Minimum Deposit: $500
Maximum Leverage: 1:500
My Score: 2.5
BBM Trade was founded in 2018 and is one of the brokers who provide online forex trading services. As a trading platform, MetaTrader4, which is used by a large majority of Forex traders, is available. Although this aspect is positive, the official web site design of the company is very amateur. Also, the number of visitors to the official website is very low.
If you’re reading this article right now, you are probably doing research on BBM Trade. Is it BBM Trade Scam or one of the reliable brokers? How can you understand this? What types of accounts are offered by BBM Trade and what are their spread, minimum deposit, and maximum leverage? In this BBM Trade review, you will find detailed answers to all these questions. If you have any other questions or if you have a problem with this broker, you can comment from the comments section below this article. I will try to answer your questions as soon as possible.
Let’s start reviewing if you’re ready.
BBM Trade, also known as Bull Bear Markets, is owned and operated by BBM Trade LTD company. This company is registered in Vanuatu, an island country preferred by offshore companies, and is regulated by VFSC – the Vanuatu Financial Services Commission.
It is very difficult for newly established brokers to obtain licenses from reputable regulators such as FCA or ASIC. Therefore, it is reasonable to prefer relatively less reputable regulators such as the VFSC in this process. If I think that there are no licenses for many newly launched brokers that I have recently written to review about them, I can say that the VFSC license for BBMTrade is acceptable.
Such brokers often try to close down the license disadvantage by offering better trading conditions. For example; they may offer a lower spread or may require the less minimum deposit. However, if you do not prefer VFSC licensed brokers, you can see a list of brokers that are more reliable and offer better trading conditions by clicking on the button below.
Account Types Offered by BBM Trade
Account types are one of the key determinants of the relationship between brokers and investors. Because, if the type of account that is appropriate for your trading strategies is not offered, you may not choose the broker even if it is reliable.
There are 4 account types offered by BBMTrade: Silver, Gold, Platinum and VIP. The table below shows the account types and trading conditions.
The Silver account type is similar to the standard account provided by other brokers.
The minimum deposit for this account type is $ 500. If we consider that the average of the Forex brokerage industry is $ 100, we can say that it is too high for this amount. Even with some reputable and multi-licensed brokers such as XM or FXTM, the minimum deposit is $ 5. By clicking on the button below you can see the forex brokers that require the low deposit and the reviews I wrote about them.
The maximum leverage for the Silver account type is 1: 400 but if you use a VIP account which is more advantageous in terms of spread, you will be able to use 1: 100 leverage maximum. Moreover, a minimum deposit of $ 25,000 to use a VIP account is very high.
Spreads are not competitive. For example; In the silver account type the spreads are starting from 2 pips and can go up to 6 pips.
However, average spreads on EURUSD are 1.2 pips at FCA regulated FXPRO and ASIC regulated Pepperstone.
Payment Methods at BBM Trade
BBM Trade offers a wide variety of deposit and withdrawal methods for a newly launched broker. Wire transfer and credit card options are also available here like at other brokers. As a quick deposit and withdrawal method, I always recommend the credit card. If the broker you work with is reliable and good, this is the fastest method.
In addition, many of the popular e-wallet systems are available. Neteller, Skrill, Webmoney, CashU and Qiwi are among the payment methods you can use.