Bim Capital Review
Bim Capital Review
Bim Capital is a company which provides access to the global forex markets in two ways – spot trading and binary options. This relatively new trend is piking up speed, but sadly this broker may not be that suitable of an investment option.
Bim Capital Advantages
Offers digital (binary) options – This feature will not be used by most experienced traders, but as we hinted mechanism is intended to work the other way around – allow binary options traders to move to forex and CFD trading.
Nice payment methods – The ways to deposit money at Bim Capital include Bank Transfer, Credit Card, Neteller and PaySafe. Most potential clients will find something they use among these.
Bim Capital Disadvantages
Unregulated company– The company behind Bim Capital is based in Estonia, but is not registered with the local Financial Supervisory Authority (Finantsinspektsioon). This makes them a broker which we will not recommend.
No trading conditions on the website – The only piece of information, when in tomes to the actual trading offer, provided by Bim Capital is the swap. This is simply not acceptable in the current day and age – customers don’t know what they are getting into.
Non-competitive spreads – While Bim Capital does not tell you what the costs of trading are, we registered an account and saw a EUR/USD spread of 1.8 pips. This is slightly wider than the current industry average, which tops out around 1.5.
Unusual trading platform – The web-based platform, provided by Bim Capital is not that bad, but rather unusual. Traders, who have experience with other platforms will find this one a bit basic. It reminds us of Sirix, with the inclusion of a social trading feature on the right.
In case you don’t follow the forex industry, MetaTrader4 (MT4) is he most popular platform nowadays. There is a solid reason for this – the platform offers mobile and web based versions, as well as top tier charting and custom technical tools.
Bim Capital is an unregulated broker, which provides forex and binary options trading. The company is based in Estonia, but doesn’t claim affiliation with any regulatory agency. We even checked with the Financial Supervisory Authority (Finantsinspektsioon), but didn’t manage to find the company (just in case they forgot to mention anything on their website). That being said, we will not recommend dealing with this broker.
For those of you who think this isn’t a big deal, we will reiterate the importance of financial regulation. If, for any reason, you decide to trade with an unregulated broker, you run the risk of not seeing your investment again. They will not be required to offer you anything and may simply provide a “monopoly money” trading environment. This is why most jurisdictions have a dedicated agency to monitor investment intermediaries.
As an example in the United Kingdom, the Financial Conduct Authority (FCA) serves this role. It has created a lot of rules, which nut be followed strictly from the companies who are registered with it. Two of them are the most important for traders. First and foremost, all client funds are kept in segregated accounts. These are complicated banking terms, which don’t allo the broker to simply take your money and run.
The second rule is mandatory participation in the Financial Services Compensation Scheme (FSCS). This is similar to an insurance mechanism – brokers regularly deposit money to a collective fund, which then serves as a guarantee in case one of them goes bankrupt. The coverage is limited to £50,000 per client.
While the lack of regulation is the biggest concern we have with Bim Capital, their actual trading conditions are not impressive.
Bim Capital Review Conclusion
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