In the BP Prime Review, you’ll read about the legal background of this UK-based broker, its trading platform, areas of activity, leverage, accounts, and payment options.
This review will rely exclusively on facts. We will also address the withdrawal issues that traders had with BP Prime. Could this broker really be up to no good?
Yes, BP Prime is the trading brand of Black Prime Securities Limited, based in the UK and registered with the Financial Conduct Authority (FCA).
The FCA is one of the most renowned regulators in the world. Requirements for UK brokers are strict – at least 730,000 GBP in operating capital, plus clients must be equipped with negative balance protection, a segregated account, and leverage restriction (1:30).
FCA-regulated brokers are members of the Financial Services Compensation Scheme, meaning clients are covered in case their provider goes insolvent. The compensation scheme goes up to 85,000 GBP, much more than under the European Securities and Markets Authority (ESMA).
We checked the regulator’s database and everything seems fine with BP Prime’s regulation. With a prestigious financial authority such as the FCA overseeing its business, why would traders have issues with BP Prime?
One source says that BP Prime has a subsidiary office in China. The complaints we read were all written by Chinese traders so this claim makes a lot of sense. BP Prime may have opened this office to access the Asian market. If you’re still determined to trade with BP Prime, please be cautious.
BP Prime is a UK-based broker that offers FX and CFD trading on MetaTrader 4. This entity is regulated by the UK’s FCA but several traders reported withdrawal issues in their complaints against the broker.
BP Prime was all over the place when it comes to areas of activity. Here’s a list of countries where the broker mainly provided services:
The UK is alright, but even though BP Prime has an FCA license, the broker isn’t authorized to operate in the US or Australia. The complaints we found were all written by Hong Kong traders so we suppose BP Prime provided services there as well.
Let’s see what traders think of BP Prime. To reiterate, traders from Hong Kong wrote the complaints against the broker we found.
All the traders had the same problem – withdrawal issues. Here’s an instance of what they have been saying on the forums:
The fraud platform prevents withdrawals and is suspected of induced fraud! ! Please deal with it!
BP Prime offers the world-famous MetaTrader 4. This amazing platform was designed by MeaQuotes and released in 2005.
Ever since then, MT4 has been setting the standard in the world of trading. It offers traders multiple advanced features and tools such as automated trading, in-depth analysis, multiple timeframes, instant execution, etc.
BP Prime’s MT4 is available for Android and iOS as well. There is also a web-based version on the broker’s website.
According to BP Prime’s website, the broker offers the following trading instruments:
The two accounts that BP Prime offers have different spreads. For instance, the Pro account’s spreads start at 0.6 pips with zero commissions.
On the other hand, the Prime account’s spreads start from 0.1 pips while the commissions depend on the achieved trading volume. All in all, the trading costs seem good but the commissions that depend on the volume could be high.
BP Prime offers two different retail trading accounts:
Although the trading conditions seem good, these costs are insane. There are many other legit brokers that require much lower minimum deposits. The leverage, as the FCA prescribed, caps at 1:30.
Yes. BP Prime included a free demo account. It’s good news because you’re allowed to try things out without risking your money.
However, switching to a live account is really expensive and you should be careful. Especially considering how expensive this broker is.
According to BP Prime’s website, this broker offers three different payment methods:
The minimum deposit is 5,000 GBP/EUR/USD. Only UK traders are entitled to free withdrawals. The BP Prime withdrawal policy states that non-UK users have one free withdrawal per month and every other withdrawal has a 25 GBP fee.
If BP Prime violates any terms and conditions, please let us know. We will surely inform the FCA about it so that the regulator can react.
If you need help getting your money back, Global Fraud Protection can assist you there as well. Our experts have experience in bank chargebacks and recall.
If this broker steals your money, start the chargeback process. Use Online Chat to book your free consultation and find out what you should do.
BP Prime is regulated by the FCA so if there are any issues, you can report the broker to the financial watchdog.
Yes, BP Prime offers a free demo account on its website.
Yes, BP Prime offers an Android and iOS version of MetaTrader 4.
They should be but if you’re having issues with BP Prime, you are entitled to compensation in case something goes wrong. You can also contact us for help.
BP Prime is regulated by the FCA so if there are any issues, you can report the broker to the financial watchdog.
Yes, BP Prime offers a free demo account on its website.
Yes, BP Prime offers an Android and iOS version of MetaTrader 4.
They should be but if you’re having issues with BP Prime, you are entitled to compensation in case something goes wrong. You can also contact us for help.
The post BP Prime Review – What You Will Find In the BP Prime Review appeared first on Global Fraud Protection.
