BMFN Forex Trade Platform and Broker Review

BMFN Forex Trade Platform and Broker Review

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Boston Merchant Financial (BMFN) is a forex broker and trading platform that offers secure forex trading. BMFN is aimed at providing the trade-in multiple financial markets.

BMFN has between 250 and 500 employees and is headquartered in Vanuatu, with offices in Australia, Bulgaria, China, Egypt, Kuwait, Russian Federation, United Arab Emirates, and the United Kingdom.

Is BMFN Regulated?

No, BMFN is not regulated by any known entity. According to the official BMFN website, BMFN is incorporated in the Republic of Vanuatu. BMFN has a Vanuatu Securities Dealers License, which allows it to offer the trade-in forex and other financial instruments.

 

Is BMFN Regulated in the United States?

No, BMFN is not regulated in Virginia or any other US state. 

Is BMFN Regulated in Europe?

No, BMFN is not regulated in Europe by any known regulatory entity.

Is BMFN regulated in a Tier-1 Jurisdiction?

Tier-1 Jurisdiction provides forex brokers with the necessary license to provide financial services in Australia, Austria, Belgium, Denmark, Finland, France, Germany, Hong Kong, Israel, Japan, Luxembourg, Netherlands, New Zealand, Norway, Puerto Rico, Singapore, Sweden, and Switzerland.

According to the official BMFN website, BMFN is not regulated in Tier-1 jurisdiction.

Is BMFN regulated in Tier-2 Jurisdiction?

Tier-2 Jurisdiction provides a forex broker with the license to offer financial services and operate in the British Virgin Islands, Cayman Islands, Cyprus, Italy, Malaysia, Mexico, Poland, Portugal, Spain, and Taiwan.

According to the official website, BMFN is not regulated in Tier-2 jurisdiction.

What are the Platforms and Tools for Forex Trading in BMFN?

BMFN offers forex traders with access to MetaTrader 4, the most popular, award-winning trading platform in the industry, and the proprietary BMFN WebTrader.

  1. MetaTrader 4 is known for being user-friendly, highly customizable, and available across several devices, including the web, desktop, and mobile. With MetaTrader, forex traders can explore different financial markets and trade using competitive trading conditions.
  2. BMFN WebTrader is an intuitive and versatile trading platform that is aligned with the trading conditions and offering of BMFN as a forex broker. 

Does BMFN Have a News Blog for Forex News?

No, BMFN does not offer forex traders with a news blog for forex news. Forex traders must use MetaTrader 4 or the BMFN trading software to gain access to news.

Does BMFN Have a Traders Dashboard?

No, BMFN does not offer a traders dashboard on the official website.

Does BMFN Have an Educational Section?

Yes, BMFN has an education system designed for forex traders. The education section provided by BMFN can be accessed free of charge from the official BMFN website under “Education.”

 

What is the content of BMFN Forex Education?

BMFN provides the following categories for Education:

  1. Beginners Course
  2. Trading Tools
  3. Trading Strategies
  4. MetaTrader 4 Tutorials
  5. Forex eBook
  6. Advanced eBook

The Beginners Course contains crucial information that every forex trader must know before they start trading, including:

  1. Forex trading advantages
  2. Basic terms and their definitions
  3. Some basic strategies
  4. Glossary of concepts

Trading tools that traders can expect under this heading include the following:

  1. The world of global trading provides an overview of the trading market, different financial instruments, and the main factors that drive the forex market.
  2. Trading psychology
  3. Capital management
  4. Market analysis
  5. Basic technical analysis
  6. Advanced technical analysis

The trading strategies offered by BMFN provide forex traders with new ways to maximize their profits. Each forex strategy includes:

  1. How to identify the timeframe
  2. Recommended forex pairs
  3. Used indicators
  4. When to enter and exit a position

The MetaTrader tutorials provide forex traders with insight on how to use MetaTrader 4, while the forex eBook provided by BMFN includes the following:

  1. Trader’s psychology
  2. Trader’s behavior
  3. Essential concepts and terms
  4. Tips for successful trading

Is BMFN Legit?

Yes, BMFN is a legit forex broker despite not having regulation.

Is BMFN Safe?

No, BMFN is not a safe broker as a result of a lack of regulation. When there is a lack of regulation, the safety and security of client funds, data, and information may be compromised. Without regulation, BMFN cannot guarantee that it will fulfill its financial obligations.

Is BMFN a Good Broker?

Yes. According to the Forex Suggest review, BMFN is a good broker for trading speed and online support, but not for security or cryptocurrencies.

BMFN’s exact trading speed is not known but according to reliable sources, but the forex broker guarantees that orders are filled quickly with few requotes and minimal slippage.

