📈 Popular:

Broker of the month

Top 27 Regulated Forex Brokers

Forex No Deposit Bonuses

Promotions

⚡ Easily Trade – Apple, Microsoft , Tesla and Google Stocks – Open a FREE Account Here

Best Brokers

1st Place

2nd Place

3rd Place

4th Place

5th Place

BenchMark Finance Review

AN OVERVIEW OF BenchMark Finance

 

Finding a reputable BenchMark Finance review local or worldwide can be a difficult process, especially finding a complete list from a trustworthy reputable source.

Below is an in-depth review regarding BenchMark Finance to help you make an informed decision before opening your account or trading on their platform.

 

Overall Rating

4.7/5

Rated #222 of
Recommended FX Brokers

💰Minimum Deposit

USD 0

🌐 Regulators

FSC

📱 Trading Desk

Crypto

Yes

📈 Total Pairs

☪️ Islamic Account

No

📊 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

INTRODUCTION

BenchMark Finance is a Bulgarian-based STP and NDD broker which offers traders the chance to trade in global financial markets. Traders are offered with more than 30,000 financial instruments spread across several asset classes.

These asset classes are fore, stocks, metals, oil, indices, and cryptocurrencies. They can be traded either through MetaTrader 4 or MetaTrader 5. Both of these platforms are powerful, user-friendly, and highly customizable according to the trading needs and preferences of traders.

BenchMark Finance makes use of a no dealing desk and trading is thus free of requotes. NDD trading provides traders with optimal transparency as well as accountability when orders are executed.

BenchMark Finance also provides traders with quotes which are sourced from liquidity providers, including 10 leading banks. The broker makes great use of the server infrastructure provided by the Equinix Data Centre located in New York, with an extensive optical network which spans the entire globe.

HISTORY AND HEADQUARTERS OF BENCHMARK FINANCE

BenchMark Finance was established in 2003 in Bulgaria, with offices in both the United Kingdom and Spain. It is well known in the European market and since its inception, it has grown in strength as well as service and technology.

AWARDS AND RECOGNITION

When a broker has won numerous awards and indicates such on their website, it often instils more confidence in the broker as an industry leader and provides it with a good reputation in its solutions and services provision.

BenchMark Finance is well-known in the European Market and is multi-regulated by reputable entities. In addition, BenchMark Finance has also won several awards in areas such as ‘Investment intermediary’ in various categories from its inception until last year.

BENCHMARK FINANCE ACCOUNTS

TYPES OF ACCOUNTS AND ITS FEATURES

A Forex account is a trading account that traders hold with a specific broker with the purpose of trading financial instruments.

Brokers offer a variety of trading accounts, or they may only offer a single account, in which they provide certain trading conditions that appeal to a variety of traders according to their trading needs and objectives.

The number and the type of accounts that traders are offered will vary from one broker to the next and this is why it is imperative for traders to know what their trading needs and objectives are, and why they should choose a broker according to that, amidst other factors.

BenchMark Finance only offers traders with the option of opening a retail account or a professional account. Traders have the option of running the account either through MetaTrader 4 or MetaTrader 5.

When registering a retail account, traders can expect some of the following features:

  • No minimum deposit requirement.
  • Spreads which typically start from 0.1 pips EUR/USD.
  • A maximum leverage ratio of 1:30 for retail traders.
  • Stop-out level of 30%.
  • Suitable for beginners, intermediate, and experienced traders.
  • Access to either of the two trading platforms.
  • Access to all tradable financial instruments.
  • Access to automatic execution.
  • The ability to hedge without margin.
  • Ability to go both long and/or short.
  • No restrictions on stop/limit.
  • Unrestricted access to Expert Advisors.
  • Access to real-time quotes.
  • Commission-free trading on forex, metals, oil, indices, and cryptocurrencies.

The professional account offers traders with access to higher leverage up to 1:400, a stop-out level of 20% and access to awards as well as loyalty bonuses, when they are available.

