BP Prime Review

BP Prime is a trading name of Black Pearl Securities Limited. It was founded in 2013 and is authorised and regulated by the Financial Conduct Authority (FCA) under reference number 688456.

The company portfolio consists of over 40 currency pairs, 10 global indices, 4 commodities and 4 cryptocurrencies. The minimum spread for the Bitcoin is just USD1.7 the company says.

There are three types of trading accounts that differ mainly in spreads and minimum deposit amount. The Standard account requires GBP5,000 to open and offers commission free trading with spreads for major currency pairs starting at 1.4 pips. The Pro account requires GBP5,000 to open and offers commission free trading with spreads for major currency pairs starting at 0.6 pips. You must invest at least GBP10,000 to open a Prime account. The spreads are close to zero at the expense of the commission per traded lot. You can feed your account by bank transfer, credit/debit card, and Skrill and Neteller.

Customers can place deals through one of the most used trading terminals global – MetaTrader 4 (MT4). It is a perfectly equipped platform, which gives traders access to trade currency pairs, commodities and cryptocurrencies providing all the necessary tools and resources for successful trading. There are over 50 built-in technical indicators that help to highlight trends and determine entry and exit moments.

There is an Education section where you can find interesting articles and webinars that are accessible when you register an account.

The Terms and Conditions document shows that BP Prime provides negative balance protection to retail clients. This means that, in such circumstances unless you have been classified as a professional client or an eligible counterparty, your aggregate liability for all realized losses in respect of your trades cannot exceed your cash. The same document informs that BP Prime offers guaranteed stop loss orders. As the name shows such an order guarantees client losses to a certain level specified in the order. For all orders other than Guaranteed Stop Loss Orders, BP Prime may not be able to execute client orders at the specified price level. In such circumstances, order is filled at the first available market price. This means all other orders are subject to slippage. Guaranteed stop loss orders are offered for a limited range of products that will be stated on the website and they are not free – clients will be charged a premium payment. The Best Execution Policy document reveals that the company is a Straight Through Processing (STP) broker that does not execute orders on clients’ behalf. Orders are executed by its liquidity providers who provide the contract for the transaction. BP Prime executes transactions as an agent or as riskless principal on client behalf. It is also written that: “Your trades will be executed on BP’s MT4 trading platform or via FIX API protocol. Those trades will be immediately matched through our chosen LP’s via our XCore aggregator (XCore is a technology for liquidity aggregation owned by PrimeX) that allows us to execute your trades.”

Overall, this is an FCA-regulated company that uses the STP model to execute orders. It offers the well-known MT5 terminal, but the minimum amount required is huge. All retail clients are covered by negative balance protection and the company provides guaranteed stop loss orders. However, there are only a few instruments available for trading and global shares are not among them. In addition, the spreads are not as narrow as the minimum deposit amount suggests.