What Wikilix has recorded about Varchev Finance: its history, the licences it holds, its trading conditions and its fees.
Varchev Finance is a Bulgarian broker operated by VARCHEV FINANS EOOD, an investment intermediary registered in Varna under company number 103775285 and owned and managed by its founder, Biser Varchev. The company's file in the Bulgarian Commercial Register dates from 2002, and the site trades under the Varchev Finance name across Bulgaria and the wider European market. Clients trade forex, indices, shares, commodities, ETFs and cryptocurrency CFDs on MetaTrader 5, MetaTrader 4 or the in-house Varchev Absolute Trader, with market spreads, no commission on MT5 CFDs and a stated minimum deposit of 200 USD, EUR or GBP.
The broker states on every page of its own site that VARCHEV FINANS EOOD is authorised and regulated by the Financial Supervision Commission in Sofia, the Bulgarian statutory financial regulator, under licence number RG-03-02-05 dated 15 March 2006. The licence covers reception and transmission of orders in securities, execution of client orders, dealing on own account, portfolio management, investment advice and underwriting, which matches the registered scope of business recorded for the company in the Bulgarian Commercial Register. The firm operates under MiFID and publishes the regulator's decision No 918-IP of 30 July 2019 on contracts for difference sold to retail clients at fsc.bg.
Varchev Finance presents itself as a licensed Bulgarian investment intermediary, and the operating company behind it is a real, active firm whose registered activity is investment services. WIKILIX did not confirm the licence entry against the Financial Supervision Commission's own public register during this research, so the authority and the number should be treated as the broker's own claim rather than as an independently confirmed entry. What can be said from primary records is narrower and still useful: the company exists, it is in good standing, and its registered business is the business it advertises.
Two companies stand behind the Varchev brand and only one of them is the licensed broker. VARCHEV FINANS EOOD (company number 103775285, capital of 511,300 euro fully paid in, managers Biser Simeonov Varchev and Dimitar Ganchev Kalapov acting jointly) is the investment intermediary that takes trading accounts. Varchev Diling Grup EOOD (company number 103761531) is named in the site footer as the holder of certificate VV-246 of 4 June 2024 in the National Revenue Agency register of virtual-currency exchange providers, and it is the company behind the funded-account programme. Its registered scope of business does not include investment services, so the investment licence does not extend to anything it offers.
The safeguards the broker publishes are the ones a European investment firm is expected to have, and the main open question is verification rather than conduct. The site states that client money is held in bank accounts separate from company funds, that the firm belongs to the Bulgarian Investor Compensation Fund, and that an automated risk system prevents a client balance from falling below the initial deposit. It also carries the disclosure that 63.41 percent of retail investor accounts lose money trading CFDs with the provider. Against that, parts of the site are years out of date: the funds-security page lists a UK Financial Conduct Authority registration number alongside the Bulgarian licence, and WIKILIX found no evidence of a current UK authorisation. Treat the Bulgarian licence as the operative one.
There is one live account rather than a ladder of tiers. It can be opened on MetaTrader 4, MetaTrader 5 or Varchev Absolute Trader, in USD, EUR, BGN or GBP, in either a netting or a hedging configuration. A demo account with 100,000 units of virtual money is available. The material distinction is regulatory: a client is categorised as retail by default and may apply on the opening form to be treated as a professional client, which raises the available leverage and reduces the protections that apply. Account opening requires both sides of an identity document, a utility bill or bank statement no older than three months, and a first deposit by bank transfer from an account in the applicant's own name.
Spreads are market-based rather than fixed, and the current site quotes EUR/USD from 0.4 pips and gold from 0.42 USD. There is no commission on forex, index, commodity and cryptocurrency CFDs on MetaTrader 5. Share dealing is charged separately: US shares at 0.05 USD per share with a 5 USD minimum, European shares at 0.10 percent with a 5 EUR minimum. Orders on the Bulgarian Stock Exchange placed through an information centre run from 1.8 percent of contract size up to 5,000 BGN down to 1 percent between 25,001 and 50,000 BGN, negotiable above that. Custody of client money at a depository institution costs 0.5 percent a year and is not charged to professional clients. Swap is applied to positions held overnight, tripled from Wednesday to Thursday, and no swap-free account is advertised.
