BFP Markets Review
BFP Markets Review
BFP Markets offers several account types, all of which are said to provide two options: commission-free trading with traditional spreads, or ECN spreads with commission fees. Spreads themselves are not specified, nor are leverage levels.
In addition, this broker offers managed accounts (MAM).
BFP Markets Advanatges:
– MT4 available
The trading platform supported by BFP Markets is no surprise to anyone who has the slightest idea of forex trading. MetaTrader 4 is the most widely used FX trading terminal worldwide. It offers reliability, ease of use, customization options and a variety of technical analysis indicators and Expert Advisors (automated strategies). Besides, it is highly praised for its great charting package.
– Reasonable leverage levels offered
As we have mentioned above, BFP Markets has not announced the leverage ratios it provides to its clients on the website. However, we tried out its demo MT4 platform, and found the maximum leverage levels available 1:200. This is the average ratio in the forex industry.
If you need higher levels, many brokers offer such, but before taking this risk, make sure ypou fully understand how leverage works.
BFP Markets disdvantages:
– Registered offshore
Thousands of brokers are registered offshore, mainly due to the low-cost procures, favorable taxes and few (if any at all) requirements such companies have to meet. BFP Markets is one of them. The fact that it is registered in the Marshall Islands basically means that its clients are not protected in case the company manipulates the trading platform, goes bankrupt or simply disappears with all the money.
– Poor presentation of company, trading conditions
All decent brokers state their pricing and trading conditions in a clear manner. Traders should be able to calculate in advance at least their trading costs, right?
That is why we consider a disadvantage when a broker does not indicate the spreads it provides, or the initial deposit it requires on its website. BFP Markets has neither specified the spreads, nor the leverage levels it offers.
What is worse, the name of the company operating the brokerage brand and the website is also unclear.
– Unrealistic spreads on demo accounts
When we tested BFP Markets’s MT4, the spreads on EUR/USD were floating from 0 to 0.4 pips, without any commission fees. Such trading costs are so low that there is no way for the brokerage to be profitable.
Even global brokers who offer deep liquidity like IG offers spreads averaged 0.6 pips on EUR/USD. So, we doubt that BFP Markets’ spreads are that low on live accounts.
After reviewing thousands of brokers, we can tell when a company seems suspicious and is likely a scam. Well, this is exactly the case with BFP Markets.
It is registered offshore and provides a contact number in the UK. In its terms and conditions, it claims that the company owning the brand and the website is Investment Oportunities Limited (the original spelling). We googled the company name and found no results. When we downloaded the broker’s MetaTrader 4, the name of another company appeared – All Trade Technologies Ltd. It appears that this company operated AlgoTrade – a binary options broker and scammer which closed up shop in the beginning of 2017.
Considering the above said, we don’t recommend BFP Markets. There are a number of well-regulated brokers which have proved to be reliable and loyal to their clients. You’d better not waste your time and money on shady companies.
BFP Markets Review Conclusion
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