BCR Review – Is BCR Scam or a Proper Broker?

BCR Review

BCR is a CFD broker with offices in Sydney, Australia, and the British Virgin Islands, where it also has an offshore branch. BCR is subject to Australian ASIS regulation, as are all brokers in Australia. Furthermore, it is regulated by BVIFSC as well in the British Virgin Islands. Read this BCR review to learn more.

Asset Offering

Approximately 40 major, minor, and exotic currency trading pairs, the well-known cryptos BTC and ETH, a number of commodities, as well as a wide selection of CFDs based on significant stock indices, such as the Nikkei, DAX, S&P 500, Nasdaq, FTSE 100, and others, are among the trading assets made available by BCR.

BCR also provides trading in over 30 distinct stocks that are listed on significant stock markets in the United States, Hong Kong, Australia, and Japan.

Trading Platform

In that it has decided to use only MetaTrader 4 as its trading platform, BCR is a pretty classic example of a forex broker. Making an apparently wise choice like this has a lot of obvious advantages, though.

First off, switching to BCR won’t be an issue for any seasoned traders who have already operated with other MT4 brokers. A brokerage firm like BCR would undoubtedly find it much simpler to build its place in the market as a result of this.

In addition, continuing with MT4 guarantees access to the sizable collection of algorithmic trading that is offered in the “Expert Advisor” marketplace that is integrated into Metatrader 4.

In fact, despite being quite outdated and despite the fact that other, more advanced trading platforms have been introduced since, this is perhaps the single most significant factor in the continued popularity of both MetaTrader 4 and 5 among forex traders.

Trading Conditions

It is important to keep in mind that BCR charge fee and commissions on all trades of stock CFDs when discussing pricing. No matter what kind of account a trader chooses, the commission cost is levied at a flat amount of $20 per lot. Each deal in the US Dollar/Chinese Yuan currency combination incurs a commission cost of $50 per lot. On the other hand, there is no commission cost for any of the other currency pairs.

Leverage

The trading leverage is, as is customary, substantially higher in the BVI regions than it is in Australia, the United States, Europe, or Canada. Leverage in BCR’s instance is restricted to a max of 1 into 400, which we believe to be enough for the majority of retail traders. Yet, as per ASIC regulations put in place in 2021, customers joining up with BCR’s ASIC-regulated business can only access max leverage of 1:30.

Spreads

The gap between the purchase and selling prices of any particular asset, as is customary with FX and CFD brokers, is in addition to any commissions charged. The average spread offered by BCR on the most liquid currency pair, the EUR/USD, is listed as 1.6 pips, which is regrettably quite expensive when compared to other forex brokers.

Payment Methods

All common deposit methods are accepted by BCR, including bank transfers, debit and credit cards, Neteller, Skrill, and UnionPay cards. Naturally, as an Australian CFD brokerage, BCR also accepts POLi, the widely used local money transfer service.

Customer Support

You can get in touch with BCR’s customer service team by phone, email, or a live chat feature. You can get in touch with them 24/5, the customer support team is highly professional and feels pleasure answering the queries of the traders.

Conclusion

In conclusion, we believe that BCR is a transparent CFD broker because they are open and honest about its spreads and commissions. Although, the broker’s spreads on forex, equities, and commodities are rather wide trading services are up to the mark that covers that part. It is also important to keep in mind that the fee of $20 per lot is added on top of the already very large spreads for those wishing to trade stock CFDs.