Retail leverage follows the European caps: 1:30 on major forex pairs, 1:20 on non-majors and on major indices and gold, 1:10 on minor indices, commodities and metals, 1:5 on shares and ETFs, and 1:2 on cryptocurrencies. Leverage above those levels is available only to clients categorised as professional, where it starts at 1:500 for balances up to 10,000 USD and steps down to 1:50 above 400,000 USD.
MetaTrader 5 is the platform the broker leads with, on a branded server, with builds for Windows, macOS and Linux, a browser terminal and mobile apps. MetaTrader 4 is still offered for Windows, iPhone and Android, although only an MT5 server is published. Varchev Absolute Trader is the firm's own platform, reached through a browser or the mobile app, and it carries instruments the MetaTrader range does not, including a wider set of emerging-market currency pairs, index futures, ETF CFDs and agricultural commodities.
Accounts can be funded by card in USD, EUR and GBP, by PayPal, Skrill, ePay or the Neteller gateway, by bank transfer through Raiffeisen, UniCredit, UBB or FIB, and in cash at the Sofia and Varna offices on working days between 09:00 and 18:00. The published tariff charges no commission on cash paid in up to 9,999 BGN or on a transfer into a client's BGN bank account; cash withdrawals up to 9,999 BGN cost 0.40 percent with a 2 BGN minimum. Amounts moved through Skrill, ePay, PayPal and Neteller are credited net of the fees those systems charge the company. Withdrawals are always returned to the route the money arrived by, and a bank withdrawal requires a completed and signed request form.
Support is provided in Bulgarian and English by telephone on +359 700 17 600, by email at info@varchev.com, through live chat on the site, and in person at the Sofia and Varna offices during working hours. The broker states that its chat is staffed by its own dealers and traders rather than by an outsourced desk.
Strengths:
Limitations:
Varchev Finance reads as a long-established, owner-run Bulgarian investment intermediary rather than a newly assembled offshore brand, and the corporate record supports that. The trading proposition is a conventional European one: capped retail leverage, market spreads, no CFD commission, and the option of professional categorisation for anyone who wants more leverage and accepts fewer protections. The single thing worth doing before funding an account is to confirm the licence number directly on the Financial Supervision Commission register, and to read the tariff, because the fee schedule that matters most for a small account is the cash and custody charging rather than the spread.
11 full-page captures of Varchev Finance's own site, archived so what they said can still be read after the pages change.
Every licence Varchev Finance has in force is from an offshore regulator. Most carry no compensation scheme — each row below says what the issuing regulator actually requires.
A full investment intermediary licence under EU MiFID II, issued by Bulgaria's national financial regulator and passportable across the EU. Client protection: EU MiFID II protections: segregated client funds, negative balance protection, retail leverage capped at 1:30, and Bulgarian Investor Compensation Fund cover up to 40,000 BGN per client.. Effective: 26 Feb 2003.
Verification note
Bulgarian investment intermediary licence held by VARCHEV FINANCE EOOD and quoted on the broker's own site as RG-03-02-05 / 15.03.2006. Scope covers financial derivatives, securities and bond dealing, reception and transmission of orders, dealing on own account, portfolio management, investment advice and underwriting. The firm operates under MiFID and the ESMA retail leverage caps, and its own regulation page publishes Financial Supervision Commission decision No 918-IP/30.07.2019 on CFDs for retail clients at https://www.fsc.bg/d.php?id=26532. Not independently confirmed against the authority's own public register in this run.
These are the rules FSC sets for the firms it licenses. They are not a statement about how Varchev Finance applies them, or about which of its companies would hold your account.
