Bexplus Review – Can it be trusted?
Crypto-trading is one of the most lucrative endeavors in today’s financial world. However, there are many safety issues associated with it – not as much with cryptocurrencies as the trading experience itself.
You see, the internet is full of crypto-based brokers that offer seemingly astonishing trading conditions. If not careful, you might get caught in a financial scheme that can undermine your financial security.
One such broker with relatively attractive numbers is Bexplus. With so many negative, as well as some positive Bexplus reviews on the web, we have decided that others’ opinions don’t really suffice when it comes to having a position about the broker.
For that reason, we have decided to make a review of our own and see, what this broker is up to. So, let’s get started.
The Bexplus FX brokerage is a trading company that has been established a little while ago – in 2017. The broker operates all around the world with headquarters located in Hong Kong.
At first, Bexplus seems alright with its simplistic website and easy-to-comprehend trading tutorials. However, there might be some hidden flaws behind the curtains.
The broker offers its customers a leverage of 1:100. They seem to really focus on this indicator because it lets the traders gain some hefty profits. This and other trading indicators will be discussed in detail in the next chapters.
The broker also features no spreads between the pairs which means there will be no difference in selling and buying the currencies. It’s also a pretty neat little feature.
As for the trading volume requirements, the broker demands its customers to deposit at least 0.02 BTC, while trade a minimum of 0.1 BTV with the maximum trading cap of up to 200 BTC. We’ll see what these numbers mean down below.
The broker also features a crypto-withdrawal possibility which is fast and secure without much safety concerns. However, every transaction has its hefty cost – the minimum transaction fee for BTC/USD is 0.075%.
The broker claims that it has an SVGFSA license which is the exact reason why we think there’s a Bexplus fraud going on!
The website, as we have mentioned, looks simplistic and easy-to-use. However, there are some imperfections under the hood that we’ll uncover in the next chapter. Plus, there are no separate trading accounts and the traders have to make use of the basic trading interface.
The trading platform is a simple WebTrader built into the website which, to be fair, is fairly easy to comprehend after a short tutorial.
The bexplus.com review
The website, as you know, is fairly simplistic. The interface is mostly blank with some purple colors that are calming to the eyes. However, there are some instances when the saturation of the color seems a bit too much.
Another upside to the website is a built-in trading platform that’s easy to use if you have a basic trading knowledge. If you don’t, it’s not a problem either – the website provides some basic tutorials about crypto-trading.
However, before we start gushing around how satisfying the website looks, we have to keep in mind that building a simplistic website doesn’t require HTML or other web-designing skills. The platforms such as Wix, SquareSpace, etc., provide pretty sophisticated templates for you to build a website of your liking. So, a nice interface is good but not really an impressive feat, even less the reason to discard Bexplus scam suspicions!
The area where broker’s inexperience is evident here is the account types – or, to be exact, no account types. The majority of brokers offer their customers a separated service. What we mean by that is that there are several account types that take into account (no pun intended) the experience level of the traders. By failing to consider the novice traders and their inability to comprehend complicated trading techniques, the broker reveals its unprofessional attitude and an ill-devised plan to attract new users.
In addition to that, there are some places where even the grammar is all over the place, not to mention some low-quality images and too large fonts.
Overall, the interface might be simplistic and explanatory, the website still has some small imperfections that add up to a major problem.
What does the SVGFSA licensing mean?
In the about us section of the website, the broker mentions that after being established in 2007, it got a license from St. Vincent and the Grenadines. The country’s main financial regulator, the Financial Services Authority has issued the license to the broker.
To be clear that we’re talking about the same country: St. Vincent and Grenadines is a small island in the Carribean under the supervision of the Commonwealth of Nations (former UK colonies).
We’re not sure, who might be convinced in the credibility of this claim; as far as we’re concerned, what the SVGFSA license actually means is that the Bexplus Forex broker can do anything it wants without the legal implications.
This is a beneficial situation for the broker: when it comes to hiding the earings and illegal activities, such small distant countries can really come in handy.
With this in mind, the broker further proves its culpability for the fraudulent financial scheme. In fact, licensing is the most important aspect when revealing the so-called Ponzi schemes.
What are the trading conditions?
Some of the Bexplus promotions, as we have mentioned above, are quite impressive and competitive on the market. For example, the broker goes-full on with its 1:100 leverage offer. Even the first page is dedicated to explaining what the leverage means and how it can help traders garner some revenues.
Basically, what the leverages do is multiply your deposits by the given number to give you a lot bigger trading volumes. This way, you’ll also be able to make bigger profits. However, one thing to mention here is that the 1:100 leverage is below the market average of 1:300. Here, again, the broker tries to impress its customers by promoting not-too-impressive conditions.
What’s fairly impressive is no slippage between the pairs. 0 pips for spreads means that you’re able to buy currencies the same price at which you sell them. Good job, Bexplus!
Another disappointing factor here is the minimum deposit requirement of 0.02 BTC. Now, it might not seem much in Bitcoin numbers, but keep in mind that one Bitcoin costs more than $8,000. So, 0.02 BTC is about $160 and is a big requirement from the broker that has just been established.
We think that by demanding big commitments from the customers, while offering somewhat average (sometimes below-average) trading conditions, the broker tries to reap as many funds as possible. Thus, with our suspicions proving right with deceitful licensing, we have more reasons to believe that those Bexplus opinions on the internet with positive ratings are fake.
And even though the broker offers fast and secure withdrawal platforms using cryptocurrencies, we’re still not convinced. On the contrary, it would be weird if a crypto-based broker didn’t feature crypto-based withdrawal possibilities.
The final Bexplus rating
Overall, Bexplus is the broker that might be appealing to some novice traders but for experienced ones, it will have a hard time.
The broker has a simplistic website with easy-to-use trading platform that enables users to easily trade with cryptocurrencies. However, there are many minor inconsistencies that when combined, make a major issue.
As for the regulation, the SVGFSA license doesn’t have the capacity to oversee the broker’s financial activities. For this reason, Bexplus is able to do and say whatever it wants – nobody’s going to make them accountable for that.
The trading terms and conditions also contain many issues. The leverages and spreads might be more or less impressive, but the hefty requirements and big commissions take too much money from the customers.
In conclusion, our Bexplus rating can only go as high as 1.89 out of 5.