Info on broker: BankDirectFX

[RussG]

Hi - has anyone ever heard of this brokerage? They use Barclays and Morgan Stanley to hold client funds.

Thanks.

 

[nemo100]

I assume u like I, got a spam mail about primefundfx. The thing that concerns me is that bankdirectfx (and thus primefundfx), is that there is not much info out there on either of them. bankdirect is also not regulated and tho that in and of itself does not make the company a scam - it does raise some concerns. And what is the relationship with bankdirect and primefund? R they the same and one day your money disappears. I don't know about this one. I don't care that they show a myfxbook stats - I have seen in the past that this means nothing for what u will actually make. I would urge caution on this one. when one looks at the reg info on bankdirect is shows the email as being excelsiorforex.com So I would stay away from this one.

 

[BankDirectFX]

Thank you for creating this thread with respect to our brokerage firm, BankDirectFX (BDFX). As you may recognize, we are an institutional quality brokerage offering an unmatched interbank market environment and trading conditions to our clientele.

As RussG has acknowledged, our interbank liquidity provider s hold client funds at Barclays and Morgan Stanley.
As Director at BDFX, it is also my pleasure to discuss with you any questions you may have with respect to our brokerage firm, and invite you to download our demo platform in order to evaluate the trading conditions first-hand.
In the interim, I am appreciative of the opportunity to address the important questions posed by nemo100.

Please make important note that BDFX offers trading services to many Introducing Brokers and Money Managers. As a result of such, we are in no way related to the “PrimeFundFX” program referenced within your post, aside from the fact that they do in fact trade through our brokerage, among many others.

As such, I am always very happy to provide prospective clients with information regarding Money Managers who offer services through our brokerage in an effort to aid clients in making informed decisions and completing their due diligence. Bear in mind, strict international privacy policy laws disallow us to distribute certain personal information regarding our client account holders.
In this instance, I am happy to confirm for you that PrimeFundFX is a trade manager currently offering their services and directing client accounts to BDFX, among other brokerages.

BDFX works with many successful Money Managers, and we are always happy to make introductions or answer questions for our clients regarding their Manager. Therefore, I will remain at your service and look forward to answering any additional questions you may have in this respect.

Further to nemo100’s important inquiries, BDFX is currently located in Brussels, Belgium, headquarters of the European Union. Currently, BDFX is in full compliance with all regulatory requirements in our country of domicile.
The financial regulator in Belgium is the FSMA. Currently, FSMA does not yet recognize spot foreign currency as a “financial instrument”, pursuant to local regulatory provisions. As such, and despite our desire, BDFX is not currently able to formally register.

This is very similar to another well-known and reputable brokerage firm, FinFX, who was unable to become recognized with Fin-FSA until March of this year. BDFX will continue to lobby toward this recognition as well as our ongoing exploration in undertaking additional strategically located geographic regions, such as Australia (ASIC) and the EU MiFID program.

We look forward to providing the Forex community with much-needed transparency in terms of our proprietary infrastructure, allowing for unrivaled true interbank Straight Through Processing and transparent order execution.


Happy Trading,
Ryan

 

[RussG]

Dear Ryan,

Perhaps you could tell us more about Bank Direct FX. How long have you been in operation? How can you guarantee segregation of client funds? Can you give us any references? As you said, we are just trying to do our due diligence. I have been burned - twice, and it will not happen again.

Thanks.

 

[Pharaoh]

Let's see. Russ posts. He's been a member since 2011, but this is his first post. Conveniently the post mentions something the broker wants to brag about. Ryan quickly creates a forum account and replies. Then Russ replies back.

Is it just me, or does this conversation seem very contrived?

 

[craneliu]

Dear Ryan,

Perhaps you could tell us more about Bank Direct FX. How long have you been in operation? How can you guarantee segregation of client funds? Can you give us any references? As you said, we are just trying to do our due diligence. I have been burned - twice, and it will not happen again.

Thanks.

this is good question which I want to ask.

the above long message from Banddirectfx always same from your online support. they prepared for the doubting from public in advance.

PrimerfundFX doesn't dare publish their myfxbook account for the public discussion.

this is their private link:
PrimeFundFX System | Myfxbook

 

[elisab]

this is good question which I want to ask.

the above long message from Banddirectfx always same from your online support. they prepared for the doubting from public in advance.

PrimerfundFX doesn't dare publish their myfxbook account for the public discussion.

this is their private link:
PrimeFundFX System | Myfxbook

Thank you so much for posting Crane.
This is a very good trader indeed, and I have never seen this broker (Bank Direct FX) offer retail accounts before. I have seen them on hedge fund sites though never for little guy. VERY good spreads though, I just downloaded the MT4 which shows same spreads on their website. Extremely good.

And the statement has two "green check marks" and is approved by MyFXBook. 3-years is pretty amazing... I'm opening an account. Will report back to FPA with my experience later. Have a good day everyone!

 

[Maratamus]

I will be looking forward to your post elisab. To the myfxbook link here:

PrimeFundFX System | Myfxbook

there is one thing I don't understand and the question has already been asked at myfxbook site. As I don't understand the technical way myfxbook is working, maybe somebody may answer, how come at primefundsfx's myfxbook site is written:

Best Trade (Pips): (Nov 08) 5411.0
Worst Trade (Pips): (Mar 08) -318.3

for a system, that was started in November 2010???

Seems very weird to me. Is there any possibility to influence somehow the data or is this just a technical error from myfxbook.com?

 

[Marcus5799]

MyFxBook indicates Month and Day of the Best Trade and Worst Trade.

In this particular instance, MyFxBook is indicating the following trades:



Best Trade (pips) November 8th
Worst Trade (pips) March 8th



All MyFxBook accounts are like this. We all know FxGrowthBot, most popular strategy on MyFxBook. Take a look at their page:

Forex Growth Bot System | Myfxbook



Their Best Trade ($) took place on “Feb 26”. It’s the day, February 26th. Not February year 2026 lol.

Same thing with their Best Trade (pip) on “Dec 01”. Growth Bot wasn’t around in 2001. It’s December 1st.

Problem with GrowthBot is the huge losing streaks but this system here seem very good and the broker is pretty good from what I have read on hedge fund sites.

 

[Maratamus]

Marcus thanks for explanation. I did resolve this issue just few minutes ago when I compared other system best/worst trades dates with the past history and yes you are right, it is not the year, but number of day - fortunatelly

Ok so we now know BankDirectFX has been serving mostly hedge funds which would make this broker OK for me.