BUX Markets Review
BUX Markets is a regulated broker that provides CFD trading on various asset classes via its proprietary TradeHub® platform. They support social trading for clients who wish to provide or copy trading signals. They have competitive spreads and fees but are lacking in funding options and do not offer the popular MetaTrader platforms. There is also no live chat support on the brokers website.
BUX Markets Review, Pros & Cons
- Regulated broker
- Award winning trading platform
- Follow & provide trading signals
- Educational resources
- Negative balance protection
- No MetaTrader platforms
- Limited account funding options
- No additional trading tools
- No live chat support
- Account inactivity fees
In this detailed BUX Markets review, our online broker research team have covered some of the most important aspects for you to consider when choosing the best broker for your online trading needs.
BUX Markets Overview
BUX Markets is a UK based global brokerage that make trading online easily accessible to traders of all experience levels. Founded in 2014, the broker has competitive spreads along with an intuitive platform for trading by yourself or to follow the trading signals of other traders known as “Top Traders”.
BUX Markets offers both a sophisticated online trading platform for individuals trading CFDs as well as business-to-business services that have been designed to help partners expand their product reach. They have a range of markets for trading CFDs online including shares, indices, currency pairs and commodities.
The broker is part of the BUX Group who are an award winning FinTech company that has over 2 million users and offers a multitude of mobile and online applications for trading and investments. They serve clients in more than 100 countries.
BUX Markets Regulation
BUX Markets is a Trading Name of BUX Financial Services Limited. BUX Financial Services Limited is a company registered in England and Wales under register number 03148972. BUX Financial Services Limited is authorised and regulated by the Financial Conduct Authority (FCA) with registration number 184333.
BUX Markets offer free Negative Balance Protection to protect you from losses exceeding your capital. In the event your losses exceed your account balance, the broker states that they will not seek to recover those losses from you. This can make you feel safer while you are trading with them and enables you to calculate in advance your maximum loss should the market move unexpectedly.
They also offer free additional insurance of up to £1,000,000 per eligible client in excess of the standard Financial Services Compensation Scheme (FSCS) cover. Furthermore, an annual client money audit is carried out by an independent audit firm.
The broker uses some of the highest levels of financial services security on all software to help protect you from attack and fraud. They are constantly reviewing their systems against both current and projected security threats according to financial services industry best practice.
BUX Markets Countries
BUX Markets service is not directed nor is intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local laws or regulations. Such residents and countries include, but are not limited to, the United States.
Some BUX Markets broker features and products mentioned within this BUX Markets review may not be available to traders from specific countries due to legal restrictions.
BUX Markets Platforms
BUX Markets have an advanced charting package known as TradeHub® with 13 different chart types and 170 studies you can use in your daily trading activities. The broker utilises award-winning and sophisticated technology that is combined with a simple interface and reliable execution speeds.
The BUX Markets TradeHub® platform has the following features:
- Real time price quotes
- Intuitive, user friendly design
- Choose from 13 different chart types
- Choose from over 170 studies
- Modern technical indicators
- Pattern recognition
- Simple filters make searches fast, easy and accurate
- Customise your chart settings
- One-click trading from the charts
- Transparent fees
- Variable margin rates
- 24 hours dealing desk
The TradeHub® platform can be used wherever you are, on your PC, tablet or mobile. You can download the TradeHub® app for iOS and Android devices for trading whilst on the go provided you have an internet connection. The web version of the platform can also be used directly within most modern web browsers without needing to download or install any additional software.
The BUX Markets TradeHub® app has the following features:
- Live streaming prices and charts
- Trade on the go and respond to market events and opportunities
- Monitor your positions at all times
- Fund or withdraw from your trading account via the secure app
The customer service team can give you a personalised guided tour of the platform by one of their experts if required.
BUX Markets Trading Tools
BUX Markets do not provide any additional standalone trading tools although the TradeHub® platform has plenty of built-in tools to suit the various needs of different traders. It could be beneficial if the broker had some tools such as trading calculators and sentiment analysis to help clients with their online trading activities.
BUX Markets Education
BUX Markets have an extensive range of webinars, guides, glossary, FAQs and videos. These have been created for clients and can be accessed free of charge from the brokers website. The educational materials aim to make it as simple as possible to learn about CFD trading online. You can also discover more about the brokers products and how they can benefit you.
BUX Markets Instruments
BUX Markets have a choice of CFDs for trading online via their intuitive TradeHub® platform. This includes indices, FX currency pairs, cryptocurrencies, shares, commodities, ETFs, interest rates and bonds.
A contract for difference (CFD) is a derivative financial instrument enabling you to speculate on the financial markets without physical owning the underlying asset. A CFD acts an agreement between you and the provider (BUX Markets in this case) to exchange the difference in value between the opening and the closing level of a particular contract.
