Introduction

Boston Merchant Financial Ltd, commonly known as BMFN, is a well-established forex broker that has been in operation since 1988. The firm has a global presence, with offices in 10 countries, providing a wide range of investment services and products to its clients. This article-review aims to provide an in-depth look at the firm’s services, trading platforms, and overall performance.

Regulation and Safety of Funds

Regulation

BMFN is regulated by the Australian Securities and Investments Commission (ASIC) and the Financial Services Authority (FSA) in St. Vincent and the Grenadines. While being regulated by ASIC is a positive sign, the FSA regulation does not offer the same level of investor protection.

Safety of Funds

BMFN claims to keep client funds in segregated accounts. However, it is important to note that the level of fund safety can significantly vary depending on the regulatory environment. In this case, the ASIC regulation provides some level of security, but the FSA regulation does not guarantee the same.

Trading Platforms

BMFN offers two main trading platforms: MetaTrader 4 (MT4) and UniTrader. MT4 is a globally recognized platform known for its advanced charting features, automated trading capabilities, and a plethora of technical indicators. On the other hand, UniTrader is BMFN’s proprietary platform, designed for both beginner and experienced traders. It offers a user-friendly interface, advanced charting tools, and a wide range of trading instruments.

Account Types

BMFN offers three types of accounts: Standard, Professional, and Institutional. The Standard account is suitable for beginners with a minimum deposit requirement of $50. The Professional account is designed for experienced traders, requiring a minimum deposit of $5,000. Lastly, the Institutional account is tailored for high volume traders, requiring a minimum deposit of $50,000.

Trading Conditions

Spreads and Commissions

BMFN operates on a commission-free basis, and the cost of trading is incorporated into the spread. However, the spreads are not the most competitive in the market. The average spread for the EUR/USD pair is around 2 pips, which is higher than the industry average.

Leverage

BMFN offers a maximum leverage of 1:200. While this may seem attractive to some traders, it is important to remember that high leverage can lead to significant losses.

Customer Service

BMFN provides customer support via email, phone, and live chat. The service is available 24/5, and the firm claims to offer support in multiple languages. However, there have been some complaints about the quality and responsiveness of their customer service.

Conclusion

In conclusion, while BMFN has a long history in the forex market and offers a range of trading platforms and account types, there are areas where it falls short. The firm’s regulatory environment, trading conditions, and customer service are areas that could use improvement. Therefore, potential clients should thoroughly research and consider these factors before deciding to trade with BMFN.