BenchMark Finance Review
BenchMark Finance is a multi-regulated and well established online broker providing access to over 30,000 financial securities on MT4/MT5 with tight spreads, competitive fees and good execution speeds.
BenchMark Finance Review, Pros & Cons
- Multiple regulation in various jurisdictions across Europe
- Segregated client funds
- Investors Compensation Fund (ICF)
- Over 30,000 financial securities
- 0% commissions on deposits & withdrawals
- NDD execution
- Selection of trading tools
- No US clients
- Limited payment options; no e-wallets and online payments
- No comprehensive daily analysis
- Restricted leverage for non-professional clients
In this detailed BenchMark Finance review, our online broker research team have covered some of the most important aspects for you to consider when choosing the best broker for your online trading needs.
BenchMark Finance Overview
BenchMark Finance is an online forex and CFD broker that offers a plethora of tradable assets for trading on the MT4 and MT5 trading platforms. The ‘BenchMark’ brand is operated by ‘BenchMark Finance’ which is part of the ‘BenchMark Group’. This group was established in Bulgaria in 2003 and is well known in the European market.
BenchMark has additional offices in the UK and in Spain. Having been in the brokerage business for many years, BenchMark Finance has grown in strength, service and technology. The broker offers thousands of trading instruments from the renowned financial markets across the globe. The website is available in 8 languages including Bulgarian, English, Spanish, Russian, Turkish, French, German and Chinese.
BenchMark use the latest innovative trading technologies with no dealing desk (NDD) execution free of requotes. No Dealing Desk trading provides maximum transparency and accountability in the execution of all orders.
They provide quotes direct from liquidity providers (LPs) including 10 leading banks. They use the server infrastructure of Equinix Data Center in New York which has an optical network spanning across the globe.
BenchMark has won industry standard awards for excellence notably in development of the capital market and the financial sector.
BenchMark Finance accommodates all levels of trader, trading styles and strategies, including Expert Advisors (EAs). There are educational resources and demo accounts which allows users of all levels to practice their trading skills in a live trading environment at no risk to the trader.
BenchMark Finance Regulation
BenchMark Finance is authorised and regulated by the Financial Conduct Authority (FCA) in the United Kingdom (UK) with license number 621564.
The broker is also licensed in Spain by the Comisión Nacional del Mercado de Valores (CNMV) with license number 4100.
In Germany, the Bundesanstalt für Finanzdienstleistungsaufsicht (BaFIN) licensed the broker operations and issued the ID 137382.
The Financial Markets Regulator; Autorité des Marchés Financiers (AMF) registered and also monitors the broker operations in France, with license number 75973.
BenchMark Finance is regulated in Bulgaria by the Financial Supervision Commission (FSC). It is also licensed under the Markets in Financial Instruments Directive (MiFID).
Client deposits are not used by BenchMark Finance; rather they are kept separately from the broker funds in segregated bank accounts. The deposits are stored in reputable banks which includes UniCredit Bulbank, Raiffeisen Bank, Allianz Bank and Caixa Bank.
BenchMark’s website and platforms are secured with a 128 bit Secured Socket Layer (SSL) encryption. So, all data inputted by clients are encrypted before it is transmitted to the servers.
BenchMark Finance is a member of the ‘Investor Compensation Fund’ (ICF), which provides a form of insurance on eligible investors’ deposits. If for any reason, the broker goes bankrupt, the ICF will pay compensations up to €20,000 through the United Bulgarian Bank AD.
BenchMark Finance Countries
BenchMark Finance do not accept clients from the United States of America and some other countries where there are strict regulations in place. Some BenchMark Finance broker features and products mentioned within this BenchMark Finance review may not be available to traders from specific countries due to legal restrictions.
BenchMark Finance Platforms
MetaTrader 4 (MT4) and MetaTrader 5 (MT5) are the trading platforms offered by BenchMark Finance. The platforms were designed by the same Russian company; ‘MetaQuotes Software Corporation’. Thus, the MT4 and MT5 look very similar and have similar features except for the fact that MT5 is newer and has some additional features. Both platforms are available in the following formats:
The WebTrader versions of MetaTrader run on most modern web browser. They can be accessed via a link from the BenchMark’s website. When the login screen loads, click on the option button to choose either the MT4 or MT5 WebTrader. Here are some MT4/MT5 WebTrader features.
- Requires no downloads or installations
- Runs on all operating systems
- The WebTrader most of the same functions when compared to the desktop versions
- Full account integration with both the mobile and desktop versions
- Order management, account management and charting capabilities
MT4/MT5 Desktop Platforms
This is the full feature version of the MetaTrader platforms. The link to download the MT4 and the MT5 versions of the MetaTrader are found on BenchMark’s website. The desktop versions can only be installed on a windows computer. Here are some of the key features:
- Full access to all platform features including installation of Expert Advisors (EAs) for automated forex/CFD trading
- Access to the MQL market where traders can buy trading signals, indicators, EAs and other trading tools. Some tools and subscriptions from the MetaTrader market are free
- One-click trading can be activated as well as trading from the charts
- Alert notifications via the platform, SMS and email
- The MT4 has 4 pending orders while the MT5 has 6. All orders can be monitored, adjusted or closed at any time
- MT4 has 9 timeframes whilst MT5 has 21
- Full charting and technical analysis can be done on both platforms
- There are more indicators on the MT5 but both platforms can accommodate more platforms via plugin apps
MT4/MT5 Mobile Apps
Both MT4 and MT5 have free mobile apps which were developed for the Android and iOS operating systems and available from the relevant app stores. Here are some of the mobile apps’ features:
- The app interface is simple and user friendly
- Live quotes in real time which is good for monitoring asset prices
- Positions can easily be opened, modified or closed
- 4 Pending orders on the MT4 and 6 on the MT5 mobile apps
- Technical analysis using charts, indicators and analytical tools
- Push notifications
BenchMark Finance Trading Tools
The Virtual Private Server (VPS) is important to traders who use EAs or other trading systems. A VPS can run the trading platform 24/7 and helps to eliminate hardware failure, power or internet fluctuations even when the trader is offline. Benchmark Finance provides access to a VPS at a cost of $35 every month.
