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BMFN Review

BMFN Review

 

 

Overall Rating

4.4/5

Rated #347 of
Recommended FX Brokers

💰Minimum Deposit

USD 50

🌐 Regulators

ASIC, FSP, FCA

📱 Trading Desk
No Dealing Desk
Crypto

Yes

📈 Total Pairs

☪️ Islamic Account

No

📊 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

 

BMFN is a forex broker company in Bulgaria. In regards to what exactly is a Forex broker, it is a firm that gives traders admittance to platforms that let them buy and sell foreign currencies.

Finding a reputable BMFN 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 BMFN to help you make an informed decision before opening your account or trading on their platform.

The different names for Forex brokers are retail forex brokers or currency trading brokers. There are slight differences as Retail currency traders use these brokers to gain access to the 24-hour currency market for theory purposes.

Forex brokers can also provide services to not just individual traders, but also provide for institutional clients and large businesses, for example, investment banks.

BMFN is a Bulgarian forex broker company that is based in Sofia.

Boston Merchant Financial Ltd. (BMFN) was established way back in 1988, back then it already started to operate as a broker house in the United States stock markets.

Today, BMFN is part of the Boston Financial Group and has offices in a number of different countries such as Australia, Egypt, China, Kuwait, New Zealand, United Arab Emirates, Russia, Ukraine, and the UK.

The company offers its clients an extremely wide range of financial services, including 24/7 access to an assortment of around 4,000 financial instruments.

 

Awards and Recognition

When it comes to deciding what broker to choose, a trader has to look at the broker’s stability and reputation over the years.  Awards gained by a brokerage by esteemed organizations do provide much more confidence in the world of forex.

Although BMFN is rated highly by many happy customers in personal reviews, there is no information available on the BMFN homepage about any official awards received.

 

BMFN Accounts

A forex account that is held by the trader is normally given by the broker with the sole purpose of trading different currencies and market instruments. Usually, the number and type of accounts that a trader can open with a broker company differ according to the broker or country in which they operate.

Normally the country of residence of the broker would provide the regulatory authorities under which they would fall.

 

 

Types of Accounts and their Features

BMFN offers its clients only one trading account type:

  • The Standard Account – This account requires a minimum deposit of 50 USD to start trading, it also offers you the leverage of up to 1:400 and a floating spread starting at 2pips.

 

The maximum leverage of 1:400 can only be attained after contacting the support team, while the default level is set at 1:200. However, both levels are more than enough for a decent trading strategy.

This account allows micro-lots, has a 110% Margin Call and it supports scalping and hedging. There are no commission fees and it gives you a hundred percent stop-out.

 

Overall Rating

4.4/5

Rated #347 of
Recommended FX Brokers

💰Minimum Deposit

USD 50

🌐 Regulators

ASIC, FSP, FCA

📱 Trading Desk
No Dealing Desk
Crypto

Yes

📈 Total Pairs

☪️ Islamic Account

No

📊 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

 

Deposits and Withdrawals

When you have an account with a Forex broker, you will find that each company offers different ways to make deposits and withdrawals, BMFN offers the following methods for both deposit and withdrawal; Bank Transfer, Visa, and Mastercard, WebMoney, Skrill, and Neteller.

 

Cost and Fees, Commissions and Spreads

Each broker charges its own costs which entail commissions, spreads, and margins. Traders should be aware of exactly what their broker’s fees will involve before making the decision to trade with them.

The following describes what exactly a spread, margin, and commissions are:  The spread of a currency pair is the variance between the bid and the asking rate.

A pip represents the smallest increment that an exchange rate can move. One pip is 0.01 for currency pairs with JPY as the term currency and 0.0001 for all other pairs.

A margin means that it is the amount of money essential in your account in order to open a place. Margin is planned based on the current price of the base currency against USD, the size (volume) of the position, and the leverage applied to your trading account.

The commissions are the costs levied by the broker on a client for making trades on the client’s behalf. The level of commissions will differ between various brokers and it will also depend on the different kinds of services, accounts, and trades done by the brokers.

There are, however, execution-only brokers, they do not get involved with any direct personal investment guidance. These brokers charge much fewer commissions but the traders have to take complete control over how they trade the markets.

