BP PRIME Review 2024
Website: www.bpprime.com
Min. Deposit: US$ 5000
Leverage: 1:30 | 1:500
Trading Platforms: MT4
Regulation: FCA, FSA
Headquarters: UK
Founded: 2013
Regulatory Licenses:
- Black Pearl Securities Limited - authorized by FCA (UK) registration no. 688456
- GULF BROKERS LTD. - authorized by FSA (Seychelles) license no. SD013
Updated on January 8, 2024
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BP Prime, a brokerage firm headquartered in the United Kingdom, specializes in providing CFD trading services across Forex, Commodities, and Indices domains. Established in 2013 by a team of Forex experts and seasoned traders, it operates out of London, UK, under the corporate banner of Black Pearl Securities Limited. Our evaluation process delved into various aspects of BP Prime's offerings, comparing them against a comprehensive list of over 1000 brokers to ascertain its standing in the competitive landscape of Forex brokerage.
BP Prime is a legitimate and licensed brokerage firm, not a scam. It operates under the regulation of the Financial Conduct Authority (FCA) in the United Kingdom, one of the world's most respected financial regulatory bodies. The FCA's oversight ensures that BP Prime adheres to strict standards of operation and client protection, providing a level of security and trustworthiness in its financial dealings.
In addition to its FCA regulation, BP Prime has also secured a license from the Financial Services Authority (FSA) in Seychelles. This further demonstrates the company's commitment to regulatory compliance in different jurisdictions. The dual licensing by both the FCA and the FSA highlights BP Prime's dedication to maintaining a reliable and transparent trading environment for its clients. This regulatory framework is designed to safeguard investors' interests, ensure fair trading practices, and promote the integrity of financial markets. Thus, clients of BP Prime can engage in trading activities with the assurance that they are dealing with a reputable and regulated brokerage company.
BP Prime has chosen MetaTrader 4 as its primary trading platform, celebrated for its intuitive design and sophisticated functionalities. Clients of BP Prime are granted access to an extensive range of liquidity sources, encompassing both bank and non-bank feeds, alongside ECN through third-party platforms or direct interfaces such as GUI and FIX API. The BP Prime Platform stands out with a commendable rating of 4.3 out of 5, earning accolades for its adoption of the popular MT4 trading platform, renowned for its professional trading capabilities.
MT4 equips users with a broad spectrum of dynamic tools essential for informed trading decisions. It amalgamates financial instruments in a unified concept, complemented by widely adopted automated strategies EAs, a comprehensive array of order types, and the convenience of placing orders directly from the Market Watch. The platform's extensive functionalities, coupled with built-in features, streamline strategy implementation through ease of use. Additionally, BP Prime enhances trading experiences with prime-level tools for improved decision-making, including Trading Indicators, Stealth Orders, Trader Terminals, Tick Chart traders, Sentiment Trader, Correlation Matrix, among others.
Our investigation into BP Prime's customer service revealed a 24/6 availability through diverse channels such as Live Chat, Phone Lines, and Email. The broker's support team consists of trading professionals capable of offering assistance on a wide range of issues including analysis advice, technical support, operational concerns, and general inquiries. Based on our assessments, Customer Support at BP Prime earns a rating of 4.3 out of 5, attributed to rapid and informed responses, alongside ease of accessibility during business hours.
Our examination of BP Prime's educational offerings uncovered a selection of materials like economic calendars, articles, and analyses. Despite this, the broker falls short in providing a comprehensive educational suite, lacking in seminars, webinars, and in-depth learning resources crucial for novice traders. Consequently, BP Prime's educational services are rated at 3.3 out of 5. For beginners in need of a robust learning foundation, we recommend seeking educational content from other renowned brokerage firms.
In our evaluation, BP Prime presents two distinct account options for traders: the Pro and Prime accounts. The Pro accounts eliminate commissions, allowing traders to engage in the full range of instruments offered by the broker. In contrast, the Prime accounts provide access to a raw feed with commission charges applied outside the spread, calculated based on trading volumes. BP Prime further offers Direct Market Access (DMA) and facilitates trading in over 40 currency pairs. For those new to trading, a free demo account is available, enabling practice trades without financial risk.
How to Open BP Prime Live Account? ▲
Initiating a live account with BP Prime is straightforward. Prospective traders should:
Navigate to and select the "Open an Account" option on the site.
Input necessary personal information such as name, email, and phone number.
Submit documents for verification of personal data, including proof of residence and ID.
Complete an electronic questionnaire to confirm trading knowledge and experience.
Upon account approval, proceed with depositing funds to start trading.
Through our comprehensive analysis, we discovered that BP Prime offers CFDs on Forex, Commodities, Indices, and Cryptocurrencies for international clients. These trading instruments benefit from leading market aggregation. Furthermore, BP Prime grants access to more than 10 index CFDs through FIX API, offering institutional clients negotiable prices based on their trading volume. The BP Prime Markets Range Score is awarded a 4.3 out of 5, reflecting a broad selection of trading instruments. However, it's notable that trading in stocks, shares, bonds, and other asset classes is not supported.
