BP Prime Review – Regulated Broker Offers Limited Trading Options

BP Prime broker operates under the flagship of Black Pearl Securities Limited. This institution is registered in the UK since 2013. They provide Forex and CFD trading services without dealing desk, 24/6 professional support and transparency.

But what makes this broker different than the others is their regulation. However, if that is the only quality thing here or not read in this latest BP Prime review.

In addition, we recommend reading our reviews about brokers CapitalXTend, Alliance Trader and SohoMarkets.

Is BP Prime a Regulated and Licensed Broker?

Black Pearl Securities Limited, with license number 688456, is an authorized and regulated broker by the Financial Conduct Authority (FCA) in the United Kingdom. This means that the broker is obliged to comply with stringent regulations in offering financial services to its clients.

These measures include holding client funds in separate bank accounts with reputable financial institutions, as well as providing compensation in case of bankruptcy. Yet, the broker doesn’t have other Tier 1 regulations like BaFin or ASIC.

They are regulated by the FCA indeed. They don’t have stock market assets available on the platform. You are limited only to one trading platform. Very high minimum deposit requirement.

What Platforms Does BP Prime Offer? – Available Trade Software

The MT4 mobile app is a practical solution for traders who prefer to trade while on the move. It is compatible with smartphones and tablets, providing a convenient way to open positions, monitor price changes, and review trading history.

There are many more benefits to using the MT4 platform. Such as a user-friendly interface and customizable charts. Not to mention automated trading through advanced EAs, mobile trading and community support.

BP Prime’s Trading Assets and Instruments

BP Prime offers a short range of products for trading. 4 major instrument classes are included. But it’s worth mentioning that for FCA-licensed broker, they miss out on a very important class – Stocks.

From other assets they provide the following:

• 27 currency pairs (Forex) – USD/JPY, GBP/EUR, AUD/NZD
• 10 indices – DAX 30, FTSE 100, S&P 500
• Commodities – crude oil, natural gas, gold
• 4 cryptocurrencies – BTC, ETH, LTC, XRP

Besides their license offer is quite poor. Especially knowing that some other Tier 1 regulated brokers offer a much wider range of instruments.

BP Prime Countries Of Service

BP Prime trading company has the authorization to provide services worldwide. According to BP Prime reviews they are mainly operating in countries like:

• Australia
• United Kingdom
• Italy
• United States

As they require other companies to have an FCA license or TPR, likewise they maybe need other regulations as well. Therefore, check with your domestic regulator if you should invest with this broker or somewhere else.

BP Prime List of Account Types

This broker only offers 2 account types. Those are dividing poor guys from the start. The minimum deposit requirement is 20 times higher than the industry average. Those account types are:

• The Pro Account       5.000 EUR/GBP/USD
• The Prime Account    10.000 EUR/GBP/USD

The main benefit of the Prime Account is a lower spread from 0.1 pips. But their traders will face commissions depending on trading volume. Which might be a potential issue.

Information About Demo Account

If you are not eager to deposit first and you still don’t trust this broker,  you have a demo account. It’s a risk-free option to test their platform and trading conditions. Yet, since it’s a virtual account you won’t have a realistic picture of trading. But to get a demo account, you need to complete the full registration form.

Negative Balance Protection

Due to strict regulations, they have this feature enabled. BP Prime broker won’t get you into debt this way. So, the maximum that you can lose is what you have on your trading account balance. Once you start losing heavily, think about making a break.

BP Prime Promotions –  How Does The Program Work?

BP Prime broker doesn’t have any promotions. Often brokers provide certain rewards for bringing more traders. Since FCA is a very strict regulator all bonuses are forbidden. Therefore, we need to give them credit for that. Yet, they have a very high minimum deposit and no stocks available. Which makes them a less favorable option for many traders.

Terms of Service for BP Prime

In general, they have only a few funding methods. Those are:

• Debit/credit cards
• Bank/Wire transfers
• e-payments (Neteller & Skrill )

The broker claims to have immediate withdrawal processing time without fees. Yet, for wire transfers, it takes up to 5 working days in some countries. Important to notice is that only UK customers have free withdrawals. Others have only 1 withdrawal per month without costs. Every other is charged 25 EUR.

Leverage, Spreads and Fees

For retail traders, maximum leverage is up to 1:30. Which complies with EU regulations and ESMA rules. However, pro traders with specific criteria can get leverage up to 1:200.

Spreads are below the industry average and start from 0.6 pips. However, commissions depend on trading volume and they can be sometimes very high. Unfortunately, this broker doesn’t have a micro-account to test it out. Which is a huge downside, considering their high minimum deposit requirement.

On the positive side, they don’t charge inactivity fee. But they charge rollover fees for each position open through the night.

What Should I Do If I Have BP Prime Problem?

Let us know first what was your experience with BP Prime broker. Even with regulated brokers, traders can have issues sometimes. Primarily, you can seek a solution with their regulator. Which is highly trusted and known for strict controls.

Yet, sometimes not even that works for you. Our fund recovery team can advise you on any step. Don’t hesitate to contact us and find a solution to your problem. Get in touch today!