BMFN Review and Tutorial 2021
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|BMFN Facts & Figures|
BMFN is an international CFD and forex broker offering MetaTrader 4 and UniTrader platforms and assets in commodities, currencies, ETFs and shares.
|Instruments||CFD, Forex, Stocks|
|Payment Methods||Cashu, Credit Card, Neteller, Skrill, Wire Transfer|
|Min. Trade||1 lot|
|Regulated By||FCA, ASIC, FSP, VFSC|
|Mobile Apps||iOS & Android|
|BMFN facilitates CFD trading in a range of markets, including US equities, ETFs, commodities and indices.|
BMFN supports forex trading in more than 20 major and minor currency pairs with variable and fixed spread account options.
BMFN Limited is a forex and CFD broker offering access to global markets, delivered locally, through some of the best trading platforms around. Whether you want to trade in the EMEA or Asia-Pacific regions of the world, BMFN could be the one for you. This review will give you the low-down on the broker’s services, the assets offered, leverage rates, commission charges, payment options and more.
BMFN, standing for Boston Merchant Financial Network and not to be confused with BMFN Banking And Finance Consultant and Corporate Services Provider, was founded in 1988 in Sofia, Bulgaria. Today, BMFN Commercial Brokers LLC have their headquarters in the Republic of Vanuatu. The broker also has a Dubai (UAE) office and further offices in Sydney (Australia), Oakland (New Zealand) and Shanghai (China).
In Australia, the company is known as BMFN Pty Ltd (PLtd), although trade through the broker is not allowed in Australia, the US, Canada, Belgium, Turkey and Japan. Over 100,000 traders use BMFN and they have affiliations with over 16,000 businesses.
BMFN offers three different options when it comes to trading platforms. Through their website, they provide their proprietary web app platform. Additionally, they support the ever-popular MetaTrader 4 (MT4) and UniTrader, both of which are available on desktop and mobile.
BMFN’s online web trading app simply requires users to login to the ‘my account’ section and begin trading. The app features an easy-to-understand interface suitable for any beginners. Opening and closing trades are simple and there is even an economic calendar provided.
For many, it may be no question whether or not to download BMFN MetaTrader 4. The download is available on both desktop (Windows and Mac OS) and mobile (iOS and Android). The platform is known for having a user-friendly interface, lots of technical analysis options and intuitive research tools. Opening and closing trades is very easy with MetaTrader 4, there are three execution modes: Instant execution, execution on request and execution by market.
UniTrader is the other trading platform offered by BMFN and is available to download on Windows and Mac. It is a fully comprehensive platform suitable for individual traders and companies alike. There are many perks of UniTrader, including easy order management, the ability to trade different financial instruments from a single window and a wide range of open position information. As with MetaTrader 4, this platform also features a mobile app.
BMFN facilitates access to a variety of assets, including 22 forex currency pairs and over 90 CFDs. The broker also offers commodities like oil, silver and gold, for that gold-plated experience. Finally, shares and ETFs from a range of stock exchanges can be traded.
Spreads & Commission
BMFN does not charge a commission, instead, they take a fee from the spread. The broker operates a floating spread system, targeting an average of 1.4 pips. Some testing revealed the spread for EUR/USD to range from 1.5 to 1.7 pips in the New York morning session. This is one of the most liquid times of the day and the offer is slightly worse than the average of some of their competitors.
The leverage rate varies between different assets. The maximum leverage available is 1:400 on forex pairs, although the default is set at 1:200 and you must contact customer support to raise this. A leverage rate of 1:400 means that, if you put down £10, you can trade with £4,000, increasing potential winnings but also potential losses. Commodities and CFDs can be traded with a leverage of 1:33.
BMFN offers two fully functional mobile apps. There is a mobile version of UniTrader available on Android. The app features over 100 financial instruments, full control orders and detailed trading history. Technical analysis is made easy with eight different graphics that you can scroll through or zoom into. The UniTrader app lets you use open either a real trading account or a demo account.
BMFNs other mobile option is the MetaTrader 4 app. This is available on both iOS and Android. Again, this app is fully functional and provides access to all the financial instruments available. There are also over 30 technical indicators available to enhance your on-the-go analysis.
The minimum deposit is $50, and the minimum withdrawal amount is $50. There are no charges for deposits and withdrawals, though all withdrawals are in USD so currency conversions could cost. Withdrawals/deposits are processed within 24 hours of receiving the request, although bank wire transfers can take 3-5 working days, depending on the bank. All withdrawals are processed to the account that funded the trading account.
Deposits and withdrawals can be made via several methods:
- Credit/debit card
- Bank wire
BMFN does offer a demo account, where you can practise your trading skills and get used to the platform. The demo account is available on both the MetaTrader 4 platform and UniTrader, as well as the web trading interface. The demo account lets you trial the different markets and refine strategies with unlimited funds in a simulated, live environment.
BMFN regularly runs bonuses and promotions for new and existing customers. These can include a 20% deposit bonus for deposits exceeding USD 500 and refer a friend promotions. Generally, these bonuses only apply to forex trading.
