BP Prime Forex broker review: A UK-based broker with low spreads

bpprime.com
nika
Written by:
Av
konstantinrabin
Calendar
Written on:
2 April 2023
Date
Last edit:
5 March 2024
Our rating:
6.42

6.42

BP Prime Forex broker review: A UK-based broker with low spreads

bpprime.com
nika
Written by:
Calendar
Written on:
2 April 2023
Date
Last edit:
5 March 2024
Our rating
6.42

6.42

Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 56.25% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work, and whether you can afford to take the high risk of losing your money.
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Main summary

BP Prime is a trading name of Black Pearl Securities Limited, a Forex and CFD broker that is regulated by the UK’s regulatory authority and offers trading services and spread betting to UK citizens. Spread betting is reshaped trading to avoid taxes on trading profits as it is categorized as gambling and gambling rewards are not taxed according to the UK’s tax law. The broker recently added 10 cryptos to their trading instruments which include Forex, commodities, and indices. BP Prime offers around 51 instruments in total and has competitive spreads and variable commissions. The broker is located in the UK and offers its services mainly to UK citizens through their simple and clear website. Let’s now dive in and quickly review the most important specs about BP Prime below. 

Pros & cons of BP Prime broker

  • Ability to deposit and withdraw with $0 fees
  • Offers access to MetaTrader 4
  • Fast and digital account opening/verification
  • No shares are offered in any form
  • The leverage is capped at 1:30
  • Minimum deposit starts from 5000 USD

BP Prime Fact sheet

Main features
Regulations UK
Fees on deposits 0 USD
Fees on withdrawal 0 USD
Inactivity fees 0 USD
Minimum deposit 5 000 USD/GBP/EUR
Minimum account activation 5 000 USD
Number of available assets 51
Leverage up to 1:30
Available trading markets Commodities, Forex, Indices
Account currencies EUR, USD, GBP
Demo account Yes
Live account types Standard, Pro Account, Prime Account
Islamic account -
Security
Negative balance protection Yes
Part of compensation fund Yes
Keeps funds on segregated bank account Yes
Assets
Forex 27
Shares 0
Cryptocurrencies 10
Indices 10
Commodities 4
Total 51
Fees & spread
Forex From 1.4 pips
Shares N/A
Cryptocurrencies N/A
Indices N/A
Commodities N/A
Software
Platforms MetaTrader 4
Mobile trading support Yes
Mac device support Yes
Commodities Yes
Payment systems
Payment methods Bank Transfer, Credit/Debit Card, Neteller, Skrill, UnionPay
Minimum deposit Bank Transfer, Credit/Debit Card, Neteller, Skrill, UnionPay
Minimum withdrawal Bank Transfer, Credit/Debit Card, Neteller, Skrill, UnionPay
Withdrawal processing time Instant
Time to open an account -
Show all

Safety & Security of BP Prime

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. 

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Account types available for traders on BP Prime

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

ProsCons
Minimum lot size is 0.01High minimum deposit for all account types including 0 spreads account
Enables traders to use Demo and Islamic account types 
There is an account without spread markup 

Fees & commissions review of BP Prime

Comparing BP Prime fees with other brokers

BP Prime fees compared to Interactive Brokers fees

Type of FeeBP PrimeInteractive Brokers
EUR/USD SpreadFrom 1.4 pipsFrom 0.6 pips
Fees on Deposits0 USD1%
Inactivity fee0 USDNo*

*Inactivity fee was eliminated by IB in 2021, it used to be $20/m

BP Prime fees compared to CM Trading fees

Type of FeeBP PrimeCM Trading
EUR/USD SpreadFrom 1.4 pipsFrom 0.9 pips
Fees on Deposits0 USDNo
Inactivity fee0 USDYes, 15 EUR/USD per month after 60 days of inactivity

BP Prime fees compared to plus500 fees

Type of FeeBP Primeplus500
EUR/USD SpreadFrom 1.4 pipsFrom 0.8 pips
Fees on Deposits0 USDNo
Inactivity fee0 USDYes, 10 USD per month after 3 months of inactivity

BP Prime fees compared to XM fees

Type of FeeBP PrimeXM
EUR/USD SpreadFrom 1.4 pipsFrom 0.6 pips
Fees on Deposits0 USDNo
Inactivity fee0 USDYes, 15 USD after 12 months, +5 USD/m

BP Prime fees compared to AvaTrade fees

Type of FeeBP PrimeAvaTrade
EUR/USD SpreadFrom 1.4 pipsFrom 0.9 pips
Fees on Deposits0 USDNo
Inactivity fee0 USDYes, 50 USD after 3 months, 100 USD administration fee after a year

BP Prime fees compared to Capital.com fees

Type of FeeBP PrimeCapital.com
EUR/USD SpreadFrom 1.4 pipsFrom 0.9 pips
Fees on Deposits0 USDNo
Inactivity fee0 USDYes, 50 USD after 3 months, 100 USD administration fee after a year

Trading platforms and mobile trading reviewed at BP Prime

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. 

Education and research tools offered by BP Prime

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. 

Customer support of BP Prime

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. 

Conclusion

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. 

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FAQs about BP Prime

Is BP Prime a good broker?

BP Prime is an FCA-regulated broker from the UK that offers both trading and spread betting. The broker is legit and has been in business for years. Trading services are attractive with low spreads and numerous trading tools. The one challenge is the initial minimum deposit starts at 5,000 USD, which is high. All in all, BP Prime is a broker that adheres to regulations and offers attractive trading services.