Bexplus Review – 5 things you should know bexplus.com

Bexplus Review – 5 things you should know bexplus.com

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

Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.

 

Bexplus says to be a global crypto derivatives trading platform, registered in Saint Vincent and the Grenadines, with headquarters in Hong Kong and offices in Singapore, Japan, the U.S. and Brazil. And they say to be offering CFDs on major crypto coins including Bitcoin, Ethereum, Litecoin, EOS and Ripple with leverage as high as 1:100 and a web based trading platform.

Unfortunately the broker is not regulated and what is worse, they already have been blacklisted by the Spanish financial regulator – CNMV as potential scammers. Be sure to read the following lines before depositing any funds with them.

Bexplus regulation & safety of funds

As we already mentioned, Bexplus says they are registered in Saint Vincent and the Grenadines. They do not mention however the name of the company behind the broker, so basically what we have here is a unregulated, anonymous website.

On top of that they have come into the spotlight of the Spanish financial regulator – CNMV for targeting EU customers without proper authorization and possibly being involved in scam. See for yourself:

 

 

So our strong advise is to trade only with properly regulated brokers, licensed and authorized by one of the official regulators like for example the Financial Conduct Authority (FCA) in the UK, the Australian Securities and Investments Commission (ASIC) or the Cyprus Securities and Exchange Commission (CySEC).

Bexplus deposit/withdrawal methods and fees

When we proceeded with the registration of our account, it turned out the only payment method available are bitcoins. No credit or debit cards like VISA and MasterCard are accepted, nor popular e-wallets like Neteller and Skrill. And besides, the absence of Skrill is significant, because of the new anti scam policy of the money transfer company. According it Skrill partners only with properly regulated brokers and as we already noted Bexplus is just an anonymous, unregulated website.

Also, be aware of the trading bonuses Bexplus might offer you. Trading bonuses are a highly controversial practice in general, and it is not a surprise that they have been banned altogether on most regulated markets like for instance the European Union. The problem with all trading bonuses is that they are invariably linked to some minimum trade volume requirement, which scammers usually use as a pretext to cancel your withdraw requests.

How does the scam work?

It could be through an ad on Facebook or Instagram, or just somewhere on the internet, but sooner or latter you may happen to visit one of the so called robo scam websites like Bitcoin Profit and Brexit Trader where you will be greeted with a nicely cut video, telling you a rather convincing story, how easily you can get rich, if you just invest a small amount with some innovative trading software. And if you get interested and register by filling a simple form with your e-mail and phone, in a second you will be transferred to the website of a unregulated, scam broker, and will be asked to deposit about 250 USD in exchange of a brand new trading account.

And do not be carried away by the success of your initial trades. Just bear in mind that scammers will do anything to convince you to deposit as much as you can, including by manipulating your trading results. So that is how, your trading account will seem to have doubled in just a couple of days. And that is also the time when you will start receiving regular phone calls as well. It will be you senior account manage or some trading adviser, who will basically be telling you, that if you really want to make some real cash you will definitely have to invest more – like at least 10 000 USD.

And believe it or not but at that stage most people do invest as much as they can, without realizing they have been scammed until the moment they request to withdraw some of their funds. And than, all of a sudden it turns out this is not possible, because of some minimum trade volume requirement, most probably linked to some welcoming bonus. The pretexts of course might be various, but the end result will always be the same – you will not see a single dollar back.

What to do if scammed?

Your only plausible option to get your deposit back is to file for a charge back with your credit card company. That of course will be an option, if you have payed with VISA or MasterCard. So if that is the case you will be able to file for a charge back within 540 days.

And if by any means scammers have managed to get to your personal banking details like your credit card number or online banking password, immediately change the password and cancel your credit card.

And one final note. Do not accept any offers by the so called recovery agencies. They will not recover your money, but simply will take some fees in advance, basically leaving you with even less cash.

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

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