Upon receiving numerous complaints about BUX Forex, we’ve decided to review their business. The broker started operating in June 2022 and has already shut down its domain. Typically, when something like this happens, it’s clear that the brokerage was founded with one goal – to extort as much money as possible.
Read our comprehensive BUX Forex review to find out more.
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| Broker status: | Unregulated Broker |
| Regulated by: | Unlicensed Scam Brokerage |
| Scammers Websites: | buxforex.com |
| Blacklisted as a Scam by: | FCA |
| Owned by: | N/A |
| Headquarters Country: | UK (allegedly) |
| Foundation year: | 2022 |
| Supported Platforms: | Proprietary platform |
| Minimum Deposit: | N/A |
| Cryptocurrencies: | Available – BTC, ETH, USDT |
| Types of Assets: | Forex, commodities, indices, shares, cryptocurrencies |
| Maximum Leverage: | N/A |
| Free Demo Account: | No |
| Accepts US clients: | Yes |
Is BUX Forex a Licensed Broker?
BUX Forex claims to be owned by BUX Financial Services Limited, based in the UK. This company has an FCA license and is perfectly safe to trade with.
However, the issue is that BUX Forex is unrelated to a regulated brokerage. BUX Financial Services Limited operates under buxmarkets.com and has no other domains. Thus, BUX Forex is an anonymous, unregulated trading firm that can easily run its business offshore.
Reasons Not to Trust an Unlicensed Broker
Unlike genuine UK-licensed brands, BUX Forex doesn’t need to have minimal operational capital, limit leverage, or keep clients’ funds in segregated accounts. Regulators imposed all these measures to reduce risks.
Scammers don’t comply with any rules or regimes and provide unlicensed financial services. That puts clients at risk as the firm can vanish at any time, just like BUX Forex did.
Is BUX Forex a Trustable Broker?
BUX Forex is an illegal brokerage, allegedly operating from the UK. The company shut down its domain, leaving thousands of customers without their money. The UK regulator has issued a warning against fraud.
Warnings From Financial Regulators
Once we checked BUX Forex’s alleged license with the FCA, we found a warning instead. Since the regulation is false, this authority body warned citizens that BUX Forex is a clone firm and to be careful.
When a company is not under the FCA umbrella, clients cannot get reimbursed from the FSCS compensation scheme or get help from the Financial Ombudsman. That’s why dealing with bogus trading platforms is not recommended, as your money is at risk.
What Do Traders Think Of BUX Forex?
BUX Forex is not very popular among traders. Since the domain was shut down, clients have reported the firm. They can no longer access their funds or trading accounts and all the alleged profits.
As they describe, BUX Forex has good advertisement, presenting itself as a trustworthy, FCA-licensed brokerage. Once the money was gone and their withdrawal request was not approved, traders understood that they had been dragged into a scam.
What Platform Does BUX Forex Provide?
A part of this broker’s advertisement strategy was trying to sell MT5. Allegedly, they offer access to MT5 as WebTrader, desktop, and mobile app.
Once we wanted to check the platform, we were prompted to download a proprietary trading app. Since there are numerous risks when downloading an unknown file, we withheld it.
Instead of risking your money and personal data with unknown software, you can start trading with a legit brokerage. They offer actual MetaTrader, whether MT4 or MT5. With these two, you’re securing yourself the best trading experience with the largest number of TAs.
BUX Forex – Countries Of Service
BUX Forex mainly operates in:
- Netherlands
- Cyprus
- UK
- US
- Belgium
Since the firm is not licensed, your funds are at risk.
So, you should avoid BSTrade forex broker and similar brokers such asRoboFXtrade,TopTrade500andK7 Trade.
BUX Forex Range of Trading Markets
This brokerage offered access to all five markets:
- Forex – EUR/USD, AUD/CAD, GBP/SEK
- Commodities – gold, oil, silver
- Indices – Dow Jones, NASDAQ, FTSE100
- Shares – Amazon, BMW, Google
- Cryptocurrencies – USDT, USDC, SOL
Note that we cannot confirm this without platform access.
BUX Forex Minimum Deposit and Withdrawal Terms
BUX Forex broker didn’t bother much with transparency. It didn’t list any account types, minimum deposits, or withdrawal terms.
Since the website has been shut down, it’s no longer possible to submit a withdrawal request. We’re unsure if this will be possible in the future, so the best thing you can do is to report the scam and try to recover your funds.
Methods of Making a Deposit
While the website promised various payment methods, BUX Forex disappointed us once again. The only available option is crypto, that being:
- BTC
- USDT
Scammers will try to convince you that your funds are lost for good once you use digital coins. Don’t fall for it, and start the recovery process today!
Scammed by BUX Forex Broker? – Let Us Hear Your Story
If you fall victim to a BUX Forex scam, let us know. Our recovery specialists may be able to assist you with the refund.
Don’t let scammers keep your hard-earned money. And don’t be ashamed of telling your story. We’re here to help! Book your free consultation now, and let’s begin!