In this review we are having a look at the BenefFX broker that is trading cryptocurrencies, stocks, currencies and other assets.
What is Benef FX
Benef FX is a brokerage company that will let you trade financial markets. Its website contains very little information but it seems that you will be able to trade Cryptocurrencies, CFDs on stocks, indices, and currencies on Forex.
On its official website the broker does not provide information about the minimum trade, minimum deposit, deposit and withdrawal fees and procedures etc.
However BenefFX has a web page dedicated to copy trading. Sometimes it is also called social trading and it allows you to copy the trades of hopefully profitable traders to make money.
But is BenefFX legit, should you use it for financial markets trading?
Stay away from Benef FX
During our investigation we came to the conclusion that it is better to stay away from this broker. Here in this review we explain why.
Lack of information
The website of BenefFX is very small in terms of content. As we mentioned, it provides no basic information about trading conditions, accounts, etc. Which a broker should of course provide.
There should be a list of markets and assets, of spreads, fees, deposit and withdrawals conditions etc. For you to be able to get a complete picture about the broker, its services and costs.
But you won’t find this information on BenefFX’s website.
What is an even bigger problem is that when you register for an account, you are asked to express your agreement with terms and conditions. But when you click on their link, you are taken back to the home page, the document is missing!
This is completely unacceptable, a financial broker can’t want you to sign up and have the terms and conditions missing so that you don’t even what you are signing up for.
A very big reason for not trading with Benef FX is that the broker is not regulated. It is run by a company called Optium Limited from the Marshall Islands.
With all due respect to the Marshall Islands, they don’t have a proper financial regulation for brokers.
With unregulated companies like Benef FX you have nobody overseeing what they are doing, they can disappear any time and your money is not protected in any way. The percentage of scams among unregulated companies is magnitudes higher than among the regulated ones.
In many countries deposits with regulated brokers are insured, which means that if the broker goes bankrupt, you will still get your money back. This does never apply to unregulated companies like BenefFX.
Since BenefFX’s website is so limited in information it provides, it is hard to tell what exactly is the main selling point of the broker.
Because of the page dedicated to social trading, it probably is one of them. In that case you have to be very careful with what results are presented to you in terms of what you can copy.
Because Benef FX is not regulated, you can’t be sure how it all works behind the scenes. You can’t just blindly trust any positive results somebody shows you on the internet.
So if somebody says you can make easy money in a passive way with BenefFX, you should be very careful.
Even if a company is paying, it does not necessarily mean that the money comes from successful trading. You have to be very vigilant because the internet is full of different financial schemes that pretend to be something else than what they really are.
Benef FX review – Conclusion
BenefFX provide too little information on its website, terms and conditions are missing, and crucially it is a broker that is not regulated. That is why we are recommending to stay away from it.
For financial trading we recommend using regulated companies only. You can start on a free demo to learn with virtual money.
And remember that financial trading is always risky and there are no guarantees. You have to understand the risks before investing real money.