BP Prime Review 2024
United States not accepted.Awards
- Forex & CFD Broker of the Year 2018 - Le Fonti Awards
BP Prime Review
BP Prime is a regulated broker offering cross-platform forex trading using the MT4 desktop, mobile, and tablet app. If you’re wondering whether to login and trade with BP Prime, our review covers everything you need to know, including fees, deposits, and rewards.
BP Prime Details
Founded in 2013, Black Pearl Securities Limited (BP Prime) is headquartered in London and has operational offices in Italy and China. The broker is regulated by the Financial Conduct Authority (FCA) in the United Kingdom.
BP Prime offers a range of forex and CFD instruments on a world-leading platform and competitive trading accounts. The Non-Dealing Desk broker provides fast execution and low latency for both retail and institutional clients.
MetaTrader 4 Platform
With access to forex, CFDs, commodities, and cryptocurrencies, the MT4 platform provides an all-around advanced trading experience.
The platform is equipped with over 50 pre-loaded indicators for highlighting trends on numerous timeframes. It also allows you to programme custom Expert Advisors (trading robots) to monitor market movements using algorithms. Traders can easily build the system around their own trading strategy, with instant execution, stop orders, and trailing stop options.
Traders need to open an account before they can download the MT4 platform.
Markets
Products available at BP Prime include 27 major, minor, and emerging currency pairs, 10 well-known indices including the FTSE 100, commodities such as gold, silver, and oil, plus 4 popular crypto coins, including Bitcoin and Ethereum. This review would have liked to see trading in shares too.
Spreads & Fees
Spreads start from 1.4 pips in the Standard account and 0.6 pips in the Pro account. Although these aren’t the lowest, commissions are built into the spread in the Standard and Pro accounts. In the Prime account, commissions are charged at 3.00 GBP/EUR/USD per side per 100k traded.
There are also rollover fees which are charged on each night that a position is held. The broker does not charge inactivity fees, which is an advantage over other competitors.
Leverage
The maximum leverage offered for retail clients across all accounts is 1:30, which can be adjusted for professional clients up to 1:200. Margin rates are provided in the product pages on the website.
Mobile Apps
For those who want to trade on the go, the MT4 mobile app offers a convenient solution suitable for smartphones and tablets. Traders can open positions, track price movements, and analyse trade history with the powerful features included. The app also comes in over 20 languages and supports mobile push notifications.
Payment Methods
You can deposit and withdraw funds using credit cards, bank wire transfer, local bank transfer, and e-wallets including Neteller and Skrill. Deposits are available in any currency, which will be automatically converted into your account’s base currency.
Average processing times for deposits are immediate and there are no fees (though credit card providers or banks may charge intermediary fees). The minimum accepted deposit is $5,000.
Withdrawals via standard bank wire take up to 3 working days but may take up to 5 working days for some countries. For UK account holders, there are no withdrawal fees. For EU accounts, withdrawals are free once a month and then around 25 EUR thereafter.
Demo Account
You can open a free demo account with any of the account options at BP Prime. Demo accounts allow you to place simulated trades and experience live trading conditions within a safe environment. Accounts are loaded with 10,000 in virtual money and are available for 30 days.
BP Prime Bonuses
Bonuses, promo codes, and other deals are not offered at BP Prime, as per FCA restrictions which prohibits the use of trading rewards for new clients.
Regulation Review
Black Pearl Securities Limited is authorised and regulated by the Financial Conduct Authority (FCA) in the United Kingdom, with license number 688456.
As such, the broker is subject to strict requirements to provide financial services to clients. This includes holding client money in segregated bank accounts with trusted financial institutions, as well as providing compensation in the event of insolvency.
Additional Features
BP Prime provides a webinar section, though none were available at the time of writing. There is a comprehensive selection of educational articles on a range of topics from cryptocurrency analysis to forex trading strategies. The broker also offers CPD courses for traders of all levels. Courses are available in over 27 languages and start from £99.
BP Prime could improve its offering by implementing some useful tools, such as forex calculators, or perhaps video training guides.
BP Prime Accounts
You can choose from 3 account types at BP Prime: Standard, Pro, and Prime. Accounts are largely aimed at seasoned traders, as the minimum initial deposit is 5,000 USD, EUR, or GBP for the Standard and Pro accounts and 10,000 USD, EUR, or GBP in the Prime account.
Commissions are built into the spreads in the first two accounts, with spreads as low as 0.6 pips and ultra-fast execution on the STP/DMA feed. Prime account holders enjoy raw spreads from 0.1 pips and ultra-fast execution via the XCORE Aggregator. The minimum lot size across all accounts is 0.01 lots.
Benefits
Reasons to trade with BP Prime include:
- CPD courses
- No inactivity fee
- Economic calendar
- STP/DMA execution
- Zero broker commissions
- Good online customer reviews
Drawbacks
Disadvantages of trading with BP Prime include:
- $5,000 initial deposit
- US clients not allowed
- No choice of platforms
- Stock equities not offered
Trading Hours
Trading hours for currency pairs are Sunday at 21:00 to Friday at 21:00 UK time. Trading sessions for indices and other assets are provided on the broker’s website or within the trading platform.
Customer Support
Customer support is available 24 hours a day, 6 days a week. You can either call the UK support desk at +44 (0) 20 3745 7101, email englishdesk@bpprime.com or speak to the support team on the live chat.
The broker’s headquarters is located on the Lower floor, 62 Great Eastern Street, London EC2A 3QR, United Kingdom.
