Pros & cons of BP Prime broker

BP Prime Fact sheet

BP Prime is a UK-based broker that is regulated and licensed by the UK’s Financial Conduct Authority (FCA). The FCA is one of the strictest and most reputable financial regulators in the world. BP Prime offers all security measures including segregated accounts, negative balance protection, and investor compensation fund membership. Up to 50,000 GBP can be compensated for if the broker becomes insolvent. Negative balance protection is only available for retail clients, and professional and institutional traders will have to control their risks more wisely. 

There are three account types in total, differentiated by spreads, commissions, and minimum deposit requirements. The account types are Standard, Pro, and Prime accounts and each of them has its own advantages depending on the trader's budget and preferences. The Standard account comes with a spread starting at 1.4 pips on major pairs. The initial deposit required is 5,000 EUR, USD, or GBP. The initial deposit is the same for the Pro account, but spreads are lower and start from just 0.6 pips on major pairs. Both Standard and Pro accounts come with STP execution technology, and the two accounts are very similar in many ways. The Prime account is quite different though. Its initial deposit must be at least 10,000 EUR, USD, or GBP, and it has trading commissions depending on the volume traded. Spreads are the lowest on Prime accounts and start from 0.0 pips. The trading execution technology is also different and is ECN-based. Electronic Communication Network (ECN) matches buyers and sellers and does not require any third parties between brokers and traders. The minimum trading lot allowed on the Prime account for all three accounts is 0.01 lots, offering micro account possibilities. 

Pros & cons of BP Prime account types

Comparing BP Prime fees with other brokers

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The trading platforms offered by BP Prime are limited to MetaTrader 4 (MT4). MT4 is very popular among traders as it is a well-rounded advanced trading platform that allows comprehensive technical analysis of price charts. One-click trading is allowed by the broker, and there are some additional trading tools offered by the broker. We shall explain these tools in more detail below. Mobile trading is possible with the MT4 mobile app. 

The website of BP Prime is very clear and intuitive, and it includes a dedicated section for education. There are articles, analyses, and scam alerts. Where BP Prime shines is the number of provided trading tools that can be installed in the MT4 platform, increasing trading accuracy and comfort. The main tools provided by BP Prime offer advanced trade execution and management, decision assistance, sophisticated alarms, and messaging broadcasting facilities, plus news and market data. The trading terminal is a feature-reach trade analysis tool, it can be installed on the MT4 platform via the trade terminal mini plugin and used right from the MT4 platform. Other tools offered by the broker include account metrics and an alarm manager. 

There are only three ways to contact BP Prime, these are via phone and email, or by visiting their head office in London. It is possible to send an email directly to the broker from their website, but there is no live chat. This lack of live chat often occurs in the case of UK-operated brokers. The option to send messages to brokers through an online form is a helpful, but still slow way to contact the broker in case of issues. 

BP Prime is a UK FCA-regulated Forex and CFDs broker that, together with trading, offers spread betting services to its clients. The broker has low spreads and variable commissions depending on the volume traded. BP Prime provides three account types, Standard, Pro, and Prime. The broker recently added 10 cryptocurrencies to offer its traders more instruments apart from just Forex, commodities, and indices. The trading platform they offer is MT4 and the broker has numerous custom tools for their traders to increase decision-making accuracy. BP Prime’s website included a dedicated section for educational resources and is full of useful information about trading and teaches traders how to protect themselves from scams and frauds. Customer support is available 24/6, but unfortunately, it doesn't offer live chat.