BMFN.com Review

1.544 · 27 REVIEWS

Boston Merchant Financial

Updated: Jun 11, 2021 · Visit site  · Is this your company?

BMFN is a forex broker. BMFN offers the MT4, WebTrader and Mobile forex trading top platform. BMFN.com offers over 20 forex currency pairs, etfs, equities, indices, commodities, gold, silver and oil for your personal investment and trading options.

BMFN.com

May 2012: CAUTION:  There is an FPA Traders Court Guilty Vote against this company.

Other website of this company including BMFNVT.com.

Broker Details

Minimum Trade Size: 0.1
Maximum Leverage: 400:1
Minimum to Open Live: $50
Established: 1988
Address: Law Partners House, Kumul Highway, Port Vila, Vanuatu
Contact: support@bmfn.com
Regional offices:
Regulators: VFSC #40202
Prohibited countries:
Trading platforms: MT4
Web Trading: Yes
Mobile Trading: Yes
Currencies: (20+)
Cryptocurrencies:
CFD: (100+) Gold, Silver, Other Precious Metals, Stock Indexes, Oil, Other Commodities
EAs/Robots: Yes
MAM: Yes
Deposit Methods: Bank Wire, CASHU, Globe Pay, Neteller, Skrill
Withdrawal Methods: Bank Wire, CASHU, Globe Pay, Neteller, Skrill

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1.544 · 27 REVIEWS
Forex Peace Army
DO YOU RECOMMEND THIS COMPANY?

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Traders Reviews

RU, Russian Federation,
Jun 10, 2021,
Registered user

SCAM

Service use: Live

Length of use: 0-3 Months

still waiting for the withdrawal of my funds from 2017
these scammers stopped replying to my emails
avoid at all costs

Sep 10, 2017 - 1 Star cancelled $3k profits made during last 7 months
just after withdrawal request
with no exlanations
DMA account
 
Dubai, United Arab Emirates,
May 9, 2021,
Registered user

BMFN Victims' Money showing up in Vermont

Service use: Other

Length of use: over 1 Year

https://vtdigger.org/2021/05/07/let-them-complain-southern-vermont-newspaper-buyer-dismisses-past-legal-problems/

it looks like BMFN's Owner is crazy to buy anything and everything,

it's also the time to pay what he collects (steal) from the whole world, please read the article above

hope it can help anyone has an issue to get back his money,

Nov 29, 2020 - 1 Star BMFN is over 10+ years in the market now, and know one knew from where it came or regulated anywhere and why they hiding now?

as they run away from China, Saudi Arabia and India, now they running from UAE, the company owner fail to handle the client withdrawals and he close the office door with a a message says "BMFN is closed and if you have an issue send to gmail " which is so funny, but a lot of people lost millions,

a lot of police cases opened in UAE but BMFN owner (PB) still lucky as clients did not went and open one public case, but they will.

BMFN.com is blocked is UAE, and also most of the BMFN's baby companies like, unitrader.com,eforex.com,swissfs.com and swissfxprime.com which already flagged by SCA in UAE,

actually they will never stop, and they going to continue in UAE with a new name,

as every day am getting a calls from BMFN's victims i want forexpeacearmy support to allow all of this people to put them stories fairly here, i believe this website is one of the highest voices,

below is just 3 accounts with more than half million, and they can reply and clear them side if they proceed with withdrawal , 6 months playing and tiring to reduce the amount until they start to open trades from them side to finish it, same time BMFN's employs trying to fix the client issue and take commission from him just to fix his issue or else they will not help the guy take HIS MONEY!!, who can believe this!!!

accounts,

33334634
33334710
33334735

hope people with the same issue now and i know they are a lot, to put them reviews asap, as by few days BMFN is running from UAE,
 
