Clients of FXBM are provided with a choice of two account types: Standard and ECN. The Standard one is commission-free, offering higher spreads, while the other account is commission based and provides tighter spreads due to the ECN environment.
What is more, those who are keen on binaries, may also opt for a binaries account. All account types offer access to the most widely used MetaTrader 4 platform.
The Company. Security of Funds
FXBM is a NDD broker, established in 2015, which offers trading in forex and binaries on the ever popular MT4 platform.
This is the trading name of FXBM Ltd., a privately held company based and registered in the UK, which, however, is not regulated by the FCA, nor by any other authority.
So, if you intend to invest a large amount of money, we would advise you to select a forex broker licensed in the EU, US or Switzerland for instance, where regulation and supervision is strict and your funds will be safe.
Minimum Initial Deposit
In order to open an account with FXBM, traders have to invest at least $50, which is a reasonably low minimum initial deposit, considering the non-regulated status of the company. Yet a number of regulated and reputable brokers require less or none at all. Leading UK brokerage CMC Markets, for instance, has set no minimum initial deposit requirement. Same is the case with global brokerage Oanda.
Average Spreads & Commissions
This broker offers variable spreads, which are quite high on the Standard account, starting from 1.5 pips for the EUR/USD pair. ECN account holders are provided with tighter spreads, the minimum ones amounting to 0.6 pips on EUR/USD, incurring a commission of $5 per standard lot (round turn). This basically means that the trading costs for this pair on ECN accounts amount to at least 1.1 pips per lot, which is average for the forex market.
In comparison, LiteForex, registered in the Marshall Islands, where FX brokers face little or any regulatory requirements and supervision, offers fixed spreads of 2 pips on its commission-free accounts and variable ones averaged 1.1 pips on EUR/USD on the ECN accounts, which are also commission-free. For further information, take a look at real-time prices of 15 leading brokers here.
The maximum leverage level offered to FXBM`s clients is 1:500, which is a comparatively high ratio, yet many brokerages offer similar or even higher levels.
Traders, however, should be mindful of higher leverage, for it may both multiply their profits and lead to heavy losses.
FXBM supports the industry’s standard MetaTrader 4, which is available as desktop and mobile versions. It offers a number of technical indicators, extensive back-testing environment, advanced charting package and is equipped with the most commonly used trading robots, as well as with options to add new ones. That is why it is the preferred platform by most traders and the majority of FX brokers support it.
Besides, VPS hosting service is available with this broker, and traders who keep a monthly balance of $1,000 or more qualify for free VPS.
FXBM allows hedging and scalping, however on the condition that trades are open for a minimum duration of 10 seconds. High frequency traders are not tolerated.
Like many other forex brokers, FXBM offers various promotions to attract new clients and to keep existing ones:
– Deposit bonus up to 100%, depending on the amount invested, which can be withdrawn after certain volumes are traded;
– Refer a friend bonus of $100 for both the client who made the referral and the referred one;
Another good thing about this broker is that it provides Account Balance Interest – 5% will be added to account balances of clients with minimum $200 initial deposit each week.
Methods of Payment
This broker offers the following payment methods to its clients: Credit/Debit Cards, bank wire and via E-wallets such as Skrill, Neteller, FasaPay, and Trasuz.
Withdrawals are processed within a maximum of 2-5 business days.
FXBM is a young FX and binaries broker offering NDD execution and competitive trading on the popular MT4 platform. Our main concern with FXBM is the lack of regulated status.
FXBM Review Conclusion
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