Traders have different opinions about the broker BMFN : some consider it proven and reliable, citing impressive work experience as arguments, while others accuse the company of fraud. To understand what Boston Merchant Financial really is, just look at its main page.
What is known about the BMFN broker
Boston Merchant Financial is said to have been founded in 1988 and entered the online trading market in 2007. Some questions immediately arise here: it is not known by whom and when the company was registered, and it is completely silent about its history. Some resources indicate that the headquarters is located in the United States, while the site itself indicates the location of Vanuatu. The company could not be found in the Vanuatu regulator’s database.
It should be noted that the BMFN broker is not regulated – this cannot be justified by the fact that the service is in the process of obtaining licenses. The service has been working illegally for over 5 years, since the first reviews of the company began to appear in 2014. Although the company claims to have 4 licenses, the site simply doesn’t have them.
Not a single contact has been left on the site. You can get help from the support exclusively through the online chat, but, as the reviews say about Boston Merchant Financial, the support practically does not work and the service is extremely poor. The platform provides a minimum of information about the company itself and does not correspond to the claims of vast experience in the Forex market.
BMFN site tools and capabilities
BMFN’s official website looks extremely ambiguous – although it was developed by a separate design studio, it is practically non-functional. Some links do not open, some do not work, and some sections in the Russian version are not even fully translated. There are five language versions on the platform in total, but their quality casts doubt on the “internationality” of the broker.
At the same time, the broker provides space statistics – over 90,000 active accounts and 16,000 partners around the world. Given the lack of any contact details and the site is half-operational, this is unlikely, as even the news feed was last updated in August. The fraudster’s BMFN has a standard set of terminals – MT4, WebTrader and applications for mobile trading.
It is not known how many account types are on the platform – all information about trading conditions is extremely chaotic and in some sections it is presented exclusively in English. Traders have access to such assets as:
- Forex currency pairs – leverage up to 1: 400 is available, spreads are not specified;
- Funds ETF – BMFN offers leverage up to 1:10;
- Securities – Amazon, Coca Cola , Alibaba and many others;
- standard financial indices;
- commodities – metals, oil, gold and others.
The broker encourages the use of scalping and also has some training courses. Like all the rest of the material, it is also painted exclusively in English. You can get access to it only after registration.
A separate section in its BMFN divorce is given to partners – here the White Label system, Omnibus, a broker and some others are presented. It is possible to open a clearing or liquid account. In addition, the broker invites professional wealth managers to cooperate, offering modern platforms for work.
Little is known about whether a withdrawal can be requested from Boston Merchant Financial. The site states that you can make a deposit using credit cards and payment systems. There is no information about the commissions, and the section with the FAQ, which could clarify these issues, also does not function.
User opinions about BMFN service
Over the years, the broker has received many controversial comments, but over the past few years, there have been a lot of negative reviews about BMFN on the Internet. Clients note that the trading platform often freezes, slows down and works crookedly, and the service itself does not withdraw money.
The broker is not listed in the archives of regulators and does not have a license to carry out such activities. Do not overlook the fact that the site practically does not function – the service does not even indicate contact information, not to mention physical representative offices. It is not worth trading with this company, especially after many statements about the refusal to withdraw funds.