DUBAI, United Arab Emirates,
Apr 29, 2021,
Registered user

Swissfx and BMFN scammed me

Service use: Live

Length of use: over 1 Year

I originally started with swissfxprime everything was OK . After a while , swissfxprime changed the name to swissfs . I havent contacted them from December 2020 and was carrying my trades on MT4 until I notices that server has been changed without a notification . Tried to contact Swissfs but no luck whatsoever . Tried to log into my cabinet but it keeps rejecting my account and a message appears that my.bmfn.com is not available . It seems the swissfs works for bmfn and forwarded all client accounts to them . Tried to find a contact for bmfn in Dubai but again no luck . There is also no website for bmfn .
  1 trader has found this review helpful
Forex Peace Army
Review moderation team note
You can find BNFN at www.bmfn.com
Singapore, Singapore (Really the offices of BMFN in UAE),
Dec 8, 2020,
Registered user

Good FX Broker (they pay my salary)

Service use: Live

Length of use: over 1 Year

This is my broker partner, they got amazing platform like MAM (Multi Account Manager) so I can managed all my clients using MAM. Also I had an 6000 USD PAMM managed account and 3 days after the withdrawal request I have received the money. From this point of view everything is OK.
 
Forex Peace Army
Review moderation team note
5 Star Rating removed. This is another review from the same IP previously used by an employee of BMFN.  It was also used to spam the FPA's forums for BMFN.

Per FPA policy, the rating on this review has been set to Zero stars.
Dubai, United Arab Emirates (inside the offices of BMFN),
Dec 8, 2020,
Registered user

One of Best Broker in UAE (at least to work for)

Service use: Live

Length of use: over 1 Year

I am using BMFN trading Platform since past 3 Years. They offers competitive spreads with no holding cost. They don't offer Agro commodities which is a negative thing but all the major instruments are available to trade.
 
Forex Peace Army
Review moderation team note
4 Star Rating removed. This is another review from the same IP previously used by an employee of BMFN.  It was also used to spam the FPA's forums for BMFN.

Per FPA policy, the rating on this review has been set to Zero stars.
uae, United Arab Emirates (inside the offices of BMFN),
Nov 30, 2020,
Registered user

ALL IS WELL (at least for employees of BMFN)

I and my friends are dealing with bmfn since 3 years, i found they are very good in withdrawals and other stuff
 
Forex Peace Army
Review moderation team note
This review came from the same IP previously used by an employee of BMFN.  It was also used to spam the FPA's forums for BMFN.

Per FPA policy, the rating on this review has been set to Zero stars.
Cali, Colombia,
Apr 17, 2020,
Registered user

Broker with very good costumer service

Service use: Live

Length of use: 6-12 Months

Work under mt4 plattform and works fine, i have an account since 9 months algo and i don't have any problem, i withdraw just one time and allá it's done, definitely recommend this broker
 
Mexico City, Mexico,
Jan 29, 2020,
Registered user

Working good

Service use: Live

Length of use: 6-12 Months

I have been with this broker for almost a year, it works fine, the platform its ok and the costumer service answer correctly.
 
Bogota, Colombia,
Jan 20, 2020,
Registered user

Many years of good Service

Service use: Live

Length of use: over 1 Year

Hi, I have my account with this company for many years now. I am from Colombia and the guys in latam always are very kind, i was checking the reviews here and i don`t knbow what happen to them but, for me they always have a solution.

No one Broker is Perfect but this guys always try to help me and solve any issue.
 
xj, China,
Jan 15, 2020,
Registered user

Hello, I am a Chinese citizen and urgently need your help

Service use: Other

Hello, I am a Chinese citizen and urgently need your help
In 2017, I traded on the BMFN foreign exchange trading platform.In 2018, BMFN exited the Chinese market.
But so far neither my friends nor I have been able to withdraw funds, I have communicated with them many times via email and always answer "Leader not audited".
I hope the regulator can help me and my friends. Thank you very much. Waiting for your message.
--------------------------------------------------------------------
The full name of their company is: BMFN at Boston Merchant Financial Ltd.
Licensed institutions:EMIRATES WEALTH EAD
Regulatory Certificate No: 550785
License type: EU authorized representative (EEA)

More. Community discussion of this issue >>

  2 traders have found this review helpful
Monterrey, Mexico,
Oct 9, 2017,
Registered user

Terrible spread and assistance

Very bad execution terrible spread.
One of the worst Forex brokers
I do not recommend this Broker
 
Russian Federation,
Sep 13, 2017,
Registered user

SCAM!

my style - News Trading
all orders were opened on the news, when economists were wrong in the forecasts
For 6 months profit was more than 4 thousand dollars

in the end I received an email

"After conducting a thorough review of your trading activity it has been discovered that you have systematically traded off market pricing resulting in ill-gotten trading gains. Whether such trading was the result of system errors, malfunctions, or delays, or whether through the usage of scripts, codes, software or simply manual trading of known off-market pricing feeds during increased volatility at BMFN is irrelevant."

after that the account was closed, and the money was stolen

How can there be a non-market price in the market execution of orders? nonsense!

https://bmfn.com/faq

"Do you have a dealing desk?
No, all orders are executed fully automatically by the trading server system without any human intervention.

