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BP Prime Review - is it scam or safe?

BP Prime Review - is bpprime.com scam or good forex broker?

RATING: 3 / 0 REVIEWS BP Prime
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Trading Accounts and Conditions

 

Trading account Min. deposit Min. trade size  Max. leverage*  Spread
Standard  $100 0.01 1:100 From 1.4 pips
Pro  $1 000 0.01 1:100 From 0.6 pips
Prime  $10 000  0.01 1:100 From 0.1 pips + volume-based commission

 

*Available only to professional clients. Otherwise, the maximum leverage offered is 1:30.

 

BP Prime is a UK forex broker that offers its clients a choice of three account types. As you can see from the table above, the broker’s trading conditions appear attractive, and it uses the ever popular MT4 platform.

 

 

BP Prime Advantages

 

FCA license

BP Prime is a trading name of Black Pearl Securities Limited, a company that is authorised and regulated by one of the most reputable financial authorities worldwide, the UK’s Financial Conduct Authority (FCA). The company also operates another brokerage brand, BlackPearlFX.

 

A FCA license means reliability, security of funds, and compliance with strict requirements. What is most important, with FCA brokers, traders can even get up to 50 000 GBP of their capital back in case the broker goes insolvent. This is due to the fact that all brokers regulated in the UK have to be members of the Financial Services Compensation Scheme. 

 

MT4 supported

Trading with BP Prime is done on the widely used MetaTrader 4 (MT4), which most traders know well and like using. The reason for this is that the MT4 has an intuitive interface, top-notch charting, great analysis tools, and supports wide range of automated strategies, better known as Expert Advisors (EAs).

 

 

>> More MT4 brokers <<

 

 

Good variety of tradeable assets
Another part of BP Prime’s offering we like is the rich product portfolio. Clients of this broker are able to trade in around 50 forex pairs, CFDs on indices, energies, precious metals and some of the most popular cryptocurrencies.

 

Reasonable initial deposit required & leverage provided

One can open an account with BP Prime by depositing 100 GBP, US dollars or Euro, which almost anyone can afford. Besides, clients of this UK broker are able to use leverage up to 1:30 or up to 1:300, in case they can be classified as professional traders. These are reasonable leverage levels, which comply with the regulations applicable in the sphere of margin CFD trading. As some of you probably know, the European Securities and Markets Authority (ESMA) introduced a leverage cap of 1:30 regarding retail clients in August last year.

 

 

BP Prime Disadvantages

 

Demo spreads above the average

Although as announced on its website, the spreads of BP Prime seem good, when we tested the broker’s NT4 in demo mode, we found the benchmark EUR/USD spread floating around 1.8 – 1.9 pips on Standard accounts. This is actually slightly above the industry’s average. Most brokerages offer spreads within the range of 1.0 – 1.5 pips for this pair.

 

 

 BP Prime's demo MT$. Click for a larger view.

 

 

Conclusion

 

BP Prime is a UK-based forex broker licensed by the lodal FCA, which, of course, is its biggest advantage. Furthermore, it supports the industry’s leading MT4 platform and promises STP execution to all its customers.

 

As regards BP Prime’s trading conditions, they appear quite good – the minimum investment required is not high, and the leverage levels provided are reasonable and comply with the law. The spreads on Standard accounts are a bit high, but if you are willing to invest more, the trading costs will be significantly lower.

 

Yet, the most important thing about BP Prime is that the broker is regulated in the UK, which means that it complies with a set of street requirements: on minimum capital adequacy, client account segregations, transaction reporting, provision of negative balance protection a compensation coverage, among other things. Should BP Prime or any other FCA-licensed broker fail to meet these requirements, the fines are pretty salty.

 

 

>> More forex brokers regulated by the UK’s FCA <<

 

 

Let’s sum up the strong and weal sides of BP Prime in a few words:

 

Pros Cons
FCA license Demo spreads above the average

MT4 supported

 
Good variety of tradeable assets

 
Reasonable initial deposit required & leverage provided  

 

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Traders` reviews for BP Prime

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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