BFP Markets Review Scam Complaint
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BFP Markets is a forex broker offering trading in forex and CFDs via MT4 trading platform. In consideration with orders execution model, the broker BFP Markets is a b-book broker that means market maker. BFP Markets offers trading in various forex pairs, currencies, CFDs, indices and commodities. However, BFP Markets is an unregulated broker having a negative image in the market. To know thoroughly about this broker read the review below.
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About the BFP Markets:
BFP Markets is an offshore broker registered in Marshall Islands. The owner company of the broker is not mentioned on its website. It offers three types of accounts to its clients, which are, Mini, Gold and Premium. Minimum deposit requirement of Mini account is pretty reasonable that is $100 but for Gold and Premium it is extremely high at $3500 and $15,000. Whereas, commission free trading is offered with traditional spreads but ECN spreads are offered with commission fees. But, they did not mention the spread nor the leverage levels are mentioned. The trading platform that is supported by BFP Markets is MT4 which is familiar to every trader who has the slightest idea of forex trading. MT 4 is the most widely used forex trading platform worldwide.
Although the demo account of BFP Markets on MT4 shows the spreads on EUR/USD floating from 0 to 0.4 pips, without any commission. Such trading costs are too low that there is no way for the broker to be profitable, therefore something here is fishy. All the regulated and genuine brokers state their trading conditions and pricing in a clear manner. That is why when a broker does not reveal or show the spreads it provides or the initial deposit that it requires on its website, it seems to be a scam. BFP Markets has neither specified the spreads, nor the leverage levels that it offers. Even the name of the company who is operating the brokerage brand and the website is also not given.
Is BFP Markets legit or scam?
BFP Markets seems suspicious and is likely a scam as it is registered offshore and that also in Marshall Islands which is known as the zone for scam brokers. The company’s owner and operations are also not known, which are the basic details that a legit company must reveal. Moreover, the company being registered in Marshall Islands still provides the contact number in the UK. Hence, it is clearly a scam broker.