BenchMark FX review
This broker was not featured in our 2023 Broker Review Audit. This is because, in the past 12 months, it has failed to pass our initial screening process and is not recommended by our team of experts. As such some of the information found here may be out of date.
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BenchMark Finance, of BenchMark FX, is a Bulgarian Forex broker that has a strong European market presence through its branch establishments in Bulgaria, Germany, Spain, and the UK. BenchMark Finance is also located in Mexico to serve traders from Central and Latin America, but unfortunately, the broker does not accept clients from the US due to its absence from the US financial markets. Forex brokers are only allowed to offer its services to US traders if they possess the sufficient regulatory licenses from the NFA and the CFTC. Regardless, BenchMark Finance is open to all traders from across the globe, provided that they obtain the necessary clearances from their local governing bodies.
|FCA, FSC, CNMV, BaFin|
|Forex, petrol, gold, indices and other CFDs|
BenchMark Finance is the brokerage arm of the BenchMark Group, a Bulgarian financial company that was established in 2003. The BenchMark Group quickly rose through the ranks and partnered up with large financial companies and liquidity providers to offer one of the best Forex trading services through its BenchMark FX venture. BenchMark Finance offers one of the most comprehensive lists of financial products that include more than 30,000 assets from all major financial markets across the world. Clients do get access to over 19,000 stocks, 36 indices, 200 futures, 9,000 CFDs, and more than 180 different currency pairs, making BenchMark FX one of the most accomplished financial brokerages in the entire market.
BenchMark Finance is not as popular as some of the other established Forex trading companies, even after the broker claims to have spent more than one and a half decade in the financial markets. Nonetheless, our professionally compiled BenchMark FX broker review should help in answering some of your questions about trading the Forex market with BenchMark Finance.
BenchMark Finance Trading Platforms & Account Protocols
BenchMark Finance offers a No Dealing Desk trading account that grants direct access to the markets through Direct Market Access protocols. Direct market access trading is the best trading protocol in the Forex market to avoid the conflict of interest between a trader and a broker, which has become a commonplace among market maker brokerages. BenchMark Finance works with several global liquidity providers and global stock exchanges to offer one of the most comprehensive financial products in recent times.
BenchMark Finance supports the MT4, the MT5, and the BenchMark FX Trader platforms, which are designed to offer different products under a single trading account. The MT4 and MT5 are third-party licensed platforms that are more suited for Forex and commodities trading, while the Trader interface is designed to offer the full range of 30,000 different financial instruments in a single platform. The Trader platform is developed in conjunction with Saxo Bank, which serves as one of the key partners for BenchMark Finance to provide its FX trading services to traders across the world.
The MT4 and the MT5 trading platforms are more suitable for traders that are looking for the best spreads and higher leverage, as the average BenchMark FX spreads on the MetaTrader starts from 0.1 pips on the EUR/USD currency pair. BenchMark Finance offers a lower spread consistently without any commission per trade, as most traders have reported an average of 0.8 to 1 pip spread on the EUR/USD pair during most market conditions. Traders can also access a maximum BenchMark Finance of 1:200 through the MetaTrader platform. The MetaTrader 4 and MetaTrader 5 terminals are available for both desktop and mobile trading platforms, which does make it easy for all types of traders and investors to access their accounts on multiple devices.
Although the MetaTrader is a great option for investing in the Forex markets, these platforms don’t provide access to the complete list of financial assets that are offered by the company. Traders who wish to enjoy a diversified investment portfolio will need to download the BenchMark FX Trader platform, which has a slightly different trading condition that the MetaTrader accounts. The minimum BenchMark Finance spreads start from 2 pips, while the leverage is reduced to 1:50 to accommodate the higher margin requirements for global financial products. The Trader platform does not allow EA trading, which is one of the most important and innovative aspects of trading with the MT4 terminal.
Fortunately, traders can download the BenchMarket Finance mobile apps along with the desktop trading interfaces for both the Trader and the MetaTrader platforms. Both platforms allow traders to open positions from 0.01 lots or 1,000 currency units, but the lower leverage for the Trader account might hinder traders from reducing their capital outflow and minimizing their capital exposure.
The Minimum Deposit & Withdrawal Requirements For A BenchMark Finance
The broker does not specify any minimum deposit requirements for their MetaTrader Forex trading account, but with a leverage of 1:200, traders are expected to make at least a $100 to start trading. However, the Trader account does have a minimum deposit requirement of $5,000, which is mandated due to the higher margin requirements and the larger number of financial instruments on offer. Traders can deposit money into their trading account using a bank wire, credit/debit card, or SoFort. Unfortunately, the broker does not accept any other payment options, and it is up to the trader to choose one of their available options to make a payment. As an incentive, BenchMark Finance does waive all the fees on both deposits and withdrawals, which is a kind gesture and certainly appreciated.
Protection Of Client Funds
BenchMark Finance is regulated by the Financial Supervision Commission (FSC) of Bulgaria, the CNMV of Spain, the BaFin of Germany, and the FCA of the UK, which means that traders can be guaranteed of one of the best regulatory protection environments for ensuring the safety of their funds. All European regulatory organizations fall under the Markets in Financial Instruments Derivatives, which oversees the functioning of all non-banking financial companies operating in the EU. European Forex brokers have the distinction of being one of the most trusted and reliable Forex trading partners in the world, which is helped by the fact that European regulatory agencies work tirelessly into protecting the investors against financial abuse.
All of your invested capital will be directly held in segregated accounts, which is kept away from BenchMark Finance’s core operating accounts. If the broker falls into bankruptcy, the regulatory organizations play a significant role in ensuring that all client debt obligations are met in an amicable manner, thereby allowing traders to enjoy complete peace of mind while trading the markets with the broker.
Other regulatory guidelines from the EU require brokers to display proof of minimum capital requirements, maintain regular audit reports, and offer financial transparency. European brokers are also obliged to adhere to strict anti-money laundering laws, which further help traders to enjoy a safe and secure trading environment that does not inhibit their trading freedom in any manner.
BenchMark Finance Bonus Programs
If you are serious about trading with the broker, BenchMark Finance provides attractive seasonal bonuses, rewards, loyalty bonuses, and other incentives to entice traders into continuing their partnership with the company. The seasonal promotions are offered as a bonus on initial deposit, which is directly related to the amount of deposit made to the trading account. Get in touch with the customer service department to learn about a custom-tailored bonus offering according to your investment, but make sure that you read through and understand all the bonus terms and conditions before accepting the bonus. Also, it is usually recommended to demo trade before moving to an actual trading account, as it will provide more information about the qualities and features of the company before actually opening a live trading account.
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