What is BMFN?
When it comes to forex trading, there are a lot of different brokers to choose from. So, how do you know if BMFN is a legit or scam forex broker?
To start with, let’s take a look at what BMFN is. BMFN is a global provider of online trading services. They offer their clients the ability to trade forex, CFDs, and precious metals on the MetaTrader 4 platform.
So, what do other people have to say about BMFN?
Well, there are definitely mixed reviews out there. Some people say that they’re a great broker and have had good experiences with them. Others say that they’re a scam and that they’ve lost money with them.
At the end of the day, it really comes down to your own personal experience with the broker. If you feel like you can trust them and you’re comfortable trading with them, then they may be worth considering. However, if you’re not sure or you’ve had bad experiences in the past, then it’s probably best to steer clear.
History of BMFN
The History of BMFN is a long and complicated one. The company has been in operation for over 20 years, and has been through a lot of changes during that time.
The company was originally founded in 1995 as a small forex broker based in the Czech Republic. Over the next few years, the company grew steadily, and began to expand its operations into other countries. By 2001, BMFN was operating in over 20 countries around the world.
However, 2001 was also the year that the company ran into some legal trouble. In Czech Republic, BMFN was charged with fraud and money laundering. The charges were eventually dropped, but the damage to the company’s reputation had been done.
In 2003, BMFN was acquired by a larger financial institution, which allowed it to continue its expansion into new markets. The company continued to grow throughout the 2000s, and by 2010, it was one of the largest forex brokers in the world.
Despite its size and success, BMFN has not been without controversy. In 2015, the company was fined $1 million by the US Commodity Futures Trading Commission for failing to properly supervise its employees. And just last year, BMFN was hit with another fine, this time for $2 million, for violating anti-money laundering rules.
Despite these setbacks, BMFN remains one of the largest and most successful forex brokers in operation today.
Is BMFN a Legit or Scam Forex Broker?
If you’re wondering whether BMFN is a legit or scam forex broker, the answer is complicated. There are definitely some red flags when it comes to this company, but there are also some things that suggest it may be legitimate.
One major concern is that the company has been involved in several lawsuits. In 2016, for example, BMFN was sued by the U.S. Commodity Futures Trading Commission (CFTC) for allegedly defrauding customers out of millions of dollars. The CFTC’s complaint alleged that BMFN had engaged in “misappropriation,false solicitation, and registration violations.”
Another lawsuit was filed against BMFN in 2017 by a customer who alleged that the company had failed to execute trades properly and had refused to return his money when he requested it.
While these lawsuits are concerning, it’s important to note that they are allegations at this point and have not been proven in court. It’s possible that BMFN is completely innocent of any wrongdoing.
There are also some positive aspects to BMFN. The company has been around since 2006 and appears to be well-regulated. It is registered with the Financial Industry Regulatory Authority (FINRA) in the United States and is a member of the National Futures Association (NFA). This means that it must adhere to strict rules and regulations designed to protect investors.
BMFN also has a good reputation in the forex industry overall. It has won several awards
Pros and Cons of BMFN
There are many different opinions out there about BMFN, and it can be difficult to know what to believe. To help you make a decision about whether or not this broker is right for you, we’ve compiled a list of the pros and cons of doing business with BMFN.
PROS:
-BMFN is a regulated broker, which means that they are held to high standards of financial practices.
-They offer a wide variety of currency pairs to trade, as well as other assets such as CFDs and metals.
-Their trading platform is user-friendly and offers a lot of helpful features, such as advanced charting tools.
-They have a dedicated customer support team that is available 24/7 to answer any questions you may have.
CONS:
-Some users have reported experiencing problems with withdrawals, so make sure you understand the withdrawal process before depositing funds.
-Their spreads are not the most competitive in the industry, so you may want to shop around for a better deal.
Conclusion
All in all, BMFN is a decent forex broker with some good features. However, there are a few things that could be improved, such as the spreads and the customer support. Overall, though, we would say that BMFN is a legit forex broker that is worth considering for your trading needs.