Benchmark Finance Review: Bogus Broker Luring Traders
Benchmark Finance broker is an investment intermediary. They are owned by Benchmark Group established in 2003 in Bulgaria. They present themselves as a regulated broker. In contrast to that, they offer some questionable trading conditions.
To find out if all that this broker presents is true, continue reading this Benchmark Finance review.
|Broker status:||Unregulated Broker|
|Regulated by:||FSC Bulgaria|
|Blacklisted as a Scam by:||N/A|
|Owned by:||Benchmark Group|
|Supported Platforms:||MT4 / MT5|
|Cryptocurrencies:||Yes – BTC, BNB, ADA|
|Types of Assets:||Forex, Commodities, Indices, Shares, Cryptocurrencies|
|Free Demo Account:||Yes|
|Accepts US clients:||N/A|
Is Benchmark Finance a Regulated Broker or Not?
Even though they present some speculative options for trading, they are indeed regulated brokers. On their website, they state to have a license from institutions like BaFin, CONSOB, CNMV, etc. However, the only license for trading comes from the domestic regulator FSC in Bulgaria.
All other registration numbers are related to their permissions to trade abroad. Yet, those are not Forex and CFD trading licenses. With all this in mind, we are wondering how they allow leverage up to 1:200 when the maximum allowed by MiFID and regulations is 1:30.
They have only a Bulgarian trading license, others are EU allowances for running a business. Maximum leverage up to 1:200 is over the allowed limit for EU brokers. They have available MT4 and MT5 platforms. No available user experiences online.
Benchmark Finance Platform – Trading Software
Benchmark Finance Trading company provides the two most reliable trading software options. Those are Meta Trader 4 & 5. Whether you are looking for a desktop or mobile version, you can get it easily.
An important advantage of MT5 is the availability of netting and cryptocurrency trading. While MT4 doesn’t have those options. But what’s good is that both software options have EAs, no dealing desk, and low-margin requirements.
However, we have seen in the past with other companies that a trusted platform doesn’t define a broker as trusted. It all comes up at the end to one thing and that is withdrawal.
Benchmark Finance’s Trading Assets and Instruments
On the positive side, this broker provides access to more than 30.000 financial securities. Those are divided into 5 major groups. Available instrument classes are
- Forex – AUD/NZD, EUR/SGD, GBP/JPY
- Commodities – natural gas, crude oil, platinum
- Indices – BE 20, SPA 35, US 500
- Shares – General Motors, Walt Disney, American Express
- Cryptocurrencies – BTC, USDT, SOL
Important to realize is that this is CFD trading. Which is more dangerous than regular investing in a stock market for instance. Another key point is volatility. With high leverage and volatile assets like cryptos, the trading balance is easily wiped off.
Benchmark Finance Countries Of Service
As can be seen in Benchmark Finance reviews, they operate worldwide. But they mainly target traders from:
- United States
Even though they are regulated brokers, some countries have their own jurisdictions. Therefore, first check with your domestic regulator should you trade with this broker.
Generally speaking, established companies have very high-rated comments on user experience platforms like Trustpilot. A strange fact is that Benchmark Finance reviews can’t be seen there.
What Are The Different Benchmark Finance Account Types?
Benchmark Finance traders can choose only between two options. Yet, none of those have a minimum deposit requirement. They have:
- Meta Trader account
- Trader account
The only difference comes from the leverage where the Trader account has leverage up to 1:50. Which is still higher than the maximum allowed of 1:30.
Another key benefit is spread, which is way lower for the Meta Trader account and starts from 0.8 pips. Moreover, it’s good to know that professional accounts are available. But for that, you need to meet certain requirements.
Can a Trader Use a Demo Account?
Besides a live trading account, traders can open a demo account. They are provided with $100.000 of virtual funds. This is a good choice to test the platform, but it’s not good for learning how to trade. Virtual funds give you a false picture of trading.
Terms of Service for Benchmark Finance
In general, regulations are strictly guiding the creation of T&Cs. However, there are some irregularities. All EU, UK and Australian regulators have banned bonuses in CFD trading. Yet, this broker offers a Loyal Client program with a bonus of up to 3.000 EUR.
From funding methods this broker accepts:
- Bank cards
- Wire transfers
In general, the broker is processing withdrawals in 30 minutes and has 0% fees.
You can decide for yourself if is it worth investing with this broker. Many pro traders would stick to the FCA-regulated ones. Because they have the strictest control and monitoring of trading companies.
Leverage, Spreads, and Fees
For different accounts this broker offers in the end leverage up to 1:400 . But only for professional traders. Their leverage directly violates rules for retail traders and the maximum allowed leverage is up to 1:30.
Even though they advertise tight spreads, for a basic account you get 2 pips. While the industry average starts around 1.5 pips. A good fact to know is that none of these accounts have commissions.
What Should I Do If I Have Benchmark Finance Problem?
Firstly, you can share your experience with us. Their regulation is not one of the ones with the highest trust rate. But you can look for a solution there. If traders are seeking or help that means mostly that they have withdrawal issues. These are potential issues here due to some irregularities that we saw.
Secondly, our fund recovery team is always at your disposal if you need to recover any funds. Get in touch with us today and book your free consultation!
What Is Benchmark Finance?
This is a Bulgarian-based trading company that offers Forex and CFD trading since 2003.
Is Benchmark Finance a Regulated Broker?
Yes. Benchmark Finance trading company is regulated by the Bulgarian FSC.
Is Benchmark Finance Available in the United States or the UK?
This broker provides services to clients from the US, but not from the UK.
Does Benchmark Finance Offer a Demo Account?
Besides live trading accounts, traders have an option for a demo account with this broker.