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BNFX review

BNFX


On-line since: 2010
Country of origin: New Zealand
Regulation: -
Payment options: wire transfer, bank cards
Minimum account size: $1000
Minimum lot size: 0.01 lots
Leverage: up to 1:1000
Spreads: fixed

About the company:

BNFX is a forex and CFD brokerage, offering online trading on two reliable platforms with STP/ECN execution.

Company. Security of Funds

Bestec Networks Foreign Exchange was established back in 2010. The brand is owned and operated by BNFX Capital Limited, a company that used to be licensed in New Zealand; however, it was deregistered from NZ FSPR in September, 2012 and currently it is not regulated by any authority.

Investing in an unregulated broker is risky and we generally advise traders to stay away from such companies and to choose among companies licensed by reputable regulators.

Trading Conditions

Clients of BNFX are offered a choice of 3 account types, two STP and one ECN. All of them offer variable spreads and micro lots with a leverage of up to 1:100 on two trading platforms - MetaTrader 4 and xStation.

The best spreads are, of course, available on the ECN account: averaged 0.4 pips on EUR/USD. If we add the commission of $8 per standard lot, trading costs amount to around 1.2 pips per lot, which is an attractive offer. The problem is that in order to get theses ECN spreads, you have to deposit at least $1,000 with a non-regulated broker, and this carries certain risks since if the broker goes bankrupt, the traders will not be refunded.

Trading Platforms

As we have already mentioned, BNFX supports MetaTrader 4, as well as xStation, developed by XOpen Hub.

xStation is an intuitive multi-functional software that features one-click trading and the ability to deal straight from the chart. The platform is equipped with various technical analysis tools and advanced charting package.

MT4 offers a number of technical indicators, extensive back-testing environment, advanced charting tools and offers trading automatization options with the most commonly used trading robots (EAs), as well as with options to create new ones.

Support Service

The support service is available only via feedback form.

Payment options

Payment methods include only bank wire transfer and credit/debit cards.

Popular e-wallets such as Skrill, Neteller, or PayPal are not available with this broker.

Advantages:

  • competitive spreads
  • low initial deposit
  • xStation and MT4 available.

Disadvantages:

  • not regulated
  • insufficient information on trading conditions
  • limited payment methods.

BNFX 2/10 (votes 2186)
Author of BNFX: Sinclair | Date 2022-08-04
I trade on their Standard account at BNFX for four months and I am glad because my previous broker was a fraud broker. I trade special strategy on each instrument, some I trade with EA and some with manual strategy and I have never had a concern with excessive slippage. Also, withdrawals totally hassle-free. My first withdrawal was $700 via bank wire and processed within one day. I noticed that they make precedence to get my withdrawal fast. BNFX is reliable broker also I'm satisfied with the result after I join them.
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Author of BNFX: Emmy | Date 2021-07-13
I have been trading with BNFX since 6 months ago, and I'm consistent with my MT4-account. The MT4 platform is stable, working fine with real-time quotes and low spreads. They also have fast order execution. I have calculated my profit until now, it's already around $900, and I can withdraw it easily. Their support team also friendly and helpful. They always process my withdrawal requests quickly, and I never got hidden commissions. I recommend BNFX.
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Author of BNFX: Suhana | Date 2020-12-23
Actually, I am staring to use BNFX for three months ago with demo account. I use my EA on their demo and its was running good then I have opened a real account and deposited $400. First few days I my EA was running rightly I earned profit $418 just in two months and I was quite happy. However, from last month they are getting most horrible. They routinely disabled my EA with orders are profitable. To check my EA I execute few trade demo and live with same EA what I notice that demo trade are working perfectly and but the EA disable on real account trades. I noticed same issue was mentioned in earlier post by another trader as well. This is getting highly annoying!
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Author of BNFX: Bonnie | Date 2020-10-16
Trading at BNFX is profitable. I came to this broker after becoming a victim of a fraud broker and I am glad that I finally found an honest broker. It has been more than a year already since I started at BNFX and I have already made two withdrawals. These transactions were processed quickly and efficiently.
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