BNP Markets Review: Is bnpmarkets.com Scam Broker?
BNP Markets is a new MetaTrader4 broker whose website was registered in January 2020.
BNPMarkets offers 4 account types for trading with minimum deposit starting at €2,500.
The broker’s other account types require a minimum deposit of € 5,000, €10,000 and €50,000 respectively.
Compared to the most popular brokers who are well-regulated, these minimums are very high and unrealistic.
Their Silver and Gold account types come with fixed spreads starting 0.7 pips and 1.2 pips respectively while other account types attract zero spreads.
Copy trading is available on Silver and Gold accounts. Leverage starts at 1.200 up to 1:500.
BNP Markets also promises no slippage on their trading accounts.
On top of this, their Platinum and VIP account types (with higher minimum deposit requirements) come with cash rebates, individual sessions with “professional traders”, fundamental and technical analysis and PAMM accounts.
We’re also learning that BNP Markets broker has an extra account type called “Elite Members”.
This account can be opened with 250,000 euros.
BNPMarkets.com is owned and operated by Smart Technology Services LTD which is incorporated at Majuro, REPUBLIC OF THE MARSHALL ISLANDS.
Unfortunately, we still have serious issues against this broker.
Is BNP Markets legit?
In as much as this broker has a professional website and a good deal of features that traders would find useful, the fact remains that they are unregulated.
It is not recommended to trade with a broker that does not hold a valid Forex broker’s license no matter how attractive their website looks like.
The main risk here is that the broker is likely to scam you.
Secondly, traders who choose to use BNP Markets will not enjoy any compensation in case the company goes under.
Thirdly, BNPMarkets.com is a brand new broker who has not established any reputation or garnered any customer reviews yet.
It would be risky and misleading recommending a broker like this one.
With the high minimum deposit, the risk is even greater.
As we conclude this review, we would like to let traders know that BNP Markets is not a broker to be trusted at this time.
Of course we’ll watch out for any further improvements or updates in their service so we can talk about it in this review.