Table of contents
BoltFX looks stunningly professional and immediately had us gazing with splendor at its pages… until we found something distressing.
BoltFX is operated by ESS-Capital LTD, a company operating under the laws of St. Vincent and the Grenadines (SVG). We have to cut right to the chase and proclaim that BoltFX is UNREGULATED, because the islands nation of St. Vincent and the Grenadines does not regulate the Forex market.
We strongly advise traders to trade only with regulated brokers that hold a license from renowned and severe institutions such as the FCA or CySEC. Not only do these agencies oversee operations and require regular reports from brokers registered with them, but those under their jurisdiction are members of compensation funds that cover victimized clients’ losses of up to £85 000 (FCA) and €20 000 (CySEC).
We want to point out that we logged in the trading terminal with a Live account, so most of the points covered next are either taken directly from the platform, or are go in comparison to it.
The leverage is maxed out at 1:500 according to the FAQ section. More on the leverage below.
The cost of trade for the EUR/USD currency pair is 4.7 pips. This is non joke, and is the biggest spread we have ever encountered…nothing so far can even compare. This is absolutely unacceptable.
The instrument s that we were able to get a hold of on the platfrom are Forex Pairs, Metals, Indicatives and CFD Futures.
The website is exclusively in English.
The broker comes with the upgraded MT5.
Metatrader 5 has continued to extend the legacy of MT4 with great success, however MT4 still reigns as number one. With that out of the way, MT5 can be considered a much more flawless and fluid trading terminal. With accelerated process times, the ability to trade in centralized markets, and the addition of new and more responsive indicators, and increased time frames, MT5 seems like the way to go.
However, we opened a MT5 with a name different to that of the broker we are currently reviewing. The terminal is property of a BRConsulting Group Ltd. This is another broker registered at SVG, immediately raising our distrust with it.
The EUR/USD spread we got on this one is 4.7 pips, and we are serious here. Readers are aware that any spread over 1.5-1.7 pips starts to lose its allure. Well, having one that is near thrice in size instantly rules it out as unfavorable. This spread is simply crazy, and is the most obvious sign that there is something clearly shady with this broker.
According to the FAQ section of the platform, the leverage is capped at 1:500. However, the accounts portion of the website indicates that for several account types one must ask his or her account manager to get a leverage. Add to that the fact that we weren’t allowed to choose a leverage value when logging in the MT5 trader, and what we are left with are questions.
There are undisclosed commissions mentioned in the T/Cs that traders should be aware of:
BOLTFX MINIMUM DEPOSIT
The minimum deposit is $250 for the Basic Account. This is the standard amount. After that things propel suddenly to $5000 and beyond.
On the personal dashboard, the payment methods that can be used to deposit are the following ones: VISA, MasterCard, Maestro, Crypto and Wire Transfer.
Once more: this broker is clearly unregulated, and if you choose fund an account with it, it will put you directly at risk of loosing all funds. For safekeeping your money, we strongly advise to avoid all brokers who do not have a proper license from renowned regulatory bodies. Agencies like the FCA and CySEC stand out as some of the top license issuers in the world, notorious for their severe requirements and close relationships with the law.
DON’T PROVIDE YOUR CREDIT CARD CVV CODE
Never give away your CVV code without first making sure that the broker is regulated by an efficient agency. By giving away your Card info with the CVV code to some unconfirmed person you are literally giving access to your funds, and if these details fall into the wrong hands, rest assured that your bank account will be promptly emptied.
DON’T PROVIDE ACCESS TO YOUR COMPUTER AND BANK ACCOUNT VIA ANYDESK OR TEAMVIEWER
AnyDesk and TeamViewer softwares are double edged. For one, you provide complete access to your computer to someone else who, essentially, takes over as the new user. This can be helpful if the person with access is a friend, colleague, or acquaintance; or it can be devastating to your private information, including bank info, if you provide entry to someone with a shady background. Hence the double edge. Note that these softwares are 100% legal meaning that your approval will be needed if someone is to tinker inside your PC.
BOLTFX WITHDRAWAL TIME AND FEES
The minimum withdrawal amount is $100. If a trader wishes to withdraw a lesser sum, he/she will be issued a $30 fee.
The withdrawal fees go in the same spirit as the waiting time. The company mentions some sort of fees when withdrawing (and depositing), but it is not made clear as to what amount they will withhold. See for yourself:
There are trading volume requirements included for those that are using bonuses. Traders must trade 20 lots per $100 of the bonus if they wish to withdraw.
Furthermore, there is a rather confusing clause that can be understood in two ways, both of which will cause major monetary damage. Our first interpretation is as follows: if an attempt to withdraw from an account with a bonus attached to it is made, it will result in the broker draining all the trader’s money form the account. There is no mention of a trading volume requirement here, making things even more anxious. The second, and more probable reading, is that if a trader attempts to withdraw only the bonus amount, his/her account will be emptied of all profits. Either way, here it is:
Next is the good old dormant account fee. Here 25% of the entire deposit amount that will be withheld once a withdrawal is processed. What’s more distressing is that the broker decides when an account becomes dormant. Furthermore, this 25% charge is applicable to clients who do not hold the minimum required funds in his/her account; a value determined by the broker “from time to time”.
Last but not least, the company leeches the last drop by collecting fees that the trader owes to the broker, which are not explained at all. Here the clause applies aggression, and demands the client to deposit if he/she does not have the sufficient funds to pay these undisclosed charges.
The presence of such charges point out the true scammer nature of this broker. With so many commissions and charges, it’s in BoltFX’s own interest to keep you invested for as long as possible. For this reason they will deny your withdrawal request, either by finding or creating loopholes in the T/C, by reassuring that the more you postpone your withdrawal the better the chance of quadrupling your initial investment, or just asking for more deposits.
We strictly advise against giving away an ID and proof address to unregulated brokers: they can be literally anyone with enough time and skill to mask themselves as a broker. Usually, these individuals use the anti-money laundering legislation as front for when traders start to get suspicious. Once this suspicion is confirmed and you file for a charge back, they will use your details against you case.
The most important thing to note is that this broker will not return your deposit, nor will it pay your winnings. It never had this intention in the first place. The best advise is to walk away from it, and go straight for a regulated broker. The FCA and CySEC are the top non-US license issuers, and those under their gaze are bound by the law to put the security of users’ funds as pivotal priority.
HOW TO RECOVER
The most sound advise we could give you is to immediately file for a charge back with you credit card company.
Cancel your credit card if you have shared any notable details with the fraudulent broker, especially if you have provided them with the card’s CVV code. If such is the case, annul your credit card ASAP.
Also, beware of self proclaimed “recovery” agencies or agents. These cheeky scammers promise to fix your problem and restore the lost funds. They offer their services in exchange of a small sum from your end, after which you won’t ever hear from them again.
The last line of defense for these indecent folk is more like a desperate cry: often times they will comment on reviews and cite the whole ordeal as a conspiracy initiated by competitive brokers against them; at times even claiming that reviewers are anything but objective, and that no one writes good reviews. The absurdities are limitless!
BoltFX hides behind a stylish face, but underneath everything is rotten to the core. This broker has a severe case of arrogance tied to all the fees and commissions it imposes on its users. Throw in the lack of a license and what’s left is a disaster. Stay way back!
BoltFX compared to other brands
United Kingdom, Cyprus, South Africa, Mauritius
Cyprus, Saint Vincent and the Grenadines