Table of contents
BomanFX is clearly not your typical broker. But is this a good, or a bad thing? Read on to find out.
Trouble is a brewing early on. The broker claims to be regulated by the by the laws of British Saint Vincent and the Grenadines. The Financial Services Authority (FSA) of St. Vincent and the Grenadines does not regulated the forex market, as it has officially stated, and thus cannot issue licenses for brokers. This means that any broker claiming to be operating from this location is most certainly unregulated. Thus BomanFX is UNLICENSED, and poses a risk to any trader depositing with it.
The broker further claims that it has subsidiaries in Hong Kong, Cyprus, Shanghai, and even in the United State. All of these claims are just for show; they are not to be trusted.
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).
The EUR/USD spread we could not get, for the trading platform was not made available to us. First we tried to register a live account, an attempt which was rendered futile because the broker necessitated verification documents. Next we tried to open a demo account, and kept getting the following error
The broker claims to offer a EUR/USD spread is between 0.9-1.1 pips according to the Home Page. The accounts page gives us the following spreads
We cannot verify this, but we have learned never to trust unregulated brokers with such information
The leverage is capped at 1:500. Yet on the accounts page it say that the leverage is 1:200. We do not know which one to trust.
The assets that can be traded with are said to be Forex Pairs, Metals, Energies, Indices, and CFD’s on undisclosed instruments.
The website is translatable in English or Chinese.
The broker offers the MT4 platform. MT4 offers some great features: micro lots, automated trading bots, 500 individual orders per account, VPS’s (Virtual Private Servers), customizable trading indicators, and much more. While the MT5 builds upon these foundations and strives for perfection.
Yet, as we mentioned above, we had no way to access the platform, so we cannot confirm for a fact that the MT4 is actually made available to clients. Seeing as this is an unregulated broker, there always exists the possibility that once deposited, a trader will neither see his deposit back nor the MT4.
Anyway, the spread for the standard account, judging by the graph attached above, is around 2-2.2 pips which is quite high and does traders no good. The leverage is as ambiguous as ever. It’s capped at either 1:200 or 1:500.
The MT4 comes in the form of a desktop trader, a web trader, and can be accessed on mobile via the AppStore or GooglePlay.
BOMANFX MINIMUM DEPOSIT
The minimum deposit is said to be $200.
Deposit are available by means of Credit/Debit cards, Wire Transfer, Bompay and MayXpay. The latter of which we are not sure what they. The document that explains them are entirely in Chinese.
All signs point to the obvious: that this broker is not to be trusted due to its lack of regulation. It’s only logical that we advise traders against it. Brokers with proper licenses from the FCA and CySEC (among others) operate in ways that put the trader’s security of funds and personal information as a pivotal priority. These agencies are the top non-US financial license issuers, which should give you an idea of the brokers working under their oversight.
DON’T PROVIDE YOUR CREDIT CARD CVV CODE
Furthermore, for safekeeping your money NEVER share your credit card number and CVV code with a salesperson. All online payments require this 3 digit number in order to complete purchases or transactions, and by giving yours away to some offshore broker may lead only to the complete drainage of funds from your credit card.
DON’T PROVIDE ACCESS TO YOUR COMPUTER AND BANK ACCOUNT VIA ANYDESK OR TEAMVIEWER
Be sure to never give AnyDesk or TeamViewer access to your PC to unverified agents. These 2 platforms allow for your PC to be taken over by a second party, often times for help or guidance, but in the case of these brokers for the sole purpose of looting your bank account(s) and personal information. However, in order to do so your consent is needed, and this is the only thing standing in the scammers’ way.
BOMANFX WITHDRAWAL TIME AND FEES
Withdrawal requests are processed between 5-7 days, which is the typical time given by shady brokers.
There is no minimum withdrawal amount indicated.
There are many mentions of fees concerned with the payment methods, but none of them mention an actual value.
ADDITIONAL FEES AND TAXES
There are no additional fees mentioned in any of the Legal Documents. Don’t let this soften you up. Brokers that have no regulation are known to launch incoming fees without notice. For this reason they try to postpone any withdrawal request. The most popular excuses for denying your withdraw requests are usually smart and for the most part scripted. These include but are not limited to loopholes in the T/C, asking for more deposits in order to withdraw, or just prolonging your pending withdrawal by claiming that the market will suddenly propel, multiplying your winnings by unrealistic proportions.
Traders will sooner or later realize that something is a foot. Filing for a chargeback might not be as easy as it seems if, beforehand, the user has given away a copy of his ID and proof of address to the unlicensed broker. With these in their possession the broker can easily refute any claims you might have against them.
Yet again we urge readers to stay away from this broker as it will, without a doubt, never return your funds and profits. If you wish to to get smooth and efficient transactions, please visit a FCA/CySEC regulated broker, where all withdrawals are handled with care and respect.
HOW TO RECOVER
The only way to recover is by filling for a chargeback, and hoping it’s not too late.
If you have given a CVV code to the broker, be sure to cancel your credit card as soon as possible, because the broker will not delay with draining every cent from it.
At some point or another you might stumble upon a “recovery” agent or agency that promises to retrieve all your money back. This sounds all too good to be true, and that’s because it isn’t. Before proceeding with the recovery they will ask a payment for their services. If you chose to indulge them, they will disappear with the money without a hint of remorse.
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!
BomanFX is a very shady brokers, and the whole website confirms this. Add to that all the info we have mentioned, and what you have on your hands is one more unregulated broker that seeks to take your money.
BomanFX compared to other brands
United Kingdom, Cyprus, South Africa, Mauritius
Cyprus, Saint Vincent and the Grenadines