Our BMFN Review
Boston Merchant Financial (BMFN) is a global online financial trading platform and multi-asset broker that was established in 1988. It has been operating for over 32 years. In that time, it has grown to become a global broker. It has offices in 14 locations globally.
Boston Merchant Financial Account Types
BMFN is a forex broker that offers its services through a single live account type. The minimum deposit amount for the live account is $50. Users can also access a demo account, which they can use to familiarize themselves with the platform.
Tradable Assets
Traders using BMFN have access to over 100 tradable instruments, which include 23 fx pairs. The broker also offers access to CFDs on assets such as stocks, indices, precious metals, and others.
Leverage and Spreads
BMFN offers clients variable spreads. The minimum spread on the platform is 1.4 pips. For the EUR/USD pair, traders can access spreads of 1.5 to 1.7 pips. Leverage on BMFN is quite high at 1:400. The default maximum leverage is 1:200. To access the higher leverage, traders need to contact customer support.
Trading Platforms
Traders using BMFN have access to six options. They are:
- BMFN Unitrader
The Unitrader platform comes as a downloadable app that is designed for the FX market and CFDs. Traders get access to a user-friendly platform that offers features such as dynamic price charts, live dealing rates, various order types, trading history, a live news feed, and much more.
- BMFN MT FX
The MT FX platform is based on the MT4 platform. MT4 is one of the most reliable platforms in the world. It offers traders access to various features such as market news, advanced charts, built-in technical indicators, Expert Advisors, and much more.
- BMFN Pro
BMFN Pro is a downloaded app, which allows traders to place traders on FX pairs and CFDs via a simple interface. Its features include high-quality charting, updated quotes, fast execution, numerous order types, a live news feed, and a windows-based interface.
- BMFN MT CFD
The MT CFD application is based on the MT4 platform. It is designed for CFD and FX trading. It comes with all the functionality of the MT4 platform.
- BMFN Currenex FX
It is a downloadable application designed for professional fx traders. The app offers diverse liquidity with over 60 banks globally and other market participants. Its features include sophisticated order management; various order types, customizable charts, real-time market data, reporting tools, and much more.
- Mobile Trading
BMFN offers traders access to the T4 platform via an app for iOS and Android devices, which they can use to trade the forex markets and CFDs.
Deposits and Withdrawals
BMFN does not charge a deposit or withdrawal fee. They offer users numerous deposit and withdrawal methods that include VISA and MasterCard debit and credit cards, CASHU, Skrill, GLOBEPAY, and Neteller. All deposits have to be made in USD or EUR.
Education
The broker has a comprehensive education section that includes a beginnersβ guide, trading strategies, tutorials on using MT4, and several e-books for advanced traders.
Customer Support
Customer support can be reached via a simple online form that includes their name and email address or phone number. Traders can also contact support via live chat, email, or phone.
Summary
BMFN is an experienced broker that has been around for 32 years. They have a responsive platform and a wide array of tradable assets. Their educational materials are also quite comprehensive. In general, it appears to be a reliable platform for new and experienced traders.