Overview of Belfrics Prime
Belfrics Prime is an unregulated financial platform based in Malaysia that raises concerns about its legitimacy. Despite claiming to be regulated by MalaysiaLFSA, there are suspicions that this regulation may be a clone and lacks validity. Furthermore, Belfrics Prime does not offer a trading software, which poses risks for potential clients considering any involvement with this institution.
In terms of market instruments, Belfrics Prime provides access to various financial assets, including over 50 currency pairs in the Forex market, more than 10 cryptocurrencies for Crypto CFDs, over 2,000 commodity assets, more than 2,000 stocks, 35+ indices, over 15 metal commodities, and 5 or more Exchange-Traded Funds. While this offers a wide range of options, the lack of regulation and trading software raises concerns about the security and reliability of trading on this platform.
Belfrics Prime offers a single account type, straightforward leverage options (up to 100:1 on Forex and CFDs, and up to 50:1 on cryptocurrencies), spreads starting from 0.1 pips, and a minimum deposit of $100. The platform supports both fiat currencies and cryptocurrencies for deposits and withdrawals, with varying fees depending on the chosen payment method. While they offer the MetaTrader 5 trading platform and a 'Start Your Own Brokerage' service, the absence of educational tools and the unregulated status of the platform may deter potential users. Additionally, Belfrics Prime's customer support is available through email and phone, with a global presence, but there is limited information about their educational resources.
Pros and Cons
Belfrics Prime presents a diverse array of market instruments and offers low spreads starting from 0.1 pips, making it an attractive choice for traders. However, its regulatory status raises concerns as it lacks valid regulation. The platform provides leverage of up to 100:1 on Forex and CFDs but may impose unspecified monthly fees. While it allows deposits and withdrawals in both fiat and cryptocurrencies, fees vary depending on the payment method. Belfrics Prime offers the MetaTrader 5 trading platform and multiple contact channels for customer support, yet it lacks educational tools for traders.
Is Belfrics Prime Legit？
Belfrics Prime is not currently regulated by any valid financial regulatory authority. It claims to be regulated by MalaysiaLFSA (License No. MB/18/0022), but this regulation is suspected to be a clone and is not considered valid. Furthermore, the broker does not have a trading software. Therefore, potential clients should exercise caution and be aware of the associated risks when considering any dealings with this institution.
Market Instruments
Forex: Belfrics Prime offers an extensive selection of more than 50 currency pairs in the Forex market. These pairs encompass major currencies like EUR/USD, GBP/JPY, and USD/JPY, as well as exotic options such as USD/TRY and EUR/TRY. This diversity allows traders to engage in currency trading across various global markets.
Crypto CFDs: For Crypto CFDs, Belfrics Prime provides access to over 10 cryptocurrencies. Prominent examples of these digital assets include Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Litecoin (LTC), and Bitcoin Cash (BCH). Traders can participate in the dynamic world of digital assets and harness their price volatility.
Commodities: Belfrics Prime's Commodities market offers an extensive selection of over 2,000 commodity assets. Traders can explore a wide range of commodities, including precious metals like gold and silver, energy commodities such as crude oil and natural gas, agricultural products like wheat and corn, as well as various others like coffee and cotton, providing a comprehensive array of options.
Equities: In the Equities market, Belfrics Prime provides access to more than 2,000 stocks from global markets. These encompass well-known companies such as Apple, Amazon, Microsoft, Alphabet (Google), and Tesla. Traders can build diversified portfolios with exposure to global stock markets.
Indices: Belfrics Prime's Indices market includes a diverse range of more than 35 indices. Some notable examples include the S&P 500, FTSE 100, NASDAQ 100, Nikkei 225, and DAX 30. Traders can track and trade the performance of various global markets using these indices.
Metals: In the Metals category, Belfrics Prime offers access to over 15 metal commodities. This includes not only traditional precious metals like gold and silver but also industrial metals like platinum, palladium, copper, aluminum, and others. Traders can diversify their investments within the metals market.
