Verdict

/ 5

BCS Forex review

By Abdullah Zeshan

Updated on Dec 26, 2024

10 mins read

13 customer reviews

Overview

BCS Forex is a reputable online trading broker established in Russia in 2004. Despite being a Russian company, BCS Forex has global recognition with its presence in over...

See full overview for BCS Forex

BCS Forex is a reputable online trading broker established in Russia in 2004. Despite being a Russian company, BCS Forex has global recognition with its presence in over 50 countries, including Cyprus and the United Arab Emirates.

BCS Forex’s popularity has spread beyond its home country because of the quality of its offerings. The broker provides its clients access to multiple financial instruments from different niches of Forex, Stocks, Cryptocurrencies, Commodities, and CFDs. The broker also offers its clients a choice of trading platforms between the popular MetaTrader 4 and 5 platforms. Traders also have options in terms of BSC’s account offerings. From the NDD, Pro, and Private accounts, traders can enjoy a preferred range of flexible leverage options and trading fees.

Aside from its financial instruments, accounts, and platforms, trading with BCS Forex has other benefits. Top on the list of “other BCS benefits” is the broker’s seamless and user-friendly trading experience offering. With its competitive pricing, fast execution speeds, advanced trading tools, excellent customer support, secure payment options, and educational resources to help traders improve their skills and knowledge, BCS Forex is one broker many traders will be happy to have.

SUPPORTED COUNTRIES

BCS Forex has a global presence, serving clients from over 50 countries. These countries include Canada, Hong Kong, India, Kazakhstan, Kuwait, Norway, Qatar, Russia, Saudi Arabia, Singapore, South Africa, Thailand, Ukraine, and the United Arab Emirates.

On the other hand, some countries have regulatory standards and local laws that prohibit the activities of BSC Forex in such countries. These countries include Afghanistan, Algeria, Angola, Australia, Colombia, Côte d’Ivoire, Cuba, the Democratic Republic of the Congo, Eritrea, Iran, Iraq, Japan, Lebanon, Liberia, Libya, Myanmar, Nigeria, North Korea, Pakistan, Sierra Leone, Somalia, Sudan, Syria, the United Kingdom, the United States of America, and Yemen. There have, however, been reports of traders accessing the platform via VPN, hence the geographic distribution of its traders.

CUSTOMER SERVICE RATING

BCS Forex has a rating of 3.88/5 on Topbrokers. The broker has earned both negative and positive reviews from its users. On one hand, users have given positive reviews, commending the broker for its timely response in addressing their queries and attending to trading issues. Others have also commended the support staff for being helpful and swift in their responses. Other positive mentions were the broker’s competitive trading options and seamless platform.

On the other hand, some users have given negative reviews following their dissatisfaction with the broker’s services. Some of these issues majorly border around banking hitches, especially with the withdrawal processes and technical glitches on the platform. There are also complaints about the limited availability of customer support between 9:00 a.m. and 9:00 p.m. (GMT+3) on Mondays to Fridays.

TRADING PLATFORMS

BCS Forex offers a range of trading platforms to suit the needs of different categories of online traders. Each platform offers a range of trading tools and features to help traders make informed trading decisions. Below are the details of each platform as gathered by this BSC Forex broker review team.

MetaTrader4 (MT4): MetaTrader 4 is a popular trading platform commonly used in the forex and CFD markets due to its user-friendly interface, extensive charting capabilities, and customizable features. BCS Forex offers MetaTrader 4 to its clients as a downloadable application that can be used to trade a wide range of financial instruments, including currency pairs, stocks, commodities, and indices. The platform also supports automated trading through expert advisors (EAs) and allows traders to access tools for technical analysis to trade on demo and live accounts.
MetaTrader5 (MT5): MetaTrader 5 is an upgraded version of MetaTrader 4, which offers several new features and improvements. It includes additional charting capabilities, a more advanced order management system, and support for more financial instruments. BCS Forex also offers MetaTrader 5 as a downloadable application that can be used to trade a wide range of financial instruments. It also supports automated trading through EAs and allows traders to backtest their trading strategies using historical data. Traders also enjoy multi-currency strategy testers with system support for distributed computing.

