- Is BP Prime Safe or a Scam?
- Trading Platform
- Deposits and Withdrawals
Our Review Method
- 55Brokers Financial Experts with over 10 years of experience in Forex Trading check all trading offerings, fees, and platforms, verified regulations, contacted customer service, and placed traders to see trading conditions and give expert opinions about BP Prime.
What is BP Prime?
BP Prime is a brokerage firm based in the United Kingdom that offers CFD trading services on Forex, Commodities, and Indices. As we found, the company was established in 2013 by Forex professionals and traders, and it operates under the name Black Pearl Securities Limited in London, UK.
The company has established strong relationships with technology firms and liquidity providers to offer services to clients across Europe, Asia, and South America. Additionally, our research found BP Prime has obtained an additional license in Seychelles under the regulatory oversight of the FSA, operating under the name Gulf Brokers Ltd.
BP Prime Pros and Cons
Based on our finds, BP Prime brings a competitive offering of a combination of technology, tight pricing with market depth, and dedicated customer service. Moreover, the broker supports the NDD execution model providing low spreads and commissions.
For the Cons, there is no 24/7 customer support, and the trading conditions might vary based on the entity. Also, the educational materials and research are limited, which may make it challenging for beginners to get started.
|Regulated and licensed broker
|No 24/7 customer support
|Competitive trading costs and spreads
|Conditions might vary based on the entity
|FCA license and overseeing
BP Prime Review Summary in 10 Points
|🗺️ Regulation and License
|CFDs on Forex, Commodities, Indices, and Cryptos
|💰 EUR/USD Spread
|🎮 Demo Account
|💰 Base currencies
|GBP, EUR, USD
|💳 Minimum deposit
|Articles and analysis, economic calendar
|☎ Customer Support
Overall BP Prime Ranking
Our research has revealed that BP Prime is a reliable brokerage firm that offers competitive trading conditions to traders. The broker provides a diverse range of CFD trading opportunities with low spreads and fees, which may be appealing to potential clients.
- BP Prime Overall Ranking is 8.5 out of 10 based on our testing and compared to over 500 brokers, see Our Ranking below compared to other industry Leading Brokers.
|Pacific Financial Derivatives
BP Prime Alternative Brokers
Although BP Prime provides favorable trading conditions and fees, it’s important to consider other brokers that offer comparable services in the market. Here are some of the top alternatives to keep in mind.
- Pacific Financial Derivatives – Wide Range of Trading Instruments
- Globex360 – Competitive Spreads
- Just2Trade – Good Trading Conditions
Our findings show that BP Prime has received recognition from several reputable industry organizations, including winning the “Best CFDs broker” award at the Dubai Expo in 2021.
Is BP Prime Safe or Scam?
No, BP Prime is not a scam. It is a licensed brokerage company regulated by the world’s respected Financial Conduct Authority (FCA, UK). Additionally, the company has obtained the FSA license in Seychelles.
Is BP Prime Legit?
Yes, BP Prime is a legit and regulated broker. We found that the standard requirement by the regulation line includes strict capital adequacy compliance, approved risk management procedures, accounting, and audits, along with honest and fair management of clients.
See our conclusion on BP Prime Reliability:
- Our Ranked BP Prime Trust Score is 8.9 out 0f 10 for the good reputation and services provided. However, the only point is the availability of international trading via the offshore entity.
|BP Prime Strong Points
|BP Prime Weak Points
|Regulatory standards and protection vary based on the entity
|Negative balance protection
How Are You Protected?
Financial security stands as a paramount priority of any regulated company, which is proved by regulatory audits. Thus the risks taken on the marker are measured by the authority, as well as funds are protected by the segregated, separate accounts within top-tier banks.
This means the company can never use the client’s money for its own good, besides the money is always protected and covered by the UK’s Financial Services Compensation Scheme (FSCS).
While trading with BP Prime you are offered to use also leverage, which is a loan taken from the broker with the purpose to increase your trading style. Leverage indeed brings vast capabilities and higher gains, however, should be used smartly due to its possibility to increase risks too.
BP Prime leverage is offered according to FCA and FSA regulations:
- UK traders are eligible to use low leverage up to 1:30 for Major Currency pairs.
- International traders are eligible to use a maximum of up to 1:500.
As we found, BP Prime offers two account types – Pro and Prime accounts. The Pro accounts have no commissions and allow traders to trade all instruments offered by the broker, while the Prime accounts enable trading on a raw feed and charge commissions outside of the spread, based on trading volumes. Additionally, BP Prime provides Direct Market Access (DMA) and access to more than 40 currency pairs.
Additionally, new traders can sign up for a free demo account to practice trading with trial trades.
|Fast account opening
|The initial deposit amount is above average
|Demo account available
|Account base currencies GBP, EUR, USD
How to Open BP Prime Live Account?
Opening an account with BP Prime is quite easy. You should follow the opening account or sign-in page and proceed with the guided steps:
- Select and Click on the “Open an Account” page
- Enter the required personal data (Name, email, phone number, etc.)
- Verify your personal data by upload of documentation (residential proof, ID, etc.)
- Complete the electronic quiz confirming your trading experience
- Once your account is activated and proven, follow with the money deposit.
Our research indicates that BP Prime offers online trading services for CFDs on Forex, Commodities, and Indices, as well as Cryptocurrencies under the international entity. These instruments are connected with market-leading aggregation, and BP Prime also provides access to over 10 index CFDs via FIX API, with negotiable prices for institutional clients depending on their trading volumes.
- BP Prime Markets Range Score is 8.5 out of 10 for wide trading instrument selection. On the other hand, stocks, shares, bonds, and other asset classes are not available to trade.
