Beware! BW-Holdings 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.
BW-Holdings says to be a New Zealand broker, which promises daily returns of up to 0,3%, depending on your investment plan. And they also say to operate in Northern Europe and North America, Asia and the Middle East, offering investment opportunities to small scale investors to “trade the financial markets and earn significant profits.”
This may sound as an attractive investment opportunity, was it not for the recent warning issued by the New Zealand financial regulator, according which the BW-Holdings website illegally uses corporate details of legit companies in an apparent attempt to scam investors. Be sure to read the following lines before depositing any funds with BW-Holdings.
BW-Holdings regulation & safety of funds
BW-Holdings claims to be owned by Beaumonts Way Holdings Limited, but that turned out not to be true. BW-Holdings simply uses corporate detail of a legit business, in this case Beaumonts Way Holdings Limited, in an apparent attempt to mislead its clients – a scam technique known as website cloning.
The scam has recently been revealed by the New Zealand Financial Markets Authority (FMA), which points out that they have contacted the management of Beaumonts Way Holdings Limited and they have confirmed that the company is not connected with the BW-Holdings website. You may check the warning here:
So our best advice in such cases is always to double check any information a broker might present you, and to make sure that you trade only with legit and properly regulated companies, like the once licensed and authorized by such reputable institutions like the Financial Conduct Authority (FCA) in the UK, the Australian Securities and Investments Commission (ASIC), or the Cyprus Securities and Exchange Commission (CySEC).
BW-Holdings deposit/withdrawal methods and fees
Unfortunately BW-Holdings does not bother to specify what payment methods do they accept. Just bear in mind that most brokers accept payments with major cards like VISA and MasterCard, bank wire and some popular e-wallets like Skrill and Neteller. Otherwise the minimum investment requirement is set at 300 NZD.
How does the scam work?
Some year ago scammers contacted their victims by “cold calling” them, which honestly was not very efficient. Since then things have changed and now more and more often scammers use internet channels like the social networks – Facebook and Instagram, or specially designed robo scam websites like Bitcoin Revival and Bitcoin Profit, where you might be tempted by some too- good- to- be- true offer for guaranteed returns with no risk whatsoever. And all you will be asked to do in the beginning will be to fill a simple registration form with your e-mail and phone.
Than two thighs will happen – first you will be transferred to the home page of a unregulated, offshore broker, where you will have to deposit let say 250 USD and second, you will receive a phone call by your personal account manager who will be offering trading signals and assistance, but actually will be trying to convince you to invest more.
And take a note that your initial trades will be amazingly successful and in a matter of days the money in your trading account will more than double. That however will be just a part of the scam. The fraudsters will be manipulating your trading account with the sole intention to make you more susceptible to the idea of investing more. And that is what your senior “account manager” will be telling you as well – if you want to make some real money you will surely have to invest more – like at least 10 000 USD.
And at that stage quite too many people do invest that kind of money without realizing they have been scammed until the day they decide to withdraw some of their money. Than all of a sudden it turns out this is not possible because of some minimum trade volume requirement, linked to a trading bonus. The excuse might certainly be different, but the end result will always be the same – scammers will not give a single dollar back.
What to do if scammed?
If you have used VISA or MasterCard to make your deposit, you still have a chance to get your money back. You simply have to file for a charge back with your credit card company and the good news here is that you can do that within 540 days.
And be aware that scammers might try to steal money from your bank account directly. This may happen if you have told them your credit card number and online banking password, so if this is the case immediately change the password and block your credit card.
And if you are contacted by the so called recovery agencies, do not trust them – they will simply make you pay some fees in advance and basically that will be the end of the story – you will not get a single penny back.