BomanFX Forex broker provides its financial trading services to the worldwide audience. It is operated by Boman Inc, the company registered and regulated in Saint Vincent and the Grenadines. The customers of the broker can trade currency pairs and CFD products on one of the most popular trading platforms MT4. The minimum deposit that is required for opening an account with the broker is 100 USD, and the traders can use 1:200 leverage after registering with BomanFX. With such trading conditions, the broker seems to be an avarage, it does not offer great services and at the same time is an offshore broker. However, the more you learn about the broker, the worse things get. This detailed BomanFX review will provide information about the broker you need to know before opening an account with it and answer the question is the broker is a scam, just bad broker or someone you can trade with confidently.
Can BomanFX be trusted?
BomanFX is operated by the company Boman Inc. The information about the company is very limited. The website states that it is registered in Saint Vincent and the Grenadines and regulated by the local financial services authority (SVGFSA). You might already be aware that Saint Vincent and the Grenadines is one of the beloved places of scam brokerages. The regulations there are very loose and getting a license does not require much money. Hence, a lot of scam brokers are registered there, which makes trading with them very risky. Apart from the SVGFSA license, the broker claims to be regulated by NFA US, however, while making Bomfx.com review I was unable to find the broker in the list of the regulated entities.
Another thing one needs to pay attention to is the broker’s establishment date. According to the website, the brokerage was established in 2010 and has expanded in Hong-Kong, Shanghai, and Cyprus. However, it does not have a license from CySEC or the state administration of the Forex Exchange of China meaning that the broker is operating illegally. One cannot be sure about the establishment date of BomanFX as well. There is not many reviews and BomanFX opinions made by customers. All you can find on the internet about the broker is posted in 2019. It is strange that the number of reviews and opinions is very few. The broker that is operating for 9 years already should have more opinions made by customers.
One might believe the broker was actually established in 2010 after seeing the website of BomanFX as it looks like it was created years ago. The design is simply too bad and it creates an impression that it was not updated for years now. However, the website domain is one month old only, as it was created in May of 2019. The design can be a matter of taste, but the website has other problems as well. First of all, the navigation is very complicated as the navigation bar itself is designed in a very bad way. The links that should redirect visitors to other pages do not work. Contentwise, the website is poor as well. The information about the important trading conditions is not provided. Some of the information on one page is not consistent with the information given on the other page and etc. There are a lot of issues that lower BomanFX rating a lot.
Account types and trading conditions
The broker offers three accounts – Micro, Standard, and VIP. All of the accounts have the same trading conditions and there are not many features that come with each of them. The minimum deposit for the micro account is 100 USD. It is not high, but at the same time, it is still higher than what other good brokers are offering to their customers. All traders can use the leverage up to 1:200.
The broker claims to have the lowest spreads that start from 0.9 pips. But as you can see it is only for the VIP account where the minimum deposit requirement is 5000 USD. At the same time, the broker states that 0.9 pip spread is for the EUR: USD currency pair, however, on the other page where the broker showcases spread the spread for this currency pair is 11 pips. Due to such misleading information, our BomanFX opinion is very negative.
BomanFX withdrawal and payment methods
The website does not have a page for withdrawals, but the information is given in the legal document for deposits and withdrawals. The only payment methods one can use with the broker is debit/credit card and wire transfer. It is a big disadvantage since more and more people prefer to use electronic payment methods. Moreover, with an itnernatinal broker, it might be inconvenient to use bank wire transfers and bank cards since the transaction time might be long and commissions might be high.
As for the BomanFX withdrawal, the broker needs 5-7 working days to process withdrawals. After that, the trader must wait for the transaction that might take even more time. There are commissions for withdrawal, but they are not described. Funding the trading account also takes a lot of time as it needs 5 working days to deposit money.
You could already guess that BomanFX rating is very low. There is nothing that the broker can be praised for. It is an offshore broker that is registered in Saint Vincent and the Grenadines, place which is a haven for the scam brokerages. It does not have the necessary information on the website, and the content that can be seen there is either false or misleading. Overall trading conditions are also very poorly designed. Based on it, we can confidently say that BomanFX is not trustworthy and traders should keep their funds away from it.