BP Prime Review – Rare Broker Complying With All Rules
BP Prime is one of those brokers you are looking forward to trading with. Primarily because of the strict regulation coming from the FCA. On top of all, the broker uses trusted third-party trading software. The official owner of the company is Black Pearl Securities with headquarters in London, UK. Since 2013 they provide FX and CFD trading services worldwide.
What makes this broker outperform the competition, find in this latest BPPrime review.
|Execution Type||STP/ DMA|
|US Clients Accepted?||US traders are not accepted|
|Islamic Account||Not available|
|Managed Accounts||Not available|
|Customer Support||Online chat, e-mail, phone|
How Safe is BP Prime? Regulation and Security
Every broker nowadays goes through a strict evaluation. Primarily due to many shady brokers registered worldwide. That’s why regulation plays a key role in choosing a broker. However, not every regulator is considered trusted. Many traders opt for Tier 1 regulators. Such as FCA, BaFin and ASIC.
As the company was established a long time ago, BP Prime decided to go legit. Therefore, they obtained one of the most trusted licenses in the world. FCA (Financial Conduct Authority) awarded them with authorization to provide FX and CFD trading services. With this in mind, traders are guaranteed to have funds protection.
Starting with segregated accounts for clients’ deposits. Also, traders can enjoy negative balance protection, but also compensation funds. Which is quite big compared to what other regulators provide. In fact, traders can get up to 85.000 GBP in case the company goes bankrupt.
BP Prime Account Types Offered
Account types are designed to attract traders to make bigger deposits. Which is quite a legit option. Especially knowing that licensed brokers make money from fees and spreads. It’s not the same if you have 5% of $1.000 or 5% of $100.000. However, if the broker is not trusted that falls down the drain.
Luckily, BP Prime broker provides all necessary security for traders to be comfortable with such investments. Therefore, the account types they offer are:
- The Pro Minimum deposit is 5.000 EUR/USD/GBP
- The Prime Minimum deposit is 10.000 EUR/USD/GBP
Accounts differ slightly in trading conditions. For The Pro account traders have $0 commission with spreads starting from 0.6 pips. On the contrary, The Prime account has a commission based on trading volume. However, spreads start from 0.1 pips which compensates for potential higher commissions. At least in some way.
Unfortunately, this broker doesn’t offer an Islamic account with swap-free rates. Also, they are missing micro accounts that are suitable for traders that want to test their services. On the positive side, before depositing 5.000 in any currency, you can test the broker with a demo account.
Trading Instruments Offered
With strict regulations, BP Prime broker is limited to only a few instrument classes. However, anyone with fundamental knowledge of trading can find suitable options here. In general, traders can choose between:
- Currency pairs (Forex) USD/GBP, AUD/HKD, NZD/GBP
- Indices ESP 35, ESX 50, NAS 100
- Commodities UK Oil, US Oil, XAU/USD
- Cryptos BTC, ADA, XRM, XRP
All these instruments are traded with a leverage of a maximum of 1:30 for retail traders. That’s a positive side of regulated brokers. Their goal is not to get traders into debt. Unlike some offshore brokers. Similar offers and trusted platforms you can find with eToro and Dukascopy brokers.
But the important fact is that wherever you trade crypto have in mind that leverage can easily wipe your account balance. Primarily due to the high volatility of such instruments. Traders rather diversify their portfolio between crypto wallets and trading accounts. Therefore, you can have multiple streams of income. If you are successful of course.
The only important thing that this broker lacks is stocks. For traders relying on fundamental analysis, this could be a huge deal. With the global development of different industries, it’s very easy for some to predict some movements. Especially in the long run. However, if you are looking for such options you must look elsewhere.
Funding Methods at BP Prime
For funding methods with the BP Prime broker, we had to do some digging. After a while, we found that they accept:
- Bank cards
- Wire/Bank transfers
Important to realize is that you can deposit in any currency. Consequently, it will be converted to the trading account currency. On the positive side, BP Prime reviews claim no discrepancies in these procedures. Especially withdrawals. Due to strict regulations, this broker can’t afford to gamble with traders’ trust.
