BUX Forex Review: Buxforex.com Untrustworthy Broker

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Buxforex Review
  • Regulation
  • Fund Safety
  • Customer Support
0.5

Summary

Buxforex is lying about its legality because it is an offshore broker. The combination of unlicensed and offshore breeds a highly dangerous broker who will stop at nothing to get your money.

Bux Forex is a clone forex broker masquerading as a genuine UK-based investment platform. Forex trading is still a promising venture in mainstream investment. However, the losses are equally high due to the highly volatile nature of the markets. But this is not the only danger to forex investment. Forex scammers also pose a threat in this line of investment due to the high numbers of naïve investors falling prey. Despite the regulation efforts, the illegal brokers are still at large, growing bolder and more cunning daily.

Bux Forex Review: Bux Forex Company

Buxforex.com is a clone forex broker masquerading as a genuine UK-based investment platform. The company claims to offer an excellent platform for trading in forex, indices, and commodities. Moreover, the broker allegedly provides advanced tools for seamless liquidity and instant executions. Additionally, the broker claims to segregate investors’ funds into separate accounts. Please make no mistake, Bux forex knows that you care for such things, and it is including them to entice you. In any case, it is advisable to take any declaration by a broker with a pinch of salt.

You are fortunate to have come across this article, as it will inform and save you from committing investment suicide. The subsequent review exposes some of the many red flags we picked on the broker’s website. It would be wise to consider them before engaging this broker for business. Read on.

Buxforex.com Review

Bux forex runs and operates this website. According to the broker, Bux forex is the trading name for Bux Financial Services Ltd.  Bux forex brags about a lengthy operational experience that has earned it accolades, such as being the best FinTech company. Here are some of the reputable forex trading companies in the market. These are legitimate ventures with professional account managers. 

Furthermore, the broker allegedly offers several trading instruments, including over 50 currency pairs and a global footprint in more than 100 countries. Similarly, the broker reportedly has a client base of over 2 million users. Such achievements are no mean fete for a broker, but you should not believe that this is Bux forex’s achievements. This broker can lie; most likely, the statistics are there to give the impression of a successful broker.  

Contact Details

The broker’s address is 3rd-floor Canvas, 35 Luke Street, London, EC2A, 4LH, United Kingdom. On the same note, the broker claims to operate in England and Wales under registration number 03148972.

Investors can supposedly contract the broker at info@buxforex.com.

Telephone contact details are essential as they guarantee instant access and feedback. Sadly, Bux forex does not have these contacts. Only dubious brokers can afford such customer service mishaps. Indeed, we have reasons to believe that the broker is not in the U.K. in the first place.

Deposit & Withdrawal Policy

The broker allegedly accepts deposits via internet banking, Fasapay, Wire/bank transfer, Master card, Visa, China Unionpay, Poli, Neteller, and Skrill. This sounds convenient until you go to the deposit menu. Surprisingly, the broker only accepts Bitcoin and Tether deposits- another red flag.

 The broker limits you to the two mediums because they want to steal your money. Cryptocurrency transactions are neither reversible nor traceable. Thus, when you use such means to deposit, it will be hard to identify the recipient since it is possible to anonymize. This makes it hard to file for a chargeback. Additionally, you will not be able to reverse the transaction if you use such means.

It would thus be unwise to engage this broker as it intends to take your money without fear of repercussions. For your good, ensure that reversing a transaction and tracing the recipient is possible with the deposit means you are using. Information on the funding thresholds is, however, missing. As a precaution, engage with brokers whose minimum trading requirement is not so high.

Bux Forex Trading Platform

For trading purposes, it is advisable to use MT4 and MT5 platforms. These platforms have a state-of-the-art architecture that avails a competitive interface, thereby optimizing your trading experience.

Buxforex.com Review, Buxforex.com Features

Buxforex allegedly provides three trading platforms: ioS, Android, and Windows. Upon creating an account, it is shocking to find that there is no trading platform. All there is a lackluster dashboard that does not allow you to trade. This broker cannot provide you with a trading platform because that is not its goal. Once you deposit money, you cannot trade, so your investment will be pointless. Since you cannot reverse the funds, you will become frustrated and moneyless.

It beats logic to deal with a broker who does not allow you to trade and steals your money. Therefore, run while you still can! This is not your go-to forex broker.

Trading Conditions

One of the regulators’ trading conditions is that leverage should not exceed 1:30(U.K., Australia, and Cyprus) and 1:50 in the U.S. The leverage capping cushions investors from massive losses, especially in highly volatile episodes. Bux forex offers a 1:100 leverage- a sign that the broker is not under regulation. The broker also omits crucial details on spreads. The only close reference to this is a promise on tight spreads.

The broker also leaves out material information, such as the applicable fee. Do not see this omission as a mistake! It is a scheme to introduce a hidden fee, as the broker pleases. Also, we do not think it coincidence that the broker does not attach any legal documents, AML, or KYC requirement documents. It is because such a broker does not exist, or the broker knows that such documents will spook you. It is in your best interests to avoid this broker and explore transparent brokers.

Regulation Status of Bux Forex

The company claims to have licensure to operate in England and Wales. After checking with the FCA register, there were no matching credentials. We also stumble upon a shocking revelation by the FCA- Bux broker is a clone company! Bux forex has cloned the details of a company licensed to offer financial products and services- Bux Finacial Services Limited.

The legit company is registered as 184333 and not 03148972, as this shady broker claims. Also interesting is that while this broker claims that it does not accept U.S. residents, we comfortably open an account with the U.S. profile. Being a clone, it certainly has no tools to detect such duplicity. For a broker capable of cloning, you cannot expect anything less of mischief, lies, and manipulation from it. Moreover, FCA has issued a warning citing that it does not regulate this broker.

Likewise, Buxforex is lying about its legality because it is an offshore broker. The combination of unlicensed and offshore breeds a highly dangerous broker who will stop at nothing to get your money. After such a confirmation, you do not need to gamble on your investment’s safety with this fraudster. Steer clear of this broker.

Verdict

When it comes to your investment’s safety, you can never be too cautious. Consequently, it is wise to carefully weigh your options, especially considering the regulation status of your preferred broker.

 Since nothing a broker states should pass as a fact, it is your sole responsibility to ensure that you conduct enough background checks on your broker options. That is the only way to find a trustworthy forex broker who can guarantee your investment’s safety, security, and, notably, returns. 

We hope that you find such a reliable broker sooner.

 

 

 

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