BsGFS Forex broker review - can you trust this broker?

gfstrader.com
nika
Written by:
Av
armand
Calendar
Written on:
11 December 2023
Date
Last edit:
11 January 2024
Our rating:
2.74

2.74

BsGFS Forex broker review - can you trust this broker?

gfstrader.com
nika
Written by:
Calendar
Written on:
11 December 2023
Date
Last edit:
11 January 2024
Our rating
2.74

2.74

Trading is risky
See how BsGFS compares to it's closest alternatives.
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Main summary

BS Global Financial Services (BsGFS) was established in 2021. The Forex broker offers access trading various asset classes, including: Forex pairs, commodities, indices, shares as CFDs, and Futures through the most popular trading platforms: MetaTrader 4, and MetaTrader 5. 

The company is not authorized or regulated by any financial regulator, which raises the questions about its safety. On the other hand, the company offers generous promotions that strictly regulated brokers aren’t allowed. 

Let’s dive a little bit deeper and learn more about the broker’s fees, customer support, tradable instruments, trading platforms and most importantly, let’s answer the question - is BsGFS a scam?

Pros & cons of BsGFS broker

  • Ability to withdraw with $0 fees
  • Offers access to MetaTrader 4, MetaTrader 5
  • Fast and digital account opening/verification
  • Offers access to Forex pairs, commodities, indices, shares as CFDs, Futures
  • There’s a low initial deposit requirements, traders can start accounts from 100 USD
  • There are no commissions
  • Most payment options are free and instant
  • The broker is not regulated and customers are not protected by any supervisory entity
  • Live chat option isn’t available for new customers

BsGFS Fact sheet

Main features
Regulations Unregulated
Fees on deposits 0 USD
Fees on withdrawal 0 USD
Inactivity fees 0 USD
Minimum deposit 100 USD
Minimum account activation 1 USD
Number of available assets N/A
Leverage up to 1:-
Available trading markets Forex, Commodities, Indices, CFDs on Stocks, Futures
Account currencies N/A
Demo account Yes
Live account types Classic, Platinum, Professional
Islamic account -
Security
Negative balance protection Yes
Part of compensation fund -
Keeps funds on segregated bank account -
Assets
Forex
Shares
Cryptocurrencies
Indices
Commodities
Total -
Fees & spread
Forex -
Shares -
Cryptocurrencies -
Indices -
Commodities -
Software
Platforms -
Mobile trading support Yes
Mac device support Yes
Commodities Yes
Payment systems
Payment methods -
Minimum deposit -
Minimum withdrawal -
Withdrawal processing time -
Time to open an account -
Show all

Safety & Security of BsGFS

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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. 

Trading assets offered by BsGFS

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. 

Account types available for traders on BsGFS

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

ProsCons
There is a very low minimum deposit of $100 for the classic accountAll accounts have both spreads. There’s no spread free account available
Enables traders to use Demo account types24/7 customer support is not available for Classic, and Platinum account holders

Fees & commissions review of BsGFS

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

Type of FeeBsGFSInteractive Brokers
EUR/USD Spread1.5 pipsFrom 0.6
Fees on DepositsNo1%
Inactivity feeNoNo*

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

BsGFS fees compared to CM Trading fees

Type of FeeBsGFSCM Trading
EUR/USD Spread1.5 pipsFrom 0.9 pips
Fees on DepositsNoNo
Inactivity feeNoYes, 15 EUR/USD per month after 60 days of inactivity

BsGFS fees compared to plus500 fees

Type of FeeBsGFSplus500
EUR/USD Spread1.5 pipsFrom 0.8 pips
Fees on DepositsNoNo
Inactivity feeNoYes, 10 USD per month after 3 months of inactivity

BsGFS fees compared to XM fees

Type of FeeBsGFSXM
EUR/USD Spread1.5 pipsFrom 0.6
Fees on DepositsNoNo
Inactivity feeNoYes, 15 USD after 12 months, +5 USD/m

BsGFS fees compared to AvaTrade fees

Type of FeeBsGFSAvaTrade
EUR/USD Spread1.5 pipsFrom 0.9
Fees on DepositsNoNo
Inactivity feeNoYes, 50 USD after 3 months, 100 USD administration fee after a year

BsGFS fees compared to Capital.com fees

Type of FeeBsGFSCapital.com
EUR/USD Spread1.5 pipsFrom 0.9
Fees on DepositsNoNo
Inactivity feeNoYes, 50 USD after 3 months, 100 USD administration fee after a year

Trading platforms and mobile trading reviewed at BsGFS

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.

Mobile trading reviewed at BsGFS

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.

Education and research tools offered by BsGFS

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. 

Customer support of BsGFS

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.

Conclusion

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.

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FAQs about BsGFS

Is BsGFS broker a scam?

BsGFS seems very suspicious. The broker claims that it owns licenses from FCA, FSCA, and ASIC, but doesn’t post any license number online. 

What can I trade at BsGFS?

There are multiple asset classes that you can trade at BsGFS, such as currency pairs, stocks as CFDs (Contracts for Difference), futures, commodities and indices.

What platform should I use to trade stocks?

The broker offers MetaTrader 4, and MetaTrader 5 platforms to choose between. MetaTrader 5 is a multi-asset platform and supports trading shares. Stock and futures trading is not supported on MetaTrader 4