Everything you need to know about BomanFX Forex broker
BomanFX is another Forex and CFDs broker that claims to be reliable and trustworthy. As the broker claims it was established in 2010 and is regulated by two financial authorities: The Financial Services Authority of Saint Vincent and the Grenadines, where the broker is registered, and by the NFA US. According to the information on the website, the broker offers more than 80 trading instruments including currency pairs and CFDs on different asset classes. The minimum deposit of 100 USD is required to open an account with the BomanFX Forex broker. Thereafter, traders have an opportunity to trade currency pairs and other trading instruments with the leverage up to 1:200. As read on the website, the broker is offering low spreads starting from the 0.9 pips. However, not all of the claims that are made on the webpage are true. This detailed BomanFX review will go through all of them and reveal if the broker is a scam or not.
BomanFX is a brand name of the Boman Inc. company which is registered in Saint Vincent and the Grenadines. The broker has a license from the local regulator. Being registered and regulated offshore is the first sign that should alarm traders who want to open an account with BomanFX. Since the broker is regulated offshore, one does not have any protection from the BomanFX scam.
The broker also claims to be regulated by NFA US, however, Boman Inc cannot be found in the list of the regulated companies on the official website of NFA.
BomanFX also informs website visitors that it was established in 2010 and has been expanding ever since. According to the website, the broker currently has offices in Hong-Kong, Shanghai, and in Cyprus. However, as it seems the local branches of the company in China and Cyprus are not registered with the local financial authorities and are not regulated by them since there are no license numbers mentioned. It is also not clear if the brokerage was actually established in 2010 or not. The website domain was created in May 2019, and the SSL certificate was granted in 2019 as well. It is possible, that the company Boman Inc was established in 2010, but was running another brokerage. We should also mention that there are not many BomanFX reviews and opinions on the internet which is strange for the company that has been existing for nine years. Moreover, all reviews that can be found on the internet are posted in 2019.
Often, the website of the brokerage can show you how legit and trustworthy it is. Based on the website one can easily say that BomanFX is at least a very bad brokerage, if not a scam. The website design looks very bad with the various colors and a bad arrangement of the content. The design is not the only problem, technically, the website has a lot of issues and errors. Some of the links are broken and hence are not useful. The pages that must provide information about certain trading conditions cannot be viewed because of it. Contentwise, the website is bad as well. There are no educational articles whatsoever that would help traders. At the same time, not all trading conditions are described, leaving website visitors uninformed about important details. Last but not least, some of the information provided on the front page is not correct as of the further investigation of the brokerage shows. The website does not help the BomanFX rating at all. There the broker features signs of social media with the links. According to them, the broker should have a Facebook page, Twitter, youtube, and Instagram accounts – however, the accounts are either closed or are not created yet.
What is trading like with BomanFX
It is difficult to get full information about the trading conditions with BomanFX as most of the information is not provided fully. The broker claims that it has over 80 trading instruments including major and minor currency pairs, CFDs on energies, metals, commodities, and indices. Unfortunately, the list of the trading instruments is not available on Bomfx.com
Minimum deposit and leverage
One needs to deposit 100 USD to open an account with the broker. It is an avarage minimum deposit requirement considering that some of the brokers offer accounts from 5 USD, and some of them have 500 USD minimum deposit requirements. The available leverage is up to 1:200, however, as usual, the brokers have leverage limitations for some trading assets. Unfortunately, the information about them is also not provided which creates a negative BomanFX opinion.
The broker informs that spreads are low and start from 0.9 pips. However, spreads are from 0.9 pips only for the VIP account which can be opened with the minimum deposit of 5000 USD. The broker has a page on the website called “Tight spreads” which showcases several currency pairs and their spreads. According to it, the lowest spread is for USD: JPY and is 8 pips.
The BomanFX withdrawal policy is very concerning. It is described in the legal document named as “Deposit and withdrawal policy.” Traders do not have much choice between the payment methods as the broker offers traditional ways only. One can deposit and withdraw money from the trading accounts via bank transfer and credit/debit cards. It is important for international brokers to have a wide choice of payment methods since traders from different countries might find it hard to use wire transfer and credit/debit cards as electronic payment methods are always more convenient.
Funding trading account takes five working days and the broker needs up to 7 working days to process withdrawals. However, after processing traders have to wait until transactions are completed, hence the withdrawal process can continue for several more days. Both deposit and withdrawal take too much time, considering that many brokers offer far better conditions. The document also mentions withdrawal fees, that they might be applied. However, no more details are provided.
Is BomanFX legit?
Based on the detailed BomanFX review we cannot call the broker legit. It is leading some kind of scam scheme or is simply a very bad broker. It is an offshore brokerage without proper regulation and authorization. The company background looks shady and not trustworthy. The broker clearly does not put customers in the center of its business. The website is bad in every way possible and does not serve its purpose. The trading conditions are also designed in a very unfavorable way for the traders. Hence, we can assume that BomanFX fraud is possible and even if the broker was fully regulated, it still would not be advisable to trade with it simply because the service and features are not good in any way. If you have been considering to open an account with BomanFX it would be better for you to start searching for another broker.