BODAFX Information
BODAFX, part of BODA Global Limited. It is a broker registered in the United Kingdom. The broker offers a range of tradable instruments including Forex, stocks, commodities and cryptocurrencies through the Metatrader4 trading platform, and offers three types of account options for traders. However, it must be noted that the broker is not regulated and carries certain risks.
Pros and Cons
Is BODAFX Legit?
BODAFX, apparently, is currently unregulated. So the broker has a big security risk.
What Can I Trade on BODAFX?
BODAFX offers a range of currency pairs for forex trading, enabling traders to invest in the shares of a wide range of publicly traded companies, as well as offering trading opportunities in commodities such as precious metals, energy products and agricultural products. It also allows investors to trade various cryptocurrencies.
Account Types
BODAFX has three types of accounts, Standard account, Professional account and VIP account.
The minimum deposits for the three accounts range from $100 to $50,000. Among them, the standard account has the highest leverage ratio of 1:500.
The spreads are fixed, and the commission requirements are lower the higher the account level: from $1 to $3.
Leverage
As for the leverage of BODAFX's trading products, major currency pairs such as EUR/USD, USD/JPY, GBP/USD have a maximum leverage of 1:500. Small currency pairs, such as AUD/USD, NZD/USD and USD/CAD, have a maximum leverage of 1:200.
The leverage for trading commodities such as gold, silver and oil is 1:100. For cryptocurrencies, the leverage ratio is set at 1:5.
BODAFX Fees
BODAFX offers different spreads for different market instruments. The major currency pairs, EURUSD, USD/JPY and GBP/USD, etc., their spreads are floating, usually around 1.5 pips. For minor currency pairs such as AUD/USD, NZD/USD and USD/CAD, the spread is fixed at about 1 pips.
Trading commodities such as gold, silver and oil, BODAFX offers a fixed point spread, typically around 1pips. For cryptocurrencies, the spread is fixed, usually around 5 pips.
Trading Platform
The trading platform BODAFX provides for traders is Metatrader4. Traders can use it freely from their desktop or mobile.
Deposit and Withdrawal
BODAFX supports deposit and withdrawal methods including credit/debit cards, bank transfers, e-wallets and cryptocurrencies. In addition, the minimum deposit requirement is $100.
Customer Service
BODAFX offers traders two ways to access customer service, including online chat and email.
The Bottom Line
Leaving aside the advantages of BODAFX offering MT4, we need to look at the disadvantages of the broker. The types of trading instruments it currently offers are modest compared with most brokerages, and customer service is poor. On top of that, there's no regulation, there's no security.
FAQs
What deposit and withdrawal methods does BODAFX offer?
It offers credit/debit cards, bank transfers, e-wallets and cryptocurrencies.
Is BODAFX suitable for beginners to trade?
It's not suitable. The lack of supervision of BODAFX is a fatal shortcoming for beginners.