Model of the execution?
BMFN offers market execution of the orders to make the trading more comfortable. The price is provided directly from the market. We focus and provide the best trading environment for our clients."
  1 trader has found this review helpful
LMCH,
Buenos Aires, Argentina,
Dec 25, 2013,
Guest

On November 8th, I had made a profit of between 7k and 9k, just like I had other times before, but minutes after the American news of 2:30 PM, some pending orders of BUY STOP that my EA set near the market price for the GBP USD and AUD USD opened at 10,000 pips of distance in a 5-digit platform. For the Pound, an order was opened at 1.70000 when the market was barely at 1.60000. For the AUD USD, orders were opened at 1.0400 when the market price was around 0.94000.

This situation resulted in my accounts completely breaking down.
I looked at other accounts at the broker; standard and ECN, and that price does not appear in other platforms. This only happened with my accounts and that price did not appear in any other broker at that hour. Moreover, at the time this happened, the price was going down and the system drove the candlesticks up.

I was informed that the liquidity provider sent that price and my EA accepted it. Logically, I can put up a pending order at a future price so high that the order can remain months or years without executing itself. But it is clear by the logs that the prices that my EA solicited in the pending orders were very near the market price at that moment.

I have screen prints, logs, etc. that demonstrate the irregularity of this whole operation. I was told by Bernardo Martinez, the company’s representative for Latin America, that the liquidity provider didn’t want to give back the 100% of the funds lost by this “technical error”, but they offered 50% of the funds, adducing that it was my EA ’s fault for accepting the price.

A few days later, I was offered a closing deal of half the funds lost, where they stated again the it was my EA ’s responsibility. I was under a lot of pressure thinking that I might lose all my capital and they told me that if they tried to negotiate a 100% refund with the liquidity provider, they might even give up the first offer altogether. So obviously, I signed and settled for half the funds, at least momentarily.

All the process lasted eight days, where I lived moments of much anguish and frustration, considering the possibility of losing all my savings. This was obviously a well-thought strategy of the broker because from the beginning, they suggested the idea of giving back only a part of the money. It was easy for them to press me into signing that ridiculous agreement because I was scared of losing everything.

An EA cannot tamper with the market price. That is downright impossible.
After signing this ridiculous agreement, which I can show at request, and getting back half my capital, I tried to contact the broker three times, trying to negotiate a better offer to settle the whole thing.

At this point, I would’ve been happy if they gave me back the initial capital invested. They answered that having signed that agreement, I accepted their terms, and that I shouldn’t involve the liquidity provider. They said they definitely wouldn’t give back more than they had, and that giving back half the funds was already very generous of them. They also said that they are not responsible for the market price, but in this case, the price was intentionally tampered with. If a broker states that the market price is not their responsibility, then the client is totally unprotected since they could modify the price and then say they are not liable for anything.

I warned the broker that I would inform all the regulation entities and forums of this flagrant scam, and they said I should stop the threats and that if I made bad publicity, they would sue me. They also prohibited me from showing the document I signed under pressure because they know it was a maneuver aimed simply at taking away my money.

It is important to highlight that the FSA regulation does not reach them as brokers because they are listed as a pay processor. This is another trick they use in order to steal money from investors and remain free of charges.

I will accept my responsibility if the broker can prove that my EA produced that price and took it in spite of the fact that the pending orders differed from that price. I have all the evidence to show that that is impossible. But the broker has nothing to prove what they put forward; only words and a document they made me sign under pressure in order to make me responsible for something that is implausible and in order to silence me.

