RECOMMENDED FOREX BROKERS
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Belight FX is a Cyprus based brokerage that focuses on CFD trading. Even though it is licensed by the Cyprus Securities and Exchange Commission we were unable to get a hold of the trading conditions of the broker. All we know for sure is that the brokerage extends a leverage of 1:30 to potential clients and supports a web-based trading platform without a demo account.
Belight FX regulation & safety of funds
The brokerage Belight FX is owned and operated by the Cyprus-based company Belight Capital Group Limited.
It assures its clients of its legitimacy by following the strictest regulatory standards. The company is licensed by the Cyprus Securities and Exchange Commission with CIF license number 231/14. Cysec is one of the top regulatory agencies in the world. Brokerages licensed by it have to comply with rules such as a minimum starting capital of $730 000 which gives assurance for financial stability. Furthermore, companies that fall under the regulatory oversight of CySEC are members of the Investor Compensation Fund which renders them capable of providing compensations of up to 20,000 EUR per person in the unlikely case the brokerage goes bankrupt. We always recommend readers deal only with regulated brokerages that have been issued licenses by top-notch agencies such as CySEC or The Financial Conduct Authority of the UK which is also among the foremost regulators in Europe and also requires a minimum capital of €730 000. There is also a compensation scheme set up which may recover clients losses up to €85 000.
Belight FX trading software
As was stated above, the brokerage does not provide the MetaTrader 4 platform but only a web-based trading platform. We have two issues. Firstly, we always view the lack of availability of the MT4 as a big disadvantage since it is among the foremost trading terminals in Forex trading at the moment, close to 80 percent of users prefer it. The platform also provides an advanced charting package, lots of technical indicators, extensive back-testing environment and a variety of Expert Advisors (EAs). All such niceties and instruments are mostly unavailable with web-based trading platfoms. Secondly, we were not able to register for a demo account. A test-drive of the trading software is crucial in Forex trading since it is the most transparent way possible of getting acquainted with the trading conditions of the brokerage which include the spread and any possible trading commission. With Belight FX we are not certain as to the cost of trading and the broker does not share such information on its website either. There isn’t even mention of the required minimal deposit which means that potential clients of the brokerage have no way of knowning how much they need risk to start trading with Belight FX. Furthermore, the brokerage extends a leverage up to only 1:30 which is quite conservative but also the maximum allowed under the latest guidelines by the European Securities and Markets Authority (ESMA).
Belight FX deposit/withdrawal methods and fees
Potential clients of the brokerage may deposit or withdraw only via the standard Visa and MasterCard, as well as bank transfer. We always see it as advantageous if a broker supports popular e-wallets such as Skrill or Neteller for payment methods as well.
There are no withdrawal or deposit fees, nor we could we find any troubling provisions in the terms and conditions of the brokerage. However, due to the obscene amount of scamming in online Forex trading, we always advise traders to 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.