2 account types on record. Minimum deposit from USD 200. Leverage up to 1:500.
| Account | Min Deposit | Leverage | Commission |
|---|---|---|---|
| Real AccountStandard | USD 200 | 1:30 | No commission on MT5 CFDs; share dealing charged separately |
| Professional ClientProfessional · VIP | Not recorded | 1:500 | No commission on MT5 CFDs; depositary custody fee not charged |
Where Varchev Finance says it will and won't take clients
Confirmed blocked
Named in the broker's own terms
Explicitly accepted
Named as accepted — not a full list of served markets
8 ways to fund an account. 2 with no deposit fee. 7 credit instantly.
| Method | Deposit fee | Withdrawal fee | Min deposit | Withdrawal min / max | Processing |
|---|---|---|---|---|---|
Credit or debit cards (Visa, Mastercard, Maestro)Credit CardThe deposit page shows Visa, Mastercard and Maestro in USD, EUR and GBP. All withdrawals are paid back to the source the funds originally arrived from. The tariff does not publish a broker fee for card payments; it states that deposits and withdrawals through payment systems are netted after the fees those systems charge the company. | Not recorded | Not recorded | Not recorded | Not recordedNot recorded | Instant |
PayPalE-WalletThe tariff states that funds moved through Skrill, ePay, PayPal, Neteller and similar systems are netted after the fees and commissions those systems charge the company, so the amount credited can be lower than the amount sent. No separate broker fee is published. | Not recorded | Not recorded | Not recorded | Not recordedNot recorded | Instant |
| EpayE-Wallet1 | Not recorded | Not recorded | Not recorded | Not recordedNot recorded | Instant |
| SkrillE-Wallet1 | Not recorded | Not recorded | Not recorded | Not recordedNot recorded | Instant |
BitcoinCryptocurrencyListed on the deposit page as a Neteller gateway option rather than a direct on-chain deposit address. Withdrawals are returned to the route the money arrived by. | Not recorded | Not recorded | Not recorded | Not recordedNot recorded | Instant |
NetellerE-WalletThe deposit page shows the Neteller gateway in USD with giropay, Bitcoin and Itau offered through it. Netted after the payment system's own fees, per the published tariff. | Not recorded | Not recorded | Not recorded | Not recordedNot recorded | Instant |
Bank transferBank TransferThe tariff charges no commission for a transfer of funds into a client's BGN bank account. Express RINGS transfers are at the client's expense under the bank's own tariff, and transfers in foreign currency follow the servicing banks' tariffs. Interbank charges are borne by the customer. A completed and signed withdrawal request form is required, sent by fax, by email to info@varchev.com or handed in at an office. The first deposit must come by bank transfer from an account in the applicant's own name as part of identity verification. | Free | Free | Not recorded | Not recordedNot recorded | 3 days |
Cash at the Sofia and Varna officesOtherThe tariff charges no commission on cash paid in up to BGN 9,999 or the equivalent in foreign currency. Cash withdrawals up to BGN 9,999 cost 0.40 percent with a minimum of BGN 2, or a minimum of 2 currency units when paid in foreign currency. A declaration of origin of funds is required. | Free | 0.4% | Not recorded | Not recordedUSD 9,999 | Instant |
2 trading platforms on record: Meta Trader 5 and MetaTrader 4.
Branded MT5 build on the Varchev-Server, with a browser terminal at site.varchev.com/mt5-web-trader and desktop packages for Windows, macOS and Linux. No commission on CFDs and a 0.01 lot minimum.
Offered for Windows, iPhone and Android on the platforms page. The newer marketing pages lead with MT5 and Varchev Absolute Trader, and only an MT5 server is published.
5 domains on record. 4 active.
2 legal entities behind the Varchev Finance brand.
The operating company is Varchev Finans EOOD (ВАРЧЕВ ФИНАНС ЕООД). Registered in Bulgaria. Registration number 103775285.
4 other brokers on the record share what Varchev Finance offers — its country, regulator, account types or platforms — set beside it on the same measures.
Common questions about Varchev Finance
No. The funded-account programme is promoted on the same website but sits in a different company, Varchev Diling Grup EOOD, company number 103761531. That company is active in the Bulgarian Commercial Register, but its registered scope of business is consulting, training, marketing and currency exchange, not investment services, so the investment licence held by VARCHEV FINANS EOOD does not extend to it.
It is the broker's own trading platform, available through a browser and as a mobile app, and it is the only one of the three that carries the full instrument range. Its trading-conditions tables add emerging-market currency pairs such as USD/ZAR, USD/MXN and EUR/HUF, index futures, ETF CFDs and agricultural commodities that are not on the MetaTrader servers.
By phone on +359 700 17 600, by email at info@varchev.com, through the live chat on the site, or in person at the Sofia office on Patriarh Evtimii Blvd or the Varna office on Vladislav Varnenchik Blvd. Support is offered in Bulgarian and English during working hours. Note that the registered office recorded in the Commercial Register is now on ul. Makedonia in Varna, which the website has not yet caught up with.