Using only common sense, if what they say was true and my EA had provoked this error in the account, why the broker should give me back half the amount lost? Out of generosity? This is business, and I don’t know one broker in history that has taken responsibility for their clients’ errors. I am not talking cents here: my capital was of USD 470.000, and they stole half of it in one minute. Eight days later, they gave me back $235.000. There are two options: either I thank them for the money they gave me as a present or this is a blatant fraud.


I leave this question for the investors.
 
Sami,
egypt, Egypt,
Sep 25, 2013,
Guest

I'm writing with reference of the verdict against BMFN. I have read the case very carefully (Case# 2012-041 | ibham1 vs www.bmfn.com ). In my opinion, it is really unfair to post such Scams on BMFN. It is very well known that it is illegal systematically traded delayed off market pricing. So please remove this verdict as Mr ibham1 is the one who ABUSED the system.

Review Moderation Team Note: BMNF was given every chance to respond to the question of why they removed 18 months worth of trades when their client attempted to withdraw money. They declined to make a public response to defend themselves.

The FPA wonders why a broker would only notice that a client violated rules for a year and a half when the time came to withdraw money. If a client's trades violate some rule, a broker needs to warn the client in a timely fashion.

If BMNF wants this Guilty vote to be resolved, they need to contact their client.
 
Prakash,
Mumbai, India,
Mar 11, 2013,
Guest

The platform is gud for the traders, Fast execution any time withdraw there is no issue on funding The spread is low good margin for gold and silver gud for heavy traders.
 
waheen,
sa, Saudi Arabia,
Jul 4, 2012,
Guest

I Started last January to look for good broker and money manger, then I've decided to invest 10k $ with BMFN through MM that have certification from them. He made 70 % profit in first month then I added to the account another 10K, then he made a profit of about 40% in the month after. Then one day I was checking to find that many trades was opened and closed at late night and in a matter of 10 minutes my account was down from 38K to 200$ !!!!!

The MM told me that he was hacked and lost money in many other accounts including his own and he has followed the IP provided from the broker by the help of ISP to internet cafe, the broker told that investigation shows the access was from IP in the same city of MM. I can see that total MM commission was about 6K and the broker has blocked it waiting for approval from me that i sorted the issue with the MM or approval from him to let me take the commission. When I asked the MM for the approval he stopped responding to me.

I think you will say that this MM scam however I am not sure since he could made this from the shared profit deal and would profit every month and if someone can make 70 % in month and share profit with me why he would do that !!

I requested the broker to provide me with IP details of the trades but they responded that this is illegal. Also they were unable to get response from MM to discuss the issue.

Finally, I asked them to release the blocked commission to me but they refused an told me that they cant help me with anything since i signed the POA and they didn't find any prove of fraud and I should had monitored my account however they know this happened in only 10 minutes using some sort of script !!!! they provide me with revoke form and they are pushing me to close the account !

Please advice I am very disappointed..
 
Mohamed al kandari,
Salmiyah, Kuwait,
Apr 25, 2012,
Guest

I have been trading with this firm since 2007 through there local office in Kuwait, they have partnered up with one of the oldest brokerage firm in Kuwait and licensed by one of the big business person in Kuwait well known. We have no problem with there office in Kuwait always excellent customer service and you can even trade from the company there are dedicated trading rooms and myself and friends can go to the company premise and sit toegther and can place trades and meet other traders, so this was if anyone haveany problem we know about it its like a forum but live with people. I really recomend them we deal with the local office in kuwait i do not about outside, we are very happy locally.
 
UK, United Kingdom,
Mar 2, 2012,
Registered user

Issue escalated to Traders Court Ibham1 vs. BMFN.com | GUILTY
I opened an account with BMFN in August 2010. I successfully managed to withdraw $6,000 in November 2010 and a further $9,000 in May 2011. However, when I attempted to withdraw a $6,000 in January 2012 I received an email stating my account has been “deactivated and closed due to system abuse.”

The email highlighted a section from their terms and conditions stating BMFN had the right to cancel all profits due to inaccurate pricing. I contacted them on many occasions demanding proof as I could not believe every single trade I placed over an 18 month period was affected by constant BMFN system failure.

