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Berndale Capital review and ratings

Established 2012
Location Australia
Regulation ASIC
Offices Melbourne
Broker type STP | ECN
Leverage up to 1:500
Deposit from 25 USD
Spreads low  low
Platforms MetaTrader 4
Instruments Currencies Crypto Indices Metals Energies Bonds
Funding methods Wire Transfer Credit Cards Skrill Neteller Poli

Company information

Berndale Capital is a forex broker located in Australia, regulated by the Australian Securities and Investments Commission (ASIC).

Availability

Berndale Capital accepts clients from all over the world, excluding USA, Cote d’Ivoire, North Korea, Congo, Eritrea, Iran, Iraq, Japan, Lebanon, Liberia, Libya, Nigeria, Somalia, Sudan, Syria, Zimbabwe.

Distinctive features

Trading instruments

Forex broker offers the following underlying assets for trading.

60+ Currency Pairs Based on major and minor world currencies.
1 Crypto Pair Based on Bitcoin.
15 Indice CFDs Based on baskets of different blue-chip stocks.
2 Metal CFDs Based on Gold and Silver.
1 Energy CFD Based on Crude Oil (WTI).
4 Bond CFDs Based on German government securities.

Comprehensive review

Berndale Capital is another of the Australian-registered forex brokers that have grown quickly over the past five years. Full regulation by the Australian Securities and Investments Commission (ASIC), tight spreads, and high leverage makes this broker stand out as a very competitive broker and a good choice for traders from around the world.

Berndale Capital is currently sticking with the widely used MetaTrader 4 (MT4) platform as its sole trading platform. Although the platform was launched all the way back in 2005, it remains popular among traders, partly due to its reliability and large built-in marketplace for trading algorithms (known as Expert Advisors). The broker also promises fast execution and ultra-low latency thanks to its multiple servers located around the world.

In addition to the classic downloadable desktop version, MT4 mobile apps for trading on iPhone and Android devices are also available.

The broker offers an extensive range of trading instruments, including CFDs on bitcoin, 15 major international stock indices, 62 forex pairs, energies, German government bonds, and precious metals like gold and silver.

Berndale further offers a free demo account for paper trading, as well as four different types of live trading accounts:
– STP Account with higher spreads but a minimum opening balance of just USD 25
– STP Plus Account with tight spreads and a minimum opening balance of USD 200
– ECN Pro Account with personalized forex education and free VPS access
– Institution Plus Account with a tailored commission structure for large traders, available upon request

The base currencies Berndale Capital supports for its trading accounts are US dollars, Australian dollars, Euros, and British pounds.

A great potential benefit for new traders in particular is the broker’s large selection of educational resources available for free. The broker offers hands-on trading workshops at its headquarter in Melbourne, Australia, as well as remote one-on-one coaching with screen-sharing tools online for traders who are unable to come to the office.

In addition to the personalized training opportunities, the broker also hosts live forex education webinars on a weekly basis, free to attend for anyone. Fortunately, previous webinars are also recorded and uploaded to YouTube for anyone to watch at their own leisure.

Berndale’s customer service is available Monday to Friday 9 AM to 6 PM Melbourne time via one Australian phone number, and one international phone number for non-Australian clients. Alternatively, customer support can be reached via email or an enquiry form on the broker’s website.

Deposits to new trading accounts with Berndale can be made with the usual methods such as international bank wire transfer, Visa & MasterCard, Skrill, Neteller, and POLi. According to the broker, all client deposits are held in segregated Trust Accounts at the Commonwealth Bank of Australia to comply with regulations.

A problem with this broker, however, is its troublesome procedures for withdrawing funds. While most traders would probably agree that withdrawing funds should be as easy as depositing them, Berndale seems to think differently, requiring clients to print, manually fill in, and scan a withdrawal application form for each withdrawal request, along with copies of ID cards, proof of residential address, and bank statement.

In our opinion, this makes the withdrawal overly complicated, and harms the credibility of the broker. We would therefore like to see Berndale simplify its withdrawal request procedures before we can wholeheartedly recommend this broker.

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