Boston Merchant Financial offer one way to trade: Forex.
To open a live account, you’ll need a minimum deposit of at least $50. Alternatively, Boston Merchant Financial offer 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.328066. Boston Merchant Financial puts all client funds in a segregated bank account and uses tier-1 banks for this. Boston Merchant Financial have 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.
Full disclosure: We may receive a commission if you sign up with a broker using one of our links.
What are Boston Merchant Financial's spreads & fees?
Like most brokers, Boston Merchant Financial take 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’s spreads are in comparison to other popular brokers featured on BrokerNotes.
EUR/USDNot offered $0 per lot
The average spread for EUR/USD across all brokers on BrokerNotes is 0.82 pips. See popular brokers for trading EUR/USD
USD/JPYNot offered $0 per lot
The average spread for USD/JPY across all brokers on BrokerNotes is 0.91 pips. See popular brokers for trading USD/JPY
GBP/USDNot offered $0 per lot
The average spread for GBP/USD across all brokers on BrokerNotes is 1.18 pips. See popular brokers for trading GBP/USD
The average spread for Bitcoin across all brokers on BrokerNotes is 41.15 pips. See popular brokers for trading Bitcoin
The average spread for gold across all brokers on BrokerNotes is 8.62 pips. See popular brokers for trading gold
The average spread for DAX30 across all brokers on BrokerNotes is 14.95 pips. See popular brokers for trading DAX30
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
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 $0. Here's a rough breakdown of the fees and how this compares against AvaTrade & Plus500.
|Boston Merchant Financial||AvaTrade||Plus500|
|Typical overnight fee:||$0.00||$5.00||$9.40|
|Total cost of a 100k trade:||$0||$12||$15.4|
|$12.00 more||$15.40 more|
|Visit BFNM||Visit AvaTrade||Visit Plus500|
All fees/prices are for informational purposes and are subject to change. Last updated: March 21, 2018.
What can you trade with Boston Merchant Financial?
|FX / Currencies||BFNM||AvaTrade||Plus500|
|# of forex pairs offered||23||59||61|
|Major forex pairs||Yes||Yes||Yes|
|Minor forex pairs||No||Yes||Yes|
|Exotic forex pairs||No||Yes||Yes|
|Commodity CFDs||Boston Merchant Financial||AvaTrade||Plus500|
|# of commodities offered||2||16||17|
|Indiced & Stock CFDs||Boston Merchant Financial||AvaTrade||Plus500|
|# of Stocks offered||37||99||1816|
|See BFNM's Instruments||See AvaTrade's Instruments||See Plus500's Instruments|
What's the Boston Merchant Financial trading experience like?
1) Platforms and apps
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’re on the move.See BFNM's platforms
2) Executing Trades
Boston Merchant Financial allow you to execute a minimum of 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, but as a guide, Boston Merchant Financial offer margin up to 0.005% on currencies.
Finally, we’ve listed some of the popular funding methods that Boston Merchant Financial offers its traders on the right.
3) Client support
Boston Merchant Financial support a wide range of languages including English, Russian, Chinese, Arabic, Spanish
Boston Merchant Financial have 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 March 21, 2018.