BormanCorp Review – 5 things you should know about Bormancorp.com

BormanCorp Review – 5 things you should know about Bormancorp.com

Beware! BormanCorp is an offshore broker! Your investment may be at risk.

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BormanCorp is a forex brokerage based in the Marshall Islands. Potential clients are provided with a web-based trading platform and a diverse range of trading products. The spread on EUR/USD is 3 pips which is twice the industry average and clients are further extended a generous leverage of 1:200.

BormanCorp regulation & safety of funds

 The brokerage is owned and operated by the company Board LTD. The Marshall Islands is a favorite destination for would-be scammers due to its very liberal laws regarding the registering of companies. The government does not even require for someone to be physically there in order to register a company. Such a loophole has surely been noticed by many ill-minded brokers and utilized.  The brokerage also states on its website that it provides the MetaTrader4 platform which “is available for download after registration”, however, after registering with them we come upon a standard web-based trading platform. Here is a screenshot:

Furthermore, among the available information on the website we read that the brokerage offers a leverage of 1:500, but after calculating it through the demo account – it turned out only 1:200. Such irregularities, coupled with the clear lack of regulation, inclines us to state that potential clients of the broker are open to a number of risks, and we further suggest to only trade with legitimate brokerages which fall under the oversight of credible regulatory bodies.

Prestigious regulatory agencies, such as the UK’s FCA and CySec, require compliance with a number of strict rules that give significant assurance for the security of the clients funds. 

The segregation of accounts is among the rules which are especially important in the trading world, because it drastically lowers the risk of possible commingling.

Another is the participation in a compensatory scheme by which the client’s losses will be covered in the unlikely case the broker goes bankrupt or attempts to swindle traders.

BormanCorp deposit/withdrawal methods and fees

Potential clients of the brokerage have a wide range of payment methods before them. They may deposit or withdraw via Visa, MasterCard, Bitcoin, Skrill, Neteller, wire transfer, PaySafe, QIWI Wallet,  Yandex, AstroPay, Commodo, WebMoney. In the terms and conditions we came across quite a few very troubling provisions. The brokerage openly states there is a withdrawal procession fee of 3.5 per cent (or flat $30 for withdrawals under $300), a “profit clearance fee” of about 5-8 per cent depending on the profit, a monthly maintenance fee of $20,an iron-clad $100 penalty fee for not verifying your account properly and a dormant fee for inactive accounts. We must admit we have not come across such a huge variety of fees and we expect traders to stay away from the brokerage unless they are eager to see into how many little pieces can their funds be cut up.

We must also emphasize that traders should not trust at face-value brokerages, especially those lacking credible regulation. They must first make sure not to invest more than the minimum required of them, so that they don’t lose a larger-than-necessary sum if the broker turns out to be a scam. Furthermore, they may also try to withdraw a small amount in order to check for any unexpected fees or delays. Scammers will usually have such hidden.

How does the scam work?

Besides judging the brokerage beforehand through the info given on its website, a valuable piece of information in the trading world would be precisely how a scam would go about. Here is a description of the typical three steps:

A click-bait ad about fast money will take you to a website like The profit formula or Bitcoin Millionaire Pro where registration will require you to give your address, email and phone number. Calls from broker will follow, telling you to invest with them and reap huge profits. After a few minutes on the phone with them, you decide to deposit some $200-250. Little do you know that from that initial deposit the broker on the phone takes a nice fat piece as commission.

The scam, however, continues and what follows is called the “retention”. Senior scammers will now begin addressing you on the phone and explaining all the advantages in further investing with them. After you decide to go for it, you may even win on a few trades and go up by, say, a couple thousand. Naturally, you will begin wanting to close the account and take away your profits.

Closing the account will prove to be a difficult task. The “recovery department” will take you and yet another representative will have some other trading opportunities to share with you. He will attempt to stall you in order not to file a chargeback with your bank right away. That possibility forever closes when six months pass after the initial deposit with the broker.

What to do if scammed?

Unfortunately, much of the forex trading world is overshadowed by the huge numbers of scammers. All a trader may do is be well-informed and, in case he is the subject of a fraud – stay calm and not panic! The chance for panic is greatly reduced if such a situation does not take you by surprise. Here are the available options for scammed traders:

You may contact your bank or credit card provider and file a chargeback, but only within six months of the initial deposit, as was noted above.

If however you have provided the broker with your credit card details, immediately cancel your credit card.

If you have given information regarding your online banking pass – you should change it asap!

So-called “recovery agencies” should not be trusted! Such agencies target scammed and vulnerable traders in an attempt to further swindle them into giving away their money. They will require from you an “up-front payment” in order to get your money back, but no such thing will happen!

