Unique Selling Points
Fast Trade Execution: BMFN's advanced technology ensures quick and efficient market trade execution, minimizing delays and slippage. This is an essential feature for professional traders who want to take advantage of open trading positions and maximize profits.
Proprietary Trading Platform: UniTrader is BMFN's exclusive WebTrader platform. It is intuitive and accessible for market makers, brokers, and individual traders. UniTrader boasts a user-friendly interface that novices can navigate effortlessly while captivating professional traders.
Introduction
Established in 1988, Boston Merchant Financial (BMFN) is a reputable brokerage firm renowned for its global presence and outstanding financial services. With diverse offerings, BMFN gives its clients access to trade instruments such as forex, commodities, indices, ETFs, and Equities.
The broker's offerings are available on reliable trading platforms like the traditional MetaTrader4 (MT4) and the broker's proprietary trading platform. Committed to regulatory compliance, BMFN operates as a regulated broker, ensuring its clients a secure and transparent trading environment.
The company prioritizes client satisfaction by providing competitive pricing, responsive customer support, and educational resources. Despite the broker's longevity in the financial market, its excellent offerings and services have remained consistent. It's over three decades in the industry have also strengthened its client's loyalty, and the broker is reciprocating by showing unwavering dedication to cater to the needs of its international clients.
Supported Countries
BMFN has a global presence as it serves clients from over 150 countries. These countries include Argentina, Bahamas, Brazil, Cameroon, Cameroon, Cayman Islands, China, Denmark, Egypt, Ethiopia, Finland, France, Germany, Ghana, Greece, Hungary, India, Iraq, Ireland, Italy, Lesotho, Libya, Madagascar, Mauritius, Mexico, Netherlands, North Korea, Portugal, Qatar, Saudi Arabia, Seychelles, Sweden, Thailand, Trinidad and Tobago Ukraine, United Arab Emirates, Vanuatu, Venezuela, Yemen, Zambia, and Zimbabwe.
On the other hand, BMFN is restricted in some countries due to local laws and trading policies. These countries include the United States, Belgium, Canada, Turkey, and Japan. While residents of these countries can not access the broker's trading platforms, citizens of any of these countries resident in regions where the broker is licensed can access the trading platform.
Customer Service Rating
Clients trading with BMFN have shared their reviews based on their experience with the platform on various platforms. Since traders have different expectations, BMFN customer reviews are expected to be positive and negative. However, Boston Merchant Financial's client reviews have earned the company a decent rating of 3.7/5 on Trustpilot. This indicates a general satisfaction with the broker's offerings and services by its clientele.
On the positive side, clients commend BMFN for offering diverse financial instruments that enable them to access various markets and broaden their trading opportunities. The competitive spreads have also been highlighted as positive, allowing for potentially cost-effective trading. In addition, clients applaud the user-friendly trading platforms which make trade execution smooth and efficient. The broker's regulatory license has also been highlighted as a bonus in gaining the client's trust that the broker runs a secure and transparent trading environment. Furthermore, the availability of educational resources has been well-received by traders as it enhances their trading knowledge and skills.
On the other hand, negative Boston Merchant Financial reviews from clients are hinged on withdrawal hitches and delayed customer support. Also, the limited availability of live chat has become a concern for traders. Live chat features on some other platforms are available 24/7, so it's understandable that the clients feel this way. Additionally, some clients have reported technical issues during trading across available platforms, which sometimes caused missed opportunities and diminished the trader's experience.
Overall, BMFN has garnered praise for its offerings; this review, however, hopes improvements can be made in its customer support offering. We also expect that other platform stability issues will be enhanced so that traders can enjoy a premium trading experience.
Trading Platforms
Via our BMFN review, we gathered that BMFN has, over the years, reiterated its commitment to offering its clients top-notch trading options. Hence, the broker affords its client's various platforms designed for convenience. While these platforms share similar features, they each have their peculiarities to suit different clients' preferences. Here are more specific details of each platform.
MetaTrader4 (MT4): Like most brokers, BMFN affords its clients access to the MT4 trading platform. This trading platform has been in the financial market for several years and has become one of the most popular and instrumental trading platforms. With this platform, traders can access advanced features such as automated strategies, expert advisors (EAs), and analytical tools that make trading easier and more enjoyable. The platform, available in multiple languages, makes accessing the different trading instruments easier. Additionally, traders enjoy high flexibility on this platform.
UniTrader: This is BMFN's proprietary WebTrader platform. UniTrader is a user-friendly trading platform for market makers, brokers, and individual traders. The platform offers an interface that novice and professional traders can easily navigate. Traders using this proprietary platform can benefit from tailored instrument subscription, server-side trailing stop, easy order management, and trading of several financial instruments from a single window.
Mobile App: BMFN offers traders a mobile trading app available to Android and iOS users. The app is designed for traders who are always on the go and prefer a more compact trading means. Hence, both the MT4 and UniTrader are available in mobile versions, giving traders access to their accounts anytime. For instance, traders using the MT4 mobile platform can analyze the market using charts and examine their trading history from their phones in their homes.
