Bolt FX review – 5 things you should know about

Bolt FX review – 5 things you should know about

Rating: 1.2

Beware! BoltFX is an offshore broker! Your investment may be at risk.



Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.


BoltFX is an offshore Forex brokerage registered in St. Vincent and the Grenadines. It provides the MT4 trading platform and a generous leverage of up to 1:200. The required minimum deposit is the standard $250.

BoltFX regulation & safety of funds

On the brokers website we read that the broker brand is owned and operated by a SVG-based company with the same name as the brand. We even read it is “regulated” by the local  Financial Services Authority, however, this is quite misleading. Saint Vincent and the Grenadines is a well-known offshore zone and a preferred location for shady brokerage. We remind readers that the government of SVG has multiple times publicly stated that it does not oversee Forex trading and thus we may safely conclude that not only is the brokerage not regulated. Furthermore, trading with an offshore, unregulated brokerage hides a lot of risk. There may be commingling which means that the brokerage may commingle together the finances of the firm and the finances of the clients.

However, putting all this aside – the brokerage does provide the MetaTrader 4 trading platform, however, without an available demo account which we consider a great disadvantage. Here is a screenshot:

As you can see – there is some sort of technical problem which impedes the registration of a demo account. Furthermore, when we asked representatives of the website about this difficulty they replied that the website simply does not offer a demo account. Quite strange, indeed. Furthermore, the platform is provided by a third party which is definite sign of trouble in Forex trading. We also again stress the lack of information regarding the trading conditions of the broker which is a big problem. Traders are expected to blindly risk $250 without having any clue what trading products they may have at their disposal, nor be informed about the spread.

Overall, the lack of regulation inclines us to suspect that potential clients of the brokerage may be open to substantial risk.

Traders needn’t have to worry themselves with such risk if they choose to trade with a brokerage regulated and authorized by a prestigious regulatory agency. Such agencies are the FCA in the UK or CySec in Cyprus which have been leading names in Forex trading for some time now. Their regulatory framework is composed of a number of strict rules which prevent clients from falling victims to fraud. Such rules include the segregation of accounts which assures that commingling with the client’s money is not possible. Furthermore, a license by such a regulatory body entails participation in a financial mechanism by which clients may be compensated if they suffer losses due to fraud or bankruptcy. With the FCA the compensation is up to 85 000 pounds, where as with CySEC it is up to 20 000 euro per person.

BoltFX deposit/withdrawal methods and fees

Potential clients of the brokerage may deposit or withdraw only via credit cards and wire transfer, popular e-wallets such as Skrill are sadly missing.

Going through the terms and conditions of the brokerage we did find information regarding fees that is noteworthy. Here is a screenshot:

The brokerage charges a 25 percent inactivity fee upon withdrawal on accounts that have not executed a trade for more than a year. Brokerages usually charge such a dormant fee, however, this is quite excessive and prudent to highlight. Furthermore, there is a trading volume requirement in order to be eligible for withdrawal which is the most serious red flag about the brokerage. Traders usually are required to execute a certain number of trades when they have taken advantage of a bonus promotion, however, BoltFX requires them all the same. Here is a screenshot:

If the account has “low trading activity” it will be charged 25 percent administrative fee. We highly suspect dealing with this brokerage will only lead to potential breaches of the safety of the client’s funds.

Many scammers choose not to disclose such information to would-be clients. Without proper information on the website we cannot be certain whether clients won’t be charged with any unexpected withdrawal or deposit fees once they invest. This is why we advise traders to always put up only the required minimum deposit, instead of risking a bigger amount with no certainty. Afterwards, they may also try to withdraw a small amount in order to check for any unexpected fees or delays. Such fees and delays are usually the signs of a scammer.

How does the scam work?

Even though the forex trading world is extremely large and encompasses millions of people around the globe, the most common scamming is pretty simple and straightforward and as such – it’s not particularly daring to avoid. Here is a quick overview of how it is done:

Through clicking an ad with promises for fast money, you will be redirected to a website such as DaxRobot or CryptoContracts where registration will require you to give your address, email and phone number. After sharing your personal information, you will being receiving calls from brokers, compelling you to invest with them and win big. After a few minutes hearing their pitches, you decide to deposit some $200-250. And just like that – the scammers take a fat commission from this initial deposit.

After they are done with you, senior scammers begin working you into putting even more money. They say it’s the only way to profit from trading even more. After making the mistake of investing even further, you’ll begin wanting to get out of this and withdraw what you have left.

Unfortunately, the con-artists have no such thing in mind. They will now begin persuading you to wait it out and not withdraw right now. The angle here is pretty blunt – traders have a limited time period for filing a chargeback with their bank and get their money back. The “recovery department” will simply want to mislead you into missing thе crucial period and, along the way, losing any chance you might have of getting the money back.

It is important here to take notice that both Visa and MasterCard are taking measures to combat unregulated forex brokerages by classifying all forex transactions as high risk. And with the case Traderia – they are correct in doing so. Furthermore, supporting their intention with clear actions – MasterCard has increased the previous time period of six months for filing a chargeback to a year and a half.

What to do when scammed?

As was mentioned above, scamming is quite the common in the trading world and, sadly, even you might suffer from it. In such an unfortunate case there still may be some available options for you.

You may contact your bank or credit card provider and file a chargeback. 

If, however, you have provided the broker with your credit card details, immediately cancel your credit card.

If you have given information regarding your online banking pass – you should switch it asap!

Beware of potential calls from self-described “recovery agencies”! They prey on scammed and vulnerable traders who are desperate to recover their losses. They will require an “up-front” payment to help you, but after paying them, no such help will be coming your way!


Top Forex Brokers

BrokerCountryRatingMin. DepositWebsite
USA5/5$250 Click for a special offerWebsite
US4.99/5$50 Click for a special offerWebsite
UK, Cyprus, Belize4.94/5$5 Click for a special offerWebsite
Australia, Cyprus4.93/5$100 Click for a special offerWebsite
UK, Australia4.85/5$50 Click for a special offerWebsite
Cyprus, SVG4.8/5$100 Click for a special offerWebsite


  1. this is a very bad company worst ive ever been with withdrew funds sent confirmation it was
    never sent decided to withdraw more funds out so as to leave a small amount in the account
    2 minutes later they started trading very large amounts to as to break the account i am putting
    a case together if any one as info to help please send to me

    1. I want to also put a case against this scamming company. How do I get in touch with you?
      Also I want to get the police involved in my case, can anyone help with advice?

      1. I would also like to join in any type of lawsuit against boltfx. if anyone has any info concerning any kind of suit against them, please let me know.

    2. I was just scam almost $3000 from them, yes I know I’m stupid but I’m trying to get my money back so was you able to contact anyone about your scam?

  2. I do not know why the scam is so easy and nothing happens
    I’m complaining
    Please send me the documents if you have been deceived
    To file a stronger case against these fraudsters

    1. I just got scammed by them . If I sent money thru bitcoin can I still ask for a chargeback from my bank?

      1. Hi,
        If anyone recovered fund, please provide the details and process.

    2. @Sina I have documentation if you need any. I was just scam and I want my money back. If you have any one I can talk to please let me know thank!!!!!!

      1. Hi,

        I also want to join and take action against this company.

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