Head to the BMFN website to see what bonuses are currently available.
BMFN holds several licenses from different regulators. Their main regulatory license is the Vanuata Securities Dealers License in the country where they are headquartered. In addition to this, they have licenses in Australia (ASIC), New Zealand (FSP) and the UK (FCA).
Even though the regulator in Vanuata is not particularly reputable, the addition of licenses in other well-trusted countries serves to prove that BMFN is a reasonably trustworthy brokerage.
BMFN features a dedicated education centre with a variety of resources aimed at developing your trading skills. There is a beginner’s course fit for any newcomers, as well as a course on trading tools and strategies. The education centre also features dedicated MetaTrader tutorials so that you can learn about the platform and how to use it. The education centre provides access to a standard forex eBook and an advanced eBook for more experienced traders.
BMFN has four different account types:
- MT4 CFD account with variable spread (MT4 CFD)
- MT4 DMA account with variable spread (MT DMA).
- MT4 account with fixed spread (MT4 FX)
- UniTrader account with variable spread
The UniTrader and MT4 CFD accounts offer access to all forex currency pairs and commodities, as well as CFDs. The MT4 FX and MT DMA accounts offer access to forex currency pairs and commodities but do not facilitate access to CFDs.
These are the main benefits of trading through BMFN:
- Trade on PC or mobile
- Multiple payment methods
- Relatively low initial deposit
- Popular trading platforms available
- Access over 100 different assets and instruments
- Regulated by multiple respected bodies, including the FCA and ASIC
A balanced review is vital, so here are the main drawbacks of BMFN:
- Higher spreads than competitors
- In India, there are several user complaints
- BMFN has negative reviews on sites like Peace Army
- Unable to trade in some countries (including the US, Canada and Australia)
Trading on BMFN begins on Sunday at 22:00 GMT and ends on Friday at 21:30 GMT for all asset types.
BMFN can be contacted via telephone, email or post using the details below.
- Phone: +359 2 401 26 33
- Email: email@example.com
- Address: 84-86 “Aleksander Stamboliisky” Blvd., 3rd floor, office 9, Sofia, Bulgaria
The website also features a section where you can leave a message accompanied by your phone number and email and await a response.
Safety & Security
BMFN states that they used the latest security and encryption techniques, ensuring the security of your account information. Moreover, all payment information is encrypted via SSL certificates and servers are protected by firewalls. Regulation with the FCA and ASIC will also mean BMFN must segregate their company funds from those of their clients.
BMFN is a trading broker with several exciting features and resources. With access to over 100 assets and financial instruments, two of the most popular trading platforms around and a dedicated education centre to get you trading to the best of your ability, BMFN has everything a newer trader requires for a successful start. Start trading forex and other assets on their demo platform today and, when you are ready to open a real account, just make sure to check restrictions in your country before opening an account.
Where Is BMFN Regulated?
BMFN is regulated in Vanuata, with the Vanuata Securities Dealers License. BMFN also have licenses in the UK (FCA), Australia (ASIC) and New Zealand (FSP).
What Documents Are Required To Open A Trading Account?
To open an account, traders will need to show a colour copy of an unexpired government ID (such as a driver’s license or passport), and proof of address within the last 90 days (such as a utility bill or bank statement).
Does BMFN Offer A Demo Account?
BMFN does offer a demo account, which offers access to all the instruments available at real-time prices. However, all funds are virtual and the environment is simulated so there is no risk of real monetary loss.
How Much Capital Do I Need To Start Trading With BMFN?
BMFN requires a minimum deposit of USD 50. After this, you are free to trade.
Are There Countries Where Trading On BMFN Is Restricted?
There are a few countries where trading is not allowed on BMFN. These include the US, Canada, Japan, Turkey, Australia and Belgium.
BMFN accepts traders from Thailand, United Kingdom, South Africa, Singapore, Hong Kong, India, France, Germany, Norway, Sweden, Italy, Denmark, United Arab Emirates, Saudi Arabia, Kuwait, Luxembourg, Qatar and most other countries.
Traders can not use BMFN from Australia, Belgium, Canada, Japan, Turkey, United States.
Alternatives to BMFN
If you are looking for alternatives to BMFN we have compiled a list of the top 5 brokers that are similar to BMFN below. This list of brokers like BMFN is in order of similarity and only includes companies that accept traders from your location.
- EagleFX – EagleFX is a popular trading broker offering forex, stocks, cryptos & commodities.
- eToro – eToro is a multi-asset platform which offers both investing in stocks and cryptoassets, as well as trading CFDs.
- Forex.com – Forex.com boast a global reputation. Regulated in the UK, EU, US and Canada they offer a huge range of markets, not just forex, and offer very tight spreads and a cutting edge platform.
- LQDFX – LQDFX offers online trading with multiple STP accounts and MT4 analysis tools.
- ZuluTrade – Zulutrade provide multiple automation and copy trading options across forex, indices, stocks, cryptocurrency and commodities markets
|BMFN is an international CFD and forex broker offering MetaTrader 4 and UniTrader platforms and assets in commodities, currencies, ETFs and shares.|
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