Professional traders are treated differently from retail traders as they are assumed to have gained adequate experience as well as knowledge in managing and mitigating their risks.

However, to be considered for a professional account, there is certain criteria that the trader must meet. Traders must meet any two of the three criteria below:

  • In the past four quarters, traders must have made an average of ten trades of significant volume. This includes volumes that have been traded with other investment intermediaries in the country and/or internationally.
  • Traders must own a portfolio consisting of both financial instruments and cash worth more than 500,000 EUR. This includes savings, bank deposits, securities, and other portfolios.
  • Traders must have worked in a position which requires knowledge of BenchMark Finance’s transactions and services for more than a year.

DEPOSITOS AND WITHDRAWALS

When evaluating brokers, the ease with which deposits and withdrawals can be made is another imperative factor to consider.

Regulation plays a key part where client funds are concerned as funds which are kept in segregated accounts must be available for withdrawal at any given time when a request is made by the trader and subsequent owner of the trading account.

BenchMark Finance only offers traders with the following ways in which deposits and withdrawals can be done:

  • Bank Cards
  • Bank Wire Transfer, and
  • Fund Transfer

While other brokers offer a vast amount of modern payment methods such as Skrill, Bitcoin, Neteller, and others, BenchMark Finance offers reliable payment methods through which large amounts of funds can be securely transferred.

There are no fees charged when traders make use of any of the three payment methods and all deposits and withdrawals are claimed to be processed within 30 minutes.

COST AND FEES, COMMISSIONS AND SPREADS

When evaluating a broker, it is imperative to look at the fees which are charged. These often depend on numerous factors including the spread, commissions, and margin requirements.

The spread is the difference between the bid and the ask price, which is expressed in pips, which is the smallest increment that a price can move either up or down.

A margin requirement is the amount of capital that the trader has to put down at the start of the trade, or that they have to have available in their trading account, as collateral for the trade. This amount is often lowered substantially when leverage is applied.

Commissions are charged on certain instruments, often when traders are offered with variable or floating spreads, as the percentage charged counts towards the brokers fee for their services. Brokers who are Market Makers, or who offer fixed spreads, often offer commission-free trading.

BenchMark Finance charges spreads which start from 0.1 pips. These spreads are floating and will depend on the financial instrument, the type of account, and the market conditions experienced.

These fees may change according to these factors from the time of writing. Traders are thus urged to confirm all trading and non-trading fees with the broker before registering a trading account.

BenchMark Finance, in addition, does not charge any commissions on most financial instruments except stocks, where traders are subjected to commissions of $0.05 per share.

LEVERAGE

Leverage is a tool which allows the trader to open larger positions in addition to providing the trader with larger exposure to the market in which they are trading regardless of the trader’s initial deposit. Leveraged products, such as Forex, increases the potential profits of the trader, but it also increases the risks and subsequent losses that the trader may incur.

Leverage is expressed as a ratio, for instance 1:1, 1:50, 1:100, 1:500, and even up to 1:3000. For instance, should a trader have $1,000 in their trading account and they apply a leverage ratio of 1:100, they can control a position of $100,000.

Margin is the amount required at the start of every trade which is collateral for any credit risks which may arise while trading. It is expressed as a percentage of the position size and traders must ensure that they have adequate funds to cover this requirement.

For instance, should there be a 1% margin requirement on a position of $1,000,000, the trader must cover a margin requirement amount of $10,000. The margin requirement must be equal to or more than 100% for the position to be opened.

Traders should note that there are distinct differences between the leverage ratios for the retail and the professional account. Traders who register a retail account will be severely restricted due to the risks associated with leverage.

However, professional traders are assumed to have both knowledge and experience in managing their trading risks more effectively and are thus offered with higher leverage.

The leverage that traders can expect on different financial instruments on the retail account are as follows:

  • Forex majors – 3.33% or 1:30.
  • Major indices – 5% or 1:20.
  • Gold – 5% or 1:20.
  • Oil and gas – 10% or 1:10.
  • Stocks – 20% or 1:5.
  • Cryptocurrencies – 50% or 1:2.

