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BelightFX review – Is belightcapitalgroup.com scam or good forex broker?
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BelightFX is a forex and CFD broker based and regulated in Cyprus, and offering currency pairs, indices and commodities with a leverage of up to 1:30 and a web based trading platform. Here you may find some details about their regulatory status and trading conditions.
| Account type | Min. deposit | Max. leverage | Spread s |
| Standard Account | n/a | 1:30 | n/a |
BelightFX Advantages:
A CySEC regulated broker
BelightFX is owned and operated by Belight Capital Group Limited which is a Cyprus Investment Firm (CIF) regulated and supervised by the Cyprus Securities and Exchange Commission with CIF Licence number 364/18. See for your self:
CySEC, as the Cyprus Securities and Exchange Commission is more commonly known, ranks among the three most popular and respected financial watchdogs in the retail forex industry – the other two being the Financial Conduct Authority (FCA) in the UK and the Australian Securities and Investments Commission (ASIC).
A CySEC license means a broker will have to meet a set of strict financial and ethical requirements, among which to keep all clients’ money in a segregated, trust account, separated from the broker’s own account, to provide traders with a negative balance protection, which means that you can not lose more money, than you have deposited, and to maintain at all time a minimum operational capital of at least 730 000 EUR, which is comparable with the 1 000 000 AUD required by ASIC in Australia.
On top of that CySEC brokers are obliged to file regular reports, to allow external audits, to refrain from offering trading bonuses (which is a highly controversial practice), and to participate in the Investor Compensation Fund (ICF) for the clients of Cyprus Investment Firms (CIFs), which basically will insure your trading account for up to 20 000 EUR – if for some reason your broker is unable to pay you, you will get a compensation from the Compensation fund that will cover 20 000 of your funds. That it is surely yet another reason to check our list of brokers regulated in Cyprus:
According to the latest guidelines of the European Securities and Markets Authority (ESMA), introduced in August 2020, brokers can offer their retail customers in the EU leverage no higher than 1:30 with forex transactions and 1:20 with other CFDs. Back in May CySEC went even further and proposed various leverage caps for different retail client categories.
According to the CySEC proposal some retail investors will be met with harsher leverage restrictions than the ones introduced by ESMA, while others may see the restrictions somewhat relaxed.
And CySEC even proposed to prohibit the marketing, distribution and sale of leveraged CFDs on crypto assets to retail clients altogether, unless they fall within the upper tier of their positive target market. (According to the ESMA rules crypto CFDs can be leveraged no more than 1:2.
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For the present being however CySEC sticks to the original ESMA rules and that is also the leverage levels offered by BelightFX to retail clients.
Still, if you can prove that you have experience of a professional trader, you might be offered higher leverage. If you can not, however, you may also check our list of brokers, regulated in Australia – the last major regulatory hub, where leverage remains virtually unrestricted, after the leverage requirements were tightened not only in EU, but also in the U.S., Canada and Japan:
The fact that BelightFX is licensed and regulated by the Cyprus Securities and Exchange Commission makes them a reliable broker. Apart from that, however it is unfortunate that we are given so little information about their trading conditions, especially since no demo account is offered – a standard practice with most regulated brokers. Another minus is the absence of a well known trading platform like the MetaTrader4.
| Broker | Advantages |
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