BMFN Forex Broker
Basic Information
Australia
5-10 years Suspicious Regulatory License Suspicious Scope of Business High potential riskCompany profile
Bmfn Forex Broker - Complete Information Guide
1. Broker Overview
Bmfn, or Boston Merchant Financial, is a well-established forex broker founded in 1988. The company is headquartered in Port Vila, Vanuatu, and has established offices in several locations worldwide, including Australia, Egypt, China, Kuwait, New Zealand, the United Arab Emirates, Russia, Ukraine, and the United Kingdom. Bmfn operates as a private entity, providing services primarily to retail clients and institutional investors.
Over the years, Bmfn has developed a reputation in the forex trading industry, achieving significant milestones along the way. The broker has grown its client base to over 4 million traders globally, offering a diverse range of trading instruments and services. Bmfn's business model focuses on retail forex trading, providing access to various financial markets, including forex, commodities, indices, and ETFs.
As a part of the Boston Financial Group, Bmfn leverages its extensive industry experience to cater to traders' needs, ensuring a reliable and efficient trading environment. The broker's long-standing presence in the market has helped it build a loyal client base, emphasizing its commitment to providing quality trading services.
2. Regulation and Compliance Information
Bmfn is regulated by the Vanuatu Financial Services Commission (VFSC), holding the license number 40202. The broker claims to comply with the regulatory standards set by the VFSC, which is essential for maintaining operational integrity and client trust.
However, it is crucial to note that while Bmfn is regulated by the VFSC, some concerns have been raised regarding the robustness of this regulatory framework compared to Tier-1 jurisdictions. The broker also claims to have been regulated by the Australian Securities and Investments Commission (ASIC) under the license number 379035, but there are indications that this license may not be currently valid.
Bmfn implements a client funds segregation policy, ensuring that clients' funds are kept separate from the company's operational funds. This practice enhances the safety of client deposits. Furthermore, Bmfn adheres to Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations, aiming to prevent fraudulent activities and protect the integrity of the trading environment.
3. Trading Products and Services
Bmfn offers a wide range of trading products, catering to various trading preferences. The broker provides access to over 20 forex currency pairs, including major, minor, and exotic pairs. Additionally, Bmfn offers Contract for Difference (CFD) products across several categories:
- Indices: Trading options include major global indices.
- Commodities: Traders can access precious metals like gold and silver, as well as energy commodities like oil.
- Equities: Bmfn provides trading opportunities in various stocks.
- ETFs: A selection of exchange-traded funds is available for trading.
The broker continuously updates its product offerings, ensuring clients have access to the latest trading instruments. Bmfn focuses on providing robust retail trading services while also catering to institutional clients through tailored solutions.
4. Trading Platforms and Technology
Bmfn supports the widely recognized MetaTrader 4 (MT4) platform, known for its user-friendly interface and advanced trading capabilities. The broker also offers its proprietary Unitrader platform, designed to provide a seamless trading experience for clients.
Both platforms are accessible via desktop and mobile devices, ensuring traders can manage their accounts and execute trades on the go. The MT4 platform supports automated trading through Expert Advisors (EAs), allowing traders to implement custom trading strategies effectively.
Additionally, Bmfn provides a web-based trading platform, enabling clients to trade directly from their browsers without the need for software installation. This flexibility caters to various trading styles and preferences.
The broker employs a Market Making execution model, ensuring efficient trade execution. The trading infrastructure is supported by reliable servers, enhancing the overall trading experience. Bmfn also offers API access for clients interested in algorithmic trading.
5. Account Types and Trading Conditions
Bmfn offers a variety of account types tailored to meet the needs of different traders. The primary account type is the Standard Account, which requires a minimum deposit of $50. Key trading conditions include:
- Spreads: Variable spreads starting from 2 pips.
- Commission: No commission on trades.
- Leverage: Up to 1:400 for forex trading.
In addition to the standard account, Bmfn provides specialized accounts for different trading strategies, including options for Islamic accounts compliant with Sharia law. The broker also offers a demo account for traders to practice their strategies without risk.
The minimum trading size is set at 0.01 lots, allowing for flexibility in trade execution. Bmfn's overnight fees and margin call policies are designed to accommodate various trading strategies.
6. Fund Management
Bmfn supports multiple deposit methods, including:
- Bank Transfers
- Credit/Debit Cards
- E-Wallets: Such as Skrill and Neteller.
The minimum deposit requirement varies depending on the account type, with a standard minimum of $50. Deposits are typically processed within 24 hours, while withdrawals may take 3 to 5 business days depending on the method used.
Bmfn does not charge fees for deposits; however, withdrawal fees may apply, particularly for bank wire transfers, which incur a $50 fee. Other withdrawal methods generally do not have associated fees but may be subject to third-party charges.
