BelforFX-Forex Broker Review
BelforFX is a broker specializing in Forex and Contracts For Difference which began its operations in 2010 and has offices in various countries around the world, including the UK, New Zealand, Germany and Switzerland. This company has services of various types for both beginners and traders with more experience and capital to invest in the financial markets. Among its services highlights a social trading platform which we will detail later.
Type of broker
BelforFX is a Market Maker broker, which also offers its customers ECN accounts.
This broker is registered in New Zealand as a Financial Services Provider’s Register (FSRP) with registration number FSP245245.
Country of origin
The headquarters of this broker are located in London with customer service offices in other countries like New Zealand, Germany and Switzerland.
The broker BelforFX offers the possibility to trade with the following financial assets:
- Forex Market: 51 currency pairs in the spot Forex market, including the most important such as the EUR/USD, USD/JPY and GBP/USD, and other more exotic pairs like the USD/NOK and USD/SEK for example.
- Precious Metals: Gold and silver in the spot market, two of the most important and traded commodities in the market.
- * Contracts For Difference: Contracts for difference based on the following underlying assets or markets:
- More than 130 shares of major markets worldwide such as Microsoft, IBM, Apple, Nokia, Siemens, Petrochina and Toyota among others.
- 30 commodities like gold, silver, oil, natural gas, corn and wheat among others.
- 22 of the most important market indices like the S&P 500, Dow Jones and FTSE 100
* The trading conditions for CFDs offered by BelforFX depend on the underlying instrument and the market conditions.
This broker offers the following types of trading accounts to its clients:
- Standard account: This is the regular trading account of BelforFX. It offers the the ability to trade with a variety of assets and financial instruments, including Forex, CFD, stock indices and stocks. The minimum deposit is $100 .
- Social Account: This account gives the trader full access to the social trading network of BelforFX, which allows to follow and copy the trades made in the market for any trader that invest regularly with this company. In this way, the client can copy the transactions of successful traders with years of experience in the market . The minimum deposit is $ 1000. More information about the social trading service of the company trough the following link
- VIP Account: It is a trading account designed to provide a unique trading experience for professionals in the industry and to its clients. The VIP account is a high class investment account which offers the best trading conditions for the clients of this broker. It requires a minimum deposit of $25,000.
- ECN Account: These accounts are developed for experienced traders who are interested in the best trading conditions, including transactions executed with maximum speed and efficiency with extremely low and variable spreads. Through this account, the trader has access to real ECN trading conditions.
- Fixed Account: This account is designed for traders who want to trade in the market under the same conditions all the time, regardless of market volatility. In this account, if an order is not completed at the desired price for the trader due to market conditions, then the operation is rejected which prevents the position opening under unfavorable conditions.
- Systems Account*: An account created for the trader to develop a trading systems portfolio in a single account. In this case, the customer has access to a library of trading systems in which you can choose from a variety of strategies with varying returns and risk parameters.
BelforFX offers a demo account with no limit of time and full access to all trading platforms of this company.
-Metatrader 4: This trading platform is one of the most popular and complete to trade in the Forex market and with instruments such as precious metals (gold and silver in the spot market) and CFD. It is a downloadable application that incorporates multiple trading tools such as updated quotes, advanced price charts with multiple time frames (1 minute to 1 month), dozens of built-in technical indicators, market news and more. It also allows the design, evaluation and implementation of automated trading systems (Expert Advisors) based on all kinds of trading strategies. Through its own programming language (MQL 4), Metatrader 4 also allows to create custom indicators. Metatrader can be used to follow and copy the trading signals generated by other traders that use this platform.
-BelforFX Webtrader: It is a web-based application (no download or installation is required), which can be used to trade in the market from anywhere with an Internet connection. It has a user friendly interface which is very easy to use even for beginner traders, price charts with multiple time frames, different features for position management and strategy development and analysis tools. This application is integrated with the social trading service of BelforFX.
-Mobile Trader: This is an application developed specifically to access the account and trade in the market from mobile devices such as smartphones. It has updated quotes, price charts and analysis tools among other features.
-Table Trader: It is a platform developed specifically to access the account and trade in the market from mobile devices such as smartphones. It has updated quotes, price charts and analysis tools among other features.
Main Advantages of Belforfx
- BelforFX is a broker registered in New Zealand as a Financial Services Provider’s Register (FSRP).
- Regularly this company offers different promotions for its customers, including welcome bonuses for the opening of trading account and the deposit of funds.
- This broker offers several options for automated trading, including a social trading network that allows the client to follow and copy the trades of other traders, the use of automated trading systems (Expert Advisors) through Metatrader 4 platform and the use of trading systems via Collective2 platform (one of the largest providers of automated trading solutions in the sector).
- An account that offers ECN trading conditions, which is designed for professional traders who want a quick and efficient trading execution as well as variable and extremely low spreads.
- BelforFX offers various educational resources and trading in general among which we highlight the following:
- Courses on the Forex market focused on aspects such as technical indicators, technical patterns and candlestick patterns.
- Video courses on the Forex market, designed for beginners, intermediate and advanced advanced, which cover a variety of topics.
- Free education on the market for beginning traders.
- The company’s Web site also includes basic articles on the market.
- A comprehensive glossary of financial markets.
- Various tools for the trader, such as updated market news, market reports, daily market analysis, a weekly newsletter created by analysts of the company and an economic calendar with events that can have a significant impact on the market.
- Applications designed to access the account and trade in the market from mobile devices like smartphones or tablets.
- An app called Guardian Angel, which monitors the operations performed by the trader and provides complete and easy to understand information about how he/she trades. Messages appear on the console or BelforFX Webtrader MT4 platform. This tool can help the trader make decisions like a pro and has been tested with thousands of traiders, which obtained an improvement in performance. The service is free and allows the client to chat with BelforFX agents while the trader is in the market.
- BelforFX offers the possibility to earn money promoting its services as a broker through an affiliate program called BelforFX Partners.
BelforFX Main Promotions
- Currently this broker offers a free welcome bonus of $25 for new customers who open a trading account.
Other categories of this broker
- Gold Broker.
- Silver Broker.
- CFD Broker.
- Metatrader 4 Broker.
- ECN Broker.
Minimum account size
The minimum deposit is $100
Minimum lot size
It offers variable spreads from 0.2 pips for major currency pairs like the EUR/USD and the GBP/USD (cTrader platform).
Link to website
Open an account