RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
BPPrime is Forex brokerage registered in the UK. It provides the MetaTrader4 trading platform and a very balanced leverage of 1:100 Furthermore, there is a wide range of trading products from which to choose and the required minimum deposit stands at $100 which is quite below the industry average of $250. The brokerage is licensed and regulated by the Financial Conduct Authority in the UK.
BPPrime regulation & safety of funds
The company behind the brokerage is registered with the name – Black Pearl Securities Limited with a registered address at St Magnus House 3 Lower Thames Street London EC3R 6HD United Kingdom. The company is well-known in Forex trading and is licensed by the Financial Conduct Authority in the UK. The FCA in the UK is among the most prestigious regulatory agencies in the world and being regulated by them carries a lot of weight in the Forex trading world. Furthermore, a license by the FCA means that clients of the brokerage will participate in a financial compensatory mechanism by which losses due to fraud may be recovered up to 50 000 pounds per person.
Furthermore, the brokerage provides clients with the MetaTrader4 platform which is the foremost trading terminal at the moment and it also provides clients with a test-drive. The trading terminal is preferred by more than 80 per cent of traders in Forex and is equipped with unique features such as a wide range of automated strategies known as Expert Advisors (EAs). The charting of the platform is top-notch and easy to understand and navigate as well.
Through a demo account we could see that clients are extended a very generous leverage of up to 1:100 and the spread on EUR/USD is just below 2 pips which, however, is a bit high and certainly above the industry average of a pip and a half. We remind readers that the cap on the maximum allowed leverage in Europe is 1:30 at the moment. Such restrictions have even forced some brokerages in the UK – such as Abshire-Smith – to cease operations.
All in all, Bpprime is a legitimate brokerage, properly licensed by the relevant authorities, with decent trading conditions and the MetaTrader 4 platforms. The FCA regulation guarantees the safety of the clients funds and excludes any possible risk that may come from commingling or any other type of scamming in Forex.
We urge traders to exclude such risk in trading by only associating with brokers regulated by prestigious regulatory agencies, such as the FCA and CySec, which require compliance with a number of strict rules that give significant assurance for the security of the clients funds.
The segregation of accounts is among the rules which are especially important in the trading world, because it drastically lowers the risk of possible commingling.
Another is the participation in a compensatory scheme by which the client’s losses will be covered in the unlikely case the broker goes bankrupt or attempts to swindle traders.
BPPrime deposit/withdrawal methods and fees
While chatting with a representative of BPPrime we were told that the brokerage does charge a withdrawal fee, as well as require a minimum withdrawal amount. Clients are extended one free withdrawal each month and every following is charged $15 regardless of the payment method used. Furthermore, the minimum withdrawal amount is $100 which means clients may not withdraw any less than that. There are no dormant account fees, or maintenance fees. However, both the withdrawal fee and the minimum withdrawal amount are a bit excessive in our view.
This is precisely why we always remind readers of all the ways a trader may test the brokerage’s intentions. Firstly, traders are advised to always put up only the required minimum deposit, instead of risking a bigger amount with no certainty. Afterwards, they may also try to withdraw a small amount in order to check for any unexpected fees or delays. Such fees and delays are usually the signs of a scammer.