Either of the above trading platforms are available as:

BCS Forex Web Platform: This browser-based platform can be accessed from any device with only an internet connection. It offers a user-friendly interface and includes several trading tools, such as charting capabilities, technical analysis indicators, and real-time quotes. The web platform also supports one-click trading and allows traders to manage their positions and orders from a single window. It is an ideal option for traders who prefer a platform without downloads or installations.
Mobile App: The BCS Forex mobile app is available for Android and iOS devices and can be downloaded from the respective app stores. It allows traders to access their trading accounts, view real-time quotes, manage positions, and execute trades on the go. The mobile app also includes charting tools and technical analysis indicators to help traders make informed decisions. Additionally, the app offers news updates and economic calendar features to keep traders informed about market events and news that could impact their trading activities.

Trading Denominations

BCS Forex has three base currencies – USD, EUR, and RUB. These currencies are available for traders to make deposits, withdrawals, and trade on the platform. The broker allows traders to choose their preferred base currency during the account registration process, allowing traders from different geographical regions to choose their preferred currency before the need arises.

Company Structure

BCS Forex is a subsidiary of BCS Financial Group, a leading financial services provider and a major international investment bank in Russia. As a part of the group, the broker operates with a clear management structure and a team of professionals dedicated to improving the trading experience of their clients by providing quality services.

A team of experienced professionals with vast knowledge in the financial industry heads BCS Forex. The team is responsible for deciding key issues and maintaining the company’s reputation as a reliable international multi-asset broker.

More details of the broker’s institutional operations are discussed in subsequent sections. Enjoy the read.

Licenses and Regulatory Compliance

BCS Forex is one broker that strictly adheres to the relevant laws guiding the operations of financial institutions in its jurisdiction. Its activities are supervised and regulated in Cyprus by the Cyprus Securities and Exchange Commission (CySEC), and it operates under license number 048/04.

While many may question the broker’s single license, it’s important to note that BSC trading is limited in jurisdictions other top-tier regulatory bodies oversee. Notwithstanding, CySEC is a top-tier regulatory body, and its license is an added advantage to the credibility of any broker.

Customer Support

BCS Forex’s customer support team is often praised for their professionalism. However, BCS Forex offers limited channels for customers to contact their support team, unlike other brokers. The only available channels are email and a call-back request form. Another downside of the broker’s customer support offering is its limited availability. The team is only available 24/5, for twelve hours between 9 am – 9 pm GMT +3.

The broker has a detailed and extensive FAQ section on its website to balance the evident downsides of its customer support offerings. The section covers many common questions and issues that novice and professional traders may have during their trading journey. This is an attempt to help traders resolve the difficulties they might encounter on the platform without contacting customer support.

Customer Protection

Our review team expects brokers to prioritize customer protection, and BCS Forex is no exception. Thankfully, the broker has instituted measures to protect clients’ funds and personal information from unauthorized access. Some of these measures include:

Strong Encryption: The MetaTrader trading 4 and 5 provided by the broker meets the industry-standard security requirements. Via its durable encryption network, databases of traders are secure and protected from third-party infringements.
Risk management tools: BCS has ingrained advanced tools across its platform to help traders gauge their trading history and market trends and manage market risk while protecting their investments.
Segregation of Clients Funds: Like many other brokers, BCS Forex Ltd keeps clients’ funds separate from the broker’s operational funds to protect them in the event of the broker’s insolvency. This is one of the many policies that CySEC licensed brokers have to adhere to.

TRADING INFORMATION

Through this BCS Forex review, we have emphasized that the broker offers a wide range of tradable instruments to its clients across major market niches. From Forex to CFDs, Metals, Commodities, Cryptocurrencies, and Stocks, there is a wide range of instruments on the BCS platform. In this section, we delve into the trading conditions, deposits, and withdrawal options available. See for yourself.

Leverage

BCS Forex offers traders leverage ranging from 1:1 to 1:200. While other offerings on the BCS account types may vary, the maximum leverage is 1:200 across all accounts. This is commendable as it ensures a level playing field for all traders regardless of their account size.

Deposits and Withdrawals

Payment methods on BCS Forex range from Bank transfers to e-wallets and eternal transfers. The terms and conditions for deposits and withdrawals vary from method to method.

