BMFN Review
Overview
Company Information BMFN or Boston Merchant Financial Ltd. is one of the oldest companies offering financial services. The company was created in 1988 and is still one of the most… more
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| Broker | BMFN |
|---|---|
| Website URL | https://bmfn.com/ |
| Founded | 1988 |
| Headquarters | London, United Kingdom |
| Support Number | +3 592 401 2636 |
| Support Types | Phone, Live Chat, E-mail |
| Languages | English, Arabic, Spanish, Chinese, Russian |
| Minimum Trade Amount | 0.1 lots |
| Maximum Trade Amount | 1,000 lots |
| Free Demo Account |  |
| Regulated | |
| Regulation | Financial Conduct Authority |
| Account Types | Individual, Corporate, Joint |
| Deposit Methods | Wire Transfer, Skrill, CashU, Visa, MasterCard |
| Withdrawal Methods | Wire Transfer, Skrill, CashU, Visa, MasterCard |
| Types of Assets | Forex, Indices, Commodities (gold, silver, spot oil) |
| Account Currency | USD |
| US Traders Allowed |  |
| Mobile Trading | |
| Tablet Trading | |
Full Review
Company Information
BMFN or Boston Merchant Financial Ltd. is one of the oldest companies offering financial services. The company was created in 1988 and is still one of the most powerful businesses in the world. They launched their online forex trading services in 2007 and have since kept evolving. Their country of origin is the UK, but their headquarters are located in Moscow, Russia. With a lot of history behind it and clients from all over the world, they expanded their business in the United States, China, Australia, Ukraine and many others. They have thousands of employees and keep their business thriving no matter the markets circumstances. As a legitimate company with great reputation, BMFN has made the effort to acquire licenses from the ASIC in Australia, the FSC in Bulgaria, the FCA in the UK, the FSP in New Zealand, the FFMS in Russia and the Central Bank in the UAE. It’s pretty self-explanatory that BMFN has their registration documents in order and want to keep everything by the book. Let’s see what they have to offer.
Trading Information
To stay competitive in the online Forex trading industry, BMFN has made all modern tools and features available for their clients. For starters, they offer three types of accounts the Unitrader, the MT CFD, MT FX and the MT DMA. They all have a minimum deposit of $50 an offer trading instruments and features depending on what the trader needs. Spreads are variable and go from 2 pips to a one pip minimum. It is for majors such as EUR/ USD. Scalping and hedging are allowed in every type of account which is nice to see. Leverages for Forex trading are set to 1:400 and other instruments like oil and stocks, go from 1:10 to 1:33. As far as Forex trading is concerned, there aren’t many competitors that can offer 99 currency pairs (for Unitrader account). This is a lot more than the industry standard, and the minimum lot size of 0.01 lots is making things very tempting for every expert trader. Other features like instant execution, OCO orders, trailing stop order and mobile trading are available. The addition of trading by telephone is also something to be considered when choosing a decent online broker.
Trading Platforms
Every trader nowadays needs all the flexibility and features he can get from an online trader. Regarding trading platforms, BMFN has done their best to suit everyone’s needs. The powerful MetaTrader 4 platform is offered and still is the preferred choice for many clients. It has easy to use charts and customizing it to your liking is hassle free. It works with Windows, MAC and offers a very pleasant trading experience. As an influential trading broker, BMFN offers the Unitrader platform as an alternative to the MT4. It has updated graphics and many helpful tools that the MT4 can’t offer. The same platform is offer for mobile devices with the options to zoom and scroll easily trough charts and graphs. One feature that mobile users will enjoy is the new architecture which saves a lot of battery power. For people who don’t like to download or install stuff on their devices, there is easy to use WebTrader platform. It requires only an internet connection and has all the features that every trader needs.
Security and Customer Services
Security is most important when things come to trading, and BMFN has taken all the measures to make their clients feel safe. Their site has a secure SSL encryption which protects the user’s personal data. Also, the money you deposit is placed into a segregated account in top tier banks. This ensures that your funds are well-protected and always at your disposal. The customer support at BMFN is excellent and dealing with the company’s representative is a very pleasurable experience. They offer 24/6 support while most of their competitors have only 24/5. There are tons of ways you can contact them including telephone, email and live chat. They offer support in six languages, and the site is translated in five. Response times are quick, and you’ll get an answer from the support team in a matter of hours. They have social media profiles in Facebook, Twitter, and Instagram where you can stay updated with news, offers and contests.
Deposits and Withdraws
To deposit funds into your BMFN account, you can use one of the several methods available. The current credit and debit cards are available along with bank wire. Web money and Skrill are a very nice alternative if you have them. There aren’t any deposit fees mentioned on their site, but there is a message that the site reserves the right to charge fees on certain occasions. Withdrawing money is also easy, and the process is well explained on their site. You’ll have to fill the funds withdrawal form that is provided, and you’ll have a $50 processing fee. It’s quite a substantial fee, but there are competitors with even higher ones (that are also hidden until the transaction).
Deposit Bonus and Loyalty Programs
BMFN had a very tempting 20% first deposit bonus offer until recently (it expired on 31 January 2016). While it doesn’t exist anymore, they will surely update it with a new one. Throughout the years, they’ve held many trading contests and depending on where you are there might be one active today. You’ll have to check constantly the news (and their social media profiles) to make sure you’re not missing out on a great deal.
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