Home Forex BLU FX Review

BLU FX Review

3433
4

BluFX is a foreign exchange broker that works in a slightly different way to traditional brokers by introducing a subscription-based model. In doing this, BluFX aims to make trading more accessible and flexible, to offer fairer barriers to entry, provide easier processes, more freedom, better risk management, and transparency. We will be going through the services they offer to see what they really do offer and to see if this new style of broker could be the way forward.

Account Types

There are two different accounts available, and we have outlined them below along with their main features.

Lite Account:
This account has a subscription of $99 per month, it gets you a funded account with a balance of $25,000, it uses MetaTrader 4 as its trading platform and has a buying power of $75,000. There is no personal liability and profits are split 50/50. Trading hours are between 6 am and 9 pm and you are able to have a drawdown of 10% before BluFX will consider your account no longer viable. You are not able to hold trades overnight and there is no account growth. You get trading support and access to 29 different trading products.

Pro Account:
This account has a subscription of $249 per month, it gets you a funded account with a balance of $50,000, it uses MetaTrader 4 as its trading platform and has a buying power of $150,000. There is no personal liability and profits are split 50/50. Trading hours are between 6 am and 9 pm and you are able to have a drawdown of 10% before BluFX will consider your account no longer viable. You are able to hold trades overnight and there is account growth up to a balance of $1,000,000. You get trading support and access to 29 different trading products.

Platforms

BlueFX clients can enjoy the use of MetaTrader 4, one os the most used trading platforms around the world. MT4 does everything you could ask to make your trading life easier and is accessible from anywhere as a desktop download, mobile application or as a web trader. Some of its other features include a convenient and tunable interface, quotes in real-time mode, account control, and transaction management, printable charts of different time periods, a wide range of technical indicators and tools and, the ability to install your own indicators and trading robots.

Leverage

The accounts are leveraged at 1:3. All accounts have the same leverage and this cannot be changed.

Trade Sizes

BluFX is giving examples of the $25,000 account and the $50,000 account. The maximum trade size on a $25,000 account is 1 lot, while on the $50,000 account it is 2 lots. Each currency pair has its own individual maximum trade size based on the margin required when trading it. Be sure to check the available product page to see what the maximum trade size is for the instrument you wish to trade.

Trading Costs

Commissions and swap charges are not known to us so we cannot state what they are or if there are any included in the accounts.

Assets

There are only 28 currency pairs as well as Gold available, the currency pairs are EURUSD, EURGBP, EURJPY, EURCAD, EURCHF, USDJPY, USDCAD, USDSCHF, CHFJPY, CADCHF, CADJPY, GBPUSD, GBPJPY, GBPCAD, GBPCHF, EURAUD, EURNZD, GBPAUD, GBPNZD, AUDUSD, AUDNZD, AUDCAD, UADCHF, AUDJPY, NZDUSD, NZDJPY, NZDCHF.

Spreads

Unfortunately, we do not know what the spreads are when trading with BLU FX. This combined with not knowing the commissions means that we do not have a good understanding of what the overall trading costs are on either of the accounts.

Minimum Deposit

The accounts use a monthly subscription. In order to use the Lite account, you will need to pay $99 each month. To use the Pro account you will need to pay $249 per month.

Deposit Methods & Costs

BlueFX currently only accepts Credit/Debit cards for their payments. If you wish to use a different method you could always get in contact with them to see if they can accept it. There are no fees charged for paying the subscription.

Withdrawal Methods & Costs

You can withdraw your funds using either PayPal, Skrill or Bank Wire Transfer. You can request to withdraw 5% of the profits made at any time, the profit is split 50/50 (so a 50% fee) and it is then sent for processing.

Withdrawal Processing & Wait Time

Withdrawals occur once every month, they are processed on the 20th and sent to the trader on the 25th.

Bonuses & Promotions

There are no bonuses and promotions and unfortunately, it appears that there won’t be any in the future.

Educational & Trading Tools

BluFX does not provide any educational materials. Apparently, they take the approach that it is the trader’s responsibility to learn and develop their own trading skills. A large part of their general offering though is social trading, and that alone could provide some advantages.

Customer Service

The support team is available between 9:00 and 17:30 London time Monday to Friday. You are able to sue the provided phone number or email address. There is also a Facebook page where you can talk to other members.

Phone: +44(0)207 0580060
Email: INFO@BLUFX.CO.UK

Demo Account

There are no demo accounts available from BluFX due to their funding methods.

Countries Accepted

This information does not appear to be available on the site so we would recommend contacting the customer service team to check your eligibility prior to signing up.

Conclusion

BluFX offers a very different service than most traditional brokers. They are looking for more risk-averse traders who manage their money and account growth rather than people looking for quick profits. You can trade for just $99 a month. However, the leverage on the accounts is set at 1:3 which means your open position is limited despite having the larger account balances. We do not know the spreads or overall trading costs. As the accounts use a subscription model there are no fees for depositing and you can receive 50% of the 5% account profits as withdrawals. It is an interesting concept, but if you are looking for a more traditional trading experience you will need to look elsewhere.

4 COMMENTS

  1. Hi, thumbs up for the review👍🏼. I have actually been trading with BluFx for the past 6 months and I must confess it’s the best decision I made. Just to chip in some few points from my experience with them.

    1). BluFx is not a broker; BluFx clients trade through an external independent broker called Eternity Global (this is the current broker BluFx uses)
    2). Hitting your 10% drawdown limit doesn’t necessarily mean that’s the end of the road for you. Once your account is reviewed by the Risk team and you’re recommended to continue trading; you will need to pay a small refinance fee(currently £50) for a fresh start.
    3). BluFx has an affiliate program that rewards traders with $100 bonus for the first 5 traders they introduce. You can read more on that on their Blog site.
    4) BluFx accepts clients from every country.

    In conclusion, BluFx is a talent discovery platform seeking to raise skillful traders to Fund Manager status. It’s been a great journey so far for me and am personally working hard to become one of their $1 million fund managers.

    Cheers mate

    • please reply these questions:
      am i allowed to install custom indicators on the pc mt4 version?

      when does the trading day start counting, from the 1st trade after you are given the account or the day you place the first trade?

      can i immediately request for a withdrawal or i have to wait until a particular date in the month(and what dates are those)?

      are we to close untriggered pending orders before 9pm everyday during the trading week?

LEAVE A REPLY

Please enter your comment!
Please enter your name here