ETFs: Belfrics Prime's ETFs category presents a selection of 5 or more Exchange-Traded Funds. These ETFs cover various sectors and asset classes, allowing traders to invest in a range of assets, from stock indices to specific industries and themes, enhancing portfolio diversification.
Energies: The Energies market at Belfrics Prime facilitates trading in vital energy commodities, including crude oil and natural gas. These commodities play a significant role in the global economy, and traders can capitalize on their price movements to make informed trading decisions.
Pros and Cons
Account Types
Belfrics Prime offers a single account type, which is straightforward and streamlined, catering to traders with no variations or tiered options.
Leverage
Belfrics Prime offers leverage of up to 100:1 on Forex and CFDs, and up to 50:1 on cryptocurrencies.
Spreads & Fees
Belfrics Prime offers spreads starting from as low as 0.1 pips. Additionally, the platform imposes a minimum monthly fee that can be as low as $100.
Minimum Deposit & Withdrawal
The minimum deposit amount is $100, and the minimum withdrawal amount is $50.
Deposit & Withdraw
Belfrics Prime allows users to deposit and withdraw using fiat currencies and cryptocurrencies. Deposit and withdrawal fees vary depending on the payment method used. For example, deposits made via bank transfer are free, while deposits made via credit or debit card incur a 2.5% fee. Withdrawals made via bank transfer are free, while withdrawals made via credit or debit card incur a 3.5% fee.
Pros and Cons
Trading Platforms
METATRADER 5:
Belfrics Prime offers the MetaTrader 5 trading platform, a multifunctional tool that supports various asset classes and provides access to powerful trading features. With MetaTrader 5, traders can optimize their trading potential and enhance their financial strategies.
SYOB (Start Your Own Brokerage):
Belfrics Prime introduces the 'Start Your Own Brokerage' service (SYOB), providing a comprehensive solution for those looking to enter the financial world as brokers. This service offers advanced technology, robust liquidity, and continuous support to ensure the success of new brokerages, making it a valuable choice for aspiring financial entrepreneurs.
Pros and Cons
Educational Tools
There is no specific information available on the Belfrics Prime website regarding their educational tools.
Customer Support
Belfrics Prime offers customer support through multiple channels, including email at support@belfricsprime.com and phone at +60 3-2181 2525. They have a global presence with branches in key cities worldwide, and you can find them at Level 8, Tower 3, KL Trillion, 338 Jalan Tun Razak, 50400 Kuala Lumpur, Malaysia. For media inquiries, you can contact their PR team using the provided contact details.
Conclusion
In conclusion, Belfrics Prime presents a mixed picture in terms of its offerings. On the positive side, it provides access to a wide range of market instruments, including Forex, Crypto CFDs, Commodities, Equities, Indices, Metals, ETFs, and Energies, allowing traders to diversify their portfolios. The single account type simplifies the registration process, and the leverage options are available for different asset classes. Moreover, the platform's spreads and fees seem low. However, the lack of proper regulatory oversight raises concerns about the legitimacy of Belfrics Prime, as it claims a regulatory affiliation that is questionable. Additionally, the absence of detailed information on educational tools is a drawback, potentially limiting the resources available for traders seeking to improve their skills. Therefore, potential clients should exercise caution and due diligence when considering Belfrics Prime for their trading activities.
FAQs
Q: What is the regulatory status of Belfrics Prime？
A: Belfrics Prime is not regulated by a valid financial authority, and its claimed MalaysiaLFSA regulation is suspected to be invalid.
Q: What trading instruments does Belfrics Prime offer？
A: Belfrics Prime offers Forex, Crypto CFDs, Commodities, Equities, Indices, Metals, ETFs, and Energies for trading.
Q: How many account types does Belfrics Prime offer？
A: Belfrics Prime offers a single streamlined account type with no variations.
Q: What is the leverage provided by Belfrics Prime？
A: Belfrics Prime offers leverage of up to 100:1 on Forex and CFDs, and up to 50:1 on cryptocurrencies.
Q: What are the minimum deposit and withdrawal amounts at Belfrics Prime？
A: The minimum deposit amount is $100, and the minimum withdrawal amount is $50.
