FX.co ★ BMFN - Broker rating, review and comments
72
Rating:
Start year:2007
Country of origin:Vanuatu, Australia
Regulation:VFSC, ASIC, FSC
Payment options:bank cards, wire transfers, electronic payment systems
Minimum account size:$50
Minimum lot size:0.01 lot
Leverage:up to 1:200
Spreads:fixed, floating
BMFN offers such trading instruments as currencies, stocks, indices, commodities, ETFs, and CFDs.
BMFN has several divisions in its structure: BMFN worldwide, BMFN Europe, and BMFN Australia. BMFN Ltd is incorporated in the Republic of Vanuatu and regulated by Vanuatu Financial Services Commission. There is also a division in Australia - BMFN Pty Ltd, which is regulated by ASIC, and in Europe - BMFN EAD. The exact address of the last company is not specified, but it is written that it has a FSC license. The financial regulation has a great importance when it comes to the safety of funds. Vanuatu is an offshore zone, and therefore there is less strict regulation. However, the Australian Securities and Investments Commission has rather stringent requirements for brokers. For example, its obligatory to hold all client funds in segregated bank accounts. Thus, the broker confirms its credibility.
BMFN owns several brands. Some of them represent brokers, while others belong to the same company, but have different websites for different regions. If you plan to open an account with BMFN, check who exactly will be your counterparty.
Trading Accounts
The company provides only one type of account. The minimum deposit is $50. This is slightly lower than the average offer of other brokers. Nevertheless, this is an excellent starting price for beginners.
Spreads are variable, but the broker targets 1.2 pips. Although the test trading with BMFN shows that the spread is slightly higher, rom 1.5 to 1.7 for the EUR/USD pair. This is a profitable offer given that the broker does not charge additional commissions.
The leverage is 1:200 by default, but it can be increased to 1:400, if neededd.
Trading platforms
BMFN offers its customers three trading platforms – MetaTrader 4, WebTrader, as well as the company’s own UniTrader platform.
Many brokers prefer to use MT4 because it is the most popular trading platform in the world, and not all companies are able to develop their own product. So, MetaTrader 4 has become an excellent assistant, which saves time for both brokers and traders.
MT4 gained in popularity thanks to its simple and intuitive interface, as well as multiple user tools varying from indicators to trading systems.
The UniTrader is the only software that displays all information, including the names of products, in seventeen major languages. The platform provides an opportunity to work with several classes of assets: currencies, stocks, commodities, indices and mutual funds. Transactions on different asset classes can be performed in one window. Also, the platform allows clients to read news, work in social networks and monitor dynamic charts, and opendeals.
The broker also has mobile versions of the MT4 and UniTrader platforms.
Education
At a trader's disposal, there is an Education section with courses for beginners, information about trading tools, strategies, platforms, as well as general forex issues.
Features
You can also become the broker’s partner by participating in the Introducing Broker, White Label, and Omnibus White Label programs. Regardless of which direction you choose, the BTFN will give you access to the back office, educational materials and registration links that will mark your customers.
BMFN also gives an opportunity to become a manager of accounts. The client can choose from liquid financial products, reporting 24/7, and various trading platforms. There is an important clarification: the BTFN indicates that the account manager must be licensed.
Bonuses/Promotions
BMFN claims that they have a deposit bonus, but the information about it is not available.
Payment options
BMFN offers a variety of payment methods. They include wire transfer, credit/debit cards, Skrill, CahsU, China Union Pay.
The minimum withdrawal amount is $50.
The broker does not take additional commissions for deposit or withdrawal of funds.
Client support
BMFN has offices in Sofia (Bulgaria), Sydney (Australia), Kuwait City (Kuwait), Riyadh (Saudi Arabia), Madrid (Spain), and Moscow (Russia).
The client can contact specialists by phone, email, or live chat. The support service works around the clock.
If you have already worked with the broker, then leave your review. It will help other traders make a right decision.
BMFN has several divisions in its structure: BMFN worldwide, BMFN Europe, and BMFN Australia. BMFN Ltd is incorporated in the Republic of Vanuatu and regulated by Vanuatu Financial Services Commission. There is also a division in Australia - BMFN Pty Ltd, which is regulated by ASIC, and in Europe - BMFN EAD. The exact address of the last company is not specified, but it is written that it has a FSC license. The financial regulation has a great importance when it comes to the safety of funds. Vanuatu is an offshore zone, and therefore there is less strict regulation. However, the Australian Securities and Investments Commission has rather stringent requirements for brokers. For example, its obligatory to hold all client funds in segregated bank accounts. Thus, the broker confirms its credibility.
BMFN owns several brands. Some of them represent brokers, while others belong to the same company, but have different websites for different regions. If you plan to open an account with BMFN, check who exactly will be your counterparty.
Trading Accounts
The company provides only one type of account. The minimum deposit is $50. This is slightly lower than the average offer of other brokers. Nevertheless, this is an excellent starting price for beginners.
Spreads are variable, but the broker targets 1.2 pips. Although the test trading with BMFN shows that the spread is slightly higher, rom 1.5 to 1.7 for the EUR/USD pair. This is a profitable offer given that the broker does not charge additional commissions.
The leverage is 1:200 by default, but it can be increased to 1:400, if neededd.
Trading platforms
BMFN offers its customers three trading platforms – MetaTrader 4, WebTrader, as well as the company’s own UniTrader platform.
Many brokers prefer to use MT4 because it is the most popular trading platform in the world, and not all companies are able to develop their own product. So, MetaTrader 4 has become an excellent assistant, which saves time for both brokers and traders.
MT4 gained in popularity thanks to its simple and intuitive interface, as well as multiple user tools varying from indicators to trading systems.
The UniTrader is the only software that displays all information, including the names of products, in seventeen major languages. The platform provides an opportunity to work with several classes of assets: currencies, stocks, commodities, indices and mutual funds. Transactions on different asset classes can be performed in one window. Also, the platform allows clients to read news, work in social networks and monitor dynamic charts, and opendeals.
The broker also has mobile versions of the MT4 and UniTrader platforms.
Education
At a trader's disposal, there is an Education section with courses for beginners, information about trading tools, strategies, platforms, as well as general forex issues.
Features
You can also become the broker’s partner by participating in the Introducing Broker, White Label, and Omnibus White Label programs. Regardless of which direction you choose, the BTFN will give you access to the back office, educational materials and registration links that will mark your customers.
BMFN also gives an opportunity to become a manager of accounts. The client can choose from liquid financial products, reporting 24/7, and various trading platforms. There is an important clarification: the BTFN indicates that the account manager must be licensed.
Bonuses/Promotions
BMFN claims that they have a deposit bonus, but the information about it is not available.
Payment options
BMFN offers a variety of payment methods. They include wire transfer, credit/debit cards, Skrill, CahsU, China Union Pay.
The minimum withdrawal amount is $50.
The broker does not take additional commissions for deposit or withdrawal of funds.
Client support
BMFN has offices in Sofia (Bulgaria), Sydney (Australia), Kuwait City (Kuwait), Riyadh (Saudi Arabia), Madrid (Spain), and Moscow (Russia).
The client can contact specialists by phone, email, or live chat. The support service works around the clock.
If you have already worked with the broker, then leave your review. It will help other traders make a right decision.
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