The broker states that client funds are held in bank accounts kept separate from company money, that it is a member of the Bulgarian Investor Compensation Fund, and that an automated risk system stops a balance falling below the initial deposit. Those are the right protections to look for, but they are the firm's own statements and were not independently audited here. Its own risk disclosure says 63.41 percent of retail investor accounts lose money trading CFDs with it.
No. The account-opening form states that the firm cannot offer leveraged real trading accounts to American or Belgian citizens because of governmental restrictions, and it carries a declaration box for exactly that. The form's country selector, which is what actually governs registration, lists 231 jurisdictions and omits only the United States and Belgium.
The site says an account is credited immediately once a transfer is confirmed, but it does not publish a withdrawal processing time, so expect normal banking timescales. A bank withdrawal needs a completed and signed request form, sent by fax, emailed to info@varchev.com, or handed in at an office. Money is always returned to the route it arrived by. The tariff charges nothing for a transfer into a client's BGN bank account, and 0.40 percent with a 2 BGN minimum for cash withdrawals up to 9,999 BGN.
By card in USD, EUR or GBP, through PayPal, Skrill, ePay or the Neteller gateway, by bank transfer through Raiffeisen, UniCredit, UBB or FIB, or in cash at the Sofia and Varna offices on working days between 09:00 and 18:00. The first deposit has to arrive by bank transfer from an account in your own name, because that transfer is part of identity verification.
Three. MetaTrader 5 is the one the broker leads with, on its own branded server, with Windows, macOS and Linux builds, a browser terminal and mobile apps. MetaTrader 4 is still listed for Windows, iPhone and Android. Varchev Absolute Trader is the firm's own platform and carries instruments the MetaTrader range does not, including emerging-market currency pairs, index futures, ETF CFDs and agricultural commodities.
There is no commission on forex, index, commodity and cryptocurrency CFDs on MetaTrader 5, and spreads are market-based, with EUR/USD quoted from 0.4 pips on the current site. Shares are charged separately at 0.05 USD per US share with a 5 USD minimum, or 0.10 percent with a 5 EUR minimum on European shares. Positions held overnight pay swap, tripled from Wednesday to Thursday, and custody of client money at a depository institution costs 0.5 percent a year unless you are a professional client.
Retail clients are capped at the European levels: 1:30 on major currency pairs, 1:20 on non-major pairs and on major indices and gold, 1:10 on minor indices, commodities and metals, 1:5 on shares and ETFs, and 1:2 on cryptocurrencies. Leverage up to 1:500 exists only for clients who ask to be categorised as professional, and it falls by balance to 1:50 above 400,000 USD. Professional categorisation removes retail protections, so it is not simply a higher-leverage upgrade.
The trading-conditions page states a minimum deposit of 200 USD, EUR or GBP, or 400 BGN, when opening a new account. Separately, the account-opening page says the first bank transfer that completes the process has no minimum requirement, because its purpose is to verify the client's identity. Treat 200 USD as the practical starting figure.
Nothing found in this research points to a scam. The company behind the brand is real, active in the official Bulgarian register, more than twenty years old, run by named people at real offices, and its site implements the European retail-protection rules in detail. The honest caveat is that the licence itself was not confirmed on the regulator's own register here, and some pages on the site are years out of date, so the picture is favourable rather than fully verified.
The Bulgarian Commercial Register records Biser Simeonov Varchev as the sole owner of the capital of VARCHEV FINANS EOOD, company number 103775285. He is also a manager, together with Dimitar Ganchev Kalapov, and the two represent the company jointly. Registered capital is 511,300 euro, fully paid in.
Varchev Finance states that its operating company, VARCHEV FINANS EOOD, is authorised and regulated by the Financial Supervision Commission in Sofia under licence RG-03-02-05 dated 15 March 2006, and it repeats that number in its client agreement and its published tariff. WIKILIX did not confirm the entry on the authority's own public register in this research, so the licence is best described as claimed and consistently stated rather than independently checked. The Bulgarian Commercial Register does confirm that the company is active and that its registered business is investment services in securities.
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