 

Rich Snippet Data
Review Date
Reviewed Broker
BormanCorp
Broker Rating
11stargraygraygraygray

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3 Comments

  1. This is a scam Trading Platform. Do not invest please. I lost my $250 .

  2. I was about to handle my bank details but skeptically i browse if its a scam.in reviews.saying its on autopilot. This is bormancorp. When i was on the wwbsite its a plain and basic trading demo account. I asked where is the autopilot. He said you cant see it because you havent deposited yet
    Guiding me also how to withdraw.in the same page window of the site. I browse again. And ask is borman corp is licence in asic. When i found out it wasnt licence.i ask again where is bormancorp. It was on marshall islands. I hang up the phone. Download a scam caller app. When they call me again. It shows on the app scamm caller…good thing i didnt handed over my bank details otherwise they gonna suck your hard earned money… Thanks for the app. By the way its TRUECALLER app

  3. Hi All

    I am a current client of Bormancorp (BMC) and I am here to tell my story of investing with Bormancorp, whether you choose to invest or not that surely remains your decision. My journey began I guess around September when I was looking into options to invest in autotrading options after my prior experience of trading by myself with a different organization was too stressful for me and I could not mix it with my 9 to 5 job. I explored a couple of online options, got several options including Bormancorp, I even closed the window to invest but the sales representative from BMC his name Anthony Weber is the only one that kept on marketing the idea of investing with BMC, it just so happened that when the time came when I was ready to invest the closest I felt I could try was BMC therefore I invested the initial minimum amount of $250. I am to blame for making this poor decision. I was assigned a Trading Advisor or the so called Personal Broker, his name is Bill Hope. He advised me against autotrading stating that the profit margins in auto trading are not worth the risk, as one can lose the whole investment capital in one night, he encouraged trading with him instead and I gladly took advice. From that day going forward his day to day conversations were around increasing my initial investment from $250 to allow a greater profit margin and I gladly obliged as I had some money to spare at the time. Fast track 2 weeks down the line I had invested $1000 and my account was averagely doing okay, per every deposit you make, it is followed up by The BMC compliance department following through wanting you to sign for it. Everything appeared so genuine, Despite making the deposits Bill Hope (Trading Advisor or Personal Broker) persistently encouraged me to make healthier deposits even encouraging me to access a $20 000 loan providing the list of loan mongers that are available in my country or alternatively increasing my credit card limit and invest all that money in BMC. I started to become curious about all this and requested for $100 withdrawal from my investment but that was denied by the Bill Hope because I was said to be having some open trades, this was despite having a health Trading Margin.

    My Trading Advisor (Bill Hope’s) motto was “you don’t close a losing trade, every trade will eventually turn to profit and all you have to do is wait.” There were two trades that were not doing so well and in each week they continued to eat into the profits I had made and I could not open any new trades. The non performing trades continued eating into my invested capital however Bill Hope (Trading Advisor) insisted that I keep these trades open despite the negative direction they took. I eventually closed the non performing trades at a loss and this was against the Trading Advisor’s advice. I don’t regret doing so as because if I had not done so, I would have lost everything by now, because they deteriorated worse or I would have been asked to deposit more money to support the non performing open positions.

    Following the fall out with the Trading Advisor, I requested to withdraw my remaining investment capital on 24/01/2019, that’s when all the drama started. He would not respond to telephone calls, emails or Whatsapp messages. I have made telephone calls to Bormancorp main desk on a daily basis since the 25th of January on a daily basis to check on the progress of my withdrawal and all they do is take down a message and tell me that my Trading Advisor will call me to discuss my withdrawal request. It was only a week later when Bill Hope (Trading Advisor) called and I made it clear that I wanted to withdraw my remaining money from my account, he agreed to it but no action has occurred. I have continued contacting the Bormancorp main desk on a daily basis and and have included the online chat platform however everyone says they will raise the issue with my Trading Advisor as he is the one supposed to approve my withdrawal. I have highlighted the issues with my so called trading advisor and I have requested to talk to anyone incharge of the Bormancorp to no avail.

    Through contacting the support team of BMC, I have started receiving call from other people in BMC stating that the only way I can access my funds is if I can work with them as their Trading Advisors and there is no other way I am going to access my money as no one is going to approve my withdrawal. I have spoken to 5 more different people and each day I have to start explaining my story from the top on how things have come to be this way.

    I am not here to tell you whether to invest or not to invest in Bormancorp, I am just here to let you know what I am currently going through to withdraw my money from this organization and you can decide for yourself if you wish to go through this ordeal to access your money that you would have put there in the first place.

    The struggle is real and its still ongoing. I will keep you posted if I finally get my money back.

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