BCR group includes 2 related companies.
BCR AU - located in Australia, regulated by the Australian Securities and Investments Commission (ASIC).
BCR BVI - located in British Virgin Islands, regulated by the BVI Financial Services Commission (BVIFSC).
Unfortunately, AU company has been imposed with trading leverage limitations by ASIC since the end of March 2021.
At the same time, BVI company is free from such restrictions.
BCR group accepts clients from all over the world, excluding USA, Russia, Ukraine, Central African Republic, Congo, Guinea-Bissau, Iraq, Lebanon, Mali, Somalia, Sudan, Yemen, North Korea, Iran, Libya, Yugoslavia, Myanmar, Syria, Zimbabwe and some other countries from the OFAC list.
Forex broker offers the following underlying assets for trading.
|35+ Currency Pairs||Based on major and minor world currencies.|
|2 Crypto Pairs||Based on Bitcoin and Ethereum.|
|8 Indice Cash CFDs||Based on baskets of different blue-chip stocks.|
|5 Indice Futures||Based on baskets of different blue-chip stocks.|
|4 Metal Spot CFDs||Based on Gold, Silver, Platinum and Palladium.|
|1 Metal Future||Based on Copper.|
|3 Energy Futures||Based on Crude Oil (WTI, Brent) and Natural Gas.|
|3 Soft Futures||Based on Corn, Soybean, Wheat.|
|30+ Stock CFDs||Based on shares of US, AU, JP and HK companies.|
BCR is a CFD broker based out of Sydney, Australia, and with an offshore branch located in the British Virgin Islands. As all brokers in Australia, BCR is regulated by the Australian Securities and Investments Commission (ASIC). In addition, its British Virgin Islands-based entity is regulated by the BVI Financial Services Commission (BVIFSC).
As usual in the British Virgin Islands, trading leverage is significantly higher than what is allowed in Australia, the US, Canada, or Europe. In BCR’s case, leverage is set to a maximum of 1:400, which we consider to be plenty for most retail traders. However, clients signed up with BCR’s ASIC-regulated entity can only get access to a maximum leverage of 1:30, as per rules from the Australian regulator that were implemented in 2021.
Fortunately for traders from Australia, the EU and other regions with restrictions, it may still be possible to sign up with BCR’s offshore entity in the British Virgin Islands. The broker officially states on its website that it accepts clients from all countries, with the usual exception of the United States and a number of sanctioned countries.
The trading instruments offered by BCR includes nearly 40 major, minor, and exotic forex pairs, the popular cryptocurrencies Bitcoin and Ethereum, a limited selection of commodity CFDs, as well as a good range of CFDs based on major stock indices, including Nikkei, S&P 500, Nasdaq, DAX, FTSE 100, and others. In addition, BCR offers trading in about 30 individual stocks listed on major stock exchanges in the US, Australia, Hong Kong, and Japan.
BCR is a very traditional forex broker in the sense that it has chosen to rely exclusively on MetaTrader 4 (MT4) as its trading platform. However, there are many clear benefits to making a seemingly boring decision like this.
First of all, all experienced traders who have previously traded with other MT4 brokers will have no problems transitioning over to BCR. This certainly makes it much easier for a smaller broker like BCR to establish its position in the market.
Secondly, sticking with the MT4 also ensures access to the vast library of trading algorithms that are available in the integrated “Expert Advisor” marketplace in MT4. In fact, this is probably the single most important reason for why the MetaTrader platforms (both 4 and 5) remains so popular in the forex trading community, despite their relatively old age, and despite the fact that many other more modern trading platforms have been launched since.
In terms of pricing, it is worth noting that BCR does charge commissions on all stock CFD trades. The commission fee is charged at a flat rate of USD 20 per lot, and applies regardless of the account type a trader uses. In addition, a commission fee of USD 50 per lot is charged for all trades in the USD/CNH currency pair. For all other currency pairs, however, no commission fee is charged.
As always with forex and CFD brokers, any commissions charged comes in addition to the spread between the buy and sell prices of any given asset. With BCR, the average spread on the most liquid forex pair - the EUR/USD - is stated as 1.6 pips, which unfortunately is rather high compared to many other CFD & forex brokers.
BCR accepts deposits made with all the usual funding methods, such as major debit & credit cards, bank transfer, Skrill, Neteller, and the Chinese UnionPay card. As an Australian CFD broker, BCR of course also accepts the popular local money transfer service POLi.
BCR’s customer support department can be reached via live chat, email, or a UK-registered phone number. Unfortunately, however, no support working hours are stated on the broker’s website, and it is thus difficult to know if support will be available when they are most needed.
In summary, we consider BCR to be a reasonably transparent CFD broker in the way that they make their spreads and commissions clear to everyone. Sadly, however, the broker’s spreads are quite wide on both forex, stocks, and commodities. For those looking to trade stock CFDs, it is also worth noting that the commission of USD 20 per lot comes in addition to the already pretty wide spreads.