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BlackPearlFX Review - Is it scam or safe?

BlackPearlFX Review - Is it scam or safe?

RATING: 3 / 1 REVIEWS BlackPearlFX
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Trading Accounts

 

Account type Minimum deposit Minimum trade size  Maximum leverage Min. Spreads 
Pro (STP) $100  0.01 (micro lot) 1:500 from 0.6 pips on EUR/USD 
Prime (ECN) $10 000 0.01 (micro lot) 1:100 from 0 pips on EUR/USD +$3 Commission per side per 100k trade
         

BlackPearlFX offers its clients a choice of two account types: Pro, which is an STP account, and Prime, intended for institutional and professional clients, with ECN execution model. Both accounts offer micro tradable lots and trading in a variety of instruments on the renown MetaTrader 4 platform.


Besides, this broker provides MAM/PAMM accounts for money managers.


The Company. Security of Funds


BlackPearlFX is a No Dealing Desk (NDD) broker, which serves retail and institutional clients alike, offering trading in 60 Currency Pairs (up to 100 Currency Pairs via FIX API), CFDs on Indices, commodities, as well as precious metals on MT4 platform. Trades are immediately matched through liquidity providers via PrimeXM, the broker`s technology partner, utilizing their straight through processing model.


BlackPearlFX is a relatively young FX broker, based in London. It is the trading brand of Black Pearl Securities Limited, which is authorized and regulated by the Financial Conduct Authority (FCA).


FCA regulation its famous for being among the strictest in the EU. To acquire a license from the UK financial watchdog, UK-based brokerages have to prove their good financial standing financial stability - to hold a minimum of €730 000 net tangible assets - and to meet various requirements. For example, clients` funds shall be kept in segregated bank accounts, separated from the company operating funds, and licensed companies are required to report regularly to the Commission.


Probably the most important thing in relation to FCA regulation is the fact that it involves a compensation scheme in the event that a licensed broker becomes insolvent. The Financial Services Compensation Scheme (FSCS) provides a maximum compensation cover of £50,000 per person.


What is more, BlackPearlFX is also regulated under the Markets in Financial Instruments Directive (MiFID) in regards to offering cross border services and other offices within the EU under the MiFID Passporting Regime, allowing companies regulated in their "home state" to provide services to customers in other EU member states.


Trading Conditions


Minimum Initial deposit

Minimum initial deposit with BlackPearlFX is $100, which is a comparatively low amount to start with, considering this broker`s strong regulation. Yet, other UK-based brokers require even less – for instance, HY Markets demands $50 from traders to open an account.


Spreads & Commissions

BlackPearlFX offers variable spreads, starting from 0.6 pips on EUR/USD on its commission-free (Pro) accounts, which is a pretty good offer, as average spread values are below 1 pip. Spreads on the Prime (ECN) account are even tighter, however, if we take into account the ECN commission applicable ($6 per standard lot round turn), trading costs are similar to the ones on the Pro account.


In comparison, FCA-regulated Trading212 offers variable spreads amounting to 0.9 pips on EUR/USD on its commission-free accounts, while leading broker FxPro charges $4.5 per lot and offers average spreads as low as 0.4 pips on the EUR/USD for its cTrader accounts. You may look up real-time spreads of 15 leading brokers here.


Maximum Leverage

The maximum leverage available to BlackPearlFX clients is 1:500, which is considered a high ratio, yet many brokers offer similar or even higher levels. FxPro, for example, also provides leverage up to 1:500. 


We would like to remind traders that high leverage levels involve higher risk, not only the probability of multiplied profits earned on a small deposit.


Trading Platforms


Clients of BlackPearlFX are offered the most widely used Metatrader 4 trading platform (MT4).


MT4 is globally popular for its innovative, on the go trading capabilities, advanced charting package, more than 50 built-in technical indicators, automated trade options with Expert Advisors and extensive back-testing environment. Not to mention its fast and user-friendly technology, designed to let you trade with ease. Here is a list of more forex brokers offering MT4 platform.


Large volume traders (trading at least 20 standard lots per month) may use NextGen Trader Tools for MT4 - a suite of multi-platform, multi-lingual, market-informed apps which help traders to optimize their ability to trade successfully. These include advanced trade execution and management, decision assistance, sophisticated alarms and messaging broadcasting facilities, plus news and market data.


What is more, BlackPearlFX provides Multi Account Manager (MAM), a MT4 plug-in designed to allow Money Managers to trade from a Master MT4 Terminal and automatically distribute profits and losses proportionally among all MM clients.


Promotions
At the time of writing this review, BlackPearlFX provides 100% Welcome Bonus to account holders with deposits of a minimum of €1,000.


Methods of Payment


Clients of BlackPearlFX can make deposits to and withdrawals from their accounts via bank wire, Skrill, Neteller & UnionPay.


You may hold an account in EUR, GBP or USD.


Conclusion


BlackPearlFX is a young London-based broker with strong regulation, whose offerings seem attractive. To sum up the above, here are the Pros and Cons with regards to this broker:

 

Pros  Cons
Strong regulation (FCA)  No choice of trading platforms 
STP/ECN execution model No advanced auto trading options 
Competitive spreads   
MT4 available with extra tools for large-volume traders  

 

Latest news about BlackPearlFX
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Traders` reviews for BlackPearlFX

Spread

Pros

Cons

 

 

Slippage

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Cons

 

 

Requotes

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Cons

 

 

Price feed

Pros

Cons

 

 

Platform

Pros

Cons

 

 

Deposit/Withdraw

Pros

Cons

 

 

Customer service

Pros

Cons

 

 

Summary

Pros

Cons

 

 

Very bad execution

Their execution is really poor (above 1s for Major FX with no news). I just tested them for few weeks, I am going to stop. Additionaly a friend of mine is struggling to take is profit out... Will try to keep updated but not looking great so far ^^ !!

FXTraderCizu 10/05/2018
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