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BMFN -

Score

1.59 /10
Danger

BMFN

Australia

5-10 years

Suspicious Regulatory License

Suspicious Scope of Business

United Kingdom European Authorized Representative (EEA) Revoked

Suspicious Overrun

High potential risk

https://bmfn.com

Influence

D

Add brokers

Comparison

Quantity 6

Exposure

Open Account
Website

Score

Regulatory Index0.00

Business Index7.61

Risk Management Index0.00

Software Index4.00

License Index0.00

The WikiFX Score of this broker is reduced because of too many complaints!
Open Account
Website

Licenses

VPS Standard
No restriction on the broker account. Support service provided by WikiFX

Single Core

1G

40G

open now

Regulatory disclosure

Danger

ID BAPPEBTI
2022-02-02
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E​xness

Broker Information

More

Company Name

Boston Merchant Financial

Company Abbreviation

BMFN

Platform registered country and region

Australia

Company website

Company summary

Pyramid scheme complaint

Expose

Check whenever you want

Download App for complete information

Warning: Low score, please stay away! 6
Previous Detection : 2025-01-27
  • It has been verified that this broker currently has no valid regulation. Please be aware of the risk!
  • The number of this brokers's negative field survey reviews has reached 2. Please be aware of the risk and the potential scam!

A Visit to BMFN in New Zealand - Fake Address

It is ascertained by the investigation staff that the address of BMFN is inconsistent with that from the regulatory information. Notwithstanding the broker’s FCA EEA licence, it simultaneously overruns the business scope regulated by FSPR and ASIC. In light of the situation.

Danger New Zealand

WikiFX Verification

Exposure

6 pieces of exposure in total
Pyramid scheme complaint
Expose
Others

Stable profit

Come and join us.

2018-10-16 18:17
Unable to Withdraw

Unable to withdraw in BMFN

My account number:77385829 I applied for the withdrawal on March 28th,2018,while it hasn’t been received yet.The email I sent was always said to be in the queue.On May 17th,my account was blocked,in which all my orders were cleared.The withdrawal was unavailable.And the note was equity wipe-out,which was DC PayWithdrawal before.the platform always replied to my email with “please wait patiently”,in a frivolous way.I want to ask whether it is legit.But the leader claimed that even the platform collapses,we will get a compensation of 50000 pound.Now he disappear.I require the platform staff deal the withdrawal process for me.It is all my hard-earned money with my family.There are no other sources of life. Now the bank loan is overdue.We are borrowing money to survive.Sincerely hope that you can help. BMFN's approach is too chilling,which hurt investors...

2018-07-14 18:14
Resolved

Report! Unable to withdraw on BMFN!

It can be clearly seen from the BMFN website https://www.ebmfn.com/ that the platform has issued a notice of restructuring and announced the withdrawal from the Chinese foreign exchange market, but there are many doubts. I understand that a normal company or platform vendor’s reconstruction will not affect customers normal deposit or withdrawal or related transaction operations. However, the customers of BMFN platform reported that they can't withdraw, which is not difficult for us to see the seriousness of the problem. If it is a formal platform or a company, as long as the official website can be opened normally, even if it is facing a crisis of bankruptcy, it will not restrict or interfere with the customer's deposit and withdrawal operations. This behavior of the BMFN platform is a serious illegal operation.

2018-03-02 04:57
Unable to Withdraw

Can’t withdraw on BMFN. Give my money back!

My account is 77374327. I applied for a withdrawal in March. The service told me I was in line. Later I heard about they will close their Shanghai office. They were delaying me. Now the only thing I can do it sending them emails. They keep me waiting instead of respond me. I can still trade, but I can’t withdraw. I know their Dubai office is running. So I hope WikiFX will help me settle this thing down.

2019-01-04 00:47
Unable to Withdraw

The withdrawal was unavailable.

I joined the BMFN agent in 2017.At first,the operation and the withdrawal were both normal.But the withdrawal ,$70,000 or so in total,was unavailable since 2018,Feburary.

2019-09-03 15:52
Unable to Withdraw

BMFN give my hard-earned money back! ! !

My trading account is 77,385,829. I made an application for withdrawing money on March 28, 2018. The platform has not deducted the money from my balance and handle the application. Recently, I send them email but they always tell me to wait. On May 17, the Japanese platform suddenly locked my account and background, and closed the orders in my account, deducted $16,630 from the balance and cleared it. However, the funds have not been arrived my bank card, and the gold deduction note has also been made into parity wipe-out. The previous monthly withdrawal note is DC PayWithdrawal. I send emails from time to time every day requesting the platform to deduct the balance and remit to my card. But the platform uses the perfunctory words "patiently wait, wait for department approval, wait in line, etc." Is this reasonable, and the above-mentioned senior manager Wang Luchuan claimed that even if the platform was in trouble, we would have a compensation £50,000." But now she is missing. I hereby ask WikiFX help me to talk with BMFN’s person in charge, letting it to remit money to me. I believe WikiFX is an authoritative platform. Now the whole family’s hard-earned money is in it. There is no other source of income. Now the bank is overdue. Borrowing money everywhere to survive. I sincerely hope that you can help me. BMFN's doing is too chilling. Defraud investors... It has been half a year, and BMFN give my hard-earned money back! ! !

