BMFN Review – Changing Legal Jurisdictions Like Socks

Offshore tax haven nations have become safe harbors for many different firms, for better or for worse. Unlike Tradenitro for instance, this broker is in fact regulated, albeit only in an offshore zone.

It’s quite difficult to consider them trustworthy, considering all the circumstances we are about to reveal in our BMFN review. Stay with us as we delve into the reasons why this firm is not on our list of recommendations.

Broker status:	Offshore Broker
Regulated by:	VFSC
Operating Status:	Active Forex Broker
Known Websites:	bmfn.com
Blacklisted as a Scam by:	N/A
Owner:	BMFN Limited
Headquarters Country:	Vanuatu
Foundation Year:	1988
Online Trading Platforms:	MT4, MT4 Web
Mobile Trading:	MT4 Mobile
Minimum Deposit:	$50
Deposit Bonus:	N/A
CFD Trading Option:	Yes
Crypto Asset Trading:	No
Available Trading Instruments:	Forex, Incides, ETFs, Commodities, Equities
Maximum Leverage:	1:200
Islamic Account:	Not available
Free Demo Account:	Available
Accepts US clients:	No
Global Fraud Protection Experts’ Verdict:	Always choose strictly regulated brokers instead of offshore ones!

Lost And Expired Licenses

Today, BMFN Limited operates from Vanuatu, and under the supervision of the jurisdictional regulator there – VFSC. The trading website mentions BMFN Pltd. which used to run bmfn.eu and was regulated by the Bulgarian FSC, but is no longer. The last time they appeared in the register was last year and the document can be found at the bottom of the regulator’s page, published in July 2022.

The firm was previously licensed by FCA, but the license has been revoked, as the regulator clarifies when it comes to their previous domain bmfnuk.com. This business previously also owned an ASIC license. However, the Australian branch has become independent and today operates under another name – Australian Mutual Funds Exchange Pty Ltd (AMFEX) and is properly licensed.

As things are constantly going from bad to worse for this platform, we can’t say we now consider them to be either trustworthy nor reliable. Offshore licenses cannot guarantee funds safety, which is the exact same case with another offshore supervised broker – Paxton Trade.

Web Adverts With Global Reach

There’s quite a bit of online content about this forex provider circling around. Many social network profiles, including ones on Facebook, Instagram, X and LinkedIn are mirrored in other languages.

In addition, the firm also owns a YouTube channel which, although not popular, still has a few hundred subscribers. This does wonders for online advertising, as the majority of the search results in popular engines will lead you to the website one way or the other.

Yet, advertisements are seldom indicative of actual trading results. If you believe you’ve been mislead by this service, feel free to contact our legal experts.

Over 30 Years Of Service

The entity behind the website was funded as early as 1988, yet it only launched the bmfn.com domain in 2008. You may see additional information by visiting the WhoIs register.

Much of the website traffic can be attributed to these nations:

• Germany

• United States

• United Arab Emirates

• India

• Colombia

Solid Software Support

Multiple versions of the industry standard MT4 software are provided as the BMFN platform. These include the MT4 Web, MT4 desktop for PC and MAC, as well as iOS and Android versions via App Store and Google Play respectively.

This trading platform needs no introduction, it’s one of the oldest and most reliable programs currently in use. Since its inception in 2005, it has seen steady incremental development that made it the powerhouse it is today.

The software, however, is not a real measure of the quality of service. We’d always recommend picking a well regulated broker that includes the same solution, rather than an offshore firm.

Groups Of Instruments

The available asset groups are posted on the website and the go as follows:

• Forex (EUR/USD, EUR/CHF, EUR/GBP)
• Indices (S&P500, NIKKEI, NASDAQ, DAX)
• Equities (Delta Airlines, Qualcomm Inc, General Motors Company)
• ETFs ( iShares MSCI Japan Index Fund, SPDR S&P 500)
• Commodities (Oil, Silver, Gold)

Several Account Options

New clients may opt to create either a demo or a live BMFN account. Still, there’s some diversity involved, as there are a few subtypes that cater to different niches in the trading world.

The available subtypes are these:

• Individual
• Corporate
• Joint

The minimum investment amount is $50, as stated on the website. It’s unclear, though, whether the same is true for all account subtypes.

Demo Variant

For all traders that are unsure if they wish to buy a live trading account immediately, there’s a trial version. All the mentioned subtypes of packages are available in the Demo version. Naturally, we advise caution in approaching these artificial conditions, as they’re often designed to look attractive and less realistic.

Loose Trading Terms

As characteristic for offshore brokerage brands, this firm also offers increased leverage. As profitable as it is promised to be, do not forget that the leverage of up to 1:200, could quickly cause extreme loss and bankruptcy.

As for the trading costs and commissions, the website isn’t clear about these elements of their trading environment. The site says 1.4 pips are the starting spreads on FX majors. On the other side, the platform shows the starting spreads on EUR/USD to be 2 pips.

Questionable Withdrawals

If the past performance is any indication on how the company conducts business, it makes you wonder how dependent the BMFN withdrawal policy really is. It’s no secret that the firm has changed their regulatory jurisdiction more than once. Each time this happened, it inevitably shifted the entire financial framework.

The firm does advertise 12 separate financial channels including credit cards, wires, e-wallets and more. It was impossible to verify this claim, however, since the real situation was locked behind KYC approval.

If you start encountering any difficulties with this financial service provider, feel free to contact our legal team via the live chat.

Exercise Caution!

A company that exists for a number of years cannot latch onto their old fame forever. The situation for this firm seems to be changing for the worse. Today, they’re just another unsecure offshore broker with no guarantees in terms of safety and reliability.

If you happen to find yourself struggling to make a withdrawal, do contact us. Our chargeback professionals can walk you through the entire process and help you recover any lost funds. For a quick contact, send a message to one of our agents via the online chat and book your interview without our legal experts. Your first consultation is completely free!