Deposits

BCS Forex does not charge any fees for deposits. However, the initial minimum deposit on every BCS Forex account is $1. Details of deposits via the available payment methods are highlighted in the table below:

Payment Methods	Currency	Commission	Processing Time
Bank transfers	EUR, USD	0%	2 – 3 working days
Plastic cards	USD, EUR, RUB	0%	Instantly
Internal transfers	USD, EUR, RUB	0%	Instant

Withdrawals

Unlike the free deposit options on BCS Forex Ltd, the broker charges a withdrawal fee on all payment methods except internal transfers. This fee depends on the trader’s preferred payment method. Details of withdrawals via the available payment methods are highlighted below:

Payment Methods	Currency	Commission	Processing Time
Internal transfers	USD, EUR, RUB	0%	Instant
Plastic cards	USD, EUR, RUB	2.5%	1 – 3 working days
Bank transfers	EUR, USD	40 EUR and 35 USD	2 – 3 working days
Qiwi Wallet	RUB	2.5%	Instant
YooMoney	RUB	3.5%	Instant

Trading Education and Training

BCS Forex provides educational resources to help traders improve their trading skills and knowledge. The broker offers trading tutorials, guides, market analysis, and news updates. These resources are available to all traders on the platform’s website, regardless of their experience level. Many traders have reported that the available resources helped them make better-informed trading decisions.

CONCLUSION

This BCS Forex broker review concludes that with a commitment to customer protection and satisfaction, BCS Forex is a reliable broker for traders looking for a safe and transparent trading environment. The broker offers a user-friendly platform that provides traders with a wide range of tradable instruments. Another bonus to the broker is its professional customer support team which has earned it positive reviews, despite its limited availability.

We also commend BSC Forex’s educational resources and are positive that there is room for all-round improvement. If you are looking for a simple and reliable broker with competitive pricing, then BSC Forex is the broker to consider, as long as you are in its licensed region.

Countries

+171

Our Verdict

3.9

/ 5

See our process of evaluating brokers

Commissions & Fees

3.5

/ 5

Deposit & Withdrawal

3.9

/ 5

Customer Support

4.4

/ 5

Account Opening

3.7

/ 5

Regulation & Safety

4.2

/ 5

Our 5-step process of verification and evaluation – How do we obtain information?

General inspection – 30%

Trading experience – 30%

Technical audit – 20%

Collective experience from collaborations with the broker – 10%

Interviews with real traders – 10%

See the entire process here.

Pros

Two commission-free accounts: Charging trading commissions on transactions is how many brokers make their profit. However, BSC Forex offers its customers two commission-free accounts; pro and direct.
Offers a range of tradable instruments: BSC has multiple trading instruments on its platform. Traders can access forex pairs, commodities, cryptocurrencies, CFDs, and stocks.
Popular Trading Platforms: BCS Forex provides clients access to the popular MetaTrader 4 and MetaTrader 5 platforms. These platforms are available on the web and the broker’s proprietary mobile app.
Conducive Trading Platform: The BCS Forex platform has an intuitive design interface, advanced charting tools, and automated trading options.
Exquisite Educational Resources: BCS Forex offers a range of educational resources, including basic training courses made up of videos and tutorials, an event calendar, and market analysis, to help clients improve their trading knowledge and skills. These resources are free for clients and cover various essential trading topics.

Cons

Charges Inactivity Fees: Unlike many brokers who wait about 12 – 16 months before charging inactivity fees, BCS Forex charges its customers a $100 monthly inactivity fee after six months of an account’s dormancy.
Charges Personal Income Tax: This review gathered that BSC Forex is a tax agent; hence, clients must pay personal income tax on every withdrawal.
Limited Customer support: The customer support channels on BCS Forex are only available 24/5 between 9 a.m. and 9 p.m. GMT +3. This implies that trading hitches can only be resolved on weekdays and within the specified 12 hours.