2018-07-15 01:40
Data Source WikiFX Data provide
Updated: 2025-01-27
BMFN · Company summary
BMFN Review Summary
Founded1988
Registered Country/RegionBulgaria, Vanuatu
RegulationFCA(Revoked), FSPR(Suspicious Clone), ASIC(Suspicious Clone)
Market InstrumentsForex, Indices, Equities, ETFs, Commodities
Demo AccountAvailable
LeverageFrom 1:200
SpreadFrom 1.4 pips
Trading PlatformMetaTrader 4 web and mobile platforms
Min Deposit$50
Customer SupportPhone: +442080971783 / +442080971742
Email: support@bmfn.com
24/5 Live Chat: Available
Physical Address: 84-86 Aleksandar Stamboliyski Blvd, Sofia, Bulgaria

BMFN Information

Established in 1988, BMFN provides trading among currencies, indices, equities, ETFs, and commodities. It runs under VFSC control and gives access to the MetaTrader 4 platform. Traders starting with a minimum investment of $50 can start using leverage up to 1:200.

BMFN Information

Pros and Cons

ProsCons
Low minimum deposit of $50Limited leverage compared to peers(1:200)
Access to MetaTrader 4 platformSuspicious regulation status(Revoked/Suspicious clone)
Wide range of tradable instrumentsHigh Spreads(from 1.4 pips)

Is BMFN Legit?

Regulatory AuthorityStatusLicense TypeLicense No.Licensed InstitutionCountryEffective Date
Financial Conduct Authority(FCA)RevokedEuropean Authorized Representative (EEA)550785EMIRATES WEALTH EADUnited Kingdom2011/5/13
Financial Service Providers Register(FSPR)Suspicious CloneFinancial Service Corporate328066AUSTRALIAN MUTUAL FUNDS EXCHANGE PTY LTDNew Zealand2013/12/8
Australia Securities & Investment Commission(ASIC)Suspicious CloneInvestment Advisory License379035OKX AUSTRALIA FINANCIAL PTY LTDAustralia2011/1/28
Is BMFN Legit?
Is BMFN Legit?
Is BMFN Legit?

What Can I Trade on BMFN?

BMFN provides access to 99+ financial instruments, including forex, indices, equities, ETFs, and commodities.

Tradable InstrumentsSupported
Forex✔
Indices✔
Equities✔
ETFs✔
Commodities✔
Cryptocurrencies❌
What Can I Trade on BMFN?

Leverage

BMFN provides leverage from 1:200.

Leverage

Account Types

BMFN doesn't mention its account types.

Fee Structure

BMFN provides spreads start at 1.4 pips, with no additional commissions on trades.

SpreadFrom 1.4 pips
Commissions$0 (Spread-only pricing)
Swap RatesApplicable, varies by instrument
Fee Structure

Trading Platform

BMFN provides MetaTrader 4 and its unique BMFN Web Platform.

Trading PlatformSupportedAvailable DevicesSuitable for
MetaTrader 4✔Web, iOS, AndroidNew and experienced traders
BMFN Web Platform✔Web-based onlyNew traders
Trading Platform
Trading Platform

Deposit and Withdrawal

While other options, like credit/debit cards, Skrill, and China Union, are fee-free, with processing periods varying from instant to one business day, BMFN provides withdrawals via bank wire with a $25 fee.

MethodTypeMin. AmountWithdrawal FeesProcessing Time
Bank WireDeposit/Withdrawal$50$25 Fee1-3 Business Days
Credit/Debit CardsDeposit/Withdrawal$50No FeesInstant (Deposit) / 1 Business Day (Withdrawal)
SkrillDeposit/Withdrawal$50No FeesInstant (Deposit) / 1 Business Day (Withdrawal)
China UnionDeposit/Withdrawal$50No FeesInstant (Deposit) / 1 Business Day (Withdrawal)
Deposit and Withdrawal

User Reviews

More

User comment

2

Comments

Write a review

FX1221638816
more than one year
BMFN is Trash! If you're a serious Forex trader then don't bother with this broker. I've experienced a problem like deposit issues and connectivity since day one. Also, their spread is high compared to other brokers. Do yourself a favour, walk away and find yourself a better broker.
BMFN is Trash! If you're a serious Forex trader then don't bother with this broker. I've experienced a problem like deposit issues and connectivity since day one. Also, their spread is high compared to other brokers. Do yourself a favour, walk away and find yourself a better broker.
Translate to English
2023-02-17 16:54
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FX1107408092
more than one year
Terrible clone company! Their website has been shut down and all regulatory licenses have expired. I hope that those who have been scammed can recover their funds as soon as possible.
Terrible clone company! Their website has been shut down and all regulatory licenses have expired. I hope that those who have been scammed can recover their funds as soon as possible.
Translate to English
2022-12-09 10:00
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0
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6