Why is this scam
It is a forex broker that has been on the market for some time now. BFP Markets is an unlicensed broker for Forex and CFD’s that opened in 2017. They have many assets available to trade on the AirSoft trading platform. This broker offers managed accounts (MAM). But BFP Markets has not declare the leverage ratios it provides to its clients on the website. It is registered in the Marshall Islands. That means that its clients are not protected in case the company manipulates the trading platform, goes bankrupt or simply disappears with all the money. More worst, they provide a contact number in the UK.
Furthermore, don’t you think traders should be able to calculate in advance at least their trading costs? It is a big disadvantage when a broker does not indicate the spreads it provides, or the initial deposit it requires on its website. BFP Markets has neither specified the spreads, nor the leverage levels it offers.
And absolutely unbelievable, the name of the company operating the brokerage brand and the website is also unclear.
Let’s see the other signs.
The fact that we found many complains all over the internet, show us we have faced with less reliable broker than we expected. This broker, along with BFP Options and BFP FX (pay attention on this one) are part of the same company and all will take you money but will not honour a request for a withdrawal of your funds.
First of all, they have unrealistic spreads on demo accounts. That’s kind of fishing. When we tested BFP Markets’s MT4, the spreads on EUR/USD were floating from 0 to 0.4 pips, without any commission fees. Such trading costs are so low that there is no way for the brokerage to be profitable. Even global brokers who offer deep liquidity offers spreads averaged 0.6 pips on EUR/USD. That make us doubt that BFP Markets’ spreads are that low on live accounts.
The signs of confirmation
The way you know if a broker is a legal company or not depends on if they have a license from a regulatory body like CySEC in the European Union or ASIC in Australia. We sew that they are not a licensed broker. And more about them, their official website is suspended.
True story about them sounds like this: ‘They have an “account manager” that will trade on your behalf and will always profit you, even with small deposited amounts. Then, once they have your confidence, they start asking for large sums of money otherwise they tell you that they will not retain you as a client, as you will not be worth their while. The strange thing is that the large sums of money they request to be wired directly into the Manager’s banking account, which is rather fishy. I uncovered their game a few days ago. Whilst I was trading on their platform with stocks, I opened a trade and immediately came as positive, which seemed funny, cause you always start with a negative due to the spread. I thought that I had managed to buy some stocks just before they rose. I waited for the profits to rise enough and with that profit I bought another stock, which started to make profit immediately. Again I saw this as funny but did not pay much attention. I opened the third and the same thing happened, but now I was suspecting that there definitely was something funny. Cutting a long story short, starting opening and closing trades and in 2 hrs maximum, I started with 300 euro, and ended up with 99,999,999.99 so practically 100 million.
I have all the trades saved on screen shot, all 200 of them, showing how I started with 300 euro and went up to 100M.
In the meantime they blocked my account stating that I hacked their website. Other reviews over the internet also show that this is a shady website, and the way they speak to you, you start doubting who is who’s customer.’
Recommendation – We don’t recommend BFP Markets.