Type of Trading Accounts
In line with its goal to offer its clients top-notch variety, BMFN offers them different trading accounts. These accounts have been designed to cater to all the traders' needs regardless of their trading skills or experience. Hence, novice and professional players can easily navigate the platform and maximize profits. The available trading accounts include:
UniTrader Account: This trading account is only available on the UniTrader platform. Clients are required to make a minimum deposit of $50 to start trading with the account. The minimum position size is 0.01 and it has a variable spread. Leverage goes from 1:10 on ETFs and stocks to 1:400 on Forex.
MT CFD: Traders can only access this account on the MetaTrader 4 trading platform. The MT CFD has a minimum position size of 0.01 and a variable spread. The account also requires a minimum deposit of $50. The leverage on this account ranges from 1:33 to 1:400.
MT FX: This is another trading account that BMFN offers clients with a $50 minimum deposit requirement. MT FX has a variable spread and a 0.01 minimum position size. Similar to MT CFD, the account is only available on the MT4 platform. The available leverage on this platform is up to 1:400.
MT DMA: This account like the other MT accounts is only available on the MetaTrader 4 trading platform. It also has a minimum deposit requirement of $50. The spread is variable and the minimum position size is 0.01. Leverage on MT DMA is up to 1:400 for Forex.
Demo Account: BMFN offers a demo account that allows traders to practice trading strategies using virtual funds. This account can be used by beginner traders just getting into the trading world as it will help them become familiar with the intricate aspects of trading. It can also be used by experienced traders who want to try a different trading strategy.
Islamic Account: This is an account that is compliant with Sharia law. Hence, it suits traders who want to adhere to Islamic principles while still engaging in online trading. There is no interest or any other fee on this account.
Trading Denominations
BMFN offers a selection of key base currencies to meet the diverse trading needs of its clients. These currencies include AUD, CAD, CHF, JPY, USD, EUR, GBP, NZD, and NOK. With these base currencies, BMFN offers its clients the flexibility to align their trading strategies and capitalize on various market movements, enhancing their trading experience.
Company Structure
BMFN operates with a well-defined company structure that ensures effective operations and client support. To facilitate the broker's effective operations and bring it physically closer to its clients, the BMFN has offices in different regions worldwide. Aside from its office in Vanuatu, which serves as the headquarters, BMFN has over ten established physical offices in areas including Ukraine, Egypt, Dubai (UAE), Shanghai (China), Kuwait, Sydney (Australia), Russia, Oakland (New Zealand) and the United Kingdom. The broker has reported that these offices enable local support and enhance accessibility to clients from different regions.
Our BMFN review also gathered that the brokerage firm is run by a management team that comprises experienced professionals with a track record of service in the financial industry. The team members have infused their expertise and leadership skills to put the broker at the level it has attained over the past three decades. Teamwork is highly encouraged in BMFN, and its staff's collective industry knowledge and strategic guidance contribute to the growth and success of the brokerage firm.
Licenses and Regulatory Compliance
The specific licenses and regulations may vary depending on the jurisdiction in which BMFN operates. However, as its central hub, the company has a dealer license from Vanuatu Financial Services Commission (VFSC). The firm has disclosed that it has operation licenses from the financial authorities in jurisdictions with physical offices. The firm also reports that it fully complies with the regulations prescribed by these authorities to protect the interests of traders and maintain the integrity of the financial markets.
Like other brokerage firms, this BMFN review expects that BMFN undergoes rigorous assessments and audits by regulatory bodies to maintain full compliance standards. These assessments evaluate various aspects of the company's operations, such as financial stability, risk management practices, client fund protection, and compliance with anti-money laundering regulations.
Customer Support
From our Boston Merchant Financial review, we deduced that the broker offers efficient customer support to assist clients with their trading needs. The support team is, however, available 24/5 via email and live chat. The broker's website also provides an online form where traders can make inquiries or complaints and get speedy responses. Clients can also visit any of BMFN's physical offices to get help on any issue during office hours.
Although some clients express dissatisfaction about being unable to access the customer support representative during the weekend, the team strives to ensure a positive and helpful support experience during the week. To support its customers and make up for their absence on weekends, BMFN prompts customer support in multiple languages, including Arabic, English, Ukrainian, Russian, and Chinese making it easier for clients to access the team without bothering about language barriers.
Many customers have reported that the broker's customer support team is knowledgeable and efficient. This adds some bonus to BMFN's customer support offering.
Customer Protection
As a regulated broker, the activities of BMFN adhere to regulations that ensure that it is committed to providing a secure and transparent trading environment for the safety of its client's funds and Investments. By this, the company builds trust and gains the confidence of its clients, allowing customers to trade and rest assured that their funds and personal information are safeguarded.
Our BMFN broker review gathered that the broker protects its client through the following means:
Segregated Client Funds: BMFN separates its clients' funds from its operational funds by holding them in AA-rated banks. This safety measure is an additional layer of protection that increases the likelihood of clients being able to recover their funds from the broker in the case of financial difficulties or even insolvency.