BMFN offers online support to forex traders through a live chat option which is available on the official website, allowing traders to make direct contact with a customer support agent.

In terms of security, BMFN claims that it is a safe and secure forex broker. However, there is a lack of regulation to substantiate and ensure this. BMFN guarantees that it uses the latest security and encryption techniques to ensure that account information is secure.

Where cryptocurrencies are concerned, BMFN does not offer the trade-in crypto markets.

What is the Offering of Investment in BMFN?

Offerings of BMFN can be found below.

Feature BMFN
Forex Trading Yes
CFDs No
Forex Pairs Yes
Cryptocurrency (Physical) No
Cryptocurrency (CFD) No
Social Trading  No

Does BMFN have Nasdaq?

Yes, BMFN offers the trade-in NASQ 100.

Nasdaq, known as the US Tech 100 or the Nasdaq composite, is the second-largest stock exchange by market capitalization. Nasdaq tracks the top technology stocks in the US.

What are the Awards of BMFN?

BMFN does not have any awards indicated on the official website.

How to Use BMFN for Forex trading?

To use BMFN, a forex trader should have the necessities below:

  1. Traders must have a copy of their identity document along with proof of their residential address for BMFN’s “Know Your Client” or KYC process.
  2. Traders must be 18 years old or older to register an account.
  3. Traders must be able to pay the $50 minimum deposit.

Once a forex trader meets the conditions above, they can register a forex trading account to use the services of BMFN.

How to open a Forex trading account with BMFN?

To open a Forex Trading account with BMFN, a forex trader should follow the steps below.

  1. Forex traders can visit the official BMFN website and select “Open an Account” from the homepage.
  2. Forex traders can select whether they want an individual, corporate, or joint account.
  3. The forex trader can complete the online application form by providing personal, financial, and employment details.
  4. The forex trader must complete the “Know Your Client” or KYC procedure to verify their identity and their place of residence.
  5. Once the account is approved and verified, the forex trader can pay the minimum deposit of $50 and start trading.

What is the Forex Trader Account Types with BMFN?

Forex Trading Platform and Financial Asset Management Institution BMFN have 5 different account types that are offered.

BMFN Account Types are listed below. 

  1. Demo Account
  2. Islamic Account
  3. Standard Live Trading Account

     1. Demo Account

BMFN offers forex traders with the option of registering a demo account. This demo account can be used by beginner forex traders as a practice account, or it can be used to explore what BMFN offers.

Alternatively, more advanced forex traders can use the demo account to develop, test, and deploy forex trading strategies.

     2. Islamic Account

BMFN offers Muslim forex traders who follow the Sharia Law with the option of converting to an Islamic/Swap-Free Account. This account exempts Muslim forex traders from being credited/debited with overnight swaps.

     3. Standard Live Trading Account

BMFN offers forex traders a single live trading account which can be opened either as an individual, corporate, or a joint option. The Standard Live Trading Account has the following features:

  • Minimum deposit of $50
  • Access to more than 99 financial instruments
  • DMA exclusive trading conditions comprising of a No-Dealing Desk (NDD) environment
  • Two flexible and powerful trading platforms to choose from
  • Target spreads from 1.4 pips on major forex pairs
  • Flexible leverage of 1:200 and higher, depending on the trading experience and style of the forex trader
  • Access to micro lot trading from 0.01 lots
  • Commission-free trading and no additional charges, only the spread
  • Fast trade execution as a result of the high-speed data centers that BMFN is connected to

How to Withdraw Money from BMFN?

To withdraw money from BMFN, the following should be done:

  • Forex traders can log into the MyBMFN Private Cabinet and select the option to withdraw.
  • Forex traders can submit the withdrawal request by providing their preferred withdrawal method and entering the amount they wish to withdraw.
  • Forex traders must note that withdrawals will be processed to the same bank account that was used to fund the trading account.
  • Forex traders must note that there is a $50 commission when they use bank wire transfers with withdrawals.
  • Withdrawals can take between 24 hours up to 5 working days, depending on the payment method used.

How many days do deposits take with BMFN?

Deposits are typically processed within the first 24 hours once BMFN has received the request. However, it can take up to 5 working days to process bank wire transfers depending on the bank, corresponding bank, and other internal processes.

What are the costs and fees with BMFN?

BMFN only charges spreads.

The spread is the difference between the bid and the asking price, which is indicated in pips, and which can fluctuate depending on market conditions. Commissions are typically a flat fee or rate charged per lot, per side on certain trading accounts.

