bforex was established in 2007 and is based in Cyprus. It is regulated by ASIC (Australia), CNVM (Romania), CySec (Cyprus) and Banco Central del Uruguay (Uruguay).
Bforex is a good all-around dealer for traders interested in trading FX. They offer several innovative online trading systems, including the popular MetaTrader4. In addition they offer their own proprietary platforms, the PROfit trading platform & the WebPROfit trading platform, developed by a technical team at bforex. Both these platforms offer advanced trading features with an easy-to-use interface and customizable layout. In addition, they can be accessed by using an iPhone app.
Bforex provides an excellent quality of services and profitable quoting rates which can be easily used by experienced traders as well as for novices.
The minimum initial deposit for their most simple account is $100 with a lot size of 0.1. They claim to have the most competitive spreads in the market and the fastest withdrawal times in the market, with an average withdrawal request processing time of between 4 – 5 business days. New traders can received up to a 20% sign on bonus depending on the amount of money deposited.
I didn’t see any demo account offered which I find sorely lacking. Also missing is a wider choice of other assets such as commodities, indices or equities. They do, however, have an Islamic Forex Account. Forex Islamic accounts are also known as swap-free accounts as they imply no swap or rollover interest on overnight positions, which is against Islamic Sharia laws.
bforex boasts of being the only foreign exchange broker that guarantees Stop and Limit orders under all market conditions. They also have a non-dealing desk policy that translates into instantaneous execution for all orders. Maximum leverage is 1:200.
bforex has recently introduced its educational tutorial, Forex Academy which offers videos on specific FX topics.
All in all, bforex is a satisfactory Forex broker and is a good way for new traders to break into Forex markets