Our extensive research has determined that BP Prime structures its fees around the spread and chosen account type. The Pro Account is free of commission fees, whereas the Prime Account's fees are volume-based. It's essential to be aware of overnight fees for positions held past the close of trading, although BP Prime advantageously does not levy inactivity fees. When compared to a pool of over 1000 brokers, BP Prime's Fees receive a commendable score of 4.3 out of 5, positioning them as low to average in the industry.
Spreads at BP Prime vary depending on the selected account type, with the EUR/USD pair seeing a typical spread of 0.3 pips and commodity trades benefiting from a low 0.5% margin. While Pro Account fees are reflected in a variable spread, the Prime Account benefits from lower spreads but includes a commission on trades. Overall, BP Prime is recognized for offering among the most competitive spreads in the market. In comparison with other brokers, BP Prime's Spreads are evaluated with a score of 4.3 out of 5, underlining the attractiveness of its Forex spread and other instrument spreads.
Trading with BP Prime includes the option of using leverage, a tool that essentially acts as a loan provided by the broker to enhance a trader's investment capacity. Leverage is a powerful feature in trading as it allows traders to increase their market exposure, potentially leading to higher gains. However, it's important to use leverage wisely because while it can amplify profits, it can also magnify losses.
BP Prime's leverage offerings are carefully structured in accordance with regulatory guidelines set by the Financial Conduct Authority (FCA) in the UK and the Financial Services Authority (FSA) in Seychelles. These regulations are in place to manage the risks associated with leveraged trading.
For UK traders, in line with FCA regulations, BP Prime offers a relatively lower level of leverage. Specifically, the maximum leverage available for Major Currency pairs is limited to 1:30. This restriction is part of the FCA's effort to protect retail traders from the high risks associated with excessive leverage.
On the other hand, international traders who are not under the jurisdiction of the FCA have access to higher leverage levels when trading with BP Prime. These traders can utilize leverage up to a maximum of 1:500. This higher leverage option offers greater trading power, but it's crucial for traders to understand and manage the associated risks effectively.
It's important for traders, both in the UK and internationally, to consider their experience, risk tolerance, and trading strategy when deciding to use leverage. BP Prime's adherence to FCA and FSA regulations in offering leverage ensures a balanced approach, helping traders to harness the benefits of leverage while mitigating its risks.
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For transactions, BP Prime supports widely utilized payment channels such as Bank Transfers, Credit or Debit Cards, along with digital wallets like Neteller and VPay. Despite BP Prime reserving the right to transfer any incurred process costs related to payment mechanisms or currency exchange, and credit card payments, the broker itself does not impose specific charges for payment processing. The funding methods of BP Prime received a commendable rating, scoring 4.3 out of 5. The fees are competitive, and the availability of multiple account-based currencies enhances convenience for users.
Regarding BP Prime’s deposit options, the available methods include Bank Wire, Credit/Debit cards, Neteller, VPay, among others. The minimum deposit requirements vary by account type; the Pro Account requires a starting deposit of $5,000, while the Prime Account has a minimum of $10,000. This is notably higher than the average minimum deposit of $500 observed across over 1000 brokers.
BP Prime ensures fast and hassle-free deposit and withdrawal processes via several payment providers. Withdrawals are typically processed within 24 hours, depending on the method selected.
To withdraw money from BP Prime, the process involves:
1. Logging into your account
2. Selecting 'Withdraw Funds' from the menu
3. Entering the amount to be withdrawn
4. Choosing the withdrawal method
5. Completing the electronic request with the necessary details
6. Confirming the withdrawal information and submitting
7. Monitoring the withdrawal status through the Dashboard
Pros
Competitive fees and multiple accountbased currencies
A variety of deposit and withdrawal options
Cons
Higher minimum deposit requirements than many competitors
Potential passing of processing costs to clients
BP Prime, regulated by the reputable FCA, offers a secure trading environment through its adherence to the agency model. This model eliminates conflicts of interest by not holding positions, while orders are executed with the STP or NDD model. Although the higher deposit requirements may deter beginners, BP Prime is an excellent choice for professional traders. The absence of educational resources such as webinars and seminars is a noted drawback. However, BP Prime is highly recommended for:
Traders from the UK and internationally
Those who prefer the MT4 trading platform
Advanced traders and investors
Individuals interested in CFD and currency trading
Users seeking NDD/STP execution models
Traders looking for competitive spreads and low costs
Clients who value supportive customer service
Users interested in EA/Auto trading
In conclusion, BP Prime is a solid option for experienced traders and those seeking a reputable broker with competitive conditions and a variety of trading services.
