Beware! BSIFX is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
BSIFX is the type of broker you have to avoid by all means. It’s the typical scam scheme – no legit forex license, purported address in the UK that is most probably fake, tricky withdrawal requirements which hide huge fees and so on. On top of that the trading services this broker offers are not favorable as well. The risky leverage for example is yet another proof that BSIFX goes against the rules in the UK and can’t possibly be licensed there. For more details on why you should stay away from this firm and what to look out for, keep reading the following lines.
BSIFX Regulation and safety of funds
| Guaranteed Funds | Segregated Accounts | Negative balance protection | |
| BSIFX | ❌ | ❌ | ❌ |
| UK regulated brokers | £85 000 | Yes | Yes |
| EU regulated brokers | €20 000 | Yes | Yes |
| AU regulated brokers | No | Yes | Yes |
| US regulted brokers | Yes | Yes | No |
As a whole, the data on this website seems rather confusing, as this broker posts different locations all the time, so it’s difficult to figure it out where it’s operating from.
BSIFX claims its registered address to be in the UK and posts some contact details like phone number and email. This address however can’t possibly be true, as this broker is not regulated in the UK. That can easily be verified in the registers of the Financial Conduct Authority (FCA) of the UK. We searched its website just to be completely sure and there was no data of BSIFX. Take a look:
Apart from that BSIFX also claims to have two more offices – in Turkey and in Egypt. We can assure you that this firm is not licensed there either.
As you see, BSIFX is obviously not authorized and is offering investment services outside the law. You can never trust such an impostor firm, as it hides numerous dangers for your funds and personal information as well. Putting your money on the line with such an unlicensed broker is like flushing hard earned money down the drain. Why? Simply because you may wake up and realize your money’s gone for good and the broker has vanished into thin air in no time.
Always make sure to invest with legit companies, since they provide high client protection along with a secure trading environment. For example all deposits with UK regulated firms are ensured against broker’s insolvency for up to 85 000 GBP.
BSIFX Trading software
| Analytical tools | Auto trading | Custom indicators | Mobile apps | |
| BSIFX platform | ❌ | ❌ | ❌ | ❌ |
| MT4 | 30+ indicators | ✅ | ✅ | Android |
| MT5 | 50+ indicators | ✅ | ✅ | Android |
| cTrader | 40+ indicators | ✅ | ✅ | Android and iOS |
BSIFX claims to offer a trading software called VertexFX that is the “most reliable platform”. Apart from that there really isn’t much information on the topic.
We tried to register but were asked to upload some personal documents like an ID image for example. For this reason we gave up opening an account here, as we didn’t want to provide our personal details to such an unreliable firm. And this is exactly what we advise you to do as well – your personal data is not safe here!
As for the platform itself, we couldn’t see it so we have no idea what to expect.
BSIFX Trading instruments
| Currency | Stocks | Indices | Crypto | Commodities | |
| BSIFX | ✅ | ✅ | ✅ | ❌ | ✅ |
| XM | Yes | Yes | Yes | No | Yes |
| FBS | Yes | Yes | Yes | Yes | Yes |
| FXTM | Yes | Yes | Yes | Yes | Yes |
BSIFX claims to offer a small range of trading instruments like forex pairs, stocks, commodities and indices. No cryptocurrencies are listed, nor CFDs. And since we couldn’t register we simply don’t know which assets would be available for trading.
BSIFX Spreads and cost of trading
| BSIFX | XM | FBS | FXTM | |
| Spread EURUSD | 2 | 0.6 | 1 | 1.1 |
| Spread GBPUSD | ❌ | 1.3 | 1.2 | 1.4 |
| Spread USDJPY | ❌ | 1.3 | 1.2 | 1.4 |
BSIFX claims to offer three account types – Classic, Golden and VIP. Take a look at some more details about them down below:
As you see, the Classic account promises spreads from 2 pips, which however can hardly be called advantageous. In fact it’s just the opposite – all spreads higher than 2 pips are known to be more costly, so we advise you to refrain from investing with such values.
Reputable brokers, on the other hand, usually offer tight spreads around or below 1 pip, so it’s way more reasonable to invest there.
BSIFX Maximum leverage
| Forex | Stocks | Crypto | Gold | Indices | |
| BSIFX broker | 100:1 | 100:1 | ❌ | 100:1 | 100:1 |
| UK regulated brokers | 30:1 | 5:1 | ❌ | 10:1 | 10:1 |
| EU regulated brokers | 30:1 | 5:1 | 2:1 | 10:1 | 10:1 |
| AU regulated brokers | 30:1 | 5:1 | 2:1 | 10:1 | 10:1 |
| US regulated brokers | 50:1 | ❌ | ❌ | ❌ | ❌ |
The leverage this broker offers is 1:100 for all of its accounts. This amount is also too high and is associated with greater risk of losing your money entirely. In fact, there’s a leverage cap of 1:30 in the UK, so BSIFX goes against the requirements once again. Not to mention that obviously it can’t possibly be licensed there.
Yet, if you want to trade with higher leverage, we suggest looking at some of the offshore subsidiaries of legitimate forex brokers.
BSIFX Deposit and withdrawal methods
| Deposit time | Withdrawal time | Fee | |
| Bank wire | 24 – 48 hours | 24 – 48 hours | 20% |
| Credit card | Instant | Instant | 20% |
| Yandex | 24 – 48 hours | 24 hours | 20% |
| WebMoney | 24 – 48 hours | 24 hours | 20% |
| QIWI | 24 – 48 hours | 24 hours | 20% |
| Crypto | 24 – 48 hours | 24 hours | 20% |
BSIFX claims to accept a variety of payment methods. Among some of them you can spot credit cards like Visa/Mastercard, some e-wallets like Yandex, Money, QIWI and WebMoney, wire transfer and crypto transactions with Bitcoin, Ethereum and Tether.
This broker also claims that there are no deposit/withdrawal fees ahead. However there are some hidden details in its Withdrawal requirements, so this statement may turn out to be not so true, as you are going to see shortly.
In addition, the deposit/withdrawal requests are said to take between 24 – 48 business hours to be delivered to the client.
However, as we couldn’t open an account here, we can’t confirm if all of the above statements are true or not. And given the fact that this broker is a total sham, we advise you to take every word it says with a grain of salt.
BSIFX Minimum deposit
| BSIFX | XM | FBS | FXTM | |
| Minimum deposit | $250 | $5 | $10 | $5 |
The minimum deposit this broker requires is said to be 250 USD. This is a rather standard amount for the sector to be honest. Nevertheless, some firms ask for even lower initial investment like 10 or even 5 USD.
BSIFX Withdrawal requirements
| Trading volume | Fee/Tax on withdrawal | Minimum withdrawal | |
| BSIFX | No information | 20% | $50 |
| UK regulated brokers | No | No | No |
| EU regulated brokers | No | No | No |
| AU regulated brokers | No | No | No |
| US regulated brokers | No | No | No |
As we mentioned above, BSIFX claims that there are no deposit/withdrawal fees, but again – don’t take its words for granted. There are some ruses ahead, as you are going to see shortly.
For example BSIFX states that a “20% processing fee is charged when you deposit and withdraw without trading, to cover payment processing fees”. This is quite unfair without a doubt. As a matter of fact no legitimate broker would ask for any fee in order to get access to your own money. In short, if you come across such requirements, know that it’s a scam for sure.
In addition, BSIFX also claims that the minimum withdrawal amount is 50 USD. This is yet another red flag, just because reputable firms don’t usually set any minimum withdrawal requirements.
Stay away from this shady broker and certainly don’t invest even the tiniest amount of money here!
