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Boston Merchant Financial Review

  • Regulated by: ASIC
  • Safety: segregates client funds
  • Trust Rating: A
Open BFNM's Website

Losses can exceed deposits

Overview

Boston Merchant Financial is a forex trading services broker. They give traders access to major markets like currencies, indices, commodities and shares.

To open a live account, you’ll need a minimum deposit of at least $50. Alternatively, Boston Merchant Financial offers a demo account that you can use to practice and familiarise yourself with their platform.

Regulated by ASIC (AFSL #379035), and Derivatives issuer licence in New Zealand, FSP No (FSP #328066). Boston Merchant Financial puts all client funds in a segregated bank account and uses tier-1 banks for this. Boston Merchant Financial has been established since 1988, and have a head office in .

Before we dive into some of the more detailed aspects of Boston Merchant Financial’s spreads, fees, platforms and trading features, you may want to open Boston Merchant Financial’s website in a new tab by clicking the button below in order to see the latest information directly from Boston Merchant Financial.

Open a demo account Visit BFNM

Full disclosure: We may receive a commission if you sign up with a broker using one of our links. Your capital is at risk. CFDs are leveraged products & 73% of traders lose money when trading CFDs.

Boston Merchant Financial screenshot

PROS

  • Segeregates client funds
  • Established in 1988
  • Regulated by ASIC
  • Min. deposit from $50

CONS

What are Boston Merchant Financial's spreads & fees?

Like most brokers, Boston Merchant Financial takes a fee from the spread, which is the difference between the buy and sell price of an instrument.

The spreads displayed below are based on the minimum fixed spreads listed on Boston Merchant Financial’s website. The colour bars show how competitive Boston Merchant Financial' spreads are in comparison to other popular brokers featured on BrokerNotes.

Boston Merchant Financial variable spread is not available. If you believe this is incorrect please fill in our form

Spreads are dynamic and are for informational purposes only. Last updated: June 06, 2018.

As you can see, Boston Merchant Financial's minimum spread for trading EUR/USD is N/A pips - which is relatively high compared to average EUR/USD spread of 0.82 pips. Below is a breakdown of how much it would cost you to trade one lot of EUR/USD with Boston Merchant Financial vs. similar brokers.

See all Spreads
Losses can exceed deposits

How much does Boston Merchant Financial charge to trade 1 lot of EUR/USD?

If you were to buy one standard lot of EUR/USD (100k units) with Boston Merchant Financial at an exchange rate of 1.1719 and then sell it the next day at the same price you would likely pay $N/A. Here’s a rough breakdown of the fees and how this compares against XTB & City Index.

Boston Merchant Financial XTB City Index
Spread from: N/A $ 2.00 $ 5.00
Typical overnight fee: N/A $ 7.94 $ 20.60
Commission: N/A 0 0
Total cost of a 100k trade: N/A $ 9.94 $ 25.6
Visit BFNM Visit XTB Visit City Index

All fees/prices are for informational purposes and are subject to change. Last updated: 09/03/2018. Losses can exceed deposits

General Fees

  • Boston Merchant Financial doesn’t charge inactivity fees*
  • Boston Merchant Financial doesn’t charge withdrawal fees*

Commissions

  • Boston Merchant Financial doesn’t charge commission on CFD shares

What can you trade with Boston Merchant Financial?

Boston Merchant Financial offers over 93 different instruments to trade, including over 23 currency pairs. We’ve summarised all of the different types of instruments offered by Boston Merchant Financial below, along with the instruments offered by XTB and City Index for comparison.

FX / Currencies BFNM XTB City Index
# of forex pairs offered 23 48 84
Major forex pairs Yes Yes Yes
Minor forex pairs No Yes Yes
Exotic forex pairs No Yes Yes
Cryptocurrencies No Yes Yes
Commodity CFDs Boston Merchant Financial XTB City Index
# of commodities offered 2 21 26
Metals Yes Yes Yes
Energies Yes Yes Yes
Agricultural Yes Yes Yes
Index & Stock CFDs Boston Merchant Financial XTB City Index
# of Stocks offered 37 1606 4500
UK Shares Yes Yes Yes
US Shares Yes Yes Yes
German Shares Yes Yes Yes
Japanese Shares Yes Yes Yes
See BFNM's InstrumentsSee XTB's InstrumentsSee City Index's Instruments
Losses can exceed deposits

What’s the Boston Merchant Financial trading experience like?

1) Platforms and apps

Boston Merchant Financial offers the popular MT4 forex trading platform. To see a list of the top MT4 brokers, see our comparison of MT4 brokers. Boston Merchant Financial also offer their custom UNITRADER platform.

Boston Merchant Financial Screenshot See BFNM 's Platforms

Boston Merchant Financial also offer mobile apps for Android and iOS, making it easier to keep an eye on and execute your trades while you are on the move.

See BFNM 's platforms
Losses can exceed deposits

Trading Features:

  • Allows scalping
  • Allows hedging
  • Offers STP
  • Low min deposit
  • Guaranteed stop loss

Accounts offered:

  • Demo account
  • Micro account
  • Standard account
  • Managed account
  • Islamic account

Still not sure?

Open a practice account & learn to trade

2) Executing Trades

Boston Merchant Financial allows you to execute a minimum trade of 0.01 Lot. This may vary depending on the account you open. The maximum trade requirements vary depending on the trader and the instrument. As Boston Merchant Financial offer STP execution, you can expect tighter spreads with more transparency over the price you‘re paying to execute your trades.

As with most brokers, margin requirements do vary depending on the trader, accounts and instruments. You can see the latest margin requirements on their website.

Finally, we’ve listed some of the popular funding methods that Boston Merchant Financial offers its traders on the right.

Funding methods:

  • Credit cards
  • Bank Transfer
  • Skrill
  • Neteller
  • American Express

3) Client support

Boston Merchant Financial support a wide range of languages including English, Russian, Chinese, Arabic, and Spanish.

Boston Merchant Financial has a BrokerNotes A support rating because Boston Merchant Financial offer over three languages and email support.live chat support.phone support.

4) What you’ll need to open an account with Boston Merchant Financial

As Boston Merchant Financial is regulated by ASIC, every new client must pass a few basic compliance checks to ensure that you understand the risks of trading and are allowed to trade. When you open an account, you’ll likely be asked for the following, so it’s good to have these handy:

  • A scanned colour copy of your passport, driving license or national ID
  • A utility bill or bank statement from the past three months showing your address

You’ll also need to answer a few basic compliance questions to confirm how much trading experience you have, so it’s best to put aside at least 10 minutes or so to complete the account opening process.

While you might be able to explore Boston Merchant Financial’s platform straight away, it’s important to note that you won’t be able to make any trades until you pass compliance, which can take up to several days, depending on your situation.

To start the process of opening an account with Boston Merchant Financial you can visit their website here.

CFDs are leveraged products and can result in the loss of your capital. All trading involves risk. Only risk capital you’re prepared to lose. Past performance does not guarantee future results.
This post is for educational purposes and should not be considered as investment advice. All information collected from https://bmfn.com/ on August 23, 2018.

Between 54-87% of retail CFD accounts lose money. Based on 69 brokers who display this data.