Although the contract for differences (CFDs) trading is a method of offshoot trading that allows traders to gamble on the rising or falling prices of fast-moving global financial markets. This type of trading of shares does incur commission.

CFD trades on different markets have no commission but do wrap a spread around the market price of a certain instrument.

BMFN does not charge commission on trades but offers a floating spread on majors, starting at 2.2pips.

 

Leverage

Leverage is the ability that will enable a trader to gain greater exposure to the market than the sum a trader deposited to begin a trade. Leveraged products increase a trader’s prospective revenue – yet also create a risk for loss.

The sum of leverage is conveyed as a ratio, for instance, 50:1, 100:1, or 500:1.

For example, if a trader has $1,000 in his trading account and is trading ticket sizes of 500,000 USD/JPY, that leverage will compare to 500:1.

BMFN offers its clients a maximum leverage ratio of 1:400

 

Bonuses

To attract new business from traders, Forex brokers normally lure them with eye-catching deposit bonuses.  For new investors, this can be very handy, but one has to know what to determine is a decent bonus.

A bonus is a way to reward traders for deciding to choose a certain broker since once the account is opened, the trader will have the same expenses as any other. The bonus is just a reward for the trader’s choice that gives some of these expenses back to the trader, once proving himself as an active trader.

Furthermore, since 1 August 2018 The European Securities and Markets Authority (ESMA) has placed investor protection measures on the marketing, distribution, or sale of CFDs to retail clients, which stop brokers from directly or indirectly provide the retail client with a payment, monetary or excluded non-monetary benefit in relation to the marketing, distribution or sale of a CFD, other than the realized profits on any CFD provided.

BMFN is known to regularly run a range of welcome bonuses and promotions for both new and existing customers. These can include a 20% on deposit bonus for all deposits made that exceed 500 USD and refer a friend promotion.

You can head over to the BMFN website to see what offers are currently available.

 

Trading Platforms, Software, and its Features

Brokers provide different trading software for their clients. This is normally called a trading platform and it is used for making trades.

A platform can be a multi-asset one, which means that it allows clients to not only trade forex but also other asset classes like CFDs on stocks, stock indices, precious metals, and cryptocurrencies.

The choice about which platform to choose mostly depends on what a client would like to trade, therefore it will be one of the standards when choosing a broker too.

BMFN offers its clients the choice between two trading platforms, one is their very own UniTrader and the other is the always popular, MetaTrader4.

MetaTrader4 desktop and mobile – This is one of the most popular and widely used platforms in the trading industry, MetaTrader4 is known for having a user-friendly interface, excellent educational material, and intuitive research tools that appeal to both beginners and advanced traders. MetaTrader4 is compatible with several operating systems such as Linux, Mac, Windows, IOS, and Android.

The platform does not overload your computer, is available in over 30 different languages, and offers the following execution modes:

  • Instant execution
  • Execution on request
  • Execution by market

 

The platform also offers automated trading by programming with MetaQuote’s proprietary MQL4 language and constructing custom indicators

UniTrader – This is a fully comprehensive and user-friendly trading application that is suitable for individual traders, brokers, and market makers. The platform logically delivers account and order information as well as instruments and open positions in a non-obtrusive way.

The interface is easy enough to use for beginner traders, yet at the same time, it is engaging enough for experienced investors. The trading platform has the ability to display all console information, including the names of products in seventeen different languages.

The platform also comes as a mobile app so you can trade from absolutely anywhere as long as you have an internet connection.

Some of the key features of UniTrader:

  • You are able to trade in different financial instruments from a single window
  • Trailing stop on the trading server-side
  • Open position information
  • Easy order management
  • Detailed account information
  • Custom instrument subscription

 

Markets, Products, and Instruments

The majority of brokers will provide various kinds of market instruments for trading. A new trend that is picking up momentum is trading in cryptocurrencies.

The following are various types of cryptocurrencies: The most well-known of these is Bitcoin (BTC) which is the digital currency with the major market capitalization and price levels since it began in 2008. It controls 50 percent of the total crypto market cap.

Ethereum (ETH) is the second major cryptocurrency after Bitcoin and provides developers to create smart contracts on a platform.

Another cryptocurrency is Litecoin (LTC) which is similar to Bitcoin but varies in terms of scalability.  Litecoin is also a very popular altcoin and LTCUSD is a fork of Bitcoin (BTCUSD), copied from Bitcoin’s code and with some changes and launched a new project.