Professional traders, on the other hand, can expect the following leverage:

  • Forex majors – 0.25% or 1:400.
  • Major indices – 0.5% or 1:200.
  • Gold – 0.5% or 1:200.
  • Oil and gas – 1% or 1:100
  • Stocks – 10% or 1:10
  • Cryptocurrencies – 10% or 1:10.

BONUSES

Forex brokers often lure new traders with offers of deposit bonuses. This can be useful, but it is essential to discern what the conditions are in order to benefit from the bonus.

The bonus usually compensates traders for choosing a certain broker, since once the account is active, the trader will have the same expenses as any other. The bonus usually only starts giving some expenses back to the trader once the person has proved himself as an active trader.

Hence, although no deposit bonuses are a great way to help you start trading, the terms to benefit from it often require trading with such a high volume before you can withdraw profits, that it may not be worthwhile.

Although BenchMark Finance mentions that retail and professional account holders can qualify for bonuses, programmes, and rewards, the broker website does not indicate any that are offered at the present time.

Traders are urged to keep an eye on the website for the announcement of bonuses or signing up with the broker to receive newsletters and alerts of such.

TRADING PLATFORMS, SOFTWARE AND ITS FEATURES

A trading platform is a type of software which is used through which trading can be executed. Each broker has its own preference in which platforms it supports and often brokers offer the use of their own proprietary trading platforms.

BenchMark Finance offers traders with the use of either MetaTrader 4 or MetaTrader 5 when they register a live trading account.

When using MetaTrader 4 in conjunction with a BenchMark Finance account, traders are offered with:

  • Tight spreads.
  • A light-weight workspace.
  • Charts which are easy to use and dynamic.
  • NDD execution on trades, and
  • Custom scripts, indicators and expert advisor compatibility.

When using MetaTrader 5 in conjunction with a BenchMark Finance account, traders can expect the following:

  • Tight and competitive spreads which start form 0.1 pips EUR/USD.
  • A new and modern design along with easy navigation and charts which support multifunctionality.
  • A great variety of technical indicators.
  • NDD trade execution.
  • Custom scripts along with indicators and compatibility with expert advisors, and
  • The option to use hedging and netting in trading.

Although there are some differences between these platforms, seeing that MetaTrader 5 is the more robust version of MetaTrader 4, both are popular and used by traders across the industry.

In addition, these trading platforms can be used across all devices, with seamless integration of the trading account. Traders can use the trading platforms on their web browsers, or they can download the software on their desktops or mobile devices.

MARKETS, PRODUCTS AND INSTRUMENTS

BenchMark Finance offers traders with access to the following trading instruments and associated trading conditions:

  • More than 180 forex pairs – commission-free trading, spreads from 0.1 pips EUR/USD.
  • More than 19,000 stocks – margin requirement from 10%, commissions from $0.05 per share.
  • Metals – spread from $0.25 in gold trading and a margin requirement from 0.5%.
  • Oil – spreads from $0.04 in oil trading and $0.01 in gas trading and a margin requirement from 1%.
  • Indices – spreads from 0.5 pips and margin requirement from 0.5%.
  • Cryptocurrencies – average spreads from 0.005 USD, professional margin requirements from 10% and retail margin requirements from 50%.
  • More than 200 future contracts, and
  • Approximately 9,000 CFDs.

 

Overall Rating

4.7/5

Rated #222 of
Recommended FX Brokers

💰Minimum Deposit

USD 0

🌐 Regulators

FSC

📱 Trading Desk

Crypto

Yes

📈 Total Pairs

☪️ Islamic Account

No

📊 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

 

SAFETY AND REGULATION

When choosing a broker, one of the benchmarks against which to measure safety and client fund safety and security, is to establish which regulating authorities oversees the operations of the broker.

