If you are looking for an honest and top-tier Forex broker, then FxBmTrade will not fulfil your expectations. In this review, we will uncover all the information you need to know about FxBmTrade and why you should stay away from it. Let’s go.
The company’s website already looks suspicious from the first sight. However, we stayed cold-blooded and decided to check the relevant info beforehand. As we found out, FxBmTrade claims to have headquarters in Aylesbury, Oxford Road, Ardenham Court bld, United Kingdom, HP19 3EQ. It is owned and is being operated by Mila Media Ltd.
Is FxBmTrade legit? With UK brokers you would anticipate one simple hallmark and that is the FCA license. Unfortunately, FxBmTrade does not have FCA license and what’s more – it is not regulated by any reputable institution at all. This is a worrying sign that you might deal with the scam broker. Considering that FxBmTrade is in the Forex industry from the year 2015, it is rather strange that no license has been granted until this moment.
Furthermore, the traders from the United States are not accepted at this broker.
Opening an Account
As with most scam brokers, setup is a one-step procedure as they want you to fund the account as quickly as possible. FxBmTrade made no exception in this regard. In fact, it took us less than a minute to setup and get straight to making the deposit. At the account opening stage, you can choose between 3 currencies – EUR, USD, and GBP. There is no choice between the live account or demo, as the latter is merely not offered at this broker. This means that the traders have no possibility to do some practice or backtest the strategies.
Now it is time to discuss the account types offered at this broker. When preparing this honest FxBmTrade opinion, we identified 5 account packages. Ther list is as follows:
The Micro account can be opened upon meeting the minimum deposit requirement of £250. This account offers 1:100 leverage, up to 10% margin loan, and general customer support. In turn, the Mini account is accessible upon making the deposit of at least £2500, and the trader gets the same conditions – just bigger margin loan (up to 20%) and dedicated customer support.
With the bigger deposit, £5000, the trader can choose the Silver account. For such a big sum, the broker provides the 1:200 leverage, up to 30% margin loan, trading signals, the absence of withdrawal fees. On top of that, the trader gets a senior account manager and expert analysis trading sessions. Honestly speaking, this package is definitely not worthwhile, although FxBmTrade indicates that it offers the best value.
If you thought that more means better, this will not be true in case of FxBmTrade scam. For the minimum deposit of £10000, the trader gets the same features as in the Silver account with an addition of extra features like senior wealth manager and the interest-bearing account. However, farther is even more ridiculous. Their top-notch account, the VIP, is meant to offer something unprecedented for the minimum deposit of £25000. Instead, the only exclusive feature the VIP clients get is the availability of premium contract options. Wait, there should be something more, right? Wrong.
As we discovered, FxBmTrade Forex broker developed its own proprietary trading platform. It is purely web-based and is not supported on the mobile devices, so trading on the go is currently impossible. In addition, no other trading platforms are available with this broker.
Speaking of the FxBmTrade web-platform user-friendliness, our overall impression is negative. The platform clearly has a bad design and it is not comfortable to use. The platform does not allow any customization, apart from changing the chart color from dark to light and vice versa.
As for the features, the situation is slightly better. The platform has the library of 20 technical indicators, in-built news feed, live tv and the list of biggest gainers/losers. There are 4 types of charts available: candlesticks, lines, bars, and area charts.In addition, it is possible to view the charts in 9 timeframes, namely from tick to 1 month. The platform enables the user to trade 7 types of the financial instruments: Forex, indices, cryptos, commodities, stocks, ETFs and bonds. Essentially, there are approximately 250 tradable assets.
FxBmTrade fraud claims to offer social trading and algorithmic trading software to the user. However, based on our experience no such features are currently present, so obviously they are lying.
Although quite expectable, FxBmTrade failed to deliver good customer support. Only phone number and one email are available as the means to communicate with the client support agents. The phone support is utterly horrible and is not able to handle even the basic issues. Response to emails takes a few days, which is not acceptable for the urgent matters. The live chat is not available on this website. The indirect customer support is also unavailable – there is even no simple FAQ.
As for the languages, the website operates only in English and apparently no other versions are in works.
FxBmTrade Reviews: Deposits & Withdrawals
Even though we strongly advise not to make any deposits with scam brokers, let’s still view how their system of payments works. The only deposit & withdrawal option at FxBmTrade is using the credit/debit card. In order to utilize other payment methods such as e-Wallets or wire transfer, the trader has to reach the customer support agents. Not very cozy. FxBmTrade does not charge the fees on the deposits, however, it does so on withdrawals. The broker provides the waiver for the withdrawal fees only to other owners of Silver account or higher.
The time needed for processing the deposit and withdrawal requests is not specified on the website, for some unknown reasons.
Is FxBmTrade scam? On balance, FxBmTrade did no pass our credibility and quality test. Dubious legal status, inadequate account conditions, pretty mediocre trading platform and bad client support are the major drawbacks of this broker. What’s more, the fact that FxBmTrade is not transparent with its payment procedure discourages us even more. Therefore, it is better to avoid this broker.