Ripple (RPL) is also popular amongst large banks with the Ripple network a next group real-time gross settlement system. It gives a trader instant cross-border fund transactions at very low costs.

Lastly, Bitcoin Cash (BCH) was produced by the Bitcoin hard fork in 2017 as a new form of the blockchain with altered rules.

Your other market instruments consist of Commodity markets which offer different asset opportunities for traders. Investing in contract-based tradable goods is a dependable way to alleviate risk during times of inflation or economic uncertainty.

Precious metals are another dependable investment for traders. This consists of the trading in gold and other precious metals which are hard commodities.

A lot riskier is your energy products because this is affected by political and environmental situations. The great supply and demand however this make it a popular trading choice.

Your normal currency trading known as Forex trading, also named currency or FX trading, involves the monetary exchange market where individuals, companies, and financial institutions exchange currencies for one another at fluctuating rates.

Lastly, you get your Equity or stock indices which are actual stock market indexes. They measure the value of a specific unit of a stock market. They can signify a specific set of the largest companies of a nation or they can represent a specific stock market.

BMFN offers their clients over 100 trading instruments which fall under the following categories:

  • FX Currency pairs
  • CFDs
  • Commodities
  • Precious Metals
  • Equities
  • Stock
  • Futures
  • Indices

 

 

Safety and Regulation

When a broker is regulated by a governing regulatory organization, the risk is lowered for traders.  This will determine if BMFN is safe to trade with.

BMFN is regulated by the Australian Securities and Investments Commission (ASIC).

 

Customer Support

Prospective traders have to be assured that whoever they choose to invest with will give them the required support and assistance whenever and wherever they might need it.

The BMFN customer support team can be reached via telephone, email, or live chat. The agents are friendly, quick to reply, and suitably knowledgeable.

 

Research

Would-be traders must do what is possible into the inquiry around theoretical trading before beginning to do it. Trading with confidence and success counts heavily on knowledge and understanding of the markets, consequently research options accessible by brokers form an essential part of its features when choosing the right company to trade with.

BMFN offers its clients their own helpful research tools that include an economic calendar and a live news feed. MetaTrader4 and UniTrader also come packed with a number of built-in technical indicators, advanced charting packages, a wide range of Expert Advisors (EAs), and an extensive back-testing environment.

By using tools such as EAs, traders are able to sit back, while the software does all the work, as these robots allow full automatization of trades.

 

Education and Training

New clients of BMFN should try and gain as much information as possible about what type of trading expertise will be needed to be effective in the world of forex and commodity trading.

BMFN’s website should provide all the information one needs to gain skills and knowledge to be able to trade successfully with them.

On the BMFN website, you will find their Forex Education Centre but unfortunately, you must be signed up with the broker in order to access most of the material.

Educational material offered on the BMFN website:

  • Beginners course – covers topics like basic forex terms, types of orders, strategies, and Forex Glossary.
  • Traders tools – covers topics like an overview of the trading market, trading psychology, capital management, market analysis, basic technical analysis, and advanced technical analysis
  • Trading Strategies – covers topics like trend signal strategy level 1, tunnel strategy level 1, fishing strip strategy level 2, zigzag strategy level 2, Wave tracker strategy level 2, T-chaser strategy level 3, Fibo trap strategy level 3, zoom in strategy level 3 and semi-automatic strategies.
  • MetaTrader tutorials – covers topics like installation and basics, orders and the terminal windows, using types of orders, adding indicators to graphs and properties

 

Lastly, there are two e-books available for download, one for beginners and one for advanced traders.

 

Conclusion

BMFN is a forex broker, which is regulated under multiple agencies, they ask for a low minimum deposit and offer multiple payment methods, they also offer their own unique trading platform and an extensive variety of educational material, BMFN unfortunately, has many negative user reviews and higher than expected spreads.

 

Disclaimer

BMFN cautions possible traders that Forex and CFDs trading constantly carries a high level of risk, thus may not be appropriate for all investors.

Before customers decide to trade the products offered by BMFN, they are recommended to anticipate their investment objectives, financial situation, needs, and level of experience carefully before investing money that they cannot afford to lose.

