Company Profile
Company Profile
Review summary
Note: You can't access BFS's official website: https://www.bfsforexonline.com right now.
BFS Information
Established in 2020, BFS is an unregulated broker-dealer located in Malaysia. The company offers the MetaTrader 4 (MT4) platform for trading.
Is BFS Legit？
BFS seems to operate without any regulatory oversight. This lack of rules might put investors at higher risk, since no one watches over or makes sure they play fair.
Downsides of BFS
- Unavailable Website
BFSs official website cannot be accessed at present. This raises concerns about reliability and accessibility.
- Lack of Transparency
Investor understanding regarding what BFS remains limited due to insufficient information concerning this platforms operations and dependability.
- Regulatory Concerns
Investors are unsure if BFS follows any rules, which makes them think twice about how safe the money is and if they can trust the company.
- Withdrawal Difficulty
A user on WikiFX left a report on using the application, in which he cited many challenges in the process of withdrawing funds. This concern was still unsolved after one week and more with the pending request.
Negative BFS Reviews on WikiFX
On WikiFX, “Exposure” is indicated as a word of mouth; gotten from the users.
The recommendation for traders is to check the information and risks before engaging in dealing with the unregulated platform. If fraudulent brokers persist, you can report in our Exposure section and our team will help to solve such problems.
As of now, there were 3 pieces of BFS exposure in total. I will introduce 2 of them.
Exposure 1. Out of Contact
| Classification | Out of Contact |
| Date | August 24, 2019 |
| Post Country | Hong Kong |
A user on WikiFX cited his challenges in using trading accounts and contacting the customer service of the broker. You may visit: https://www.wikifx.com/en/comments/detail/208081216424458.html
Exposure 2. Cannot withdraw money
| Classification | Cannot withdraw money |
| Date | Sep 16, 2021 |
| Post Country | Malaysia |
Another user complained on WikiFX about not being able to withdraw his money and that his account had been blocked. You may visit: https://www.wikifx.com/en/comments/detail/202109169302567265.html.
Conclusion
Using a non-regulated platform like BFS can lead to security issues. For that reason, investors are advised to select regulated brokers that ensure transparency in their operations as well as legal compliance with the law when it comes to investments. Look out for platforms monitored by recognized regulatory bodies because they are much safer trading bases.
