Overall, BMFN offers trading on the MetaTrader 4 and BMFN Webtrader platforms, with tight spreads and competitive commissions. BMFN requires a minimum deposit of 50 USD and is notably regulated by the ASIC.
BMFN at a glance
| 🔍 Broker's Name | BMFN |
| 📍 Headquartered | 14 Offices worldwide: Australia, United Kingdom, UAE, Egypt and other |
| 📅 Year Founded | 1988 |
| ⚖️ Regulating Authorities | Australian Securities & Investments Commission (ASIC), in Vanuata, with the Vanuata Securities Dealers License. the UK (FCA), and New Zealand (FSP). |
| 🌐 Countries not accepted for trade | The United States |
| ☪️ Islamic account (swap-free) | No |
| 📒 Demo Account | Yes |
| 🏛 Institutional Accounts | Yes |
| 💼 Managed Accounts | Yes |
| 📊 Maximum Leverage | 1:400 |
| 💰 Minimum Deposit | 50 USD |
| ZAR | 850 ZAR |
| 💳 Deposit Options | GLOBEPAY, CASHU, Visa, Mastercard, Skrill and Neteller |
| 💳 Withdrawal Options | GLOBEPAY, CASHU, Visa, Mastercard, Skrill and Neteller |
| 💻 Platform Types | MetaTrader 4 and UniTrader |
| 📱 OS Compatibility | Yes, PC and Mobile |
| 📈 Tradable assets offered | FX Currency pairs, CFDs, Commodities, Precious metals, Equities, Stock, Futures, and Indices |
| 👨💼 Languages supported on Website | English, Arab, Spanish, Chinese and Russian |
| 👥 Customer Support Languages | English, Arab, Spanish, Chinese and Russian |
| 📆 Customer Service | 24 hours a day, 5 days a week. |
| 📌 Open an account | 👉 Click Here |
Min Deposit
USD 50
Regulators
ASIC
Trading Platform
MT4, UniTrader
Crypto
No
Total Pairs
0
Islamic Account
No
Trading Fees
Low
Account Activation
24 Hours
A Quick Overview of our BMFN Review – 23 Key Points
- ✅ BMFN at a glance
- ✅ Who is BMFN?
- ✅ BMFN Safety and Security
- BMFN Pros and Cons
- BMFN Leverage
- BMFN Deposit Bonus
- BMFN Introducing brokers (IB) Program
- BMFN Minimum Deposit
- BMFN Accounts
- BMFN Market Instruments
- BMFN Fees, Spreads, and Commissions
- BMFN Deposit and Withdrawal
- BMFN Trading Platforms
- How to Open a BMFN Account
- BMFN Customer Support
- BMFN Education
- BMFN Awards
- BMFN vs BitMEX vs Rakuten Securities – A Comparison Table
- BMFN Current Popularity Trends
- BMFN Customer Reviews
- Conclusion
- Disclaimer
- Frequently Asked Questions
Who is BMFN?
According to research in South Africa, Boston Merchant Financial, Ltd., or BMFN offers its clients a wide variety of financial services. These services include investment solutions, clearing options for banks or corporations, money management services for retail customers or money managers, and Forex and CFD trading.
The company was established in 1988 and has since been developing its own software products and solutions which it claims to be among one the best in the industry.
BMFN features offices in Australia, Egypt, China, Kuwait, New Zealand, United Arab Emirates, Russia, Ukraine, and the UK, with their head office in the Republic of Vanuatu.
BMFN Safety and Security
One of the best benchmarks to measure the safety of a broker like BMFN is to establish which regulating authorities are watchdogs over its actions. BMFN is regulated by the Australian Securities and Investments Commission (ASIC).
BMFN Pros and Cons
| ✔️ Pros | ❌ Cons |
| Low minimum deposit | High spreads |
| Choice of trading platforms | Negative customer reviews |
| High leverage | |
| well regulated broker |
BMFN Leverage
BMFN offers a maximum leverage ratio of 1:400. Leverage is a facility that enables you to get much larger exposure to the market you are trading than the amount you deposited to open the trade. Leveraged products, such as forex trading, magnify your potential profit but also increase your potential loss.
Leverage amount is expressed as a ratio, for instance, 50:1, 100:1, or 500:1. Assuming that you have $1,000 in your trading account and you trade ticket sizes of 500,000 USD/JPY, your leverage will equate to 500:1.
Margin is the amount of collateral to cover any credit risks that may arise during your trading operations. It is expressed as the percentage of position size (e.g. 5% or 1%), and you must have funds in your trading account to ensure sufficient margin.
For example, on a 1% margin, a position of $1,000,000 will require a deposit of $10,000. The margin level in a trading account needs to be equal to or more than 100% to be able to open new trades, otherwise your trading account will be fully hedged.
BMFN Deposit Bonus
HOW IT WORKS:
New or existing accounts at BMFN who enroll in the Bonus Program and make a qualifying deposit will receive a deposit bonus of up to $10,000! The more you deposit, the more bonus funds you receive. Trading requirements do apply. See the Terms and Conditions for more information.