Especially when traders use BMFN’s leveraged accounts, they should make sure to maintain a sufficient level of margin to sustain their positions, since trading Forex/CFD and Options on margin and using a higher than necessary leverage can be either beneficial or detrimental to a trader. It is always possible to sustain a loss of some or all of an initial investment.

While BMFN assures traders to make all efforts to fill a trade at the requested price, trading online does not necessarily reduce risks associated with currency trading, therefore quotes and trades are usually subject to the terms and conditions of a Client Agreement, which is accessible through the broker’s website.

Potential traders should first acquaint themselves with all these associated risks and seek advice from an independent financial advisor.

 

BMFN at a Glance

Broker’s Name BMFN
Headquartered Sofia, Bulgaria
Year Founded 1988
Regulating Authorities Australian Securities and Investments Commission (ASIC).
Countries not accepted for trade The United States, Canada, Japan, Turkey, and Australia
Islamic Account (Swap Free) No
Demo Account Yes
Institutional Accounts Yes
Managed Accounts Yes
Maximum Leverage 1:400
Minimum Deposit 50 USD
Deposit Options Wire Transfer, Visa, Mastercard, WebMoney, Skrill, and Neteller
Withdrawal Options Wire Transfer, Visa, Mastercard, WebMoney, Skrill, and Neteller
Platform Types MetaTrader4 and UniTrader
OS Compatibility Yes, PC and Mobile
Tradable Assets FX Currency pairs, CFDs, Commodities, Precious metals, Equities, Stock, Futures and Indices
Customer Support Languages English, Arab, Spanish, Chinese, Russian and Ukrainian
Customer Service Hours Monday to Friday, 24 hours a day.

 

Overall Rating

4.4/5

Rated #347 of
Recommended FX Brokers

💰Minimum Deposit

USD 50

🌐 Regulators

ASIC, FSP, FCA

📱 Trading Desk
No Dealing Desk
Crypto

Yes

📈 Total Pairs

☪️ Islamic Account

No

📊 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

 

FAQ’s

 

Trading Environment

 

How many instruments can I trade with BMFN?

You can trade several different instruments with BMFN, which include the following:

  • FX Currency pairs
  • CFDs
  • Commodities
  • Precious Metals
  • Equities
  • Stocks
  • Futures
  • Indices

 

Which platforms are supported by BMFN?

BMFN provides the following popular trading platforms:

  • MetaTrader4
  • UniTrader

 

Does BMFN offer leverage?

Yes, BMFN offers maximum leverage of 1:400

 

What spreads can I expect with BMFN?

BMFN offers fixed and floating spreads from 2pips

 

Does BMFN charge commission?

No

 

Is BMFN regulated?

Yes, BMFN is regulated by the Australian Securities and Investments Commission (ASIC).

 

Is BMFN a recommended forex trading broker for experts and beginners?

Yes, thanks to their low minimum deposit, extensive educational material, and the use of MetaTrader4, BMFN is suitable for both beginner and expert traders.

 

What is the overall rating out of 10 for BMFN?

8/10

 

Accounts

 

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

A demo account is offered by broker companies and funded with virtual money that enables a prospective customer to experiment with the company’s trading platforms and its features, before setting up a real account funded with the customer’s actual money.

 

Does BMFN offer a demo account?

Yes

 

Can I convert my demo account to a live trading account with BMFN?

The demo account can be used at real-time prices and trading conditions for an unlimited amount of time.

 

Which live trading accounts does BMFN offer?

  • BMFN Standard Account

 

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

USD, EUR, and AUD

 

Deposits and Withdrawals

 

What is the minimum deposit for BMFN?

50 USD

 

How do you make a deposit and withdrawal with BMFN?

BMFN offers the following deposit and withdrawal methods:

  • Wire Transfer
  • Visa
  • MasterCard
  • WebMoney
  • Skrill
  • Neteller

 

The same method that was used to fund an account must usually be used to withdraw money again and monies will only be refunded to accounts that carry the same name as the trading account with BMFN.

 

Does BMFN charge withdrawal fees?

No, but fees from financial institutions may apply

 

How long does it take to make a withdrawal?

BMFN claims that withdrawals usually take only a few days. Traders should note however that depending on a specific bank service it may take several days for the money to be available in a client account.

 

 

Author Details

Louis Schoeman

Louis Schoeman

Featured Forex and Stocks writer

Table of Contents

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