BomanFX review you need to read before registering with the broker
BomanFX is a Forex broker that offers cryptocurrency pairs and CFDs on different trading assets. As the broker claims it was established in 2010 and has been operating successfully since then. The company that runs BomanFX FX brokerage is Boman Inc. which is registered and regulated in Saint Vincent and the Grenadines, this information should already ring bells in your mind. However, there are more signs that the broker is not legit and might be leading some kind of scam scheme. This review shows the features and trading conditions of the broker, it also discusses the regulatory background of the company to see if BomanFX is a legit broker or a scam.
Is BomanFX legit?
Let’s start from the basics- regulations. According to the broker’s website, the company that operates BomanFX Forex broker is Boman Inc. The company is registered in Saint Vincent and the Grenadines and is regulated by the local regulator with the license number (ST: 25389 BC 2019). Thus, BomanFX is an offshore broker regulated by one of the least reputable financial authorities that easily gives licenses to the scam brokerages. As the broker claims on the website, it is registered with the NFA US with the registration number 0522575. The broker is not included in the NFA’s list of the regulated entities, hence it is possible that the broker does not really have the NFA regulation.
As the broker claims, the company was established in 2010 and until now has established three branches – in Hong-Kong, Shanghai, and Cyprus. As the license from the financial authority of Saint Vincent and the Grenadines does not allow the broker to provide with the financial services to the residents of any other country, the broker should have licenses from other regulators. However, it does not have any. Moreover, the claim that the brokerage was established in 2010 should be doubted. The domain was created in May of 2019, the SSL certificate was also acquired in 2019. Also, all BomanFX reviews you can find on the internet has been written after May. If the brokerage really had 9 years of experience it would definitely have a better internet presence.
The website of the broker has all the problems you can think of. First of all the design looks terrible and the website can easily be listed in the list of the worst designs. It looks absolutely sketchy and spammy. The navigation is very troublesome, it is very hard to find the information you are searching for due to this reason. Most of the links on the websites are broken. For example, you cannot see the information about trading assets and instruments for this reason. The broker features social media accounts such as Facebook, Instagram, LinkedIn, and YouTube. While preparing Bomfx.com review we wanted to check those as well, but unfortunately, they are either removed or have not been there at all.
Trading conditions with BomanFX
The trading conditions with BomanFX is not impressive either. The broker offers currency and CFDs trading but one cannot check what instruments are offered by the broker, because there is no information about them. The minimum deposit that is required to open an account with BomanFX is 100 USD. It is an avarage minimum deposit, considering that some of the brokers require 500 USD, but at the same time, there are international reliable brokers that make it possible to open an account for 5 USD.
Traders can trade with the leverage up to 1:200, as for the spreads as it seems the information on the website is not reliable. On the front page of the website the broker claims to have the lowest spreads from 0.9 pips. On the account comparison, it also states that the spreads are from 0.9 to 2.1 pips. However, on the page dedicated to the spreads, it is shown that spread for EUR: USD currency pair is 11 pips which is significantly higher than 2.1 or than spreads that one can see with any other broker. Spreads really lower BomonFX rating, considering that they are even higher for other currency pairs.
BomanFX withdrawal policy
The withdrawal policy is not displayed on the website, but can be seen on the page of the legal documents. The document for deposit and withdrawal policy is written so that you can hardly get a sense of it. The only payment methods that can be used with BomanFX is credit/debit cards and bank wire transfers which is very bad, as many people prefer using electronic payment systems that are faster and more convenient to use. According to the documents it takes five business days to deposit funds. That’s a lot of time, especially when other brokers have simultaneous deposits.
As for the BomanFX withdrawal conditions, they are not any better than conditions for depositing funds. It takes 5-7 business days for the broker to process withdrawal requests! It means that you might have to wait more than a week to get confirmation from withdrawals. After that, you will have to wait for the transactions that might take even more time. As it seems, there are commissions for withdrawal, however, the broker does not provide information about them as you can see below. Overall, the broker has one of the worst withdrawal conditions I have ever seen with the Forex brokerages.
The broker offers three types of accounts Micro, Standard, and VIP accounts. The trading conditions are absolutely the same for these three accounts. There are two main differences only – the minimum deposit requirement and spreads. The minimum deposit requirement for the micro account is 100 USD, for standard 1000 USD, and for the VIP account 5000. The spreads for the micro account is between 1.9 – 2.1 pips, for the standard account 1.5 – 1.7 pips, and for the VIP account 0.9-1.1 pips. However, as mentioned above, the spreads showcased on the website is much higher than this, so it makes a little sense.
BomanFX is one of the brokers you need to stay away from. It is an offshore broker that claims to have NFA regulations. It also claims to have 9 years of experience that does not seem to be right. There are a lot of signs that indicate that BomanFX scam might be possible. Even if the broker was fully regulated it has a very poorly designed services and offerings. A lot of information that is provided on the website is either false or misleading. Trading conditions are not fully described and it is unknown what situation will the trader face after opening an account with BomanFX. Overall, our final verdict is that the broker is not legit. If you were thinking about registering with the broker, it would be better if you continue searching for a good broker that is regulated and offers high-quality services.