RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
TheBCR is a legit entity in a very deep sea of unlicensed brokers and scams, making it a much needed breath of fresh air. At first it might seem intimidating, what with is rigorous website, but it’s actually quite simple. But it can be quite messy at first for some, since there really is a lot to take in.
Since TheBCR is a regulated brokers there would be no problem with taking the trading details its website. Regulated brokers cannot lie, otherwise they will lose their license, although in the case of this one the license is an offshore one meaning that it might be taken less seriously, as we shall see.
But back to the trading conditions. The leverage goes all the way up to 1:400, as we found during the registration process, but on the website we were told it’s capped at 1:200. So, we are left confused here. Furthermore, the minimum spread on the website has been said to be 1.6 pips. This is the spread for the EUR/USD pair. The promoted tradeable assets are forex currency pairs, metals, commodities, shares, and indices.
Just so you know, certain assets, like the shares most notable, commission, but not the FX pairs. For the Alpha account type there is a $6 per round turn commission on shares, increasing the overall spread by 0.6 pips on every applicable asset.
THEBCR REGULATION AND SAFETY OF FUNDS
TheBCR is fully regulated by the British Virgin Islands Financial Services Commission (FSC). This is a legit regulator that we have encountered before, but is not the most popular offshore entity to regulate brokers, for it still has to build its reputation by regulating good brokers, like TheBCR. It’s also important to mention that regulated offshore brokers can behave differently than mainland legit ones, since the former are allowed to do more, in terms of freedom of conduct. So, certain things you see or experience on the site might seem suspicious, but that’s part of the offshore regulation; it does not hold such a tight grip around its brokers as, say, the FCA or CySEC.
THEBCR TRADING SOFTWARE
The broker makes use of the MT4, which is currently one of the most popular trading software in the world. The only thing that can beat it is the MT5, which is the next in line. Currently, the MT5 has started to surpass its predecessor in terms of usage. But that does not mean that the MT4 is bad or anything.
In fact, it will remain a classic trading platform for a long time, one that cannot be touched by other softwares. This one has all the functions you will need to start your trading game, and then the MT4 will slowly expand its features to you ion a very natural way, and at some point you will realize that it can accommodate all your intermediary or advanced FX trading needs.
What’s more, the MT4 comes equipped for mobile devices, but it is not available as a web trader version. And finally, it’s fully available as a desktop trader.
THEBCR DEPOSIT/WITHDRAW METHODS AND FEES
The minimum deposit requirement is $300. Clients can invest via a number of useful and popular methods: bank transfer, credit cards, debit cards, ChinaUnionPay, PayPal, Skrill, Neteller, and firm to firm transfer. These are some of the most popular payment methods, opening the doors to many users out there. Not to mention that all of them are very safe and secure.
There are no fees charged by the broker concerning deposits and withdrawals, although there might be payment system commissions. It takes 1 or 2 business days for processing withdrawals.
Aside form the common fees, like overnight, rolling fees, and others, the broker also has an inactive account fees applied after 6 months of account dormancy. The firm charges $100 every 3 months after than.
TheBCR is decent and worth a shot, but we have to say that there are much better brokers out there, but they also come with heavier regulations.
