BP Prime Review
Alyaziah Hayat | May 9, 2022
Table of Contents
Founded in 2013, BP Prime is a UK-based broker that is regulated and offers you competitive conditions for trading Forex and CFDs online via the MetaTrader 4 (MT4) platforms available on desktop, web, and mobile devices (iOS & Android). I like that the broker’s account types are flexible but, I believe the payment options could be improved. You can find better payment options at either FXPRIMUS. I would also like to see them offer daily market analysis and social trading platform integration like other top brokers such as eToro.
Broker Pros / Cons
- Regulated brokerage firm
- Intuitive MT4 platform for multiple devices
- Commission free accounts
- Competitive spreads, executions & fees
- Limited account deposit/withdrawal options
- Clients from the USA not accepted
- No daily market analysis
- Restricted leverage
- No PAMM account
- No daily market analysis
- No social trading platform
BP Prime is an online brokerage that provides you with CFD trading services with margins as low as 5%, market execution, and competitive spreads. I like how you can trade forex currencies, commodities, cryptocurrencies, indices, and more. The broker is headquartered in London, with operational offices in Italy and China.
BP Prime was founded in 2013 as Black Pearl Securities Limited with the aim to transform online trading, by creating a world-leading experience for traders around the globe. I appreciate that so far they’ve created a vast client base across Europe, Asia, and South America, offering its expertise and advanced systems for both retail and institutional clients.
- Authorised and regulated by the FCA
- 24/6 customer support
- Competitive spreads and commission fees
- Non-dealing desk (NDD) execution model
- Reliable execution speeds with low latency
BP Prime is a trading name of Black Pearl Securities Limited. I like that Black Pearl Securities Limited is authorised and regulated by the Financial Conduct Authority (FCA) since it is a tier-one body. This is considered by many to be one of the major regulators of trading brokers in the EU.
An independent, non-governmental body, the Financial Conduct Authority is responsible for regulating the UK’s financial services industry. The FCA has the power to introduce and enforce the rules which govern the UK’s financial services industry. I like this body as it may investigate both organisations and individuals suspected of violating them. The FCA has wide-reaching powers which it uses to pursue three main operational objectives:
- To secure an appropriate degree of protection for consumers
- To enhance market integrity and protect the UK financial system
- To promote competition in the interests of consumers
Trading with a regulated brokerage can help give you the peace of mind that they are using a broker that must comply with strict standards that are put in place to protect investors.
BP Prime does not solicit residents of the United States, Canada, France, Afghanistan, Belgium, Guinea Bissau, Iran, Israel, Libya, North Korea, Somalia, South Sudan, Syria, and Yemen, or any particular country outside the UK and is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation. If your country is not accepted by BP Prime, you can check out our broker comparison tool for alternatives.
The broker can supply you with the MetaTrader 4 (MT4) platform that was developed by MetaQuotes Software Corp and is used by millions of traders around the globe. MT4 is my favorite trading platform due to its easy-to-use intuitive interface and vast array of built-in trading tools. This makes it a popular platform for beginner and experienced traders alike.
- Choose from over 50 inbuilt indicators for market analysis
- Programme your own Expert Advisors for automated trading
- Implement your own trading strategy
- Enjoy an easy to use interface
- Price alert notifications
- Trade on mobile, tablet and desktop
I find that BP Prime does not provide any significant trading tools in addition to those included within the MT4 platform which is quite a bummer. Although I must admit, the average retail trader will probably find that MT4 already has more than enough tools for their trading needs.
The broker implements a useful economic calendar on the website so that you can track past and upcoming news releases along with the impacts they had or are expected to have on various markets. I often use an economic calendar as part of my trading strategy fundamental analysis and to inspire trade ideas. I like how you can filter the news in the calendar to show only the events that you are interested in.
I appreciate that they provide webinars to help you understand what is moving the markets and to help identify potential trading opportunities. However, I’m quite unamused that these are only in Italian and require registration. I recommend CM Trading for more diverse webinars.
BP Prime has a choice of accredited financial courses, backed by the UK government and recognized globally. I believe these can be quite useful in helping you improve your trading knowledge and skills whatever your current experience level. It should be noted that these are paid courses.
There are various articles covering different trading topics which can help to assist traders of various experience levels.
BP Prime is a finance broker providing CFDs on Forex, Commodities, and Cryptocurrencies.
- 40+ Forex Currency Pairs
BP Prime has a variety of trading accounts to cater differing client needs. The minimum deposit starts from $100 with leverage up to 1:30 for non-professional clients. I personally find the leverage to be quite low as compared to other brokers like FX Giants. You have a choice between spread-only accounts with a mark-up or spread plus commission account with raw spreads. There are no account inactivity fees. Accounts with zero balance will be archived after a period of ninety (90) calendar days.
The Standard account allows you to trade all instruments with commission already built in the spread. Minimum deposit as low as $/€/£100.
