Bogofinance review (2022) Review
Bogofinance is a Lebanese broker founded back in 2006 offering Forex, CFDs, Stocks, Options trading. The company behind the brand, Bogofinance SAL, could be a Lebanese financial organization regulated by the financial institution of Lebanon (“Banque Du Liban BDL”). It is licensed as a first-category financial institution, where it conducts brokerage activities for the sale and purchase of currencies and other money market instruments.
- Minimum Deposit: 100 $
- Regulated by: CySEC (Cyprus)
- Maximum Leverage 1:100
- Spreads from 3 pips for EUR/USD
In addition, Bogofinance received a license from the Cyprus Securities and Exchange Commission (CySEC) in April 2017. Cyprus is probably the most popular jurisdiction for forex brokerage due to its well-balanced regulation.
Like most FX brokers, BogoFinance supports MetaTrader 4 (MT4), which is available in desktop and mobile versions.
MT4 may be a perfectly equipped trading terminal with all the tools traders need. It offers advanced charting, multiple technical analysis indicators, history testing, multiple order types, and the ability to create and use automated trading strategies (Expert Advisors). Moreover, it is user-friendly and is very beneficial for “fresh” traders.
Customers can trade a wide range of trading instruments including currency pairs, commodities, indices, shares, and cryptocurrencies. Spreads depend on the trading account, but the spread of the Bitcoin starts at USD80 and the necessary margin is 50% (as the ESMA requires). The minimum spread of the EUR/USD starts at 1.4 pips.
Demo accounts are available but they’re provided by FXJet instead of Bogo Finance. The demo account allows you to check out trading conditions and methods with no risk to your capital. Choose Demo account on the home page and fill in required data, namely full name, email, phone number and type the given symbols. After these steps, you will be offered to start trading. Be aware, a demo account is available for 30 days.
BogoFinance has developed several different types of accounts for its clients, depending on their trading experience:
The Micro Account – This account is aimed at beginner traders, there’s maximum leverage of up to 1:100, spreads that begin at 1.4pips, and a minimum deposit requirement of 100 USD. Micro-lots and Expert Advisors are available.
The Classic Account – This account is aimed toward experienced traders, there is maximum leverage of up to 1:100, spreads that begin at 1.2pips, and a minimum deposit requirement of 2000 USD. Micro-lots and Expert Advisors are available.
The Executive Account – This account is aimed toward professional traders, there’s maximum leverage of up to 1:50, spreads that begin at 1pip, and a minimum deposit requirement of 10,000 USD. Micro-lots and Expert Advisors are available.
The Premium Account – This account is aimed toward expert traders, there’s maximum leverage of up to 1:50, spreads that begin at 0.8 pips, and a minimum deposit requirement of 50,000 USD. Micro-lots and Expert Advisors are available.
Clients of BogoFinance broker can make financial transactions (deposits and withdrawals) using the following payment options: credit cards, bank transfers, checks, and cash BOB-Finance. Popular electronic wallets like Skrill and PayPal aren’t available with this broker.
You can contact BogoFinance with a couple of different methods, the primary being a submission form, fill it in and you ought to get a reply via email. There Is also a postal address available long with a telephone number and email address.
Security of Funds High Spreads
MetaTrader4 Trading Platform Market-Maker Model
Pros / Cons