Trader Note: We've updated this Bloombex review in November 2011 as it has come to our attention that Bloombex is no longer offering its Forex services, but is shifting its focus to its binary options platform. To learn more, read our full Bloombex options review, or get more information about binary options.
If you wish to choose another Forex broker, check out our full list of Forex brokers reviews.
Looking for a Forex trading platform that differs from the standard MetaTrader4 platform? Bloombex is a non dealing desk broker that offers an exclusive trading platform that was developed in-house by Forex traders over a five-year period. Although the company claims that the platform is suited for both new and advanced traders, we found that it’s much more appropriate for new traders, as experienced traders may be disturbed by the noticeable absence of technical charting fact that technical charting tools are left out of site, and must be opened separately. Read our full Bloombex review to determine if this Forex broker is right for you.
Founded in: 2009
Maximum leverage: 200:1
Minimum deposit: $100
Minimum deal size: 1,000 lots
Languages available: English, German, Russian
The default setting of Bloombex’s Forex trading platform looks like a cross between a binary options platform and a Forex platform, with big buttons and boxes displaying all of the available currency pairs which can be bought or sold in a single click. This shouldn’t be entirely surprising since the company also has a binary options service as well. Traders who prefer a text-based trading experience can experiment with a list view format, though we found the box view to be easier on the eyes. The simple trade area is a third option, which uses the terms FALL and RISE instead of BUY and SELL.
Basic news and charts can be viewed in different windows on the platform, though they require a java plugin to run properly.
Bloombex’s trading platform is available in a web-based version only, and does not need to be downloaded. This can be an advantage for traders who often use different computers to execute trades, or those who don’t want to slow down their systems with heavy downloads. The company doesn’t currently offer mobile trading options.
Bloombex Trading Platform (Click image to enlarge)
The most notable features offered by Bloombex are their pivot point calculator, a helpful though relatively standard charting tool, and Forex trading signals. Although it is not entirely uncommon for brokers to provide signals to their traders, we always find it to be a nice bonus when this service is offered.
The Rollover Calculator was a bit more unique, as it calculates the cost of leaving positions open overnight, a service that few other brokers offer.
Bloombex has fixed spreads for each currency pair and better trading conditions for their VIP traders. Interestingly, a deposit of only €3000 is required to earn VIP status, whereas other brokers require much higher deposits to take advantage of better trading conditions.
We were also impressed by the fact that Bloombex offers a binary trading option, as this allows new traders to see how they are most comfortable trading.
Bloombex offers customer support via phone, fax, email and online chat. The company offers telephone numbers in Germany, Singapore, South Africa, Greece, Russia and England, allowing many traders to call locally. However, we were duly impressed with the chat service, and found no real need to use the company’s call center. Chat service is available 24/7, as is email service. We found the chat service to be extremely courteous and helpful, and there was never a long wait for service.
Chat with Bloombex (Click image to enlarge)
Ease of Use
During our Bloombex review, we found that the trading platform is extremely easy to use, if not slightly over-simplified. While some platforms use distracting graphics, flags and charts to enhance the page or add a visual element, Bloombex’s platform is entirely straightforward, and all technical tools are found in another window, so as not to distract the user from his trade executions.
Another aspect that was especially easy was the quick trade execution. The brokerage offers one-click, two-click and "Click & Confirm" trade executions, all of which were easy to execute and were recorded immediately. Positions can be closed easily in one click if desired.
The company doesn’t offer the same detailed tutorials that other brokers such as eToro offer, the system shouldn’t be overly complicated for anyone with a minimal understanding of how Forex trading works.
Bloombex is a Forex broker that was clearly designed by brokers, for traders. The technical aspects of the platform work beautifully, and will provide an enjoyable trading experience for new to intermediate traders. Although, the service lacks the supplemental Forex education that is required for new traders and the advanced charts demanded by experienced traders, this information is easily accessible on the Internet and will allow traders to customize their Forex learning curve while enjoying a user-friendly platform.
- Headquarter : Germany
- Regulation : None
- U.S. Clients Allowed :
- Maximum Leverage : N/A
Pros and Cons
- Fast trade execution
- User friendly platform
- Very good chat support
- High spreads
- Insufficient educational resources
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