Security
BP Prime employs standard security measures on their website and MT4 platform. Clients are required to use two-factor authentication when accessing the broker’s systems. Data is also encrypted between client computers and the broker’s servers, which are backed up with firewalls and virus scanning tools.
BP Prime Verdict
BP Prime offers a superior forex trading service for those who have a sizeable starting capital to deposit. Trading is only available on the MT4 desktop and mobile app, so it might be nice to see a greater choice of platforms, as well as other educational features such as videos and e-books.
Top 3 Alternatives to BP Prime
Compare BP Prime with the top 3 similar brokers that accept traders from your location.
- IG – Founded in 1974, IG is part of IG Group Holdings Plc, a publicly traded (LSE: IGG) brokerage. The brand-US offers spread betting, CFD and forex trading across an almost unrivalled selection of 17,000+ markets, with a range of user-friendly platforms and investing apps. For 50 years, IG has maintained its position as an industry leader, excelling in all key areas for traders.
- Interactive Brokers – Interactive Brokers (IBKR) is a premier brokerage, providing access to 150 markets in 33 countries, along with a suite of comprehensive investment services. With over 40 years of experience, this Nasdaq-listed firm adheres to stringent regulations by the SEC, FCA, CIRO, and SFC, amongst others, and is one of the most trusted brokers for trading around the globe.
- World Forex – World Forex is an offshore broker registered in St Vincent and the Grenadines, offering commission-free trading with a $1 minimum deposit and 1:1000 leverage. Digital contracts are also available, offering beginners a straightforward way to speculate on popular financial markets.
BP Prime Comparison Table
| BP Prime | IG | Interactive Brokers | World Forex | |
|---|---|---|---|---|
| Rating | 2.5 | 4.7 | 4.3 | 4 |
| Markets | Forex, CFDs, indices, commodities, cryptocurrencies | CFDs, Forex, Stocks, Indices, Commodities, ETFs, Futures, Options, Crypto, Spread Betting | Stocks, Options, Futures, Forex, Funds, Bonds, ETFs, Mutual Funds, CFDs, Cryptocurrencies | Forex, CFD Stocks, Metals, Energies, Cryptos, Digital Contracts |
| Demo Account | Yes | Yes | Yes | Yes |
| Minimum Deposit | $5000 | $0 | $0 | $1 |
| Minimum Trade | 0.01 Lots | 0.01 Lots | $100 | 0.01 Lots |
| Regulators | FCA | FCA, ASIC, NFA, CFTC, DFSA, BaFin, MAS, FSCA, FINMA, CONSOB, AFM | FCA, SEC, FINRA, CFTC, CBI, CIRO, SFC, MAS, MNB, FINMA, AFM | SVGFSA |
| Bonus | – | – | – | 100% Deposit Bonus |
| Education | No | Yes | Yes | No |
| Platforms | MT4 | Web, ProRealTime, L2 Dealer, MT4, TradingView, AutoChartist, TradingCentral | Trader Workstation (TWS), IBKR Desktop, GlobalTrader, Mobile, Client Portal, AlgoTrader, OmniTrader, eSignal, TradingCentral | MT4, MT5 |
| Leverage | 1:30 | 1:30 (Retail), 1:250 (Pro) | 1:50 | 1:1000 |
| Payment Methods | 3 | 6 | 6 | 10 |
| Visit | – | Visit | Visit | Visit |
| Review | – | IG Review |
Interactive Brokers Review |
World Forex Review |
Compare Trading Instruments
Compare the markets and instruments offered by BP Prime and its competitors. Please note, some markets may only be available via CFDs or other derivatives.
| BP Prime | IG | Interactive Brokers | World Forex | |
|---|---|---|---|---|
| CFD | Yes | Yes | Yes | Yes |
| Forex | Yes | Yes | Yes | Yes |
| Stocks | Yes | Yes | Yes | Yes |
| Commodities | Yes | Yes | Yes | Yes |
| Oil | No | Yes | No | Yes |
| Gold | Yes | Yes | Yes | Yes |
| Copper | No | Yes | No | No |
| Silver | Yes | Yes | No | Yes |
| Corn | No | No | No | No |
| Crypto | Yes | Yes | Yes | Yes |
| Futures | No | Yes | Yes | No |
| Options | No | Yes | Yes | No |
| ETFs | No | Yes | Yes | No |
| Bonds | No | Yes | Yes | No |
| Warrants | No | Yes | Yes | No |
| Spreadbetting | No | Yes | No | No |
| Volatility Index | No | Yes | No | No |
BP Prime vs Other Brokers
Compare BP Prime with any other broker by selecting the other broker below.
FAQ
What leverage is available at BP Prime?
Retail clients can access leverage up to 1:30. Professional clients can access leverage up to 1:200.
How can I contact BP Prime?
You can get in touch with the customer support team 24/6 via email, telephone, or live chat.
What account types are available at BP Prime?
BP Prime offers 3 accounts (Standard, Pro, and Prime) as well as demo accounts. The minimum deposit to open an account start from 5,000 EUR/USD/GBP.
Is BP Prime regulated?
Black Pearl Securities Limited is regulated by the Financial Conduct Authority (FCA) in the United Kingdom, with license number 688456.
What can I trade at BP Prime?
At BP Prime, you can trade a variety of forex pairs, global stock indices, cryptocurrencies, and commodities such as oil, gold, and silver.
Customer Reviews
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