Berndale Capital Review
The broker offers its clients a choice of three account types. All of them provide the investor with full access to the globally recognized MetaTrader4 trading platform and flexible leverage from 1:100 to 1:400. What is more, micro lots are available for trade on all account types.
The Classic account is commission-free, while the ECN ones involve a commission, but provide minimum spreads as low as zero.
Moreover, a free Demo account is also available, which is always appreciated by newbies. This broker, however, does not offer Sharia-compliant swap-free service to investors of Islamic belief.
The Company. Security of Funds
Berndale Capital is an Australian forex broker brand belonging to Berndale Capital Securities Pty Ltd. The company was formed in 2012 and is regulated by the Australian Securities and Investment Commission (ASIC).
The broker provides Straight-Through-Processing trading model, offering 64 Currency pairs for trade, precious metals (Gold & Silver), Stock Indices and WTI Crude Oil.
Australia has become one of the main forex hubs in the world due to the favorable conditions for both brokers and traders: scalping and hedging are allowed, the FIFO rule is not applicable, and there is no leverage cap.
The Australian watchdog applies certain rules and requirements to license holders, such as clients’ money rule: Client funds must be kept in segregated trust accounts, and Berndale Capital states on its website that all money held on behalf of their clients is located within a segregated trust account of Commonwealth Bank of Australia. What is more, ASIC has set a minimum capital requirement and forex brokers must hold at least $ 1 million as a proof of good financial standing.
Australian FX broker regulation, however, does not include any compensation scheme in case a licensed company becomes insolvent.
Minimum Initial Deposit
Berndale Capital requires its clients to deposit at least $500 in order to open an account with them. This is not a very high initial deposit, yet it may prevent some small investors from becoming clients of this broker, since leading Australian broker CMC Markets has set no minimum deposit requirement and XM (holding, among others, also an ASIC license) demands just $5 from its clients as a start.
Average Spreads & Commissions
Spreads offered by Berndale Capital are variable spreads, starting from 1.5 pips for the EUR/USD pair on the commission-free account and such spreads are considered comparatively high. In comparison, XM also offer variable spreads from 1.0 pips on EUR/USD on its commission-free accounts.
The spreads on ECN accounts, on the other hand, are competitively tight, the minimum ones amounting to zero. In order to get remuneration for its services, the broker applies a commission of $10/$7 per lot round turn for the ECN/ECN Pro account respectively, which is a quite reasonable amount. In comparison, XM also provides spreads starting from 0 pips on its Zero account, quoting as typical a spread of 0.1 pips on EUR/USD, and applies a commission of $5 per standard lot.
For more information, you may check out and compare real-time spreads of 15 leading brokers here.
This broker offers leverage up to 1:400 which is at the upper end of the industry’s standard and is considered a high rate. Nonetheless, most ASIC-regulated brokers offer similar or higher leverage levels: CMC Markets – 1:500 and XM – up to 1:888. Here is a list of FX brokers offering leverage equal to or exceeding 1:500.
Traders, however, should be mindful of high leverage, for trading on margin may both multiply their profits on a small deposit and lead to heavy losses exceeding their initial investments.
Like most FX brokers, Berndale Capital supports the world’s leading trading platform MetaTrader 4 (MT4), which is fully customizable for just about any trading situation, skill level and preference. With this broker it is available as desktop and mobile version. MT4 provides all the tools and resources a trader needs: a number of technical indicators, advanced charting package, one-click trading option, Expert Advisers (EAs) and extensive back-testing environment.
EAs allow full automatization of trades and what is more, Berndale Capital has partnered with MyFXBook to provide its clients with an access to their unique platform Autotrade, specialized in copy trading.
In addition, this broker offers managed accounts, stating average returns of between 5-7% per month. This option, however, is not available to new investors.
With Berndale Capital investors can choose between bank wire transactions, payments via credit cards (VISA and MasterCard) and e-wallets Skrill, Neteller and FasaPay.
Berndale Capital is a reputable broker, providing fast market execution and transparent pricing. It offers attractive conditions for trading in currency pairs, commodity and stock CFDs, and some precious metals through the famous MT4.
Berndale Capital Review Conclusion
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