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BMFN.com (Boston Merchant Financial) Review Visit site

Updated: Mar 1, 2018
1.952 · 18 REVIEWS
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May 2012: CAUTION:  There is an FPA Traders Court Guilty Verdict against this company.

BMFN.com (Boston Merchant Financial)

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  • Guilty1
Case IDFiledCase nameVerdict
2012-0412012-05-01Ibham1 vs. BMFN.comguilty

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1.952 · 18 REVIEWS
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Porphyromona,
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
Nikolay_M,
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."
el23876,
RU, Russian Federation,
Sep 10, 2017,
Registered user

scam. do not withdraw funds

cancelled $3k profits made during last 7 months
just after withdrawal request
with no exlanations
DMA account
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 verdict 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.
Inderjit,
UK, United Kingdom,
Mar 2, 2012,
Guest

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.
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.