CFDs have no expiry date, meaning that you can decide when you want to close out your positions, at which point the difference in value will be exchanged, either for a profit or loss. CFDs can be traded with leverage which means that you can open a position larger than you would have been able to without it. However, trading with leverage comes with significant risks that you should have a clear understanding of before trading online with any broker.
BUX Markets Accounts & Fees
BUX Markets have a normal trading account for retail traders and a pro trading account for those who qualify as professional traders. Professional clients are not subject to some of the product intervention measures by ESMA. The broker can also provide demo trading accounts which allow you to practice trading online with virtual funds so that you can familiarise yourself with the trading platform and brokers service whilst testing out your trading strategies.
BUX Markets are constantly striving to keep the total costs, including spreads, rollover costs and financing costs, as low as possible. They are committed to transparency with all of their costs.
There is a charge for overnight funding, normally at the rate of 2.5% p.a. plus relevant interbank rate. Positions that are open overnight are subject to funding charges on a daily basis. Positions held on a Friday will attract a 3-day financing charge/credit for the weekend.
Long positions attract financing charges, but for short positions, financial interest may be credited to your account. In the event that your trading account is inactive, you will be charged with an Inactivity Fee after 180 days.
As broker fees can vary and change, there may be additional fees that are not listed in this BUX Markets review. It is imperative to ensure that you check and understand all of the latest information before you open a BUX Markets broker account for online trading.
BUX Markets Support
The BUX Markets customer support team are available to answer all of your general, technical and account related questions. The client services team are available from 8:00 to 17:00 (UK time), Monday to Friday, by phone or email. The trading desk phone lines are open for trading enquiries between 22:15 Sunday and 22:15 Friday (UK time).
The broker has offices in London and Amsterdam. It would be beneficial if they could provide online chat support as potential clients often find this to be a convenient way of asking questions prior to opening an account.
BUX Markets Deposit & Withdrawal
BUX Markets have a limited choice of account funding options. You can make deposits and withdrawals using credit/debit card and bank wire transfer. Most other online trading brokers would provide some convenient online payment processors such as PayPal, Skrill and Neteller. Thus, we believe this is another area that the broker could improve in.
When making card payments, the name on the card must match the name on your trading account. Credit/debit card deposits are free of charge. Only cards that are issued outside of the EEA will be charged a 1.75% transaction fee. To help keep your money secure, BUX Markets only accepts card payments that are 3-D secure. If your card isn’t 3-D secure, the broker may not accept your deposit. Your card provider may charge you additional fees. BUX Markets have an internal policy not to accept 3rd party payments where it is able to identify such instances.
The broker uses 3-D Secure for added security. 3-D Secure was developed by Visa to help make internet payments more secure. It adds an extra security check for online payments, therefore decreasing the risk of internet fraud. This step is usually simply your bank or card provider asking you for a password, only known to you and your bank.
Wire transfers can be made in EUR, GBP, USD, SEK, DKK, SGD and CHF. The different currency options are beneficial as currency conversion fees do not apply when using an account in your own currency. If you’re withdrawing money with a credit or debit card, funds will be debited from your trading account when they receive your request.
If you made your withdrawal request after 12:30 (GMT), they will be processed the following working day. Your funds will be processed within 5 working days. Whilst it is possible to make a withdrawal via bank wire transfer, debit/credit cards are the brokers preferred method.
BUX Markets Account Opening
It is quick and easy to open a real live trading account with BUX Markets. There is a short online application form that requires you to enter some personal information. You will also need to provide a form of identification and proof of address as part of the KYC procedures. This can be a passport or drivers licenses and utility bill or bank statement. Once your account has been verified by the brokers accounts team, you can fund it and commence trading CFDs online.
BUX Markets Summary
Overall, BUX Markets have a simple and efficient trading service that can serve for the basic needs of the average retail trader. The proprietary TradeHub® platform is easy to use and has advanced charting capabilities. It allows for a smooth trading experience on desktop and mobile devices.
There are some educational resources and a copy trading solution for those who wish to provide or follow trading signals. The broker is also regulated to help give clients peace of mind and they have competitive trading conditions.
Despite the positives, we found the funding options to be limited and also believe they would attract more clientele should they offer the popular MetaTrader platforms. Furthermore, the broker provides no additional trading tools and no online chat support.
CFDs and spread bets are complex instruments and come with a high risk of losing money rapidly due to leverage. 75.9% of retail investor accounts lose money when trading CFDs and spread bets with this provider. You should consider whether you understand how CFDs and spread bets work and whether you can afford to take the high risk of losing your money.