Belfrics Review – is it scam or safe? explained by professional Forex trading experts the “ForexSQ” FX trading team.
Belfrics Review – is it scam or safe?
Belfrics is a company which provides access to Bitcoin. They appear to have a focus on a few Asian and African countries and (as our experience indicated) one may have a difficult time registering.
Belfrics is a trade brand of Belfrics Global Sdn Bhd, a company, based in Malaysia. As we mentioned before, their website has different versions focusing on different countries. The full list includes: Malaysia, Singapore, Dubai, Kenya, Hong Kong, China, Indonesia and India.
This exchange accepts fiat currency payments and allows the purchase of Bitcoin. Unlike other services, like BTCDirect, they do provide a wallet, which they claim to be very secure. Cold storage and a multy-signature system guarantee that.
Once you click around their website, a couple of things immediately stand out. For instance, the FAQ section is entirely video-based. While this is good all of the speech is done by a “text-to-speech software. This immediately leaves a negative impression. Even if the company doesn’t have employees who speak with a proper British accent and they don’t want to hire a voice actor, recording the explanations in person feels a lot more professional.
Other than the exchange itself, Belfrics offers other services, like integrating a POS (point of sale) terminal, which would accept Bitcoin in physical shops. This is not a crucial point for the purposes of this review, but makes us believe the team behind this project knows what they are doing.
We couldn’t find many useful user reviews on Belfrics, which is understandable given their relatively limited target customers and the fact they were founded several months before the writing of this review. That being said, this exchange has not been hacked. While this doesn’t mean they wouldn’t be targeted in the future, this is still a nice sing.
When trying to register an account with Belfrics, we were rejected due to “our telephone being incorrect”. We believe this may be a measure to limit the number of customers to ones in the focused countries.
Trading instruments (cryptocurrencies)
The only cryptocurrency offered by Belfrics is Bitcoin. This may seem limiting to those who are versed in the world of crypto, but keep in mind this is a beginner friendly service. Other exchanges, like Poloniex offer a variety of altcoins and one can easily order a blockchain transfer.
Daily withdrawal limitations
Belfrics has set a limitation on the maximum Bitcoin, which you can withdraw per day/month. While this may seem a bit frustrating to some, it is done as a security measure. After activating two-factor authentication (receiving a confirmation code on your phone) before a transfer is made, will raise the limit to 50 BTC. Given the current price of Bitcoin, this is more than enough for most users.
Belfrics does not allow trading on margin. Given the fact they are an entry level service and the volatility of cryptocurrencies this is probably better for clients.
If you are familiar with trading and want to give bitcoin a try, dealing with a forex broker, like FXTM may be a better alternative. They offer trading Contracts For Difference or CFDs, which are financial products, copping the price movements of the underlying asset. However this is only suitable for short term price speculation.
Belfrics charges 0.50% of the volume of each transaction. While most other exchanges also set volume-based fees, they are usually much lower. Some of the higher levels go around 0.25%, with many companies distinguishing between market makers (traders who provide liquidity) and market takers, who take always liquidity.
We must mention these are trading fees, i.e. fees for trading on the platform. The exchanges who offer purchasing Bitcoin directly via credit card, like Coinbase and Bitstamp usually charge a much more hefty fee for that.
Two platforms are provided by Belfrics. They are called the “old” and “new” one, although we couldn’t test either. As we mentioned earlier, the account creation process wasn’t very welcoming to us.
Methods of payment
Other than the usual blockchain transfers, Belfrics accepts fiat currencies by bank transfer. The important thing to note is that there may be limitations to the countries which they accept. Their website has the following versions: Malaysia, Singapore, Dubai, Kenya, Hong Kong, China, Indonesia, India.
Belfrics Review – is it scam or safe? Conclusion
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