This tool helps a trader see the market sentiment by showing how many other BenchMark traders are buying or selling a specified instrument. Sentiment analysis is often used as part of a contrarian trading strategy.
This economic calendar shows the date and time when microeconomic data of major world economies will be released. The currency affected, forecast and history are displayed by this tool. This economic calendar is often used to assist traders with conducting fundamental analysis.
Becnhmark have a selection of trading calculators which can be used to help traders determine the risk or fees involved before making trade decisions. The featured calculators are:
- The exchange calculator
- Swap calculator
- Margin calculator
- Risk calculator
- Stop-out calculator
This consists of a set of tools that shows the price action of selected instruments and other analytics. There is the ‘market heat map’ which shows the highest and the lowest price of an asset in a day, week or month.
The volatility map measures the price fluctuations of an instrument within a defined period.
There is a list of all the financial instruments showing the opening price, closing price and other parameters. The list is searchable and can be viewed for today, yesterday, this week or this month.
BenchMark Finance Education
The education centre on the BenchMark website consists of the following sections:
Trading Video Tutorials
There are 12 videos introducing trading terms, techniques, analysis, indicators, strategies and trading psychology. The total length of the videos is over 2 hours.
These are downloadable PDF eBooks that aim to teach how to trade with the MT4 and MT5 platforms.
This section is made up of a series of articles grouped for different trader levels, namely: beginners, intermediate and advanced traders.
BenchMark Finance Instruments
BenchMark Finance asserts that if offers over 30,000 financial securities on the international financial markets. The asset index comprises of the following instruments:
- 180+ forex currency pairs made up of the most popular major, minor and exotic pairs
- Over 19,000 stock shares from 36 stock exchanges from all over the world
- Major world indices
- Around 200 future contracts
- Around 9,000 CFDs
- Precious metals including gold and silver.
- Oil and gas commodities
BenchMark Finance Accounts & Fees
BenchMark Finance allows traders to open a retail account or a professional account. The trading accounts can only be denominated in EUR or USD. During account creation, you will choose either to trade on the MT4 or MT5 platform.
There are no minimum opening balances for each account type. The spread starts from 0.1 pips for the EURUSD currency pair. Commissions are charged only for trading stock shares.
This is specially created for experienced clients, large volume traders or clients with a portfolio worth at least $500,000. Eligibility is determined by the broker upon application and presentation of qualification evidence. Leverage is up to 1:400 with a 30% stop out.
This is for individuals who can be beginners, intermediate or even experienced traders. The maximum leverage offered is 1:30. The stop-out level is at 50%.
As broker fees can vary and change, there may be additional fees that are not listed in this BenchMark Finance review. It is imperative to ensure that you check and understand all of the latest information before you open a BenchMark Finance broker account for online trading.
BenchMark Finance Support
BenchMark has a customer service team that works 24/5. They speak Bulgarian and English. You can contact the support desk via phone calls, emails and instant live chat. There are several international support representatives in different countries. The broker is on social media; facebook, YouTube and Twitter.
BenchMark Finance Deposit & Withdrawal
BenchMark Finance strictly adheres to Anti-Money Laundering (AML) rules. The broker will not accept deposits from third parties. BenchMark does not charge deposit or withdrawal fees.
- Bank Cards: All major credit and debit cards are accepted. Card deposits are processed within 30 minutes. The accepted currencies are EUR and USD.
- Bank Wire Transfers: BenchMark Finance processes transfers form 07-14:45 GMT every working day. Any costs imposed by BenchMark Review bankers or payment processors are transferred to the client. Bank transfer withdrawals are processed within 30 minutes by BenchMark Finance but it can take 3-5 days to reach the client’s bank account. It all depends on the bank and account currency.
- Funds transfer: This is done between clients’ accounts. The order can be placed at anytime but it is only processed between 7am and 2:45pm every business day.
BenchMark Finance Account Opening
It takes less than a few minutes to open a BenchMark trading account. Visit the broker’s website, click on ‘Live account’ which is located on the menu bar. Complete the displayed form by selecting the platform, account type, account currency and personal details.
Immediately, the account is created and you are logged into the members’ area. You will be invited to complete registration by filling more forms and verifying the account using KYC procedures. Then, you can make a deposit to begin trading.
BenchMark Finance Summary
BenchMark Finance is an award winning broker that has lots of experience acquired over the years. The broker is regulated in multiple countries and adheres strictly to the stipulations imposed by the regulatory authorities. Perhaps, where BenchMark Finance beats the competition is in its assets index. With over 30,000 financial securities on the international financial markets, there is more than enough for every trader. The MetaTrader platforms are a popular choice suitable for most traders irrespective of their trading strategies, styles or experience.
However, the payment options are limited when compared to other brokers. BenchMark Finance has no in-house analysts that provide daily technical and fundamental analyses. They do provide some additional trading tools and educational resources.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 54% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.