My account equity was over $20,000 when my account was deactivated. I have experienced this previously with another broker, if the client consistently makes money, the broker will use some generic clause in the terms and conditions to deny the trader hisher profits – the broker will also refuse to provide the trader with evidence as to why the trades were cancelled.

I shall be asking for FPA’s assistance to help me retrieve my money. I will also be making official complaints to the relevant regulatory bodies.

More. Community discussion of this issue >>

 
Mohamed Sedik,
Egypt, Egypt,
Dec 4, 2011,
Guest

This Broker is a total Scam.
They have more than website they have no registration, they clam that they offer equities and options. so that they appear as a big company. what i discovered when i asked for to open an account to trade stocks and options that they offer noting its only a BIG Lie. just try to ask them for an equity or options account they will not answer you. they will say to you minimum 50k. they are only in forex and they also not registered anywhere whatsoever.
 
shen yu&tan qiangfeng,
hubei Pro,china,
Oct 19, 2011,
Guest

our account of BMFN are Account: 550309264 Name: Qiangfeng Tan and Account: 550309268 Name: Yu Shen .
2011.10.03 04:28 we made some trades
sell 80.00 gbpusd` 1.5552 1.5557 0.0000 2011.10.03 04:28 1.5502 0.00 0.00 0.00 4 000.0
sell 280.00 gbpusd` 1.5550 1.5555 1.5513 2011.10.03 04:28 1.5513 0.00 0.00 0.00 10 360.0

then next week we cannot make any trades,and we submit our withdraw request,they deduct our profit,say BMFN can get that good price in the market.but we made those trades for a week,that is a scam company.So $5880 and $2720 is removed by the scam company.We tell you,please Please stay away from the cheat company BMFN.

 
victor,
nigeria,
Aug 3, 2010,
Guest

these guy actually prohibit expert advisors. i already opened a live account and ready to fund it. i checked out reviews on FPA and tried an EA on thier demo and behold ! it rejected it just as a reviewer commented.
i contacted them and they said i can use EAs only on live account. very funny. thats why they call it DEMO--NSTRATATION account. i can smell a scam from a mile away!
 
pippancs,
Europe,
Jul 19, 2010,
Guest

Hi guys. I don't know more about technical part of Boston Merchant Financial but I had an 2500 USD PAMM managed account ,and 3 days after the withdrawal request I have received the money.They also have a good customer support service.From this point of view everything is OK.
 
Star,
Asia,
May 28, 2010,
Guest

This broker is very bad for scalpers. They give frequent requotes and when I sent them screen shots of the requotes they say the market was volatile when you can clearly see on the screen shots that the candle formation show barely any volatility. Beware of their bonus schemes there are all sorts of attachments with the fine print.
 
currencies69.com,
Indonesia,
Apr 9, 2010,
Guest

This is my broker Partner, Honest opinion....They got amazing platform like MAM ( Multi Account Manager ) so I can managed all my clients using MAM, support is excellent, spread reasonable and fast execution.
 
Asep,
Indonesia,
Mar 31, 2010,
Guest

The price seems too volatile, its not common. If you scalper, avoid this brokers. While I got profit with other 3 brokers, but got loss with this brokers.
Uncommon volatile price movement, requoting are happen many times. Scalpers...., becareful with this brokers.
 
Hariyono,
Indonesia,
Nov 18, 2009,
Guest

THE BEST FOREX BROKER

FAST REGISTRATION, FAST EXECUTION, THE BEST PLATFORM, GOOD CUSTOMER SERVICE AND PROFESSIONAL
I HAVE DEPOSIT 4600 DOLLARS AND ENJOY TRADE
 
Michael,
Russia,
Jul 7, 2009,
Guest

I do not like this broker, they prohibit any expert advisors. I got problems with opening orders manually also. Looks like a bucket shop.
 
AHMET,
TURKEY,
Jun 7, 2009,
Guest

FAST EXECUTION, EXCELLENT PLATFORM(ICTS) ,GOOD CUSTOMER SERVICE
 
Valerii,
Ucraine,
Feb 26, 2009,
Guest

Traded at them, has got profit. They have stolen all profit, and have blocked access to the account, sayed -"I traded on demoacc". They have stolen 21596.60 dollars. The complaint in NFA is directed