The PRO Account allows you to trade all instruments with commission already built in the spread. Minimum deposit $/€/£1,000.
Our PRIME account allows you to trade FX Currency pairs plus metals on a raw feed and pay commissions outside the spread. Minimum deposit $/€/£10,000.
Those who qualify as professional clients can apply for the professional account. I like this account as it gives increased leverage for certain instruments and a reduction on current margin rates, thus allowing you to trade with more leverage, as opposed to the limitations imposed by ESMA on retail clients.
To qualify as a professional client requires meeting 2 out of the 3 following guidelines, 1) Have a portfolio of greater than $500k (not including property or cash) 2) Have a verified history of placing significant sized positions (down to broker discretion) 3) Have worked in the capacity of a professional position related to derivatives/speculation/trading. Match any two of these requirements to qualify as a professional client.
It is important to note that negative balance protection, Investor Compensation Fund, and recourse to the Financial Ombudsman Service are removed should you qualify for a professional account as you are then classified as a professional trader under ESMA regulation.
The broker has an option to open a demo account if you would like to try the platforms and practice your trading systems with virtual funds before opening a real live trading account. I like that BP Prime demo accounts do not have an expiry date, so you can use them as long as you want. However, I don’t appreciate that demo accounts that have been inactive for longer than 14 days from the last login will be closed. You should know that you can open a new demo account at any time.
The broker’s experienced support team is available 24/6 via chat, email, and phone. You can get Instant help via the live chat channel, send them your query via the request form, or request a free call back. If you prefer a broker that has 24/7 customer support, I suggest checking out FP Markets.
BP Prime only offers wire transfers, credit/debit cards, and Neteller for funding your trading account. Please note that some methods may only be available to specific countries and not all are available for both deposit and withdrawal. If you prefer to fund your trading account through crypto, I suggest shifting to Vantage. Some fees may be charged when using certain payment methods. Your withdrawal request is processed by the back office within 24 hours. Bank wire or credit/debit card it usually takes 2 – 5 business days. BP Prime strictly does not accept third-party payments. All funds deposited into your trading account must be under the same name as your BP Prime account.
Accounts can be opened in any currency. The different currency options are beneficial as currency conversion fees do not apply when using an account in your own currency.
You can open a trading account with BP Prime using the short online application form. You will need to provide some personal information and documents for verification purposes. In addition, you will also need to fill out a questionnaire to ensure that you are suitable for the financial services that they offer. If you send the application before 2 pm you can get it opened the same day (provided all documents are correct).
|Broker Features||AvaTrade||IG||IC Markets|
|Regulated||ASIC, BVI, CBI, FFAJ, JFSA, FSCA, IIROC, ADGM FRSA||FCA, CFTC, NFA, BaFin, FINMA, ASIC, FMA, MAS, FSA, FSCA, DFSA, JFSA, METI, MAFF||ASIC, CySEC, FSA, SCB|
|Country||Australia, Ireland, South Africa, Japan, British Virgin Islands||Australia, UK, USA, Switzerland, UAE, Singapore, Japan||Australia, Seychelles, Bahamas, Cyprus|
|Min. Deposit||Min $250 Deposit||Min $100 Deposit||Min $200 Deposit|
|Commission||From $0||From $0||From $0|
|Instruments||Forex, Commodities, Cryptocurrency, Stocks, Shares, Indices, Metals, Energies, Options, Bonds, CFDs, ETFs||Forex, Commodities, Stocks, Shares, Indices, Cryptocurrencies, Metals, Energies, Options, Bonds, ETFs, CFDs||Forex, Commodities, Cryptocurrency, Stocks, Shares, Indices, Metals, Energies, Bonds, CFDs|
|Platforms||MetaTrader 4, MetaTrader 5, AvaTradeGO, AvaOptions, AvaSocial, DupliTrade, ZuluTrade, Web, Mobile||MetaTrader 4, IG Platform, IG Progressive Web App, ProRealTime (PRT), L2 Dealer, FIX API, Web, Mobile||MetaTrader 4, MetaTrader 5, cTrader, Web, Mobile|
|Type||Market Maker, STP||STP, ECN, DMA||ECN|
|Funding||Wire Transfer, Credit/Debit Card, Paypal, WebMoney, Neteller, Skrill||Wire Transfer, Credit/Debit Cards, PayPal||Wire Transfer, Credit Card, Debit Card, WebMoney, Neteller, PayPal, Skrill, FasaPay, UnionPay, Qiwi, Bpay, Poli|
|Visit Broker||Visit Broker||Visit Broker||Visit Broker|
BP Prime is a regulated broker that offers competitive trading conditions including the MT4 platform and a variety of tradeable assets. They have some educational courses and host webinars. The account types are flexible though I must admit, that funding options are limited when compared to other online brokerages. The customer support team is very prompt, polite, and efficient in their responses. I would also like to see a greater choice of non-FX trading instruments and integration with a social trading platform like other top brokers such as Saxo Bank. The daily market analysis is also be beneficial.