BMFN Forex Broker

BMFN Review SummaryFounded1988Registered Country/RegionBulgaria, VanuatuRegulationFCA(Revoked), FSPR(Suspicious Clone), ASIC(Suspicious Clone)Market InstrumentsForex, Indices, Equities, ETFs, CommoditiesDemo AccountAvailableLeverageFrom 1:200SpreadFrom 1.4 pipsTrading PlatformMetaTrader 4 web and mobile platformsMin Deposit$50Customer SupportPhone: +442080971783 / +442080971742Email: support@bmfn.com24/5 Live Chat: AvailablePhysical Address: 84-86 Aleksandar Stamboliyski Blvd, Sofia, BulgariaBMFN Information Established in 1988, BMFN provides trading among currencies, indices, equities, ETFs, and commodities. It runs under VFSC control and gives access to the MetaTrader 4 platform. Traders starting with a minimum investment of $50 can start using leverage up to 1:200.Pros and ConsProsConsLow minimum deposit of $50Limited leverage compared to peers(1:200)Access to MetaTrader 4 platformSuspicious regulation status(Revoked/Suspicious clone)Wide range of tradable instrumentsHigh Spreads(from 1.4 pips)Is BMFN Legit?Regulatory AuthorityStatusLicense TypeLicense No.Licensed InstitutionCountryEffective DateFinancial Conduct Authority(FCA)RevokedEuropean Authorized Representative (EEA)550785EMIRATES WEALTH EADUnited Kingdom2011/5/13Financial Service Providers Register(FSPR)Suspicious CloneFinancial Service Corporate328066AUSTRALIAN MUTUAL FUNDS EXCHANGE PTY LTDNew Zealand2013/12/8Australia Securities & Investment Commission(ASIC)Suspicious CloneInvestment Advisory License379035OKX AUSTRALIA FINANCIAL PTY LTDAustralia2011/1/28What Can I Trade on BMFN? BMFN provides access to 99+ financial instruments, including forex, indices, equities, ETFs, and commodities.Tradable InstrumentsSupportedForex✔Indices✔Equities✔ETFs✔Commodities✔Cryptocurrencies❌Leverage BMFN provides leverage from 1:200.Account Types BMFN doesn't mention its account types.Fee Structure BMFN provides spreads start at 1.4 pips, with no additional commissions on trades.SpreadFrom 1.4 pipsCommissions$0 (Spread-only pricing)Swap RatesApplicable, varies by instrumentTrading Platform BMFN provides MetaTrader 4 and its unique BMFN Web Platform.Trading PlatformSupportedAvailable DevicesSuitable forMetaTrader 4✔Web, iOS, AndroidNew and experienced tradersBMFN Web Platform✔Web-based onlyNew tradersDeposit and Withdrawal While other options, like credit/debit cards, Skrill, and China Union, are fee-free, with processing periods varying from instant to one business day, BMFN provides withdrawals via bank wire with a $25 fee.MethodTypeMin. AmountWithdrawal FeesProcessing TimeBank WireDeposit/Withdrawal$50$25 Fee1-3 Business DaysCredit/Debit CardsDeposit/Withdrawal$50No FeesInstant (Deposit) / 1 Business Day (Withdrawal)SkrillDeposit/Withdrawal$50No FeesInstant (Deposit) / 1 Business Day (Withdrawal)China UnionDeposit/Withdrawal$50No FeesInstant (Deposit) / 1 Business Day (Withdrawal)