Bridging the gap between the individual retail client and the Forex market has been something that’s become much easier in recent years thanks to the growth of online broker like Bestec Networks Foreign Exchange. Founded in 2010 and online since 2011, BNFX has made its sole mission to give private investors the same trading conditions afforded to large corporations.
Through its link with the LMAX Exchange, BNFX has developed a “transparent, stable and neutral trading environment” for independent Forex traders. To ensure that its platform is fully secured BNFX has the full backing of the FMA and FSP, New Zealand's two financial regulatory bodies.
BestecNZ.com’s Special FX:
The standout feature of BNFX is its position in the market as an LMAX Exchange partner. Unlike other online Forex brokers that act through ECN and STP protocols, BNFX uses the LMAX Exchange which offers users the ability access the Forex market through a Multilateral Trading Facility (MTF).
Although trading currency through the MTF model is somewhat similar to ECN and STP, namely that it provides access to FX banks and liquidity providers, it differs in that it offers reduced trading costs. On top of this there are no mark-ups which mean tighter spreads and lower initial deposits, something novice traders will find particularly appealing.
The reason all this is possible is because an MTF platform offers neutral trading which means there are no double charges, i.e. the market price is the price a user pays and the site doesn’t manipulate the rates to make a profit.
BNFX offers LMAX Exchange trading through MetaTrader 4, LMAX Web Trading and Multi Charts. With each of these options the user can access the Forex market through desktop, web and mobile software but whichever gateway a user chooses the following conditions will be in place:
Minimum deposits start at $100.
Leverage is offered up to 1:100 with a 1% Margin Requirement.
Scalping is both encouraged and allowed on this account.
Automated Algorithmic Trading (Expert Advisors) is permitted.
Hedging (locked positions) is also allowed which offers simplicity for multi-strategy traders.
Spreads run from 0.9 pips and there are no price manipulations or mark-ups.
Commission charges start from $2.50 per 100,000 currency units ($2.80 per 100,000 for MT4 Bridge).
Regular commission rebates equal to 10% of LMAX Exchange charges are given back to account holders.
The minimum trade size is 0.01 standard Lot.