BWM Exchange Review
BWM Exchange offers its clients a choice of 5 account types, all of which offer default leverage of 1:50, variable spreads and micro tradeable lots on two trading platforms: Sirix and MetaTrader 4. Keep in mind that trading robots (EAs) are only available on VIP and IPO accounts.
The broker’s website is available in English, Polish and Russian.
The Company. Security of Funds
Company Country Regulation
Leverate Financial Services Limited Cyprus CySEC
BWM Exchange provides online trading in a wide range of trading instruments, including numerous currency pairs and CFDs for stocks, commodities and indices. This one of the brands operated by Leverate – a famous provider of brokerage services and software solutions for the forex sector. The company also operates Apollo FX (intended for UK investors), Direktbroker-fx (intended for German traders), and VinciCM, among others.
Leverate Financial Services Ltd. is headquartered in Cyprus, Limassol, and has offices in Tel Aviv, Hong Kong, Kiev, Shanghai, and Berlin. The company is authorized and regulated by the Cyprus Securities and Exchange Commission (CySEC) since 2011. It is also registered with the German Federal Financial Supervisory Authority (BaFin) and with UK’s Financial Conduct Authority (FCA).
CySEC applies certain requirements to license holders and sees to the compliance with the rules set. For instance, customer funds must be held in segregated accounts, transactions must be reported on a regular basis, and forex brokers are required to hold at least €730,000 and maintain it. In return, companies licensed in Cyprus are free to operate throughout the European Union (according to the MiFID rules), and if they become insolvent, there is the Investor Compensation Fund, which can pay compensations up to €20,000 to their clients.
Minimum Initial Deposit
In order to open an account with BWM Exchange, one has to deposit $100, which is average minimum initial deposit, however other Cypriot broker require even less.
Average Spreads & Commissions
Although it claims to be a true STP/ECN broker, the spreads offered by BMW Exchange are not among the attractive ones on the forex market. The ones on Silver, Gold and even Platinum accounts are above the average for the industry, which is around 1.0 – 1.5 pips on EUR/USD. On the other hand, BWM Exchange’s accounts that seem to provide decent spreads are obviously not intended for retail traders, as they require an initial investment of at least $20 000.
And with other Cypriot brokers, like FXTM one can use average spread of 0.7 pips plus a commission of $2 on ECN accounts, which require an initial deposit of $500. For further information, you may look up and compare real-time spreads of 15 leading brokers here.
The maximum leverage rates offered by this broker is 1:200, and the default ratio is in line with CySEC’s rules. Nonetheless, many Cypriot forex brokers still offer significantly higher leverage levels, including FXTM.
We have already mentioned that BWM Exchange supports the popular MetaTrader 4 (MT4), as well as Sirix, which is developed by the broker’s mother company.
Sirix was launched in 2012 and is compatible with both Windows and Mac OS operating systems. Apart from its ease of use, its main advantage is that users can copy the deals of other traders directly from the “Social Stream” section of the platform.
BWM Exchange’s Sirix web platform. Click on the image to zoom in.
The other option available for clients of BWM Exchange hardly needs a presentation – the MT4 terminal is the most popular software in the forex industry. It provides all the necessary tools and resources to analyze price dynamics of financial instruments, execute transactions and create & use automated trading programs (EAs). Besides, the MT4 provides you with direct access to a wide selection Trading Signals.
Methods of Payment
BWM Exchange offers its clients some of the most popular deposit/withdrawal methods in the forex industry: credit/debit card, wire transfer, or e-wallets Neteller & Skrill.
BWM Exchange is a brand operated by Leverate – a Cypriot company providing brokerage services and fintech solutions for the forex industry. Although BMW Exchange is well regulated and offers trading on two trading platforms, its spreads are too wide, and besides, Eas are only available on professional and VIP accounts that require high initial deposits.
BWM Exchange Review Conclusion
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