Pros & cons of BsGFS broker

BsGFS Fact sheet

Safety of their funds is the number one priority for every professional broker. And the best indication whether a broker is safe or not is its regulations and reputation among other traders. BsGFS is a very young company, created in 2021, and doesn’t have a large customer base. Furthermore, the broker is unregulated, which means that it’s difficult to trust this broker. 

BsGFS offers various asset classes for trading, including: Forex pairs, commodities, indices, shares as CFDs, and Futures. Maximum available leverage for trading currency pairs is 500:1. Keep in mind that for trading Forex, commodities, and indices, both MetaTrader 4, and MetaTrader 5 platforms can be used. However, if you are planning to trade shares as CFDs, or Futures, you can only use MetaTrader 5. 

There are many different trader types, and to meet the needs of a vast pool of traders, BSGFS offers 3 account types: Classic, Platinum, and Professional. All of these accounts charge 0 commissions. On the other hand, typical spreads on classic accounts are 1.5 pips on EUR/USD. Maximum available leverage for all account types is 500:1, this means that traders get the chance to manage 500 times more capital than their deposit. It should be mentioned that only Professional account holders get 24/7 active customer support. In order to open different account types, different initial investments are required:

Classic account - 100 USD or higher initial deposit is required.

Platinum account - 5,000+ USD deposit is required

Professional account - 10,000+ USD is needed.

Pros & cons of BsGFS account types

Before investors and market speculators start trading, first they need to figure out trading fees. Brokers generally charge traders with commissions, and spread markups. Let’s find more about the broker’s fee structure.

Comparing BsGFS fees with other brokers

Bs GFS has 0 commissions. Instead, fees are incorporated in spreads. Typical spreads on EUR/USD for Classic account holders are 1.5 pips. And spreads on Platinum, and Professional accounts vary. Let’s compare the BsGFS prices with its competitors below.

BsGFS fees compared to Interactive Brokers fees

*Inactivity fee was eliminated by IB in 2021, it used to be $20/m

BsGFS fees compared to CM Trading fees

BsGFS fees compared to plus500 fees

BsGFS fees compared to XM fees

BsGFS fees compared to AvaTrade fees

BsGFS fees compared to Capital.com fees

BsGFS offers access to some of the most popular trading platforms: MetaTrader 4 (MT4), and MetaTrader 5 (MT5). Both platforms are quite old, however super popular till this day. The reason for their massive adoption is that these platforms are highly reliable. 

MT4 was released in 2005 and is supported by the highest number of custom made trading algorithms called Expert Advisors (EA)s. MT4 offers a simple design and is mainly used by currency traders. When it comes to multi asset trading, MT5 is better suited to this task. 

MT5 first appeared in 2010, and instantly gained popularity. The platform offers enhanced charting tools, more capable backtesting tools, and is an overall better version of MT4. MT5 is a multi asset platform and supports trading not only currencies, but also futures and stocks. On the downside, MT5 feels more complex than MT4, which is why many beginners and traders that solely trade currencies prefer MT4.

Access to mobile trading apps are important for many traders Mobile apps help traders control their portfolios from anywhere in the world. BsGFS offers a mobile version of MT5 to its clients. The app comes with a built-in calendar, is highly reliable and helps execute various order types. Overall, the mobile app at BsGFS is great.

Access to quality education is critical for every trader, especially for novice traders. Unfortunately, BsGFS doesn’t offer educational material or tools for research and market assessments to its traders. 

Offering professional customer support is critical for every financial broker to succeed in attracting more customers. Unfortunately we weren’t able to contact the broker using live chat. However, the broker can be contacted through email, or over the phone. It should be mentioned that Professional account holders get 24/7 online support. Overall, customer service at BsGFS is below average, which is why the broker gets a low rating in this section.

To sum it all up, BsGFS is an international broker that doesn’t post information about its license number on the internet. Live chat option isn’t working for potential clients and there are legitimate concerns about the broker’s safety. On the other hand, the company offers some of the most popular trading platforms, access to various asset classes, and charges 0 commissions. Fees are integrated into spreads.