General details

Type of accounts

Trading platforms

METATRADER 4

METATRADER 5

Execution Model

ECN

STP

Deposit currency

AUD

EUR

GBP

USD

NZD

Regulatory complience

CySEC

Deposit payment systems

Withdrawal payment systems

Support Languges

English

Russian

Autotrading

MQL.5 Signals MT4 EA MT5 EA

Contact details

[email protected]

+7 499 677 10 70

Customer reviews

Read real reviews from traders all over the world:

Marshall Flowers

30 January 2023

Advantages: Minimum deposit there and commissions are low

Disadvantages: Lack of payment methods

This broker provides good trading conditions for both advanced and novice traders, and since minimum deposit and fees there are low, it's a great option. But I have to mention that there's lack of payment methods, and it was a problem for me. In general, it may not be a difficulty for some traders, and in that case, trading with this broker will be an amazing experience, so I highly recommend choosing this platform, there's just always room for improvement.

Errol Curtis

9 September 2022

Advantages: There are trading conditions for professional traders and large investors. The ability to invest in PAMM accounts and copy transactions through the broker's proprietary platform.

Disadvantages: No PAMM accounts

I will tell you my story about how I work with this broker. I have never encountered the market, I just read information about forex on the Internet, then I got to a broker. The manager called me, I won't give you my name. But the girl was very persistent and I consider this a plus, not a minus. Because if it wasn't for her, I probably wouldn't have worked with them. Because I believed all the nonsense that is written here. But, my manager convinced me otherwise. You know I believed it! And I want to thank her. I started working with $500 for the sake of checking what and how. I was given an expert, a competent man, always tells me what and how in the market. And it's nice that the deposit is growing every day. And the best part is that they WITHDRAW MONEY!The broker is really reliable.I really don't know who writes about the broker deceiving people, but I personally saw the opposite.

See all 13 customers reviews

Accounts

Type of Trading Accounts

BCS Forex offers its customers 3 real trading accounts; NDD, Pro, Direct, and the Demo Account. These accounts share some similar features, but at the same time, each has its unique features. Its clients’ preferences and trading goals will determine the type of account they’d use. The collective and unique details of each BSC trading account are discussed below.

NDD Account: The Non-Dealing Desk account (NDD) is the only account that can use the MetaTrader4 and MetaTrader5 trading platforms. It is recommended for professional traders who can manage both platforms effectively. The NDD account has an initial minimum deposit of $1, a minimum lot of 0.01, and its leverage ranges between 1:1-1:200. This account allows traders to choose USD or EUR as their base denomination. The spreads on the account start from 0.2 pips, and a commission of 0.003% is charged per trade. There are 39 trading instruments on this account, which are restricted to only forex currencies.
Pro Account: Contrary to what the name might insinuate, this account is designed for beginners and experienced investors. Like the NDD account, the pro account uses USD and EUR as base denominations. The account also requires an initial minimum deposit of $1, a minimum lot of 0.01, and its leverage ranges between 1:1 and 1:200. However, the BSC Pro account is commission-free with a fixed spread of 1 pip. The account only uses the MetaTrader4 trading platform, and traders can access 115 tradable instruments of Forex pairs and CFDs.
Direct Account: Similar to the accounts previously discussed, the Direct Account requires an initial deposit of a minimum of $1. It has a minimum lot of 0.01, leverage of up to 1:200, and uses USD and EUR as its base denominations. The account, which can only use the MetaTrader5 trading platform, has a variable spread of 0.7 pips and offers multiple tradable instruments, including cryptos, forex, and CFDs. The account is commission-free, and traders are allowed direct access to liquidity.
Demo Account: This is a limited account designed for beginners who want to familiarize themselves with the trading environment or experienced traders who want to test new trading strategies without risking their capital. It offers virtual funds to practice BCS trading and access all the trading platform’s features.

DIRECT.MT5 - BCS Forex

Availability of a VIP account

Phone trading

Hedging

Trading with expert advisers

Trading 24 hours a day

Trailing stop

Trading Platforms

METATRADER 5 MetaTrader 5 Mobile

Deposit currency

USD

EUR

RUB

Trading instruments

Forex

1:200

CFD's

1:50

Amount of assets: 133

Promotions

Futures

Indices

Products

Metals

1:100

Gold

Silver

Energy Source

1:66

Oil

Gas

Cryptocurrencies

Stock exchange

Promotions

Futures

Options

Bonds

Entry to stock exchanges

NASDAQ (US)

CME (USA)

NYSE (USA)

