Beware! BCP 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.
Overall BCP doesn’t have much going on. The website is exemplary of the broker’s simplicity, the visuals are unappealing, and there is nothing of interest, no dazzling feature or image to remember this broker by. Some things are so overwhelmingly average that we forget them as soon as we click on “quit”. This applies to BCP’s visuals. However, what about the more important aspects, like trading conditions and similar? Read the review to find out.
Once we opened the registration area, we were presented with a very limited area that required only 4 different things from us in order to create a live account: a email address, a password, a captcha, and an invitation code.
The latter is the reason we were not granted access to the client dashboard. This invitation code reveals so much about the nature of the broker…Most importantly, it unveils that users are individually contacted by representatives of the broker, either by email or by phone. This code is only give when a user agrees to deposit an initial sum, something like $200. And so the process goes, as we have detailed in the Scam section at the end of the review.
What the unsuccessful registration means is that all trading conditions will be taken from the website of the broker. With brokerages like BCP we can never be sure if they are delivering these crucial details truthfully. So users can trade with forex pairs, cryptocurrencies, metals, crude oil, and indexes. The EUR/USD spread is indicate in a table as being 2.1 pips, which is too high a number to be considered profitable to users. We are baffled that a broker would include such a high spread; it only helps them gain profit and not the user. The leverage is 1:200 if we are to trust the website. This leverage is surprisingly low for an offshore broker, of which BCP surely seems like. Usually, such firm have a leverage around the 1:500 mark.
The website is available in English and Chinese.
BCP REGULATION AND SAFETY OF FUNDS
You have probably foreseen where this review is heading. If not, this section pretty much explains it all.
A regulation is building block of any legitimate broker. Without it the broker can take any form or shape, of which many are scammer and completely illegal. The license is a guarantee that a firm follows a strict set of rules, of which one of the most important ones are to put the user’s interest and safety above all else.
With that said, BCP has not included regulatory information. The website does not have licensing details, and there are no legal documents. In short, the entire legal framework is missing! The closest, and only thing we have left to work with is a supposed address in the UK, which is where the FCA reigns supreme. And considering that the FCA is in the top 5 global regulators, one can easily dismiss BCP from being regulated by it.
There is no mistake when pronouncing BCP an UNLICENSED broker, making it a risk to all investments.
Traders should be trading with risk-free brokers, that hold licensed from renowned and austere agencies, like the FCA or CySec , which have made a name for themselves as some of the top regulators. Readers should be aware that both agencies have adapted very strict rules of conduct, and their licensing framework guarantees safety and security for all clientele. A good example of this is the segregation of accounts which assures that client money and broker money are kept in separate accounts. Furthermore, FCA/CySEC brokers participate in a financial reimbursement scheme that cover traders losses in case the broker becomes insolvent. The FCA provides up to 85 000 pounds per person, while CySEC guarantees up to 20 000 euros.
It’s not uncommon to stumble on brokers that have either completely forgotten to include regulatory details or do not care to mention. We have always puzzled at this, because nowadays people are becoming extra careful, and many internet users will immediately smell out the fraudulent nature of supposed service providers like BFC. What intrigues us is why BFC and the like have not even tried to include such licensing info?
BCP TRADING SOFTWARE
Throughout the website BCP keeps bragging about landing the MT5 terminal. This is great and all, except that BCP does not even have that covered.
The Platform section offers a download button for the MT5, but once we clicked on that we were offered to save a .exe file by the name oф businesschoicepartners5setup.exe which for us has no connection to the current broker we are reviewing. The inclusion of an MT5 would have helped BFC out, but this broker would still have needed a ton more done in order to be worth it.
So, we have no choice but to claim that BCP has no trading software. So what does this so called broker have? It clearly isn’t even a broker…
BCP DEPOSIT/WITHDRAWAL METHODS AND FEES
We did not think things could get worst than what they already are, but here we are being proved wrong by the complete and utter lack of payment information.
It is as if deposits and withdrawals are a second thought, something that users shouldn’t worry themselves with – these are the vibes we are getting with BFC. Yet this is one of the most importance elements in any brokerage firm.
We presume that payment methods, minimum deposit, fees, and maybe a trading platform, are hidden behind the client dashboard. Even so, we do not recommend to anyone to try. This is clearly a scam!
How does the scam work?
Users will be in the middle of a scam without even knowing it, that’s how efficient these scams are. Yet, clients will also be surprised that the most utilized scammer structure is laughably easy to grasp, making it predictable. We have dedicated the following section to the reveal of how the scam works.
The internet is filled with ads, it’s the fuel of the industry, and a big chunk of said advertisements are misleading and some are downright deceitful. The ads concerned with unregulated forex brokers are often very promising, and most of the times utilize completely false claims of immediate profit. Those tempted enough will be redirected to a robo-scam website that further guarantees profits. The only thing that separates the user from the unrealistic promises is a fast registration process that requires a phone number and an email address. After inputting this info unsuspecting users will start getting phone calls from illicit broker representatives, whose one and only job is to initialize the scheme by pushing a trader to make that first deposit of around $250. After that’s done, the senior representatives will be calling. These expert scammers are extremely good talkers, and will start working on you to start putting even more money in. They say that the more money invested, the higher the profit will be. At this point most traders start seeing the big picture, and will want to withdrawal their money and get out fast.
However, the scammers have anticipated this development, and are ready to counter any withdrawal request. Typically they find excuses for delaying the request in the legal documents that hold specific clauses for these purposes. The reasons are many. One thing to remember is that all illicit brokerage firms will deny the withdrawal request for as long as they can, because of the imposed time limit traders have for filling a chargeback. Once the crucial due date is not met, any chargeback requests will be denied.
What to do if scammed?
Those of you who deposited using VISA and MasterCard wil be glad to know that both companies have extended their chargeback time span to 540 days, especially if the reason for it is an online scam.
Scammers will steal directly from a bank account, if the traders has provided crucial details, like banking password or security code. If it get down to this, be sure to either block the account or change the password.
Sometime victimized users will stumble upon the so called recovery agents that promises to magically reclaim all lost investments, for a fee that is. Needless to say, they will not get back any of the lost funds, and will basically scam you a second time.