Investor Compensation Schemes: Depending on the jurisdiction in which the client is trading, compensation schemes are available to clients in some regions. These schemes ensure that the customers may be eligible for compensation in the event of the broker's insolvency or other specified financial circumstances.
Implementing Security Protocols: BMFN employs strong security measures to minimize the risk of unauthorized access and data breaches. This includes using encryption technology and firewalls to ensure the confidentiality and integrity of sensitive data. This way, third parties do not have access to the client's personal data and trading history.
Anti-Money Laundering (AML) and Know Your Customer (KYC) Regulations: BMFN complies with AML and KYC regulations to prevent money laundering, terrorist financing, and other criminal or fraudulent activities. These regulations require that the broker implements procedures to verify the identity of its clients, monitor their trading and financial transactions, and report any suspicious activities to regulatory bodies. By complying with these regulations, BMFN contributes to a safe and transparent financial environment.
Regulatory Compliance: BMFN adheres to stringent regulatory requirements set forth by the relevant financial authorities in its various regions. Compliance with these regulations ensures that the broker operates within a legal framework, maintaining transparency and accountability in their financial activities.
Trading Information
One of the most important things that traders look out for before trading with a broker is its trading offering. To meet its client's needs trading-wise, this BMFN broker review is confident that the broker has worked overtime to ensure that it provides its clients with various tradable instruments.
From Forex to Commodities, Indices, ETFs, and Equities, traders have a variety of options to choose from. More details are discussed in the subsequent sections.
Tradable Instruments
It's no news that BMFN offers different tradable instruments across its trading platforms. Here are details of each instrument on the broker's platform:
Forex: Traders can trade over 20+ forex pairs, including major, minor, and exotic pairs, with a leverage of up to 1:200.
Commodity: With leverage of 1:33, BMFN offers traders premium commodities such as Gold, Silver, and US Crude Oil.
Indices: BMFN traders can access different indices, including Germany 30, France 40, Nikkei 225, and US SP 500. These instruments are tradable with a leverage of up to 1:33.
ETFs: BMFN offers traders leverage of 1:10 on 19 different ETFs.
Equities: With BMFN, traders can access some of the world's most renowned equities at a leverage of 1:10. Some of them include IBM, Facebook, Apple, and eBay.
Leverage
Different assets have different leverages on BMFN. A good example is Forex's default leverage, which is set at 1:200. However, on contacting the broker's customer care, traders can access the maximum leverage of up to 1:400. Leverage for trading indices and commodities is 1:33, while leverage for trading ETFs and Equities is 1:10.
Deposits and Withdrawals
BMFN has unique deposit and withdrawal offerings with a repertoire of banking options. The broker does not charge commission fees for either deposits or withdrawals, making it a great trading option for many traders. However, the broker does not offer any crypto banking options, which may disadvantage traders who prefer to use e-wallets.
Deposit
Deposits on BMFN are generally commission free; however, conversion fees may apply. Other details are discussed in the table below.
Banking Option | Minimum Deposit | Processing Time |
Debit/Credit cards | $50 | >24 hours |
Wire Transfer | $50 | 3 - 5 days |
Skrill | $50 | >24 hours |
Cashu | $50 | >24 hours |
Globepay | $50 | >24 hours |
Neteller | $50 | >24 hours |
Withdrawal
Withdrawals on BMFN are generally commission free; however, conversion fees may apply. Other details are discussed in the table below.
Banking Option | Minimum Withdrawal | Processing Time |
Debit/Credit cards | $50 | >24 hours |
Wire Transfer | $50 | 3 - 5 days |
Skrill | $50 | >24 hours |
Cashu | $50 | >24 hours |
Globepay | $50 | >24 hours |
Neteller | $50 | >24 hours |
Trading Education and Training
This BMFN broker review deduced that the broker’s “Education” section on its website contained useful materials for traders. These materials include a beginner’s guide, a guide on trading tools, MetaTrader tutorials, and trading strategy guides. These materials are designed for beginners and experienced traders to improve their trading knowledge and, by extension, their trading skills.
FAQs
What is the minimum deposit on BMFN?
BMFN has a $50 minimum deposit requirement.
Does BMFN offer a demo account?
Yes, BMFN has a demo account that allows traders to practice trading strategies without risking their capital.
Is BMFN available in the U.S.?
No, BMFN is not available in the U.S. Hence, traders who are residents of the United States can not access the trading platform.
Conclusion
BMFN is a long-existing broker with a distinguished reputation in its financial industry. The broker offers a commendable range of services and features to cater to the needs of traders. With diverse financial instruments, competitive spreads, and user-friendly trading platforms, BMFN provides traders with the tools necessary to navigate the financial markets and maximize profits.
While the broker needs to improve the availability of its customers' support and includes crypto banking options, the platform is generally decent. If you are looking for a broker with fair trading options and an affordable minimum deposit, this Boston Merchant Financial review is certain that BMFN is ideal for you.