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BenchMark Review – is it scam or safe?

BenchMark FX Review - Is benchmarkfx.co.uk safe or scam forex broker?

RATING: 3.3 / 0 REVIEWS
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 Trading accounts

 

Account type Minimum deposit Minimum trade size Maximum leverage Average spreads
MetaTrader None 0.01 lots 1:200 0.8 pips
Trader None 0.01 lots 1:50 2 pips

 

BenchMark has two types of forex trading accounts, which we have named MetaTrader and Trader after the trading platforms, for convenience. MetaTrader accounts are for trading on MetaTrader 4 and 5, while the Trader are for trading on the SaxoTraderGo platform of the major Danish forex brokerage Saxo Bank, of which BenchMark is a white label partner.

 

The MetaTrader accounts provide access to trading in most major forex pairs, as well as a few exotics. The Trader account, on the other hand, has a much wider forex portfolio, including majors, minors and a lot of exotics.

 

Both accounts also can be used for trading in other instruments like CFDs on metals, oil and gas and indices. Trader also allows trading in funds, bonds, stocks, futures, options, etc.

 

BenchMark's portfolio, thanks Saxo Bank, can be comparable to that of major forex brokers like IG and FXCM.

 

The broker also offers a free demo account.

 

 

The Company. Security of Funds

  

Company Country Regulation
BenchMark Group Bulgaria FSC, FCA, CNMV, BaFIN

   

BenchMark is a Bulgarian financial services company. It is regulated by Bulgaria's Financial Supervision Commission (FSC) and registered by UK's Financial Conduct Authority (FCA), Spain's CNMV and Germany's BaFIN. This makes it a very robustly regulated European broker that can provide its services across the entire European Union, thanks to the passporting rules of MiFID.

 

The FCA regulation places BenchMark in the company of FXCM and IG, as well as FxPro and XM.

 

 

Trading Conditions

 

Minimum initial deposit

BenchMark has not listed a requirement for a minimum initial deposit. This is not an unusual practice, but most brokers set at least a token sum. IG, for example, requires $1, while XM and FXTM require $5.

 

Other Bulgarian forex brokers like Bulbrokers requires $100 and Trader.bg requires $150.

 

Spreads and commissions

BenchMark has floating and fixed spreads. The floating spreads are applied to the MetaTrader account. There the EURUSD spread starts at 0.1 pips and the average is 0.8 pips. Despite the relatively tight spread, BenchMark does not charge additional commissions on the MetaTrader accounts.

 

The situation with the Trader accounts, however, is somewhat different. There the spreads are fixed and wider, but once again, the broker does not charge commission and fees.

 

Leverage

The maximum leverage on the MetaTrader account, offered by BenchMark is 1:200. On the Trader accounts it is 1:50 on major pairs. For exotics it is even lower.

 

The 1:200 leverage is average for the industry as a whole, even though there are brokers like FxPro, which offers 1:500 and GrandCapital, which gives 1:2000 on some account types.

 

 

Trading Platforms

 

BenchMark provides three platforms for trading in forex – MetaQuotes' MetaTrader 4 and 5 and Saxo Bank's SaxoTraderGo, as a white label partnership.

 

Much has been said and written about MT4 and MT5, as they remain the most popular forex trading platforms. The MT4 is still the preferred platform both by brokers and traders alike, but could soon be replaced by its successor MT5, which is catching up since the hedging option was introduced in the spring of 2016. Nowadays there are brokers that offer both, like FXTM, FxPro, FiboGroup and FxChoice.

 

SaxoTraderGo is a multiasset platform for forex, CFDs, stocks, futures and bonds. It is supported by desktop and mobile devices and also has a web version. The desktop and the web version of the platform support its full features: fast order execution, advanced charting, technical analysis tools, market news and analysis, economic calendar, flexible workspace. The mobile version supports only the main functions. The platform has been developed by Saxo Bank and has been made available to other brokers through a white label partnership in the autumn of 2015.

 

 

Promotions

 

BenchMark has several bonus programs. The Bonus 3000 euro program is available to clients who open a real trading account on MetaTrader. They can get up to €3000 in bonus money for every trade they make.

 

There are also Loyal Client program, which is a continuation of the Bonus 3000 euro program and a refer a friend program.

 

 

Methods of payment

 

Benchmark appears to be rather unappealing when it comes to payment means. The broker accepts bank transfers, credit and debit cards and the German online banking system Sofort. Clients can also transfer funds between their accounts in BenchMark Finance.

 

 

Conclusion

 

BenchMark is a robustly regulated European forex and CFD broker with more or less average trading conditions. The relatively tight spreads with no commission on the MetaTrader accounts appear fairly lucrative.

 

The white label partnership with the major global broker Saxo Bank can make BenchMark even more attractive for some traders, especially considering that the Danish broker has a $10 000 minimum deposit requirement and charges commissions, on top of the spreads. The BenchMark conditions, however, make it far more accessible.

 

Pros Cons
Robust regulation Limited payment options
Saxo Bank partnership  
Good spreads  
MT4&MT5  

 

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Spread

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Slippage

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Requotes

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Price feed

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Platform

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Deposit/Withdraw

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Customer service

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Summary

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Traders` reviews for BenchMark

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