BCS Forex Review & User Rating 2020
BCS Forex is a broker running its activity in the Russian Federation. It is owned by BCS-Forex Limited registered in Saint Vincent and the Grenadines, an offshore territory. Currently, the broker is awaiting certification by the Center for Financial Markets Regulation.
- Start year:2004
- Country of origin:Saint Vincent and the Grenadines
- Payment options:bank cards, bank wires, electronic payment systems, internal transfers, online banking
- Minimum account size:$1
- Minimum lot size:0.01 lots
- Leverage:up to 1:200
- Spreads:starting from 0.2 pips
BCS Forex is part of BCS Financial Group, which also includes BCS Bank licensed in the Russian Federation, BCS Prime Brokerage Limited, claiming to be regulated by the Financial Conduct Authority
(FCA); BrokerCreditService (Cyprus) Limited holding a Cyprus Forex CySEC license; and BCS-Forex Limited. BCS Forex seems to have gained recognition in Russia, however it remains unregulated.
100 offices of BCS Forex are scattered throughout the Russian Federation, United Kingdom, and Cyprus. The company has the largest number of corporate customers among other Russian brokers. It serves over 4,000 corporate entities.
BCS Forex offers accounts of five types, varying in platforms, order execution procedures, and spreads. NDD accounts provide access exclusively to Forex with 41 currency pairs available for trading, and commissions are charged. There are also commission-free MT4 platform accounts.
The company’s asset portfolio consists of over 330 instruments. Scalping is available.
BCS Forex ensures rather convenient trading conditions, particularly when it comes to spreads. Thanks to $1 minimum deposit, trading is affordable for newbies.
There are also options of trading binary options and cryptocurrencies. For those who is into trading bitcoin, the minimum deposit is $2,800. Trading is held on MetaTrader 5 with a minimum contract size of 0.5 BTC, 1:3 leverage, and 0.3% commission fee.
The requirements for trading binary options are $5 minimum trade volume; deposits in RUB, USD, or EUR; and expiration within 1 minute – 4 hours.
More information on available instruments and accounts can be found on BCS Forex website.
Access to educational base is available only upon registration, whereas expert reviews and economic calendar are open to all users.
The broker also enables everyone to get additional profit within the affiliate program. Yet, the affiliate commission is only credited for MetaTrader 5 accounts.
Trading with BCS Forex is arranged on MetaTrader 4 (MT4) and MetaTrader 5 (MT5). MT5 outstrips MT4 in terms of features, offering new options apart from the basic ones. Moreover, MT5 allows trading futures, options, and stocks, besides CFDs and forex. Nevertheless, MT4 remains popular.
Advantages of both trading platforms: a stream of quotes in a real time mode, trading, and constant monitoring of accounts, charts, and indicators, as well as a news feed provided by the world’s leading news agencies.
BCS Forex developed a user-friendly web-based platform for trading binary options, BCS OptionTrader. Being easy to use, it is sure to suit both beginners, and professionals.
BCS Forex grants active customers a VIP status. VIP clients enjoy special conditions, such as accumulating so called bonus miles to exchange them to flight tickets with any airline companies, assistance of a personal manager, no limits to the number of orders, etc. However, as for profitable trading conditions, these are only available to Pro.MT4 and Direct.MT5 accounts.
To get a VIP status, a user needs to fill in the online form on the website. The request is then considered by managers.
It appears to be unclear which exactly trading volume one should have to fall into the category of active clients. Anyway, BCS Forex regards as VIPs both active and well-off clients.
As for ways to replenish the account, BCS Forex accepts bank wires, internal transfers, credit/debit bank cards. Russian online banking is also a way (BCS Online, Alfa Click, Sberbank Online, Promsvyazbank), as well as Qiwi and Yandex Money electronic payment systems.
Customer Support Service
Customer Support Service specialists are available from 9 a.m. to 9 p.m. (GMT+3). You can reach them by sending an email, calling a toll-free number, or filling out a contact form.