brokers who are regulated by reputable international agencies and have a good reputation for following the appropriate set of rules and meeting the promised timeline of operations.
Traders should use highly regulated brokers such as UK and Australian brokers, as well as reputable brokers such as BlackBull Markets and Pepperstone. BECFD is not a licensed broker.
Customer Reviews
“I’ve had an account with them for almost a year, there is money still in there, I’ve had no luck with my credit card company retrieving the funds as the deposit money was around £700, they have not been any help.” I’m afraid that if I use my passport, it will be confiscated because this company has a copy of it.
I’ve tried to contact them via message and email but haven’t gotten much response, although a lady got in touch before Christmas and split the funds into a few assets, my account has now received £10,00.00 so I believe but I’m not getting any response from them even if I try to withdraw, useless.
And I’m still getting calls from other brokers trying to set up accounts, which is more annoying. As for advice, my local office told me I had a credit card bill to pay at the end of the month.“.- Charlie Harlorm
“I have previous experience with this company.” I lost everything. I am confident that this was the broker’s intention at all times. The bonuses that they add are only there to entice you to take more risks and ultimately lose all of your money.
Because of Sven Nowak, I lost 26,500 Euro with BeCFD. He duped me. He persuaded me to deposit money and promised to assist me with trades. Instead, the trades lost a significant amount of money. He told me I was about to receive a payout of 53,500 Euro, but when I tried to get it, he said it was “lost.”- Sheen, Patricia
Befcd.com and their transaction provider Binex Group LP are nothing more than con artists. They committed fraud from the start, when they received your money for so-called trading. They use unfair trading terms and conditions, and because they reject any withdrawals and suspend accounts, no one will take them seriously as a broker or trader. This company is a ponzi scheme.
Professional firms manage any risk associated with a customer’s trading account. If they have stolen your money, file a lawsuit against them to find the true perpetrators of this criminal organization. – Czhefa
“Do not even consider investing your hard-earned money in this bogus company. I started trading with them two years ago and the services were good until June of last year, when they became very poor.” Initially, I noticed that the charts were constantly fluctuating, making it easy for traders to lose money. Also, the stop loss was not as effective as it once was.
After losing half of my investment, I requested a withdrawal in September, but they continued to use delay tactics by requesting unnecessary documents. I was also charged a withdrawal fee. In January, I noticed that my account was no longer accessible, and I realized they were attempting to play a game.”- Ristian Herp
Final Verdict
According to the FCA website (https://www.fca.org.uk/news/warnings/becfd), nearly all UK businesses and individuals who offer, promote, or sell financial services or products must be authorized or registered with them.
According to the FCA’s website, they have not authorized BECFD, which is aimed at people in the United Kingdom. You won’t have access to the Financial Ombudsman Service or the Financial Services Compensation Scheme (FSCS) if something goes wrong, so you’re unlikely to get your money back.
BECFD has been identified as a possible fraudulent broker. We do not recommend trading with them, and if you do, please contact them as soon as possible to try to get your money back.
The company is operating illegally and without an appropriate financial regulatory license, according to the most recent BECFD investigation.
This company has a guilty vote in the FPA Traders Court. The FPA advises dealing with BeCFD with extreme caution until this issue is resolved. The Belgian FMSA has issued a warning against BeCFD. Italy’s CONSOB has issued a warning against BECFD.com. The UK Financial Conduct Authority has issued a warning against BECFD.com.
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