Blufx asserts to be owned and controlled by a UK-based business BluFX Ltd. Blufx provides no details regarding its regulatory information. This is a defining feature of unlicensed brokers, as legitimate brokers always prominently display their accreditation and licenses.
But a lot of bad press has been around this company lately, so we looked into how they operate. Everything is explained in-depth in our BluFX review.
Website – https://www.blu-fx.uk/, http://blufx.co.uk/
Address – 1A Old Bond Street, London, United Kingdom, W1S 4PB & Dubai Silicon Oasis, DDP, Building A, Dubai, United Arab Emirates
Warning – Financial Conduct Authority (United Kingdom)
Regulated – Unregulated
Domain Age –
| Domain Name | blu-fx.uk |
|---|---|
| Date Registered | February 02, 2023 |
| Domain Age | 7 months, 11 days, 13 hours, 23 minutes, 2 seconds |
Is Blufx legit or a scam?
As specified in its “Terms & Conditions,” this broker claimed to be subject to the jurisdiction and interpretation of English law. However, our search did not yield any results related to “BluFX Ltd” from the UK’s Financial Conduct Authority (FCA). Consequently, Blufx does not appear to be under the regulation of any financial authority.
This lack of oversight implies that investors’ funds with this broker may not be safeguarded by legal provisions, raising concerns about its legitimacy. Consequently, it is imperative to exercise caution and consider the potential risks associated with this broker.
We have observed that the previous domain for Blufx, “https://blufx.co.uk,” is currently inactive, which suggests that it may have been suspended. A suspended website is typically considered a negative indicator, especially when associated with a brokerage firm.
Warning issued against Blufx
The UK Financial Conduct Authority (FCA) issued a cautionary warning, indicating that Blufx was offering financial services or products within the UK without the necessary authorization.
Blufx Review: Trading Assets
Being a prop trading firm, Blu FX presents a rather restricted selection. To be precise, traders are limited to investing solely in 29 currency pairs, without the inclusion of assets such as stocks, indices, cryptocurrencies, or any other financial instruments.
This limited scope may pose challenges, particularly for individuals with substantial accounts. While specialization in Forex trading and specific assets is an option, it also implies missing out on potential profits from more volatile assets. As a result, this offering fails to impress.
Deposit and Withdrawal Methods
BluFX presently accepts a variety of payment methods, including Credit/Debit cards, PayPal, USDT, Flutterwave, WebMoney, and PerfectMoney for processing payments. It’s worth noting that when using BluFX, withdrawals from your trading account are only possible after achieving a 10% profit threshold. For those who opt for the latter two account types and attain a balance of $55,000, the initial withdrawal can be as high as $2,500.
Trading Conditions
BluFX does not disclose its trading costs, which can be a concern for traders. Given their focus on day trading, even a slightly higher spread can significantly affect a trader’s profits. Typically, forex brokers provide spreads in the range of 1.0 to 1.5 pips for major pairs like EUR/USD. In contrast, BluFX offers a leverage ratio of 1:3, whereas traditional forex brokers typically offer ratios of at least 1:100 or 1:200.
Furthermore, BluFX takes an unconventional approach by not supporting the widely used MetaTrader 4 (MT4) platform. Instead, they offer their proprietary web-based platform, which aims to provide most of the functionalities found in MT4. Unfortunately, there are no demo versions available, but the company does offer a video explaining the basic functionality of their platform.
Conclusion
BluFX is a prop trading firm that has raised concerns due to its questionable reputation and regulatory warnings. If you find yourself facing difficulties withdrawing your profits from your account, it may be prudent to consider requesting a refund of your subscription fee.
Take action against fraudsters by submitting a complaint through the Scam Victims Help website complaint form. Our team of experts is ready to offer you a free consultation and support you through the process of fund recovery.
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