BMFN Introducing brokers (IB) Program
▶ Step 1 – CONTACT BMFN, You or your firm would have to contact BMFN’s sales department or send an email to operations_vt@bmfn.com, BMFN employees speak five major languages – English, Chinese, Arabic, Russian and Spanish – and will answer your questions.
▶ Step 2 – IB AGREEMENT
Sign the electronic agreement and get approved in just a few minutes. You will get your unique BMFN IB Number, a Certificate signed by BMFN, the option to create your own professional website hosted by BMFN, and your own client registration link that will tag accounts under your IB.
▶ Step 3 – GET PAID
BMFN offers online rebates and commission payments to all IBs. You don’t have to wait until the end of the month to get paid. You and/or your firm will be paid from BMFN on each trade your customer makes. (According to your IB schedule). As an IB of BMFN, you will see how many trades your customers made and what financial instruments they traded and how much you are getting paid. All numbers are taken from the IB agreement.
BMFN Minimum Deposit
The minimum deposit amount required to open a broker account with BMFN is $50. This is a low minimum deposit when compared to many other brokers in the industry.
| 💳 BMFN Minimum Deposit | $50 |
| ZAR | 850 ZAR |
| Open an account | 👉 Click Here |
|---|
BMFN Accounts
A forex account at BMFN is a trading account that you will hold and that will work similarly to your bank account. The difference is that it is primarily issued with the purpose of trading on currencies. BMFN does not offer the option of converting a live trading account into an Islamic account. Often, the number and type of accounts that a trader can open with a broker company differ depending on the country in which it operates and the regulatory authorities with whom the broker holds regulations. BMFN offers the following types of accounts:
🌐 MT4 accounts with fixed spread (MT4 FX platform)
🌐 MT4 accounts with variable spread (MT4 CFD and MT DMA platform)
🌐 UniTrader accounts with variable spread.
These account types offer a maximum leverage of up to 1:400, a floating spread that starts at 2 pips and a minimum deposit requirement of 50 USD.
To achieve the maximum leverage of 1:400, you will have to contact the BMFN support team, or the leverage will remain at a default of 1:200. This account offers its clients a 110% Margin Call with the use of micro lots and the support for scalping and hedging. There are no further commission fees.
BMFN Demo Account
In order to open a trading account, please register in MyBMFN Private Cabinet. It allows to conduct any kind of operations such as opening accounts, funding your trading account, requesting a withdrawal, transferring funds to another account, running a variety of reports, etc
▶ Risk – 🆓
▶ Live Trading Conditions
▶ Virtual Funds
BMFN Market Instruments
The most popular market instruments available from most brokers for trading include:
Forex:
Forex trading describes the currency exchange market which refers to the global, decentralised marketplace where individuals, companies, and financial institutions exchange currencies for one another at floating rates.
Commodity markets offer many investment opportunities for traders. Soft commodities have been traded for centuries and play a major role in portfolio diversification and risk management.
Investing in contract-based tradable goods is a reliable way to mitigate risk during times of economic uncertainty.
Indices:
Equity, or stock indices, are actual stock market indexes that measure the value of a specific section of a stock market. They can represent a specific stock market or a specific set of the largest companies of a nation.
Precious metals:
The trading of gold and other precious metals, along with crude oil, copper, or petroleum, are hard commodities that play a major role in the commodities market and are contract-based tradable goods.
Energy:
The typical feature of energy prices is high volatility due to the influence of political and environmental factors, supply and demand, extreme weather conditions, and global economic growth.
BMFN offers the following from the above:
| 📊 FX Currency pairs | 📊 Equities |
| 📊 CFDs | 📊 Stock |
| 📊 Commodities | 📊 Futures |
| 📊 Precious Metals | 📊 Indices |
BMFN Fees, Spreads, and Commissions
Cost depends on different factors, like spread and margins. BMFN clients may also experience different fee structures according to their country or place of residence. The spread of a currency pair is the difference between the bid and the asking rate. A pip represents the smallest increment that an exchange rate can move.
Margin is the amount of money required in your account to open a position. Margin is calculated based on the current price of the base currency against USD, the size (volume) of the position, and the leverage applied to your trading account. BMFN offers a floating spread on majors starting at 1,6 pips and, as an added benefit, there is no commission charge on trades.
Min Deposit
USD 50
Regulators
ASIC
Trading Platform
MT4, UniTrader
Crypto
No
Total Pairs
0
Islamic Account
No
Trading Fees
Low
Account Activation
24 Hours
BMFN Deposit and Withdrawal
Accounts usually require a certain minimum initial deposit, which can be paid in several ways. Withdrawals can usually be done through the same payment method, but it often differs from one broker to the next. BMFN has a minimum deposit requirement of 50 USD/850 ZAR and the following payment methods are supported:
💳 CASHU
💳 GlobalPay
💳 Skrill
💳 Neteller
BMFN Trading Platforms
The forex trading platform provided by BMFN to its clients is the software to carry out their trades. Some brokers provide only one while others provide quite a few platforms. A multi-asset trading platform is one that allows clients to trade forex as well as other asset classes. The decision about which platform to choose will usually depend on what a client would like to trade.