As for withdrawal processing time, it takes up to 5 business days. It mostly depends on the country where the trader is coming from. Also, UK traders don’t have any withdrawal fees. Whereas other EU traders can face a 25 EUR fee for withdrawals. However, only the first withdrawal in the month is free of charge.
Important to realize is that this broker doesn’t have hidden fees. Unlike many other shady companies worldwide. This leads to understanding the importance of regulations. Another key point is that the broker doesn’t offer any kind of bonuses. Bonuses are strictly forbidden. Especially in Europe. The main reason behind it comes from numerous reported cases where brokers practice malicious clauses.
Of course, traders were unable to make withdrawals. Unless they made certain trading volume after accepting the bonus. As expected, those volumes are insanely high and rarely reachable. With this in mind, you’ll be grateful for accepting the terms of a regulated broker like BP Prime.
BP Prime Trading Platforms Overview
BP Prime trading software is another key fact proving their genuine business. Meta Trader 4 as the industry leader is something every trader looks for. Especially with licensed brokers like BP Prime. In fact, features that the MT4 platform provides can only be found in a few more apps. One of those is its successor MT5 and another one is cTrader.
Functions like social and copy trading are highly popular these days. That’s what traders can use with this broker. Not to mention numerous advanced indicators, charting options, and many more. After all, the company has a platform accessible from any device. Whether it’s iOS or Android based.
Unlike many shady brokers that offer suspicious web traders, here you won’t have headaches. However, this broker has quite a high minimum deposit requirement. Therefore, for inexperienced traders, we are sure there will be doubts. But with FCA regulation and such a platform, you can give it a shot without worries.
BP Prime broker doesn’t offer standardized educational material. In fact, the regulation doesn’t give them the freedom to do advisory or managed accounts. Therefore, they should provide enough information for traders to make educated decisions.
What BP Prime trading company offers is numerous articles on different topics. This is in a form of a blog but without a promotional part. This way traders can learn more about some trading terminology and strategies. After understanding the most important stuff, traders can easily implement that in their strategies.
Also, BP Prime broker has one full page dedicated to protection. This way they raise awareness about illicit brokers and show traders how to avoid getting into their claws. Above all, they are warning about copycats. Once a shady broker finds their target they can easily copy everything from the legitimate broker. Therefore, double-check all information before making any deposits.
Another key point of legitimate brokers is their customer support. If they don’t represent the broker in the right manner everything can fall apart easily. That’s why BP Prime decided to provide many different contact options. You can choose between online chat, phone and e-mails.
Although the phone is the fastest way to get someone on the line it might cost you. That’s why online chats are great free-of-charge solutions. Instead of waiting and worrying about the reply from their agent, you can get them almost instantaneously. One of the key facts is that support is available 24 hours 6 days a week. Which is rare in the trading business nowadays.
We have seen many trading companies that don’t care about customer experience. Luckily, BP Prime reviews show many positive experiences from traders. That’s practically how regulated brokers raise their trust level. With a professional attitude and proper assistance, there is no trader that would leave a negative review.
BP Prime Overall Summary
- BP Prime has highly trusted FCA regulations.
- The broker offers Meta Trader 4 trading software.
- Trading conditions are according to regulations and ESMA rules.
- 24/6 customer support is available through various contact options.
- No dealing desk trading with BP Prime.
- Zero commissions and no inactivity fee.
- The broker doesn’t offer Stock trading.
- BP Prime’s minimum deposit of $5.000 is way above the industry average.
FAQs About BP Prime Broker
What Account Types are Offered at BP Prime?
There are only two account types available with BP Prime: Pro and Prime account.
Is BP Prime Broker Good for Beginners?
Absolutely. This is a regulated broker that provides a demo account for its beginners.
What Is BP Prime Minimum Deposit?
The minimum deposit requirement is higher than average and starts at $5.000.