Beware! BlueLexus is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
BlueLexus is an unregulated, offshore broker focused on the crypto market. They offer a choice of over 40 crypto CFDs with coins, including Ethereum, Stellar, Bitcoin, Bitcoin Cash, Litecoin, Ethereum Classic, Dash, Ripple, Zcash, Nxt, OmiseGO, Dash, Monero, Bytecoin and BlackCoin.
As tested with a demo account the BTCUSD spread was about 135 USD, which is much higher than the levels usually accepted as normal. The BTCUSD spread is considered attractive only below 50 USD.
Otherwise BlueLexus offers five account types on a rather simplified web based trading platform and the minimum deposit requirement varies between 250 USD for the Basic Account and 25 000 USD for the Platinum Account.
BlueLexus regulation & safety of funds
BlueLexus is owned and operated by G.G Capital Group LTD, a company based in Saint Vincent and the Grenadines, while all processing and billing activities are handled by H.I Capital Group, which is based in Bulgaria.
Unfortunately non of the above mentioned companies is regulated and that leaves us with no choice but to regard BlueLexus as an offshore broker with very limited credibility.
Investing with unregulated brokers comes with a significant risk of loosing your money to scammers and basically that is the reason we strongly advice potential traders to deal only with brokers, regulated by respected financial institutions like the Financial Conduct Authority (FCA) in the UK, the Cyprus Securities and Exchange Commission (CySEC) or the Australian Securities and Investments Commission (ASIC).
All regulated brokers are required to follow strict financial and ethical rules, among which to maintain a certain minimum capital adequacy ratio, to keep all clients money in a segregated, protected form creditors account and in some cases even to insure traders funds.
Traders with FCA brokers for example are entitled to a compensation of up to 50 000 GBP, in case their broker goes insolvent.
Similarly, all CySEC regulated brokers have to participate in the Investor Compensation Fund, which guarantees traders up 20 000 EUR of their capital.
BlueLexus deposit/withdrawal methods and fees
With BlueLexus you have a choice of several different payment methods, including major credit or debit cards like VISA and MasterCard, popular e-wallets like Comodo, PaySafe, Neteller, Skrillm WebMoney, QIWI Wallet, Yandex and AstroPay and a wire transfer.
Be aware, however, that if you accept a bonus, offered by BlueLexus, you will be required to reach a minimum trading volume of at least 600 000 times your deposit, before you will be granted the right to withdraw any funds. On top of that BlueLexus says they reserve the right to change at any time and at their sole discretion the minimum trading volume requirement linked to your right to withdraw.
As we already mentioned, the minimum deposit requirement with BlueLexu is 250 USD.
How does the scam work?
Scammers always come with new ways to get to your money, and yet the usual scam scenario goes more or less like this:
Surfing the internet you will come across one of those robo scam websites, like Bitcoin Revolution or Bitcoin Method, where you will happen to watch a rather convincing video add, telling you how easily you can make a pile of cash, by just investing a small sum with some cutting edge trading platform or an app. Most probably the focus will be on the crypto market, as crypto assets are getting more and more popular.
And all you have to do is fill a simple registration form, leaving your e-mail and phone. After that you will be transferred to the website of an unregulated offshore broker, where you will be invited to invest about 250 USD and star making money right away.
Take a note that your first trades will be surprisingly successful. That, however, will happen because your account will be manipulated and not because you have necessarily made great trading decisions. Remember, scammers want you to get hooked and deposit a more substantial sum.
And this is when you will receive a call form a “senor account manager” who will try to convince you, that if you want to make some real cash, you will simply have to invest more – what about 10 000 USD for a start.
Chances are you will deposit those money as well and in the beginning everything will seem fine – you will continue to make good trades and your account will continue to grow. This, however, will change the instant you decide to withdraw some of your funds. Basically, it will turn out your right to withdraw is linked to some trading volume requirement and probably the welcoming bonus, you have accepted, when you opened your account in the first place. It could be something else, but the bottom line is, you will not be able to withdraw anything.
Have in mind that at some point the scammers will ask you to send them a copy of your ID and a proof of address – an electricity bill for example. They will quote the anti-money laundering regulations, but in truth, if you agree to that, they will have a much stronger case, when you file for charge back with your credit card company.
Be ware as well, that some scammers might even try to convince you to install Team Viewer so that they can have full access to your PC. If you allow this, they will surely get to your credit card number and banking details and will try to steal money form your bank account directly.
What to do if scammed?
Immediately file for a chargeback with your credit card company. Mind, you will be able to do that only within the first six months after you have made the deposit.
If for any reason you have told the scammers your credit card number or online banking password, or if you have agreed to install Team Viewer, immediately block your credit card, delete Team Viewer and change the password for your online banking service.
And finally, if you have lost money to scammers, do not fool yourself to contact the so called “recovery agencies”. Some of those companies are scammers themselves, who will simply ask for an upfront payment and this will be the last time you will hear form them.