BenchMark Finance is a broker which is authorized and regulated by the following entities:

  • The Financial Conduct Authority (FCA) in the United Kingdom, with license number 621564.
  • The Comisión Nacional del Mercado de Valores (CNMV), with license number 4100.
  • The Financial Markets Regulator: Autorité des Marchés Financiers (AMF) which also monitors the operations of the broker in France, under the license number 75973.
  • The Financial Supervision Commission (FSC) in Bulgaria.
  • The Bundesanstait für Finanzdienstleistungsaufsicht (BaFIN), with license ID 137382.

BenchMark Finance keeps client funds in segregated accounts with top-tier banks such as UniCredit, Bulbank, Raiffeisen Bank, Allianz Bank, and Caixa Bank.

In addition, BenchMark Finance makes use of 128-bit Secured Socket Layer (SSL) to secure the website as well as platform. This means that all data is encrypted before it is transmitted to various servers.

BenchMark Finance is also licensed under the Markets in Financial Instruments Directive (MiFID).

Lastly, BenchMark Finance is also a registered member of the Investor Compensation Fund (ICF). Through this, eligible clients are offered with a form of insurance on their deposits.

Should the broker go bankrupt or become liquidated, the ICF pays eligible clients with compensations of up to 20,000 EUR through the United Bulgarian Bank AD.

CUSTOMER SUPPORT

This is an important point when evaluating potential brokers to trade with as the broker must ensure that their traders have a variety of ways in which to contact support should they have queries, questions, or issues.

Traders can contact BenchMark Finance through the following ways:

  • Via Email
  • Telephone
  • Live chat

EDUCATION AND TRAINING

Education refers to all the learning material and tools offered by brokers which is imperative for traders in their trading activities, especially beginners. It provides traders with the necessary knowledge that they will need to become successful traders.

BenchMark Finance offers traders with the following educational materials, tools, and resources:

  • Trading Video Tutorials – BenchMark Finance offers 12 videos which introduces traders to various trading terms, techniques, analysis, indicators, strategies, and trading psychology. The average length of these videos is more than 2 hours.
  • Trading Tutorials – traders can download PDF eBooks which serve the purpose of teaching traders how to navigate and use MetaTrader 4 and MetaTrader 5.
  • Trading Basics – This section contains a series of articles which are grouped together for different trading levels namely beginners, intermediate, and advanced.

RESEARCH

To assist in their trading endeavours, brokers offer traders with a variety of trading tools which can be used to refine their trading.

BenchMark Finance offers traders with the following trading and research tools:

  • MetaTrader VPS
  • Market sentiment
  • Economic Calendar
  • Various calculators such as exchange, swap, margins, risks, and stop-out.
  • Financial radar.

SUMMARY

BenchMark Finance is a well-known, multi-regulated, and reputable broker which offers traders with some of the best trading solutions and services in the industry.

Although BenchMark Finance only offers one retail account and one professional account, the trading conditions and features of both are dynamic and unique. Traders can rest assured that BenchMark Finance will cater for their every need when they choose the broker to facilitate their trade in global markets.

The trading conditions are competitive, and the trading and non-trading fees are both favourable and transparent. The broker website is informative and offers information without much searching.

BenchMark Finance is well-regulated and offers eligible traders with insurance on deposits. Liquidity is obtained from top-tier liquidity providers and traders are offered with the best possible pricing and execution speeds.

In addition, BenchMark Finance also offers an array of education and research to traders despite their level of trading experience. In addition, BenchMark Finance’s offering is made even more attractive by making MetaTrader 4 and MetaTrader 5 available as the trading platforms.

DISCLAIMER

BenchMark Finance warns potential customers that Forex and CFDs trading carries a high risk and may not be suitable for all investors.

Before deciding to trade with BenchMark Finance, potential traders are advised to carefully consider their investment objectives, financial situation, needs and level of experience before investing money they cannot afford to lose.

BenchMark Finance warns that margin trading involves the potential for profit as well as the risk of loss.

