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Score

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/10
The WikiFX Score of this broker is reduced because of too many complaints!

BMFN

Australia|5-10 years|
Regulated in United Kingdom|Suspicious Regulatory License|MT4/5 full license|Regional Brokers|United Kingdom European Authorized Representative (EEA) Revoked|Suspicious Overrun|High potential risk|

https://bmfn.com/

Website

Rating Index

MT4/5 Identification

MT4/5

Full License

BMFN-DemoCFD

United Kingdom
MT4
7

Influence

D

Influence index NO.1

South Africa 2.53
The WikiFX Score of this broker is reduced because of too many complaints!

MT4/5 Identification

MT4/5 Identification

Full License

7
Server Name
BMFN-DemoCFD MT4
Server Location United Kingdom

Influence

Influence

D

Influence index NO.1

South Africa 2.53

Surpassed 41.65% brokers

Biz AreaSearch StatisticsAdvertisingSocial Media Index

Contact

+359 2 401 26 36
cs@bmfn.com
https://bmfn.com/

Licenses

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

Single Core

1G

40G

Open Now

Disclosure

Danger

ID BAPPEBTI
2022-02-02
Ministry of Trade Blocks 1,222 Illegal Commodity Futures Trading Websites
BMFN
Brokereo
MRG LTD

Contact number

English

+359 2 401 26 36

Chinese (Simplified)

4006118610

Broker Information

More

Company Name

Boston Merchant Financial

Company Abbreviation

BMFN

Platform registered country and region

Australia

Company website

Pyramid scheme complaint

Expose

Check whenever you want

Download App for complete information

Warning: Low score, please stay away! 6
Previous Detection : 2024-02-25
  • 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!

WikiFX Verification

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Pyramid scheme complaint
Expose
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

BMFN · Company Summary

BMFN Review Summary
Founded 5-10 years
Registered Country/Region Australia
Regulation ASIC (Suspicious Clone); FSPR (Suspicious Clone); FCA (Revoked)
Market Instruments Forex, Indices, Equities, ETFs, Commodities
Demo Account Available
Leverage 200:1
Spread 1.4 pips
Commission Not Charged
Minimum Deposit $100
Trading Platforms Web Trader, MetaTrader 4 (MT4)
Regional Restrictions Citizens of EU member states, The United States, Canada, Japan, Turkey, or Australia
Customer Support 24/5 - Phone: +359 2 401 26 36; Email: office@bmfn.eu; Support@bmfn.com; 24/6 Live Chat Assistance (Contact Form)

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.

BMFN's home page

Pros & Cons

Pros Cons
  • MT4 Trading Platform Provided
  • Being Listed in WikiFX's Absconded List
  • Suspicious Clone Regulatory License
  • Revoked Regulatory License

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.

suspicious clone ASIC license

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.

suspicious clone FSPR license

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.

revoked FCA license

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.

WikiFX Warning

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

    • UniTrader is another trading platform provided by BMFN, and this account type features variable spreads.

Leverage

  • Forex Currency Pairs:

    • The maximum available leverage for trading forex currency pairs with BMFN is 1:400.

    • The default leverage is set at 1:200. If traders wish to use the maximum 1:400 leverage, they need to contact customer support to request this higher level.

  • Commodities: Commodities can be traded with a leverage of 1:33.

  • CFDs: The leverage for CFDs can vary depending on the specific CFD instrument being traded.

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

      MT4
  • 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.

MT4 for iOS & iPadOS
  • Web Trader: The BMFN web trader is a browser-based trading platform that allows you to trade from anywhere with an internet connection. Traders can simply log in to their account through the website and begin trading, without the need to download or install any software.

MT4 Web Trader

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.

Payment Methods

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.

User Exposure on WikiFX

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.

User Reviews

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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.
2023-02-17 16:54
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0
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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.
2022-12-09 10:00
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0
6
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