Bofx Assets Review – The Troublesome Aspects of the Broker

Bofx Assets Review

The financial markets have always been lucrative and to access the opportunities they offer, you need to sign up with an online broker.

They provide you access to everything you need during the trading process and as long as you sign up with a reliable and professional company, you will enjoy a seamless experience.

But, if you make a mistake and choose a shady one, you could end up being miserable. However, the biggest risk is that of fraudulent companies that have become quite rampant, as this Bofx Assets review, highlights.

You can find a ton of stories about people who believed they were signing up with legitimate companies, only to discover that the brokerage was nothing more than a scam that took their money and disappeared or would not let them withdraw their funds.

Do you really want to become another story? It can be devastating to go through something like that, so you should make an effort to ensure you do not become another victim. How can you do that? The easiest way is to not believe everything a company tells you blindly and always verify their offerings and status.

It may require you to invest a bit of time and effort, but since it can help you save losses in the future, it is definitely worth it. Doing so can help you know if there are any troublesome aspects of the broker you are considering, or everything is as promised.

It certainly pays off in the case of Bofx Assets that claims to offer you more than 400 forex, commodities, shares and indices CFDs, leading trading platforms in the market and a quick account opening process.

You will also find that Bofx Assets is promising excellent trading conditions, along with negative balance protection and award-winning customer support.

This makes it seem like the best brokerage for your needs, until you take a closer look and this is when you will find a number of troublesome aspects of this brokerage. What are they? You can check out some of them as follows:

Lies about business model

The first troublesome aspect that you will discover about Bofx Assets is the fact that it is completely lying about its business model. Considering the assets it advertises and the claims it makes, you will be led to believe that it is a CFD brokerage offering you leveraged trading, but this is definitely not the case.

It turns out that Bofx Assets is actually offering binary options trading, which might sound lucrative, but is highly manipulative due to which its popularity has declined significantly. There are too many binary options trading scams and so many people do not want to engage in it anymore.

Regulation issues

The licensing and regulation of an online broker is the most important aspect that you need to check and when you go through the Bofx Assets website, you will find that the company claims to be licensed.

But, the regulation details are very vague and there is no mention of where it is regulated i.e. the jurisdiction or any mention of the authority for that matter.

When you check out the Bofx Assets’ ‘Contact’ section, you will find that there is an office address that puts the brokerage in Sydney, Australia. This means that it should be regulated by the Australian Securities and Investment Commission (ASIC).

You can check the online register of the ASIC, but not find the company listed anywhere. This is not surprising at all because the ASIC imposed a ban on binary options trading in 2021. Therefore, it is not possible for Bofx Assets to get a license in the country.

This indicates that you are dealing with a virtually anonymous broker that is not licensed, or regulated anywhere.

Absence of legal documentation

Another troublesome aspect of Bofx Assets that will come to light is that the broker does not offer any legal documentation on its website. When you sign up with any online broker, you are asked to agree with its Terms and Conditions.

These dictate the kind of relationship you will have with the broker, the costs they will charge and the policies applicable. Therefore, it is necessary to check them out to ensure there are no surprises in the future.

Yet, you can scour through the Bofx Assets website and not find any Terms and Conditions, or Client Agreement. You will still have to agree with them when you sign up and have to do it blindly, which means the broker can exploit you any way you want.

False trading platform claims

One of the biggest draws of Bofx Assets is that it promises its clients access to the MT4 and MT5 trading platforms that are recognized as the top trading solutions in the market. They are known for their advanced features and functionalities and cutting-edge technologies that can deliver smooth and superior execution.

But, what you will find is a lacking web trading platform at Bofx Assets that is a far cry from the MT4 and the MT5 because it does not have a lot of the tools and functionalities that traders may need. The fact that Bofx Assets is lying about what trading platform it offers is enough to indicate that it is not a broker you can rely on.

Only crypto payments

The payment methods that you will be provided at Bofx Assets is another cause for concern because once you go through the options, you will see that they are just a bunch of crypto assets. You have to deposit in the form of cryptocurrencies and this is a problem because these deposits are not eligible for a chargeback.

This means that once you have added money to your account with Bofx Assets, you cannot get a refund no matter what problem you may face. Moreover, crypto deposits are also anonymous and this is what most scams want.

Wrapping Up

These troublesome aspects of Bofx Assets make it apparent that it is not a reliable or decent broker for trading.