BP Prime Review
Founded in 2013, BP Prime is a UK based broker that is regulated and offers competitive conditions for trading Forex and CFDs online via the MetaTrader 4 (MT4) platforms available on desktop, web and mobile devices (iOS & Android). The brokers account types are flexible but the payment options could be improved. They would also benefit from offering daily market analysis and social trading platform integration.
BP Prime Review, 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
In this detailed BP Prime 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.
BP Prime Overview
BP Prime are an online brokerage providing CFD trading services with margins as low as 5%, market execution and competitive spreads. Clients can trade forex currencies, commodities, cryptocurrencies, indices and more. They won the Le Fonti Award for the Forex & CFD Institutional broker of the year in 2018. 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. They have 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 Regulation
BP Prime is a trading name of Black Pearl Securities Limited. Black Pearl Securities Limited is authorised and regulated by the Financial Conduct Authority (FCA). 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 – and 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 to give traders 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 Countries
BP Prime do 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.
Some BP Prime broker features and products mentioned within this BP Prime review may not be available to traders from specific countries due to legal restrictions.
BP Prime Platforms
The broker supplies clients 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 known for 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
BP Prime Trading Tools
BP Prime do not provide any significant trading tools in addition to those included within the MT4 platform. 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 users can track past and up coming news releases along with the impacts they had or are expected to have on various markets. This is often used as part of a trading strategies fundamental analysis and to inspire trade ideas. You can filter the news in the calendar to show only the events that you are interested in.
BP Prime Education
There are webinars to help clients understand what is moving the markets and to help identify potential trading opportunities together with Alessandro Bonetti, Chief Market Analyst for BP Prime. These are in Italian and require registration.
BP Prime have a choice of accredited financial courses, backed by the UK government and recognised globally. These can be useful to help 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 Instruments
BP Prime is a finance broker providing CFDs on Forex, Commodities and Cryptocurrencies.
- 40+ Forex Currency Pairs
BP Prime Accounts & Fees
BP Prime have a variety of trading accounts to cater differing client needs. Minimum deposit starts from $100 with leverage up to 1:30 for non-professional clients. 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 clients to trade all instruments with commission already built in the spread. Minimum deposit as low as $/€/£100.
The PRO Account allows clients to trade all instruments with commission already built in the spread. Minimum deposit $/€/£1,000.
Our PRIME account allows clients 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 which gives increased leverage for certain instruments and a reduction on current margin rates, 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 is removed should you qualify for a professional account as you are then classified as 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. BP Prime demo accounts do not have an expiry date, so you can use them as long as you want. Demo accounts that have been inactive for longer than 14 days from the last login will be closed. However, you can open a new demo account at any time.
As broker fees can vary and change, there may be additional fees that are not listed in this BP Prime review. It is imperative to ensure that you check and understand all of the latest information before you open a BP Prime broker account for online trading.
BP Prime Support
The brokers experienced support team are 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.
BP Prime Deposit & Withdrawal
BP Prime only offer wire transfer, credit/debit card 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. 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.
BP Prime Account Opening
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 2pm you can get it opened the same day (provided all documents are correct).
BP Prime Summary
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 although funding options are limited when compared to other online brokerages. The customer support team are very prompt, polite and efficient in their responses. We would perhaps like to see a greater choice of non-FX trading instruments and integration with a social trading platform. Daily market analysis would also be beneficial.
CFDs are complex investment instruments and come with a high risk of rapidly losing money due to leverage. 64% of retail accounts lose money when trading CFDs with BP Prime. You should carefully consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.