BMFN-Some Important Details about This Broker

BMFN | 2025-01-03 14:45

Abstract：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 What's more, the FCA (Financial Conduct Authority) license of BMFN has already been revoked, which means BMFN is no longer regulated by FCA.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 Review Summary
Founded	1988
Registered Country/Region	Bulgaria, Vanuatu
Regulation	FCA(Revoked), FSPR(Suspicious Clone), ASIC(Suspicious Clone)
Market Instruments	Forex, Indices, Equities, ETFs, Commodities
Demo Account	Available
Leverage	From 1:200
Spread	From 1.4 pips
Trading Platform	MetaTrader 4 web and mobile platforms
Min Deposit	$50
Customer Support	Phone: +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.

Pros and Cons

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

Is BMFN Legit?

Regulatory Authority	Status	License Type	License No.	Licensed Institution	Country	Effective Date
Financial Conduct Authority(FCA)	Revoked	European Authorized Representative (EEA)	550785	EMIRATES WEALTH EAD	United Kingdom	2011/5/13
Financial Service Providers Register(FSPR)	Suspicious Clone	Financial Service Corporate	328066	AUSTRALIAN MUTUAL FUNDS EXCHANGE PTY LTD	New Zealand	2013/12/8
Australia Securities & Investment Commission(ASIC)	Suspicious Clone	Investment Advisory License	379035	OKX AUSTRALIA FINANCIAL PTY LTD	Australia	2011/1/28

What Can I Trade on BMFN?

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

Tradable Instruments	Supported
Forex	✔
Indices	✔
Equities	✔
ETFs	✔
Commodities	✔
Cryptocurrencies	❌

Leverage

BMFN provides leverage from 1:200.

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.

Spread	From 1.4 pips
Commissions	$0 (Spread-only pricing)
Swap Rates	Applicable, varies by instrument

Trading Platform

BMFN provides MetaTrader 4 and its unique BMFN Web Platform.

Trading Platform	Supported	Available Devices	Suitable for
MetaTrader 4	✔	Web, iOS, Android	New and experienced traders
BMFN Web Platform	✔	Web-based only	New traders

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.

Method	Type	Min. Amount	Withdrawal Fees	Processing Time
Bank Wire	Deposit/Withdrawal	$50	$25 Fee	1-3 Business Days
Credit/Debit Cards	Deposit/Withdrawal	$50	No Fees	Instant (Deposit) / 1 Business Day (Withdrawal)
Skrill	Deposit/Withdrawal	$50	No Fees	Instant (Deposit) / 1 Business Day (Withdrawal)
China Union	Deposit/Withdrawal	$50	No Fees	Instant (Deposit) / 1 Business Day (Withdrawal)