Is BECFD a scam or a legit broker?
BECFD has been suspected as a scam broker. This broker is blacklisted by the well-known regulatory authority and should be avoided. BECFD is owned by BECFD Limited which is an offshore company registered in the Marshall Islands.
The Marshall Islands is notorious for its practically absent requirements and regulations. Due to the setup cost is low and it does not regulate forex trading. Therefore, it became an offshore zone for shady forex brokers such as MegaTradeFX, Finbitex and more.
|🗺️ Registered in||Marshall Islands|
|🗺️ Type of License||Offshore License|
|🛡️ Is BECFD safe to trade||No|
|🗺️ Recommended Licenses||FCA in UK 🇬🇧 & ASIC in Australia 🇦🇺|
|🖥 Alternative Broker||FP Markets - licensed by ASIC in Australia|
BECFD is a Forex and CFD broker, owned and operated by a BECFD Limited. The company is registered in the Marshall Islands, an offshore zone when brokers are usually not regulated, nor supervised.
The website doesn’t provide much information about the broker, only two contact phone numbers: British and Austrian. It means that BECFD has been trying to offer their services in these countries, it also means they were trying to do that without being regulated nor authorized.
Moreover, Austria’s FMA has recently issued a warning against this firm. We keep reminding traders that dealing with offshore brokers is quite risky as clients have no protection of their funds.
We strongly advise opening a trading account only with the brokers that are regulated by the respected world authorities that comply with the required set of rules and a good reputation through the delivered timeframe of operations. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as BlackBull Markets and Pepperstone.
Yet, it is always great to hear your personal opinion about BECFD. So you may share your experience or thoughts or discuss them below or ask us for additional information.
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