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Scammed by BECFD Broker?

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Is BECFD a scam broker?

Overview:

We were unable to find out info on the trading condition and accounts of this broker. Hence, we presume that this broker operates only with a single account type. The account provided is commission-free with capped spreads and leverage of up to 1:200. The website features several languages like Russian, Spanish, Portuguese and English.

About BECFD:

The broker BECFD allegedly considers itself as pure STP broker, but it is not. As it offers only fixed spreads. On the other side, this broker seems to offer a plethora of financial assets like FX pairs, CFDs on indexes, commodities, and shares. The broker is managed by Marshall Islands Based organization. The brand is operated by a company registered in the Marshall Islands, this zone is a popular hideout of scam brokers and raises suspicion on them. Also, companies operated from these islands are not licensed and nor regulated.

We have always warned our readers about the risk associated with offshore brokers and their potential scam nature. The broker also misses on the information provided on minimum deposits, we generally assume this deposits in between $200-$500 for the basic accounts. But some genuine brokers also open an account with just $5.

The spread of euro/dollar was seen capped at 3 pips and considered high. The average spread on the regulated market is 1.5 pips or lower. The leverages offered by BECFD are up to 1:200 which is acceptable according to current market conditions.

The main feature of BECDF is it offers to trade on the MetaTrader platform. Unfortunately, we were not able to download and use it because it is available only for the demo account. The clients of BECFD’s are provided by many payment features such as wire transfer, cards, Skrill, Neteller, Web Money transfer, Qiwi, AstroPay, and so much more. In addition to this PaySafeCard is also provided. Sadly, there are several warning issued to this broker by world-leading financial regulatory authorities like FPA Traders Courts, FMSA of Belgium CONSOB of Italy and FCA of UK.

Is BECFD scam or legit?

The broker BECFD is offshore situated on the Marshall Islands. These islands are well known for their dubious brokers. The trading conditions are opaque. Also, the trading environment is not at all favorable. Furthermore, there are several warnings issued against it by top financial bodies. Therefore we can firmly call this broker as a potential scam broker. Traders can trade with several other legitimate brokers.