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BIMFX24 has a great website with promising claims that could easily lure newbie investors. The company looks legit on the surface; however, the platform is blacklisted by FCA. It would be best to perform due diligence before investing and only deposit your funds in reputable forex trading platforms.
BIMFX24 poses a trading platform offered by BIM LLC, a Grenadines and St. Vincent-based company. The main offices are purportedly located in Kingston city. Additionally, the platform’s portfolio is allegedly offering above 1000 instruments and trading in over 30 currencies. The platform claims to trade in products such as Bitcoin, forex trading, instruments, commodities, oil, precious metals, and indices.
The platform brags about a variety of techniques and tools to hedge their risk exposure and reducing volatility. According to the portfolio, the tools used are short equity, long equity, options, forex, and CFDs. This is a contradiction as volatility; going by the leverage ratio is very high.
BIMFX24 has been in operation for less than a year. According to the platform, its vision is to be the leading global forex broker but with a reputation of being an offshore broker, this remains to be seen. Whether this will happen or not, it is not for investors to wait around to confirm. The platform is lacking vital qualities of legit forex trading companies as we will see below.
Founders and team
Information on the founders of this platform is missing. The platform only gives a vague allusion to a ‘team’ that created the platform. With this little information, they assume and expect investors to feel familiarized and start trading in the platform. This is a naïve assumption. For an investor who regards transparency, you do need further proof that openness is not a priority in this platform. Stay away from platforms such as these, concealing even the simplest of details.
Bimfx24 domain will expire in September 2021. The platform was registered on September 2021. The platform’s longevity is not guaranteed and investors should opt for other platforms that are durable.
BIMFX24’s head office is said to be situated at Suite 305, Griffith Corporate Centre, Beachmont, Kingstown, St. Vincent and the Grenadines. The telephone number available on the website is +447448885131.
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BIMFX24 Trading conditions
Bimfx24 claims to have flexible pricing and execution options. Its execution platforms include; No Dealing desk, Special Volume Trader, and the Dealing Desk.
When trading on the Dealing Desk and No dealing Desk options, BIMFX24 is the ultimate counterparty to transactions herein. BIMFX24 aggregates ask and bid prices from liquidity provider pools. BIMFX24 platforms supposedly avail the best obtainable bid price and its Ask price are best after mark-up is applied. The mark-up is variable subject to account type and liquidity provider. Factors determining the mark-up include; network performance, execution quality, liquidity depth, and rejection rates by the liquidity provider.
The liquidity providers employed in Dealing Desk are fewer than those in No Dealing Desk.
BIMFX24 brokers are ECN and Straight to Market. The platform forbids Iran, Iraq, USA, and Canada nationals from participating.
Spread and Leverage ratio
The spread and leverage ratio for currencies is 1:400. This is an exorbitant amount and is just a ploy to entice investors into getting into risky and reckless transactions. The most used leverage ratios are 1:100 and 1:200. For the other instruments, the ratio is 1:100.
In the majority of trading platforms, the most acceptable variation between the buy and sell value of a currency pair is 1-2 pips. Moreover, the platform has implemented 2.5 pips spread against EUR/USD currencies. This spread poses a higher risk to traders in the platform and makes it a non-viable option.
BIMFX24 is an offshore platform and operates in several countries. This implies that it is operating in those countries without authorization. The head offices are also in a country where the government does not regulate nor formally license forex brokers. Lack of regulation on the platform should be enough deterrent to any investor who is on-board or aspiring to join the platform. This is because fraudulent and unscrupulous activities on the website are not monitored and it’s the investors who stand to lose.
BIMFX24 Trading platforms
The platform has a WebTrader that is cloud-based and allegedly allows investors to gain access to the FXTT account through a friendly and intuitive interface. The platforms that have been proven as reliable are MT5 OR MT4
Deposits and Withdrawals
The minimum deposit allowed is $200 while the maximum deposit is $ 100,000. The minimum withdrawal amount is $ 100 while the maximum withdrawal is $ 100,000. The maximum transaction amount is $ 5000. The maximum number of transactions per card is 10 while the amount is $ 10,000 per month.
The platform remains non-committal to the duration it takes to receive withdrawn funds. This is a red flag, as this is supposed to be clear communication. Investors should avoid this platform.
Bonuses are being offered on the platform, however, this is just another way to entangle investors as meeting the eligibility requirement is difficult.
Is BIMFX24 licensed?
BIMFX24 operates in many countries without authorization and is not licensed. The Financial Conduct Authority (FCA) has issued a warning on illegal operations of this platform in the UK. Investors beware of this site that will leave you exposed and with no legal solace in case things go wrong, and they always do, in scam platforms like this. Additionally, the platform could also sell your submitted information to third-party websites.
The platform claims that the safety of clients’ funds is its fundamental pillar. Interestingly, they do not explain how they intend to achieve this but only keep on narrating why safety is important.
This platform also claims that its portfolio managers have achieved a lengthy history of success in trading. As expected, this is just a mere statement with no way to prove that these managers exist in the first place. The platform’s team is anonymous. Investors should be cautious not to fall prey to this platform that is only making claims with no results to show. Details on and about this platform should be treated just as lightly as the platform.
For an unsuspecting investor, BMIX24 seems to be checking all the boxes of a legit trading company. However, a keen trader will be quick to note that this presentation is only a face value. On peering into the claims the platform is making, one realizes that this is just a way to trap naïve investors to rip them off their hard-earned cash.
For a platform that is unregulated and even blacklisted in some countries like the UK, it would be unwise for an investor to consider this platform. Regulation and licensing are prerequisite features of a forex trader that is keen on delivering value and safety to its users. Sadly, BIMFX24 does not seem to prioritize this. The site also fails to disclose crucial information that is important for investors to make informed choices.
The terms and conditions, though indicated, are stringent and not favourable for investors. The fact that the company has been in operation for less than six months should raise eyebrows, given the strong statements they are making about the success story. To add to this, the domain expires in the next eight months. The remaining shorts span is a clear indicator that the future of this platform is shaky.
No matter the allure a platform seems to have, investors should be alert, double-check and scrutinize platform viability. You should invest in legit forex trading platforms where fund safety is a priority. Not everything is what it looks like and for all its worth, avoid BIMFX24 as no good will come out of this.