NYMEX (USA)

CBOT (USA)

FBW (Germany)

LSE (United Kingdom)

TSE (Japan)

MOEX (Russia)

Stop Out

20 %

Minimum position size

0.01 units

Maximum position size

100 units

Execution type

instant

Spread type

Floating

Decimal places

Margin Call

100 %

Locked Margin Level

25 %

Commission

Not

Other

Swap free

VIP account

Phone trading

Scalping

Hedging

Spread type

Trading with expert

Trading 24 hours a day

Trailing stop

Interest on free balance

Mailing the documents

PRO.MT4 - BCS Forex

Swap-free account

Availability of a VIP account

Phone trading

Hedging

Trading 24 hours a day

Trailing stop

Trading Platforms

METATRADER 4 Meta Trader 4 Mobile

Deposit currency

USD

EUR

RUB

Trading instruments

Forex

1:200

CFD's

1:50

Amount of assets: 135

Futures

Indices

Products

Promotions

Metals

1:100

Gold

Silver

Energy Source

1:66

Oil

Gas

Stock exchange

Promotions

Futures

Options

Bonds

Entry to stock exchanges

NASDAQ (US)

CME (USA)

NYSE (USA)

NYMEX (USA)

CBOT (USA)

FBW (Germany)

LSE (United Kingdom)

TSE (Japan)

MOEX (Russia)

Stop Out

20 %

Minimum position size

0.01 units

Maximum position size

100 units

Execution type

instant

Spread type

Floating

Decimal places

Margin Call

100 %

Locked Margin Level

25 %

Commission

Not

Other

Swap free

VIP account

Phone trading

Scalping

Hedging

Spread type

Trading with expert

Trading 24 hours a day

Trailing stop

Interest on free balance

Mailing the documents

NDD.MT4 - BCS Forex

Availability of a VIP account

Phone trading

Scalping

Hedging

Trading with expert advisers

Trading 24 hours a day

Trailing stop

Trading Platforms

METATRADER 4 Meta Trader 4 Mobile

Deposit currency

USD

EUR

RUB

Trading instruments

Forex

1:200

Metals

1:100

Gold

Silver

Stop Out

50 %

Minimum position size

0.01 units

Maximum position size

100 units

Execution type

market

Spread type

Floating

Decimal places

Margin Call

100 %

Locked Margin Level

25 %

Commission

0.003%

Other

Swap free

VIP account

Phone trading

Scalping

Hedging

Spread type

Trading with expert

Trading 24 hours a day

Trailing stop

Interest on free balance

Mailing the documents

NDD.MT5 - BCS Forex

Availability of a VIP account

Phone trading

Scalping

Hedging

Trading with expert advisers

Trading 24 hours a day

Trailing stop

Trading Platforms

METATRADER 5 MetaTrader 5 Mobile

Deposit currency

USD

EUR

RUB

Trading instruments

Forex

1:200

Metals

1:100

Gold

Silver

Stop Out

50 %

Minimum position size

0.01 units

Maximum position size

100 units

Execution type

market

Spread type

Floating

Decimal places

Margin Call

100 %

Locked Margin Level

25 %

Commission

0.003%

Other

Swap free

VIP account

Phone trading

Scalping

Hedging

Spread type

Trading with expert

Trading 24 hours a day

Trailing stop

Interest on free balance

Mailing the documents

Tradable instruments

Tradable instruments on BCS Forex trading platforms include:

CFDs
Metals

Currencies

Frequently asked questions

Find the right answer to your question below.

Is BCS Forex a scam?

No, BCS Forex is not a scam. The broker is regulated by the Cyprus Securities and Exchange Commission (CySEC) under license number 048/04. The broker is also a subsidiary of BCS Financial Group, one of Russia’s finest financial companies. You can rest assured that your funds are secure on this platform.

What is the minimum deposit required to open an account with BCS Forex?

The minimum deposit to open an account with BCS Forex is $1.

What are the deposit and withdrawal options available on BCS Forex?

BCS Forex offers various deposit and withdrawal options such as bank transfers, credit/debit cards, internal transfers, and e-wallets.

Is BSC available in the U.S.?

No, BSC Forex is currently unavailable in the U.S. due to regulatory restrictions.

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