Movements in the price of foreign exchange and commodities are very unpredictable, hence BenchMark Finance cannot guarantee a maximum loss that a trader may suffer.

 

BENCHMARK FINANCE AT A GLANCE

Broker’s name BenchMark Finance
Headquarters Bulgaria
Year founded 2003
Regulating authorities FCA, CNMV, AMF, BaFIN
Countries not accepted for trade United States
Demo account Yes
Islamic account (swap free) Yes
Institutional accounts No
Managed accounts No
Maximum leverage 1:30 (Retail), 1:400 (Professional)
Minimum deposit $0
Deposit options ·       Bank Cards

·       Bank Wire Transfer

·        Funds Transfer

Withdrawal options ·       Bank Cards

·       Bank Wire Transfer

·       Funds Transfer

Platform(s) provided MetaTrader 4, MetaTrader 5
OS compatibility Web browsers, Windows, Linux, MacOS, iOS, Android
Tradable assets offered ·        Forex

·        Stocks

·        Metals

·        Oil

·        Indices

·        Cryptocurrencies

·        Futures

·        CFDs

Languages supported on website English, Russian, Turkish, Spanish, French, German, Chinese, Polish, Bulgarian
Customer support languages Multilingual
Customer service hours 24/5

FAQ

TRADING ENVIRONMENT

1.   How many instruments can I trade with BenchMark Finance?

  • Forex
  • Stocks
  • Metals
  • Oil
  • Indices
  • Cryptocurrencies
  • Futures
  • CFDs

2.   Which platforms are supported by BenchMark Finance?

MetaTrader 4 and MetaTrader 5.

3.   Does BenchMark Finance offer leverage?

Yes. Retail clients have access to leverage up to 1:30 while professional clients have leverage up to 1:400.

4.   What spreads can I expect with BenchMark Finance?

  • Forex – spreads from 0.1 pips EUR/USD.
  • Metals – spread from $0.25 in gold trading.
  • Oil – spreads from $0.04 in oil trading and $0.01 in gas trading
  • Indices – spreads from 0.5 pips.
  • Cryptocurrencies – average spreads from 0.005 USD.

5.   Does BenchMark Finance charge commission?

Yes. There are commissions charged on shares from $0.05 per share.

6.   Is BenchMark Finance regulated?

Yes. BenchMark Finance is strictly regulated by FCA, CNMV, AMF, and BaFIN.

7.   Is BenchMark Finance a recommended forex trading broker for experts and beginners?

Yes. BenchMark Finance makes adequate provision for both beginners and experts.

8.   What is the overall rating out of 10 for BenchMark Finance?

9/10

ACCOUNTS

1.   What is the difference between a demo and live trading account?

A demo account is offered by brokers as a risk-free trading environment where traders can use virtual funds to either explore the broker’s offer, practice trading, or test strategies.

2.   Does BenchMark Finance offer a demo account?

Yes.

3.   How long is the demo account valid?

The general availability of demo accounts is 30 days.

4.   Which live trading accounts does BenchMark Finance offer?

BenchMark Finance only offers a single retail and professional account.

5.   What are the available deposit currencies for a live trading account?

EUR and USD.

DEPOSITS AND WITHDRAWALS

1.   What is the minimum deposit for BenchMark Finance?

There is no minimum deposit requirement.

2.   How do you make a deposit and withdrawal with BenchMark Finance?

  • Bank Cards
  • Bank Wire Transfer
  • Funds Transfer.

3.   Does BenchMark Finance charge withdrawal fees?

No. BenchMark Finance does not charge withdrawal fees.

4.   How long does it take to make a withdrawal?

BenchMark Finance indicates that all withdrawals, despite the payment method, takes up to 30 minutes to process.

Author Details

Louis Schoeman

Louis Schoeman

Featured Forex and Stocks writer

Table of Contents

You might also like

FINEXO Review

Overall, FINEXO is regulated by two tier-1 regulators, two tier-2 regulators, and four tier-3 regulators respectively. It has a high trust score of 97 out