Bost Forex is a foreign exchange broker established in Hong Kong in 2018, primarily providing trading services in forex, metals, energy, and indices to investors. The company's official website supports only English as the language of use. The official website of the company has poor transparency, with a lot of key information not disclosed, which may lead to misunderstandings and information gaps. The company's registration information is true, but it does not provide information related to regulation, therefore there are certain safety risks to the funds.
Registration and Regulatory Information:
Information on the Bost Forex official website shows that the company and its affiliated enterprise, Bost Technology Pty Limited, are respectively registered in Hong Kong and Australia. The search results from the Integrated Companies Registry Information System (ICRIS) in Hong Kong and the Australian Securities and Investments Commission (ASIC) website confirm that the company and its affiliated enterprise’s registration information in both Hong Kong and Australia is authentic.
Furthermore, a Whois search of the website domain name shows that the company's official website domain name was registered on January 13, 2021, and the domain name registration time has exceeded 2 years.
Bost Forex does not provide any information about its regulatory or authorization status, and searches on the websites of the Hong Kong Securities and Futures Commission (HKSFC) and the Hong Kong Monetary Authority (HKMA), which are the regulatory bodies for the company’s registered location, did not yield any regulatory or authorization information related to the company.
Additionally, the Bost Forex official website shows that its affiliated enterprise Bost Technology Pty Limited holds an Australian Securities and Investments Commission (ASIC) authorized representative license (AR license), and the search results on the ASIC website show that Bost Technology Pty Limited holds an authorized representative license (AR license) for MGF CAPITAL PTY LTD (421246).
However, the regulatory and investor protection strength of such a license is relatively weak. More importantly, MGF CAPITAL PTY LTD sold authorized representative licenses (AR licenses) to more than 20 similar enterprises, including Bost Technology Pty Limited, which have no association with MGF CAPITAL PTY LTD and merely use the AR license purchased from MGF CAPITAL PTY LTD for promotional purposes.
Account Registration:
Although Bost Forex provides links for real account and demo account registration, neither the real account nor the demo account registration links are functioning, making it impossible to register for real or demo accounts.
Account Types:
Information on the Bost Forex official website shows that the company offers two different account types to investors: STANDARD and DEMO (demo account). The STANDARD account has a minimum deposit requirement of 200 US dollars and a maximum leverage ratio of 1:1000, with MetaTrader5 (MT5) as the trading software; the DEMO account has no minimum deposit requirement, a maximum leverage ratio of 1:1000, and uses the same MT5 trading software.
Trading Products:
The Bost Forex official website shows that the company provides trading services in forex, metals, energy, and indices to investors. Additionally, although Bost Forex's official website provides some information on the spreads and leverage ratios of some trading products, it neither provides information on commissions, spreads, minimum trading units, maximum trading units, overnight interest rates, nor real-time data.
Margin Ratios:
Although Bost Forex displays on its homepage and in the "Account Types" section that it provides investors with a maximum leverage ratio of 1:1000, Bost Forex's official website does not provide leverage ratio information for all the trading products covered in forex, metals, energy, and indices.
Trading Hours:
The Bost Forex official website does not provide trading hours information for the specific trading products covered in forex, metals, energy, and indices, merely stating the speed exceeds 0.005 seconds.
Deposits and Withdrawals:
Although Bost Forex's official website states that the company's deposits are free, it neither provides information on the channels and methods supported for deposits and withdrawals, nor the accepted currencies, timing, and fees for deposits and withdrawals.
Trading Software:
Information on the Bost Forex official website shows that the company offers the MetaTrader5 (MT5) trading software to investors. The MT5 software provided by Bost Forex supports computer versions (Windows/MacOS) as well as mobile versions (iOS/Android). However, the Android version of the MT5 software has issues with being unable to download or slow download speed in some countries or regions.
Customer Support
The company's official website provides basic contact information, including the telephone number +603-27702749 and customer service email support@bostforex.com.
It also provides two addresses, one being the company's registered address in Hong Kong: 6/F, Manulife Place, 348 Kwun Tong Road, Kl, Hong Kong. Another is the company's actual office address: A-32-8, 5 A Menara UOA Bangsar-H TWR, JLN Bangsar UTAMA 1, Bangsar, 59000 Kuala Lumpur, Malaysia.
Bost Forex offers basic support services on its official website. The broker provides contact details including a telephone number and customer service email, allowing customers to receive necessary help and support through these channels.
Summary:
As a foreign exchange broker, Bost Forex claims to offer a diverse range of trading varieties, including forex, metals, stocks, and indices. The broker offers three different types of accounts. However, the broker lacks sufficient information in several important dimensions such as corporate background, regulatory transparency, trading platform, spreads, and account information, and is not regulated by any financial regulatory authority. For investors intending to trade with Bost Forex, it is very necessary to conduct thorough research and risk assessment.
Currently, Bost Forex is listed as "suspected of fraud" on the traderknows.