The spreads that traders can expect with BMFN will depend on the financial instrument that they trade. The typical spreads that forex traders can expect are as follows:

  • Forex – 1.4 pips
  • ETFs – 2 pips and/or 0.003%
  • Equities – 2 pips and/or 0.003% 
  • Indices – 2 pips
  • Commodities – 2 pips

What are the Trading Fees with BMFN?

The Forex Trading Fees with BMFN are below. 

The Standard Live Trading Account:

  1. Spreads – from 1.4 pips
  2. Commissions – None

What is the minimum deposit in BMFN?

The recommended minimum initial amount is 50 USD. 

What are the contract specifications in BMFN?

Feature BMFN
Forex Trading Yes
CFDs 0
Forex Pairs 99+
Cryptocurrency (Physical) 0
Cryptocurrency (CFD) 0
Social Trading  No

Does BMFN have promotional offers?

No, according to the official BMFN website, there are no promotional offers.

Does BMFN have a welcome bonus?

No, BMFN does not have a welcome bonus for new forex traders.

A welcome bonus is offered to traders who register a real account for the first time and provides them with trading credit. BMFN does not offer the chance for traders to convert their trading credit into cash on their trading account.

Does BMFN have a deposit bonus?

No, BMFN does not offer a deposit bonus to either new clients or existing customers.

A deposit bonus is granted to forex traders either when they register a new account or with every deposit, according to the discretion of the forex broker. 

Is there a commission-free trade bonus in BMFN?

No, BMFN does not offer forex traders with a commission-free trade bonus.  

Is there a VIP bonus in BMFN?

No, BMFN does not offer forex traders with a VIP bonus.

Can you start trading with no money at BMFN?

No, you cannot start trading with no money at BMFN. To start trading, traders must first pay the minimum deposit of $50 when they register an account.

How does leverage work with BMFN?

Forex traders can choose and change their leverage with BMFN according to their forex trading expertise in their personal area.

Leverage is a useful tool that allows traders to open larger positions by lowering the margin requirement or call that is needed at the start of each trade as collateral. Leverage can maximize the trader’s profit potential, but it can also expose traders to significant losses.

Where are the headquarters of BMFN?

BMFN is headquartered in Vanuatu with offices in Australia, Bulgaria, China, Egypt, Kuwait, Russian Federation, United Arab Emirates, and the United Kingdom.

Who is BMFN’s CEO?

The CEO of BMFN is Son Dao, who has held the position for an undisclosed number of years.

What are the social media accounts of BMFN?

BMFN does not indicate any social media accounts on the official website.

How many employees do work for BMFN?

BMFN has between 250 and 500 employees, according to trusted sources.

What are the opinions about BMFN?

BMFN is a forex broker that has offices in several jurisdictions. However, the lack of regulation makes it difficult to determine whether the forex broker is safe. BMFN does not have any awards or testimonials that reflect a good reputation.

What are BMFN Contests?

BMFN does not run any contests.

BMFN does not currently have any contests, and there are no announcements on the official websites that indicate whether there will be contests held in the future.

Does BMFN have online support?

Yes, BMFN provides forex traders with online support via the live chat function, which is available 24 hours a day, 5 days a week.

Does BMFN offer demo accounts for Forex trading?

Yes, BMFN offers a free demo account for all new traders. The demo account can be opened with the following steps:

  1. Traders can sign up on the official BMFN website and register for the MyBMFN Private Cabinet.
  2. Once completed, forex traders can select the option for a demo account, complete the registration, and access their new demo account.

Does BMFN have a mobile app for Forex trading?

Yes, BMFN is a mobile app for forex trading with MetaTrader 4 and the Standard Live Trading Account.

Once forex traders have registered either a demo or a live trading account, they can download the MetaTrader 4 application either from the App Store or Google Play. With the MetaTrader 4 trading application, forex traders have unrestricted access to their trading account.

Forex traders have access to a range of financial markets, trading tools, market analysis, and several other helpful resources to refine and improve their forex trading capabilities.

BMFN Mobile App

 

Does BMFN publish an economic calendar?

Yes, BMFN publishes an economic calendar on the official website.

An economic calendar is a crucial trading tool that provides traders with the ability to view relevant economic information which is scheduled to be released. Such events could impact the financial markets and, subsequently, the trader’s trading.

BMFN Economic Calendar

What is the communication information of BMFN?

BMFN does not provide any communication information on the official website.

To contact BMFN, forex traders can complete the contact request form, which is available under the “Contact Us” section on the official website. The form must be completed with the forex trader’s name, email, telephone number, and message.

To send the contact request form, the forex trader must enter the captcha code which is given to prove that they are human before selecting “Submit Form.”