BP Prime Fees
Our research has revealed that BP Prime charges fees based on the spread and the type of account chosen. The Pro Account does not have any commission fees, while commission fees for the Prime Account are based on trading volumes.
It is important to note that if you hold your position open overnight, you will be charged overnight fees. However, BP Prime does not impose an inactivity fee, which is advantageous.
- BP Prime Fees are ranked low or average with an overall rating of 8.5 out of 10 based on our testing, and compared to over 500 other brokers.
|BP Prime Fees
|Pacific Financial Derivatives Fees
BP Prime spreads differ based on the type of account chosen, with a typical spread of 0.3 pips for the EUR/USD pair and a low margin of 0.5% for commodity trades. Pro Account fees are included in a variable spread, while the Prime Account has a lower spread but charges a commission per trade. In general, BP Prime offers some of the industry’s most competitive spreads.
- BP Prime Spreads are ranked low with an overall rating of 8.5 out of 10 based on our testing comparison to other brokers. We found Forex spread much lower than the industry average, and spreads for other instruments are very attractive too.
|BP Prime Spread
|Pacific Financial Derivatives Spread
|EUR USD Spread
|Crude Oil WTI Spread
Deposit and Withdrawals
As for the payment methods, BP Prime supports the most used options alike Bank Transfers, Credit or Debit Cards operations as well as the option to use Neteller of VPay.
However, BP Prime reserves the right to pass any process costs incurred in relation to any payment mechanism or in case of currency exchange and payments made by credit card, but there is no specific charge from the broker himself towards the payment processing.
- BP Prime Funding Methods we ranked good with an overall rating of 8.5 out of 10. Fees are low, and also you can benefit from various account-based currencies.
Here are some good and negative points for BP Prime funding methods found:
|BP Prime Advantage
|BP Prime Disadvantage
|Fast digital deposits, including Credit/Debit Cards
|Methods and fees might vary in each entity
|Multiple account base currencies
|No fees for deposits and withdrawals for UK traders
In terms of funding methods, BP Prime offers the following payment methods:
- Bank Wire,
- Credit/Debit cards,
- VPay, etc.
BP Prime Minimum Deposit
The minimum deposit amounts are distributed according to the trading accounts, thus Pro Account requires $5,000 as a start, while Prime Account should maintain $10,000.
BP Prime minimum deposit vs other brokers
|Most Other Brokers
BP Prime Withdrawals
BP Prime offers fast and convenient deposit and withdrawal methods from various payment providers. The processing time for your withdrawal may vary depending on the method you choose, but generally, withdrawals are processed within 24 hours.
How Withdraw Money from BP Prime Step by Step:
- Login to your account
- Select Withdraw Funds’ in the menu tab
- Enter the withdrawn amount
- Choose the withdrawal method
- Complete the electronic request with necessary requirements
- Confirm withdrawal information and Submit
- Check the current status of withdrawal through your Dashboard
We found that BP Prime offers MetaTrader 4 as its main trading platform, which is widely used and known for its user-friendly interface and advanced features. BP Prime clients can also access a variety of liquidity pools, including bank and non-bank feeds, as well as ECN via third-party trading platforms or through GUI, and FIX API.
- BP Prime Platform is ranked good with an overall rating of 8.5 out of 10 compared to over 500 other brokers. We mark it as good since it offers popular MT4 professional trading platforms.
Trading Platform Comparison to Other Brokers:
|BP Prime Platforms
|Pacific Financial Derivatives Platforms
Web Trading Platform
MT4 provides dynamic and necessary tools range to assist in the correct decision. Financial instruments are represented in an all-in-one concept with the most popular automated strategies EAs, vast order types, and orders that can be placed directly from the Market Watch.
The whole range of functions along with built-in functions helps to facilitate the strategy with simple and convenient use.
Furthermore, the is a vast of additional prime-level tools that enhance trading capabilities, and decision assistance and include applications with Trading Indicators, Stealth Orders, Trader Terminals, Tick Chart traders, Sentiment Trader, Correlation Matrix, and many more.
Based on our research, BP Prime provides 24/6 customer support through various channels such as Live Chat, Phone Lines, and Email. The broker has a support team that comprises trading professionals who can provide assistance to traders on a range of matters, including analysis advice, technical support, operational issues, and general inquiries.
- Customer Support in BP Prime is ranked good with an overall rating of 8.5 out of 10 based on our testing. We got fast and knowledgeable responses, and also easy to reach during the working days.
See our find and ranking on Customer Service Quality:
|No 24/7 customer support
|Availability of live chat, phone lines, and email
BP Prime Education
Our research indicates that while BP Prime offers a few educational materials such as an economic calendar, articles, and analysis. However, the broker does not provide extensive educational and learning materials, seminars, or webinars that are essential for beginner traders.
- BP Prime Education ranked with an overall rating of 6.5 out of 10 based on our research. The broker does not provide seminars, webinars, insights, etc. For beginner traders, we recommend getting the necessary learning materials from other well-known brokers.
BP Prime Review Conclusion
Overall, BP Prime appears to be regulated by the world’s known FCA and provides trading services through a secured environment. The Broker operates under the agency model, which means there are no held positions or conflicts of interest, while customers execute their orders with the STP or NDD model.
However, BP Prime offers a quite high deposit to start the trade, hence the broker maybe is not the best option for beginner traders but is a very considerable option for professional traders. Also, we noticed that the broker does not provide webinars, seminars, and other educational materials which could be helpful for all levels of traders.
Based on Our findings and Financial Expert Opinions BP Prime is Good for:
- Traders from UK
- International traders
- Traders who prefer MT4 trading platforms
- Advanced traders
- CFD and currency trading
- NDD/STP execution
- Competitive spreads and costs
- Supportive customer support
- EA/Auto trading
No news available.