What is BMFN？
BMFN is an Australia-based broker, founded 5-10 years ago, and now regulated by ASIC (Australia Securities & Investment Commission) and FSPR (Financial Service Providers Register). However, the regulatory status of BMFN is very suspicious and the two licenses are likely to be cloned. What's more, the FCA (Financial Conduct Authority) license of BMFN has already been revoked, which means BMFN is no longer regulated by FCA. The suspicious regulated status can lead to concerns for users.
Pros & Cons
Pros:
MT4 Trading Platform Provided: BMFN supports the popular trading platform MT4, which is known for its user-friendly interface, powerful charting tools, and a wide range of technical indicators.
Cons:
Being Listed in WikiFX's Absconded List: Appearing on an 'absconded' list of a watchdog like WikiFX is a highly alarming signal, suggesting the broker might have disappeared with investors' funds, ceased communication, or stopped trading. This points to a severe level of risk for clients.
Suspicious Clone Regulatory License: The purported regulatory licenses from ASIC and FSPR are suspected to be cloned, which indicates a potential misrepresentation and dishonesty in their operations.
Revoked Regulatory License: The revocation of BMFN's license by FCA suggests regulatory violations or failures to meet stipulated operational standards, inviting caution among potential clients.
Is BMFN Safe or Scam？
This broker has been flagged with numerous warning signs, seriously questioning its legitimacy and indicating a high likelihood that it could be a scam. First and foremost, all of its regulatory licenses are either expired, revoked, or suspected to be clone licenses, which already poses a significant risk.
Australia Securities & Investment Commission: This license, issued to AUSTRALIAN MUTUAL FUNDS EXCHANGE PTY LTD, is an Investment Advisory License regulated by the Australia Securities & Investment Commission. It was granted on January 28, 2011. The institution is located at Suite 1710, 9-13 Castlereagh Street, SYDNEY NSW 2000. The license number is 379035. The institution can be reached at 0435582886 or via email at mbringans@amfex.com.
Financial Service Providers Register (New Zealand): This license, also granted to AUSTRALIAN MUTUAL FUNDS EXCHANGE PTY LTD, is categorized as a Financial Service Corporate license and is regulated by New Zealand authorities. It was issued on December 8, 2013. The institution's address is 34 Shortland St, Level 17, Auckland, 1010, New Zealand. The license number is 328066. The contact details for the institution are as follows: phone number 61280051970 and email at mbringans@emiratesmf.com.
The broker's regulatory status under the United Kingdom's FCA is cited as “revoked”, implying regulatory violations that may have led to the termination of its license. Similarly, its stated licenses under Australia's ASIC and New Zealand's FSPR are suspected to be clones, indicating potential deception and unlawful practices.
Additionally, the broker is listed in WikiFX's Absconded list, a compilation of brokers suspected of disappearing without trace or unlawfully running away with investors' funds, a sign that it's a potential scam.
Furthermore, incoming complaints about this broker to WikiFX have reached a concerning number of 5 in the past 3 months alone, revealing a pattern of disgruntled and potentially victimized customers.
Moreover, repeated negative field survey reviews indicate ongoing issues and a clear lack of satisfactory customer service. This, coupled with an overall low score reported by WikiFX, suggests a chronic failure to meet clients' expectations and implies questionable business practices, if not outright fraud.
Considering all these red flags, interactings with this broker pose a very high level of risk, and it is strongly advised that potential clients stay away. It is essential to always do thorough research and engage only with fully licensed and highly regulated brokers to avoid scams and to safeguard investments.
Market Instruments
Forex: BMFN offers trading on over 50 currency pairs, including majors, minors, and exotics.
Indices: BMFN offers trading on over 20 global stock indices, including the S&P 500, Dow Jones Industrial Average, NASDAQ 100, and FTSE 100.
Equities: BMFN offers trading on over 10,000 stocks from around the world, including the US, UK, Europe, Australia, and Asia.
ETFs: BMFN offers trading on over 1,000 ETFs from around the world, covering a wide range of asset classes, including stocks, bonds, commodities, and currencies.
Commodities: BMFN offers trading on over 20 commodities, including gold, silver, oil, gas, and agricultural products.
Account Types
MT4 CFD Account
This account is designed for traders who prefer to trade Contracts for Difference (CFDs) using the popular MetaTrader 4 (MT4) trading platform.
