Brand Review: Bexchange – Scam Indicators and Comprehensive Analysis

One thing Bexchange boasts about is its wide range of trading instruments and its high-leverage offerings. However, more insight into how this brand operates sheds light on many red flags that you would want to take seriously.

Brand Review: Bexchange Scam Regulation Issues

The only regulator that Bexchange states it falls under is the FCA of the United Kingdom. However, a deep check of that regulator’s official registry does not find any such brand or the registration number the firm posts on its website. That point actually makes things worse, as it has now provided evidence that Bexchange actually operates with no single form of regulation. Trading with a non-regulated broker places any invested money in serious jeopardy, since there is no single body that will ensure at least fair trading or the safety of funds.

Brand Review: Bexchange – Scam Customer Service

Bexchange offers customer service only through mail and phones. The absence of live chat is a big drawback. In the world of trading, accessible customer service holds the key to having a seamless trading experience. Not having the feature of on-the-spot help can leave a trader hanging at some critical trading moments and might lead to financial loss.

Brand Review: Bexchange – Scamming Account Types

The firm offers three account types: Silver, Gold, and VIP. The lowest-tier account, the Silver account, requires a $1,000 minimum deposit, while the top-tier account, VIP account, requires a minimum deposit of $10,000. The high level of the entry barrier is a serious concern, especially for new traders who may be lured with the high leverage of 1:500. This can magnify both the profits and losses, and is a considerable risk for an inexperienced trader or one who does not practice extremely tight risk management.

Brand Review: Bexchange – Scam Trading Costs

Trading costs at Bexchange are one more thing to be worried about. Spreads are starting from 2 pips for the EUR/USD pair, and that is higher compared with many other brokers in the industry. Higher spreads mean increased trading costs, which have an impact on your chance to be profitable as a trader. On top of that, Bexchange has failed to disclose its commission structure, which again makes the cost structure opaque.

“A broker without transparency and regulation is a gamble not worth taking.”

Brand Review: Bexchange – Scam Non-Trading Fees

Bexchange charges a range of nont-rading fees, such as the deposit and withdrawal fees, inactivity fees, and overnight swap rates. Deposits range from 0% to 4%, and the withdrawal cost $2 – $20, depending on the method utilized. On top of that, if an account has been inactive for 180 calendar days, an inactivity fee amounting to $30 per month will be charged. This can really whittle down your trading capital quickly, especially if you are not an active trader.

Brand Review: Bexchange – Scam Deposit and Withdrawal Issues

Bexchange supports deposit and withdrawal via Wire Transfer and PayBnB, although it faces a fair share of problems. Users complain that it is quite long in terms of processing time; money usually comes in 2-5 business days. Finally, clients have reported poor transparency and serious challenges with withdrawing funds, which adds to the doubt over whether the broker is reliable in any way.

Brand Review: Bexchange – Scam Education and Resources

Bexchange’s resources for learning are scant, to say the least. For a broker that demands sky-high amounts of money upfront, one should expect superior quality educational support to guide traders toward improving skills and knowledge. The fact that there is no notable sign of the existence of any educational materials further endorses the theory that the broker works for itself and not for the traders.

Brand Review: Bexchange – Scam User Experience

The user experiences have been nothing short of despicable when it comes to Bexchange. Most of the users have reported severe difficulties with drawing their funds, while some reported the broker disappearing into thin air with their money. These reports sound all too familiar from the other scam brokers that lure in clients with high promises and then disappear when a sufficient volume of deposits has been gathered.

Conclusion: Approach Bexchange with great caution

At first glance, even this shortened Bexchange review seems to paint the picture of a broker promising an empire of trading and an extremely colorful environment. However, the red flags are one too many to ignore: non-regulation, high trading and non-trading fees, a customer support department that is less than helpful, and negative user reviews place this broker in the category of those who may need a hard look. Any new investor should, therefore, exercise a lot of caution by considering other brokers are more appropriately overseen and do business more transparently. Your financial safety should always come first, and with Bexchange, this safety is far from safe.