Berry Financial Markets Review
Berry Financial Markets (BFM) is a new forex broker that most likely still has not launched operations and its trading conditions are not yet properly set forth. Nevertheless, here is what we found out already:
There are two types of accounts: swap-free Islamic account and ECN. There is also be a free demo account with virtual $5000.
The leverage is up to 1:300, with the default being 1:100. The broker notes that in compliance with the regulatory requirements of Polish Financial Supervision Authority (KNF), the maximum leverage for clients from Poland is 1:100.
An account can be opened with a deposit of $500. The spreads are starting from 0.9 pips. The EURUSD spread is 2 pips.
BFM is offering trading in forex, precious metals and CFDs on futures, indices and energies.
The Company. Security of Funds
Company Country Regulation
Berry Fin Corp. Dubai No
There is not much information about the company. It claims its head office is in Dubai and there is another in Nigeria.
We could not find registration and regulation information on the broker’s site, so we checked the public registry of the Dubai Financial Services Authority. There were no results for the registration of the company, so we assume it is not registered and regulated. This is a big red flag and we advise potential clients to choose another broker, preferably one regulated by UK’s FCA or the Australian Securities and Investment Commission (ASIC). There are many properly regulated forex brokers that offer Islamic trading accounts with clear trading conditions to choose from.
BFM made the obvious choice and offers trading on the most popular trading platform – MetaTrader 4 (MT4).
MT4 is the most frequently offered trading platform and is popular both among brokers and traders. It is stable and reliable, has many functions, offers API connectivity, supports PAMM and MAMM functionality and has a wide selection of technical analysis and charting tools. It is also user-friendly and supports Expert Advisors and automated trading. The broker also allows scalping and high-frequency trading.
Methods of payment
BFM accepts payments through credit and debit cards, bank transfer and the online payment systems Neteller, Skrill, FasaPay and WebMoney. The broker also has a partnership with the Kuwaiti K-net Payment Gateway.
Berry Financial Markets is obviously targeting Muslim traders, but is neither properly registered, nor regulated, so it should be avoided. Like we already said, there are plenty other properly supervised brokers that offer swap-free Islamic accounts. Worse still, the trading conditions of BFM are not presented clearly, massive sections of the site are under construction and some are even returning a “bad gateway” error, which is not a very good sign.
Berry Financial Markets Review Conclusion
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