It features variable spreads, which means that the spread can fluctuate based on market conditions. Variable spreads tend to be tighter during times of high liquidity and may widen during periods of lower liquidity or increased market volatility.
MT4 DMA Account
DMA stands for Direct Market Access, and this account type is for traders seeking direct access to the market, which can result in faster execution and potentially lower costs.
Like the MT4 CFD account, it also operates on the MT4 platform and offers variable spreads, allowing traders to participate in DMA trading while taking advantage of varying spreads based on market conditions.
MT4 Account
This account type is designed for traders who prefer consistency and predictability in their trading costs.
It operates on the MT4 platform and offers fixed spreads, which means the spread remains constant regardless of market conditions.
UniTrader Account
Leverage
Spread & Commissions
BMFN offers no commission and target spreads as low as 1.4 pips on most majors. This means that traders can trade on BMFN without paying any commission fees, and they can expect to pay spreads of 1.4 pips or less on most major currency pairs.
Trading Platform
MetaTrader 4 (MT4): MT4 is one of the most popular trading platforms globally and is known for its advanced charting capabilities, automated trading strategies (Expert Advisors), and extensive customizability. Plus, the MT4 application is available for both iOS and Android devices.
Deposit & Withdrawal
BMFN provides a variety of payment methods, including:
Bank wire: Bank wire transfers are the slowest deposit and withdrawal method, but they are also the most secure. To make a bank wire deposit, you will need to provide BMFN with your bank account information.
Credit cards: Credit card deposits are processed immediately, but they may be subject to fees. To make a credit card deposit, you will need to provide BMFN with your credit card information.
Skrill: Skrill is an e-wallet that allows you to make and receive payments online. Skrill deposits and withdrawals are processed quickly and are usually free of charge.
China Union Pay: China Union Pay is a Chinese bank card payment system. China Union Pay deposits and withdrawals are processed quickly and are usually free of charge.
Cryptocurrencies: BMFN accepts Bitcoin, Ethereum, Litecoin, and Tether for deposits and withdrawals. Cryptocurrency deposits and withdrawals are processed quickly and are usually free of charge.
Plus, the minimum deposit is $100, which means you need at least $100 to start trading.
User Exposure on WikiFX
BMFN is a forex trading platform that has been accused of scamming its investors. According to the complaints, investors have been unable to withdraw their funds from the platform for months or even years. The platform has also been accused of blocking users' accounts and wiping out their balances.
Here are some key points from the exposure of BMFN:
Investors have been unable to withdraw their funds from the platform for months or even years.
The platform has blocked users' accounts and wiped out their balances.
The platform has been accused of scamming its investors.
The platform has not responded to investors' complaints.
The platform's senior manager has disappeared.
Conclusion
BMFN is a forex broker that provides appealing trading conditions for users, such as competitive leverage and commission-free trading. However, there are several red flags of BMFN: A suspicious regulatory status and being listed on WikiFX's absconded list, and it has numerous complaints from users. In essence, while users can be attracted to the conditions and resources provided by BMFN, we do not recommend trading on this broker due to high risks and potential scams.
Frequently Asked Questions (FAQs)
Q: Does BMFN provide demo accounts？
A: Yes, demo accounts are available on BMFN.
Q: What platforms are available for trading with BMFN？
A: BMFN provides Web Trader and MetaTrader 4 (MT4). The platforms are available on both desktop and mobile devices.
Q: What is the minimum deposit amount at BMFN？
A: $100.
Q: Is there any regional restriction for BMFN？
A: Yes, there are regional restrictions to BMFN's services and products. BMFN is not available to citizens of EU member states, The United States, Canada, Japan, Turkey, or Australia.
Risk Warning
Online trading involves significant risk, and you may lose all of your invested capital. It is not suitable for all traders or investors. Please ensure that you understand the risks involved and note that the information provided in this review may be subject to change due to the constant updating of the company's services and policies.
In addition, the date on which this review was generated may also be an important factor to consider, as information may have changed since then. Therefore, readers are advised to always verify updated information directly with the company before making any decision or taking any action. Responsibility for the use of the information provided in this review rests solely with the reader.
2023-02-17 16:54
2022-12-09 10:00
