January 29, 2021

Bank Direct Fx Review- Bank Direct Fx Complaint

Overview:

Bank Direct Fx which is also known as BDFX is a trading company founded back in 2009. The company claims that it is based in Belgium and offers a 100% bonus to the customers. The trading market is well known for the profit it produces. This yet again puts the market at a risk as to the fear of getting infiltrated by the scam brokers and fraud investment companies increases.

About Bank Direct Fx:

The company claims to be a forex broker that has a very user-friendly web platform and also provides client-oriented services. The web platforms provided by the company are Meta Trader 4, commonly known as MT4, and Meta Trader 5, commonly known as MT5. The mobile version of the same can be accessed by the customer as well. Bank Direct Fx offers four different options for the customers to choose from while choosing a trading account. They are Individual Account, Joint Account, Corporate Account, and Super or Trust Account. However, not much information is given regarding the difference between these accounts and so. The minimum deposit demanded by the company is 500 dollars. This amount is too much for any company to ask for. The regulated trade brokers, who comply with the rules of the regulatory authorities, are not allowed to demand such huge amounts of money from the public. Such steps are ensured by the regulatory authorities to safeguard their citizen’s money and save them from possible scams. The regulatory authorities of various countries have different criteria for a trader company to get a license. Even after acquiring a license, these companies are kept under the constant watch of the regulatory authorities. The regulated trade brokers are required to give regular updates on their work and all the transactions that happened on that specific day. This step taken by the regulatory authorities helps the public as the regulated authorities would never even think of doing a scam in the fear of being caught.
The leverage offered by Bank Direct Fx is 1:400. The leverage is capped by the Australian Securities and Investment Commission or the ASIC of Australia at 1:30 and the Financial Conduct Authority or the FCA of the UK at 1:50. It must have been clear to our readers by now that the leverage offered by Bank Direct Fx is very high and unrealistic as to what the regulated companies are allowed to provide.

Is Bank Direct Fx a scam or legit?


The company does not offer an Islamic account or mini account to the customers. The payment method is limited to wire transfer and an e-wallet called Skrill. The Australian Securities and Investment Commission or the ASIC has placed BDFx in the “companies you should not deal with” list. The last and the main part of the review is that Bank Direct Fx is not regulated. In conclusion, one should never trade with an unregulated company. Bank Direct Fx is a complete scam and, we advise our readers to stay away from this company.