Beware! Bilin Capital 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.
When compared to professional and global brokers Bilin Capital fall extremely short. Where is the abundance in information and options, the numerous subsections, the dazzling visuals? Bilin Capital is has nothing like that, instead it focuses on mediocrity. However, the forex industry is more than abundant in commonalities, and in order to survive nowadays you must be original or at least impressive. We can say this early in the review that Bilin Capital has no such features. In fact, it’s pretty far from achieving them. Why? Read the review to find out.
The sign up procedure was easy and very simple, leading us to a web based trading terminal that also served as a user dashboard, where all payments are done, and personal information is stored and altered accordingly. Yet, it is unacceptable for a client area to basically be the trading software.
Nevertheless, the spread for the EUR/USD currency pair is 2.3, and the buy/sell prices do not change. They stay fixed, which acts as the first sign that there is something off with the broker. And anyway, the cost of trade is too high to be lucrative to users. Instead, is is only profitable to the broker. The leverage is maxed out at 1:100 according to the website; the trading software did not reveal it. Users can trade with the following instruments: forex pairs, cryptocurrencies, commodities, ETFs, and indices.
The website and user area can be used in English and Russian.
BILIN CAPITAL REGULATION AND SAFETY OF FUNDS
The footer of the website claims some very bold statements. Apparently, Bilin Capital Group Limited is regulated by the FCA, CySEC, the Dubai Financial Services Authority (DFSA), and Financial Sector Conduct Authority of South Africa. Furthermore, the License section on the website alleges that Bilin Capital Group Limited is licensed by FINMA, the Swiss market regulator.
All of these agencies are regulators of the FX markets in the appropriate regions of the world, and all of them require from brokers a strict set of means of conduct in order to be licensed by them. Furthermore, for a broker to be regulated by all of them, a prospect that it technically possible, it cannot at all look and handle the way that Bilin Capital does. If you go and check out FX brokerages with multiple regulations, like FXTM, you will notice how abundant in sheer details and information they are; the way the broker handles itself and especially how it promotes itself. In other words, the exact opposite of Bilin Capital.
Just as s side note, the Swiss FX market is probably the hardest FX market to break through, and for the poorly developed Bilin Capital to declare that it is regulated there is a laughable joke.
Anyway, Bilin Capital is definitely not regulated by any of these firms, evidenced by the lack of Bilin Capital’s presence in the agencies official registries of licensed entities.
As a conclusion to this section, Bilin Capital is definitely NOT A HOLDER OF A LICENSE, and as such is not not the ideal location for your funds/investments.
Traders needn’t have to worry themselves with such risk if they choose to trade with a brokerage regulated and authorized by a prestigious regulatory agency. Such agencies are the FCA in the UK or CySec in Cyprus which have been leading names in Forex trading for some time now. Their regulatory framework is composed of a number of strict rules which prevent clients from falling victims to fraud. Such rules include the segregation of accounts which assures that commingling with the client’s money is not possible. Furthermore, a license by such a regulatory body entails participation in a financial mechanism by which clients may be compensated if they suffer losses due to fraud or bankruptcy. With the FCA the compensation is up to 85 000 pounds, where as with CySEC it is up to 20 000 euro per person.
BILIN CAPITAL TRADING SOFTWARE
The only trading software at Bilin Capital is a browser based one, that looks quite professional, yet is lackluster when compared to the industry standard MT4.
This trader has pending order and some limited chart customization capabilities, and that’s about it. The shortcoming of this terminal is that it offers no diversity to traders, and even newcomer users will feel underwhelmed by just how little this one has to offer.
In fact, this one can easily be classified as yet another platform that impresses visually, but technically falls very short. Or in other words, the typical scammer broker trading software.
BILIN CAPITAL DEPOSIT/WITHDRAW METHODS AND FEES
As per the payment area, users can deposit by means of bitcoin. The company gives a field in which a bitcoin address is written, presumably Bilin Capital’s own BTC wallet. There is no minimum amount indicated anywhere, however the website claims it to be $500.
As for withdrawing, the website is almost completely devoid of any information. The user are does give us what we think is a bitcoin withdrawal methods; it asks us for an address and an amount, and claims that the process will take up to 24 hours. And that is it… the legal documents reveal nothing on withdrawals, nor on fees.
The Terms and Conditions are criminally short, which is indicative of many illicit forex firms. This is the reason why we have not included clauses that reveals how illegitimate Bilin Capital is. Nevertheless, the only thing we need to immediately change our minds, and hopefully yours, is the lack of a regulatory status for Bilin Capital. For this reason alone, we urge users to never deposit in this one. If for some baffling reason you do decide to invest in this here broker, please do so with the minimum requirement.
How does the scam work?
Even though the forex trading world is extremely large and encompasses millions of people around the globe, the most common scamming is pretty simple and straightforward and as such – it’s not particularly daring to avoid. Here is a quick overview of how it is done:
Through clicking an ad with promises for fast money, you will be redirected to a website such as Bitcoin Evolution or The bitcoin miner where registration will require you to give your address, email and phone number. After sharing your personal information, you will being receiving calls from brokers, compelling you to invest with them and win big. After a few minutes hearing their pitches, you decide to deposit some $200-250. And just like that – the scammers take a fat commission from this initial deposit.
After they are done with you, senior scammers begin working you into putting even more money. They say it’s the only way to profit from trading even more. After making the mistake of investing even further, you’ll begin wanting to get out of this and withdraw what you have left.
Unfortunately, the con-artists have no such thing in mind. They will now begin persuading you to wait it out and not withdraw right now. The angle here is pretty blunt – traders have a limited time period for filing achargeback with their bank and get their money back. The “recovery department” will simply want to mislead you into missing thе crucial period and, along the way, losing any chance you might have of getting the money back.
It is important here to take notice that both Visa and MasterCard are taking measures to combat unregulated forex brokerages by classifying all forex transactions as high risk. And they are correct in doing so. Furthermore, supporting their intention with clear actions – MasterCard has increased the previous time period of six months for filing a chargeback to a year and a half.
What to do when scammed?
As was mentioned above, scamming is quite the common in the trading world and, sadly, even you might suffer from it. In such an unfortunate case there still may be some available options for you.
You may contact your bank or credit card provider and file a chargeback.
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 switch it asap!
Beware of potential calls from self-described “recovery agencies”! They prey on scammed and vulnerable traders who are desperate to recover their losses. They will require an “up-front” payment to help you, but after paying them, no such help will be coming your way!