Beware! BML Markets 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.
BML Markets is a unregulated forex and CFD broker, based in the Republic of Seychelles, offering three account types on the MetaTrader4 platform.
Trading instruments include 37 forex pairs with some exotic currencies like Singapore Dollar, Swedish Krona, Russian Ruble, Norwegian Krone, Mexican Peso, Hong Kong Dollar, Danish Krone and Chinese Yuan.
The broker also offers CFDs, with various assets, including major indices like Dow Jones EURO STOXX50 Index, DJIA, NASDAQ 100, S&P 500, FTSE 100, NIKKEI 225, CAC 40, Xetra DAX, RTS INDEX and MICEX, spot metals like gold, silver, platinum and palladium, some stocks, oil and natural gas.
We checked BML Markets trading conditions with a demo account and the benchmark EUR/USD spread floated about 1,2 pips – 1,3 pips. We should note that if the demo account mirrors the Standard Account such spreads are acceptable. The maximum leverage allowed is 1:100.
But trading conditions put aside, our greatest concern with the broker is their regulatory status.
BML Markets regulation & safety of funds
BML Markets is owned and operated by Bolmax Management Ltd., a company incorporated in the Republic of Seychelles, but unfortunately they are not regulated by any legit financial regulator such as the Cyprus Securities and Exchange Commission (CySEC), the Australian Securities or Investments Commission (ASIC) or the Financial Conduct Authority (FCA) in the UK.
Have in mind that investing with unregulated companies is very risky because the safety of your investment depends solely on the integrity of the people, who operate those companies.
Licensed brokers on the other hand are required to follow strict code of conduct, including to file regular reports with their regulator, to allow external audits, to keep all clients funds in a segregated, protected form creditors account and to maintain a certain capital adequacy ratio. Some regulators even require brokers to insure traders money.
Wit FCA brokers, for example, traders are entitled to a compensation of up to 50 000 GBP in case their broker files for bankruptcy. Similarly, traders witch CySEC broker will receive back up to 20 000 EUR of their capital.
BML Markets deposit/withdrawal methods and fees
Unfortunately BML Markets does not mention what payment methods do they accept. Have in mind that most brokers accept major credit cards like VISA and MasterCard, e-wallets like Neteller, Skrill and PayPal, as well as bank transfers.
The minimum deposit requirement with BML Markets is 100 USD and that is in line with what most other brokers would ask for a trading account.
How does the scam work?
Scam scenarios may vary and yet a forex fraud goes more or less like this:
You will watch a rather convincing video on one of the so called robo – scam websites like Bitcoin Revolution or Bitcoin Method, which are especially designed to hook you to register with their “innovative” trading platform, “make a pile of cash and solve all of your financial problems”.
Easy as that, all you need to do is fill the simple registration form and leave your e-mail and phone.
And if you do that, you will immediately be transferred to the web page of an unregulated, offshore broker, where you will be asked for a tiny investment of just 250 USD.
Note, that if you do deposit your money with the broker, the people running the robo – scam website will receive their commission and you will be awarded a brand new trading account with the sacmmers.
Besides, your first trades will be quite successful and soon the money in your account will double. That, however, will happen simply because your account will be manipulated.
And next you will receive a call form your “senior account manager”, who will expertly advise you that if you want to start making some real money you simply have to invest more – let say 10 000 USD for a start.
And in the beginning everything will look fine until the moment you decide to withdraw some of your funds. They will tell you it is not possible, because you have not met some minimum trade volume requirement, possibly linked to the welcoming bonus you have so gladly accepted with your first deposit. Of course, it might be something else, but the bottom line is you will not be able to withdraw anything.
What to do if scammed?
Immediately file for a charge back with your credit card provider. The good news is that, if you have made your deposit with a MasterCard, you will be able to do that within 540 days. VISA plans to adopt the same rule in December.
If you have told scammers your credit card number or online banking password, immediately block your credit card and change your banking password.
Finally, if you have lost money to scammers, do not try to contact the so called recovery agencies as they will simply collect an upfront payment and leave you even deeper in to the red.