BMFN provides its customers with the use of the popular MetaTrader 4 platform along with BMFN Webtrader. With BMFN they have access to an economic calendar, a live news feed, and several more. These come standard with the MetaTrader 4 and web platforms. Other features included with these trading platforms are built-in technical indicators, advanced charting packages, a wide range of Expert Advisers (EAs), and an extensive back-testing environment.
How to Open a BMFN Account
Similarly, to a bank, to register a forex trading account with BMFN for the first time, you will be required to go through a basic “know your customer” process. This will allow BMFN to ascertain your submitted details and ensure the safety of your funds and account details.
Step 1 – Navigate to the BMFN website and click on ‘Open an account”
Navigate to the account registration area on the BMFN website. This can be accessed by clicking on the Open an account button at the top of the landing page.
Step 2 – Fill out the BMFN account registration form
Fill out the short online registration form to request a live trading account. You will need to provide your email address. first and last name, cellphone number, birthday, and country of residence.
fill in the secure code and click “Sign, Up Now” to continue.
Step 3 – Choose between registering a Live or Demo BMFN account.
Step 4 – Provide the documentation required and Sign the BMFN Agreement
Step 5 – Obtain the BMFN log-in credentials and access the Portal.
BMFN Customer Support
Potential traders need to make sure the broker company they choose will offer adequate support whenever they need it. BMFN customers can reach the support team via email, telephone, or live chat.
BMFN Education
Before starting to trade, potential clients of BMFN should avail themselves of all possible information. Trading skills need to be honed to ensure that traders can be successful in the world of forex and commodity trading.
BMFN offers its clients an extensive range of educational materials. This however requires a BMFN sign-in to gain access. They offer a beginner course, traders tools section, trading strategies, and MetaTrader 4 tutorials. To trade with confidence, traders should do as much research possible about this kind of speculative trading before proceeding. They should also investigate each deal to ensure that they do not lose money unnecessarily and trade as profitable as possible.
BMFN Awards
BMFN is praised by customers.
BMFN vs BitMEX vs Rakuten Securities - A Comparison Table
| 🥇 BMFN | 🥇 BitMEX | 🥇 Rakuten Securities | |
| 💳 Minimum Deposit | $50 | 0.001 BTC | $50 |
| 🎉 Affiliate Programs | ☑ | ☑ | ☑ |
| 💻 MetaTrader4 | ☑ | ❌ | ☑ |
| ☪️️ Swap Free | ❌ | ❌ | ☑ |
| 📌 Open an Account | 👉 Click Here | 👉 Click Here | 👉 Click Here |
|---|
BMFN Current Popularity Trends
According to Google Trends, here is an overview of how frequently the search term – “BMFN” is entered into Google’s search engine over a given period of time.
BMFN Customer Reviews
Be careful
Be careful. I had a terrible experience. I lost at first but was helped by a fellow trader – RR
Average
I have had a good experience, in the beginning, id say average broker so far – Jameel
BMFN IB and White Label Program
I enjoy the opportunities to earn an income through the White label and Introducing Broker IB programs offered, Check it out! – Kim
Conclusion
Overall, BMFN can be described as a company that can be trusted thanks to its top-tier regulation. However, they do offer spreads that are higher than average, and unfortunately, BMFN has many negative user reviews. Despite this, BMFN offers an adequate variety of trading instruments and a low minimum deposit requirement.
Min Deposit
USD 50
Regulators
ASIC
Trading Platform
MT4, UniTrader
Crypto
No
Total Pairs
0
Islamic Account
No
Trading Fees
Low
Account Activation
24 Hours
Disclaimer
BMFN warns potential customers that Forex and CFDs trading carries a high risk and may not be suitable for all investors. Before deciding to trade with BMFN, potential traders are advised to carefully consider their investment objectives, financial situation, needs, and level of experience before investing money they cannot afford to lose.
BMFN warns that margin trading involves the potential for profit as well as the risk of loss. Traders should consider that movements in the price of foreign exchange and commodities are very unpredictable, hence BMFN cannot guarantee a maximum loss that a trader may suffer, according to research in South Africa.
Frequently Asked Questions
What type of broker is BMFN?
BMFN is an STP and ECN broker.
What is the overall rating out of 10 for BMFN?
BMFN holds an overall rating of 3/10.
Is BMFN a legit broker?
Yes, BMFN is regulated by the Australian Securities and Investments Commission (ASIC).
What are the advantages of trading with BMFN?
BMFN offers a trading environment suitable for all types of traders from beginners to experienced traders.
Which platforms are supported by BMFN?
BMFN provides the following popular trading platforms:
- MetaTrader 4
- BMFN WebTrader
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