7. Customer Support and Educational Resources
Bmfn provides a range of customer support channels, including:
- Phone Support
- Live Chat
The support team is available 24/5, covering major trading hours. Bmfn offers assistance in multiple languages, including English, Arabic, Spanish, Vietnamese, and Chinese, which enhances accessibility for a diverse clientele.
In addition to customer support, Bmfn provides educational resources such as webinars, tutorials, and market analysis reports to help traders enhance their trading knowledge. The broker also offers various trading tools, including calculators and economic calendars, to assist traders in making informed decisions.
8. Regional Coverage and Restrictions
Bmfn serves a global client base, with a presence in over 150 countries. However, the broker has specific restrictions, prohibiting services to clients from the United States, Canada, Australia, Belgium, Turkey, and Japan.
The broker's regional offices are strategically located to provide localized support, ensuring that clients can access assistance in their respective regions. Despite its broad reach, potential clients should be aware of the regulatory limitations and ensure compliance with local laws before engaging with Bmfn.
In conclusion, Bmfn presents a comprehensive trading platform with a variety of instruments and competitive trading conditions. While it offers robust services, potential clients should conduct thorough research and consider the regulatory environment before opening an account.
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Latest Reviews
FX8879888274
Hong Kong
My account number:77385829 I applied for the withdrawal on March 28th,2018,while it hasn’t been received yet.The email I sent was always said to be in the queue.On May 17th,my account was blocked,in which all my orders were cleared.The withdrawal was unavailable.And the note was equity wipe-out,which was DC PayWithdrawal before.the platform always replied to my email with “please wait patiently”,in a frivolous way.I want to ask whether it is legit.But the leader claimed that even the platform collapses,we will get a compensation of 50000 pound.Now he disappear.I require the platform staff deal the withdrawal process for me.It is all my hard-earned money with my family.There are no other sources of life. Now the bank loan is overdue.We are borrowing money to survive.Sincerely hope that you can help. BMFN's approach is too chilling,which hurt investors...
Exposure
2018-07-14
FX8879888274
Hong Kong
My trading account is 77,385,829. I made an application for withdrawing money on March 28, 2018. The platform has not deducted the money from my balance and handle the application. Recently, I send them email but they always tell me to wait. On May 17, the Japanese platform suddenly locked my account and background, and closed the orders in my account, deducted $16,630 from the balance and cleared it. However, the funds have not been arrived my bank card, and the gold deduction note has also been made into parity wipe-out. The previous monthly withdrawal note is DC PayWithdrawal. I send emails from time to time every day requesting the platform to deduct the balance and remit to my card. But the platform uses the perfunctory words "patiently wait, wait for department approval, wait in line, etc." Is this reasonable, and the above-mentioned senior manager Wang Luchuan claimed that even if the platform was in trouble, we would have a compensation £50,000." But now she is missing. I hereby ask WikiFX help me to talk with BMFN’s person in charge, letting it to remit money to me. I believe WikiFX is an authoritative platform. Now the whole family’s hard-earned money is in it. There is no other source of income. Now the bank is overdue. Borrowing money everywhere to survive. I sincerely hope that you can help me. BMFN's doing is too chilling. Defraud investors... It has been half a year, and BMFN give my hard-earned money back! ! !
Exposure
2018-07-15
高倩
Hong Kong
I joined the BMFN agent in 2017.At first,the operation and the withdrawal were both normal.But the withdrawal ,$70,000 or so in total,was unavailable since 2018,Feburary.
Exposure
2019-09-03
FX6059266241
Hong Kong
My account is 77374327. I applied for a withdrawal in March. The service told me I was in line. Later I heard about they will close their Shanghai office. They were delaying me. Now the only thing I can do it sending them emails. They keep me waiting instead of respond me. I can still trade, but I can’t withdraw. I know their Dubai office is running. So I hope WikiFX will help me settle this thing down.
Exposure
2019-01-04
汇盈天系统全国总部
Hong Kong
Come and join us.
Exposure
2018-10-16
FXTM 富拓
Hong Kong
It can be clearly seen from the BMFN website https://www.ebmfn.com/ that the platform has issued a notice of restructuring and announced the withdrawal from the Chinese foreign exchange market, but there are many doubts. I understand that a normal company or platform vendor’s reconstruction will not affect customers normal deposit or withdrawal or related transaction operations. However, the customers of BMFN platform reported that they can't withdraw, which is not difficult for us to see the seriousness of the problem. If it is a formal platform or a company, as long as the official website can be opened normally, even if it is facing a crisis of bankruptcy, it will not restrict or interfere with the customer's deposit and withdrawal operations. This behavior of the BMFN platform is a serious illegal operation.
Exposure
2018-03-02