BMFN Review – Few Important Facts About This Broker
BMFN Limited is an FX and CFD broker. It provides access to the multinational financial markets while delivering localized services.
BMFN Commercial Brokers LLC has recently relocated its headquarters to Vanuatu. Moreover, the broker has also established a presence in Dubai (UAE) and has offices in Sydney (Australia), Oakland (New Zealand), and Shanghai (China).
Let’s dig deeper into this BMFN review to find out the truth! Keep on reading for more!
|Broker status:||Offshore Broker|
|Regulated by:||No Regulation/Revoked|
|Blacklisted as a Scam by:||N/A|
|Owned by:||BMFN Limited|
|Headquarters Country:||Republic of Vanuatu|
|Supported Platforms:||BMFN Trade app, MetaTrader 4 (MT4) and UniTrader|
|Types of Assets:||Forex, Gold & Silver, Oil, Stocks, Indexes, Energies, and ETF|
|Free Demo Account:||Available|
|Accepts US clients:||No|
Is BMFN a Regulated Broker With License?
This company is not subject to regulation by any recognized regulatory authority. As per BMFN’s official website, it holds a Vanuatu Securities Dealers license. This license allegedly permits the company to trade forex and various other financial instruments.
Yet, we note that operating without regulation can pose risks to investors. Regulatory oversight can help ensure companies follow industry standards. Holding a local license is good. It means they meet the minimum requirements to operate in the country. Yet, we still recommend caution. Please don’t engage in financial transactions with the company before researching them.
As stated on the official website of BMFN, the company doesn’t have Tier 1 regulations. This lack of regulation in a Tier-1 jurisdiction may cause concern. It can impact the level of protection offered to investors. Without regulation in a Tier-1 jurisdiction, investors may face higher risks. They also may have limited recourse if issues arise. The broker doesn’t have FCA + ASIC + BaFin licenses.
In Australia, BMFN operates under the name BMFN Pty Ltd (PLtd). Yet, traders in Australia, the US, Canada, Belgium, Turkey, and Japan cannot trade through this broker. Despite its global reach and reputation, it’s crucial to note that BMFN’s licenses have been revoked.
This firm is a forex and CFD broker that provides access to international financial markets with localized services. The broker is not regulated by any recognized regulatory authority. Moreover, the company operates in several countries, but traders in Australia, the US, Canada, Belgium, Turkey, and Japan cannot trade through this broker. The broker has a vast user base, but reviews are negative, and regulatory oversight is not available, which can pose risks to investors.
As a popular choice among traders, BMFN has amassed a vast user base of over 100,000 traders. Yet, traders must exercise caution when dealing with BMFN. The broker currently operates without a license.
Brokerage firm BMFN Limited specializes in FX and CFD trading, offering access to global financial markets. However, some may raise concerns about the company’s licensing. In addition to Vanuatu, BMFN Commercial Brokers LLC has offices in Sydney (Australia), Oakland (New Zealand), and Shanghai (China).
Trader’s Perspectives on BMFN
At the time of writing this BMFN review, there are only two reviews on Trustpilot, and both are negative.
We also checked other sites and found many dissatisfied customers. Everyone says the same thing – give us our money back! So, please be cautious about this broker.
Trading Platform and Other Apps on BMFN
The company provides clients with a range of trading platform options. They offer two popular platforms – MetaTrader 4 (MT4) and UniTrader. They also offer their proprietary web-based trading app.
The BMFN Trade app is accessible through their website’s ‘My account’ section. Yet, users can trade once they log in. The platform’s user-friendly interface is suitable for beginners and offers seamless trading.
What Financial Instruments Does The Platform Include?
UniTrader and MT4 CFD accounts offer users a diverse range of trading instruments. Those include forex currency pairs, commodities, and CFDs.
Forex currency pairs and commodities can be accessed through both MT4 FX and MT DMA accounts. However, CFDs are exclusively available through the UniTrader and MT4 CFD accounts.
BMFN – Countries Of Service
BMFN prohibits trading in certain countries, such as the US, Canada, Japan, Turkey, Australia, and Belgium. This is a fact!
On the other hand, this broker offers its activities in the following countries. They are as follows: Thailand, the United Kingdom, the United States, Canada, Trinidad & Tobago, India, Sweden, Denmark, and many more.
What Are the Different Account Types at BMFN?
There are four types of accounts available at BMFN, namely:
- MT4 CFD account, which has a variable spread
- MT4 DMA account, which also has a variable spread
- MT4 account, which has a fixed spread
- UniTrader account, which has a variable spread
Both the UniTrader and MT4 CFD accounts provide access to all forex currency pairs, commodities, and CFDs. Yet, the MT4 FX and MT DMA account only provides access to forex currency pairs and commodities, without facilitating access to CFDs.
Can a Trader Use a Demo Account?
BMFN provides a demo account that enables users to access all available instruments at real-time prices. You may think this is an advantage.
The account funds are virtual and the environment is simulated, eliminating the risk of financial loss. Yet, keep in mind that this broker is suspicious.
Terms of Service for BMFN
The BMFN Terms of Service outline the conditions and rules for platform users. These include the account opening process, clients’ responsibilities, and the platform’s limitations.
It’s important to carefully read and understand the Terms of Service before using the platform to avoid potential issues or misconceptions. If you have questions or concerns about the Terms of Service, contact BMFN’s customer support team for clarification.
Leverage, Spreads, and Fees
BMFN’s leverage ratio differs depending on the asset. Forex pairs can be leveraged up to a maximum of 1:400, but the default rate is 1:200, and customers must contact customer support to request an increase.
With a leverage rate of 1:400, a deposit of £10 allows trading with £4,000, which can amplify both potential profits and losses. Commodities and CFDs have a 1:33 leverage ratio respectively.
Does BMFN Offer Security?
To gauge the safety of a broker such as BMFN, a reliable benchmark is to identify the regulatory bodies responsible for managing its operations. BMFN claims to be under the supervision of the Australian Securities and Investments Commission (ASIC).
Please note that the license number (379035) for ASIC regulations claimed by this broker is suspected to be a clone. Therefore, there may be risks involved.
BMFN – Bonus Policy
BMFN does not offer deposit bonuses to new or current clients. This is a common practice among some forex brokers.
These bonuses are given at the discretion of the broker upon opening an account or with ensuing deposits. Also, BMFN does not provide commission-free trade bonuses to its clients.
What Steps Should I Take If I Encounter an Issue with BMFN?
If you have an issue with the BMFN broker, contact their customer support team. They should be able to help you resolve the problem, or at least provide you with relevant information to address the issue.
You can reach BMFN’s customer support via phone, email, or live chat on their website. If the issue is not resolved to your satisfaction, you can also contact us for help! We will do our best to help you!
What is BMFN?
BMFN is an FX and CFD broker that provides access to markets while delivering localized services.
Is BMFN a regulated broker?
BMFN is not regulated by any recognized regulatory authority, but it holds a Vanuatu Securities Dealers License.
Is BMFN available in the United States or the UK?
BMFN bans trading in the US, Canada, Japan, Turkey, Australia, and Belgium but offers its activities in Thailand, the UK, the US, Canada, Trinidad & Tobago, Sweden, Denmark, and many more.
Does BMFN offer a demo account?
Yes, BMFN provides a demo account that enables you to access all available instruments at real-time prices.