TheBCR Review 2023 – Learn More About This Forex Broker

For a start, let’s say that TheBCR is a fully regulated brokerage firm with entities in Australia and the British Virgin Islands. It has existed since 2008 and has a large base of customers, hence a large base of reviews.

The one thing we noticed is that not all reviews are positive. As a matter of fact, we’ve come across some concerning ones. Combined with the fact that there’s an offshore entity involved, offering high leverage and loose protection, we did a thorough investigation. And it’s summarized here in our TheBCR review.

Before we go any further, we’d like to say definitively that Honest Capital, BE22, and TBanque are all fraudulent brokerage firms.

Is TheBCR a Legit Forex Broker?

TheBCR is owned by Bacera Co Pty Ltd, registered in Australia. The company entered the ASIC register in 2008 and has remained under its umbrella ever since. This is a great thing, as the compensation fund protects clients, and ASIC ensures that brokers maintain at least $1 million in the account at all times, preventing insolvency.

However, as of October 2022, the company has registered an offshore entity in the British Virgin Islands. Unlike the ASIC license, TheBCR’s regulation with the BVI FSC isn’t as strong.

The regulator belongs to a Tier 3 zone and is known to be loose. In order to start a business, brokers need an initial capital of $2 million and someone physically present to sign for the company. Yet, whether they control capital usage after remains questionable.

While having an offshore operation is a great way to expand your business, it’s also a great way to avoid stringent oversight. Hence, be wary and report any potential issues.

TheBCR is an ASIC-regulated brokerage, active since 2008. In addition, the company has an offshore entity in the British Virgin Islands under BVI FSC regulation.

However, some negative reviews regarding the firm have raised our concerns.

Where Is TheBCR Broker Active?

TheBCR broker mainly operates in Australia and the US. However, its offshore entity gives it the possibility to provide financial services worldwide without many restrictions.

According to the GoDaddy WHOIS database, the website has been active since the 1st of March, 2006. The new domain was registered at the same time as opening an offshore business in October 2022.

But firstly, we want to invite you to read our recently updated Red Finance Capital, MainTrade and SagicorFinance scam broker reviews. Your funds are in danger with them!

What Trading Platforms Are Available? – Trading Software

This mainly depends on the entity you use. If you join an Australian entity, then the TheBCR trading platform is MT4. It’s an incredible third-party software preferred by over 50% of retail traders.

MetaTrader 4 and its successor, MT5, have a vast number of trading features. Both support various trading strategies and allow access to EAs and social trading. The platform is available for desktop and macOS users, as well as mobile traders.

Au contraire, the offshore entity only offers access to WebTrader. While it’s still MetaTrader, it’s only on the web, which is somewhat limiting in terms of functionality.

Additionally, it means that users of an offshore entity cannot download Android or iOS apps.

What Can I Trade With TheBCR Broker?

TheBCR offers traders to invest in four different asset categories:

• Currency pairs (Forex) such EUR/USD, GBP/ILS, NOK/SEK
• Commodities – gold, palladium, corn
• Indices – DJIA, DAX 30, IBEX 35
• Shares – BOA, BMW, Intel

Crypto assets are not on offer, which is rather disappointing.

Fees and Spreads

In terms of spreads, TheBCR certainly cannot brag. FX spread varies from 1.2 to 96 pips. Commodities come with 10-80 pips, while indices and shares can have a spread of up to 1000 pips.

Other trading commissions are applied to the Alpha account, being $6 per turn.

Overview of Trading Accounts – What Do They Offer?

For the AU entity, there are 2 TheBCR account types:

• Standard – $300
• Alpha – $500

The main difference is in the trading commissions. 

With a BVI entity, clients have the following account types:

• Standard – $300
• Alpha – $500
• Swap-free – $300

The Standard account has a spread of 1.7+ pips and no commission, while the Alpha one has a raw spread and $6 commission. As the name suggests, the swap-free account is free of overnight fees.

Can I Trade With TheBCR Demo Account?

You can test the broker system using the TheBCR Demo account. It’s available on MetaTrader and serves for investors to get familiar with the system and investment fees.

However, since we’ve already determined that TheBCR is on the pricier side of the range, there’s no reason for the test. Instead, you can test everything through the MetaQuotes website, using the same risk-free account with no pressure to invest.

Deposit and Withdrawal Methods

The company accepts the following deposit methods:

• Bank transfer
• Direct debit
• Debit/credit card
• UnionPay
• PayPal
• Skrill
• Neteller
• POLi
• Firm to firm transfer

In the case of an offshore entity, POLi is not an option. The minimum deposit is $300, which is rather high for a licensed firm. Typically, legit brokers have Micro accounts, allowing you to start with as low as $10.

As per the TheBCR withdrawal, the same payment methods are available. Allegedly, there are no withdrawal fees, and the request will be processed within one business day.

I Cannot Withdraw From TheBCR, What Can I Do?

While regulated companies are under strict supervision, this oversight is a bit looser offshore. In case of any withdrawal issues or suspicious account activity, contact Global Fraud Protection.

Our experts will take a look into your case and determine whether there’s ground for a chargeback. Book your free consultation today, and let’s begin.

All In All, Don’t Let the Scammers Get Away for Free!

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