BCS Forex review

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:

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: 

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.