BSB Global review – 5 things you should know about bsb-global.io

BSB Global review – 5 things you should know about bsb-global.io

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

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BSB Global is fairly obviously a scam broker. This much is evident to the savvy trader as soon as they open the home page and see that it claims two contradictory things right off the bat.

The leverage is stated to be 1:20, but then just a screen down it jumps to 1:200. Oh, and the tight spread of 0,7 pips that they promise is actually more along the lines of 2,5 for EURUSD on the trading platform, which is quite high for the most common currency pair. There are many other facts that we will outline in this article to hopefully make you reconsider depositing your money with BSB Global and use a trusted broker instead.

BSB GLOBAL REGULATIONS AND SAFETY OF FUNDS

The website offers a really scarce amount of information on where the broker is registered, stating only that the broker is a property of Lotens Partners ltd. The company has its share of shady brokers, for example AdamantFX, which was previously reviewed by us here. Another broker they own is AGMarkets, against which a warning by the Financial Market Supervision in Austria. In fact, there is a warning issued against BSB Global as well, from the UK’s Financial Conduct Authority. Of course this is highly off-putting, but at least reading trough the article by the agency we were able to find where the broker is actually registered – the offshore haven of St. Vincent and the Grenadines. The Financial Services authority of the islands does not, in fact, regulate Forex trading.

Speaking of regulation, you cannot find any info about whether the broker is licensed on the home page, and it is almost certain that it is not. In fact there is a page called regulatory environment hidden deep in the website

 

Which just lists the major regulators but does not state if BSB Global is licensed under any of them. The fact that the broker is very likely not regulated and the fact that it is registered in a place that does not have legislature in place that requires them to be is highly suspect. Risks notwithstanding, the protections put in place by bodies like the FCA, such as recuperating losses up to 85 000 GBP in the event that the broker declares bankruptcy, strict supervision over the broker and others do not apply to brokers such as the one we’re looking into in this article. Because of this you should under no circumstance deposit money with off-shore brokers like BSB Global.

BSB Global Trading software

 

The site claims that the broker provides the Metatrader 4 platform for its traders, which is the industry standard with its many user-friendly features such as a convenient graphical interface and automated trading using advisors, to name a few. There is, in fact, a link to download MT4 available once an account is created, however it appears to be branded as a property of Lotens Partners Ltd, the shady parent company. BSB also offers a web-based platform, which is a direct copy of the aforementioned program. There is a curious detail though, a client can use a demo account only on the web platform. In fact it is the only type of account usable there. Similarly, you can not use a demo account on the downloadable distribution of MT4.

Creating an account

The process was straightforward, requiring standard personal details like our name, e-mail and phone, as well as confirming we are not US citizens. However, we had to agree to be contacted by their representatives over phone and email, which is certainly something they would do to try and make the unwise trader deposit as much money as possible. Once we had become a registered user the website seemed to want us to prove our identity by sending in a picture of a passport or an ID that shows our full name as well as another official document that confirms it, for example an electricity bill or a bank statement. These requirements are fairly standard, but BSB Global also wants us to send them a picture of the credit card we are to make a deposit with that contains the following information.

Please do not do this, unless you want your credit card information stolen. Under no circumstance should anyone require that many of your card’s details.

BSB Global deposit/withdrawal methods and fees

BSB Global accepts deposits via credit cards and bank transfers. The minimum deposit is 250 euro, which does seem a bit high, but apart from that, terms are the first generally agreeable thing about the broker. However, their withdrawal policy is much different. There is a clause about “Non-deposit funds”, which states the following:

There are several things about this clause that seem off – firstly, it states that any bonuses the broker is to give you fall in this category. It then prohibits these funds from being withdrawn, unless a hefty trading volume of thirty times the value of the deposit AND the bonuses is achieved. Thirdly, there is a clause that states the following

While it may seem that this only applies to non-deposited funds as defined above and not profits made based on the customer’s deposit, in practice there is no way to tell out of which funds the profit is derived. This clause is only put in the TOS to combat possible withdrawal claims. The fact that such claims are unlikely to be fulfilled is more evident from the very next sentence, which states:

It’s safe to say that under normal circumstance the average trader will not be able to receive these funds, much less any profits.

Further on, we can see that there is an outrageous commission of 20% on the deposit and withdrawals.

The site also claims that “Withdrawals are subjected to withdrawals processing and handling fees.”

What these fees consist of is unclear, despite the claim that they are available on BSB Global’s site.

HOW DOES THE SCAM WORK

Unfortunately, BSB Global is just another scam broker. But how does their scheme work? How are they able to convince people to give them their money when there are such obvious contradictions even on their home page? The setup is fairly simple – a person stumbles upon an ad for the broker promising them huge, quick or easy profits, or a video that claims to know of a secret algorithm that can predict the stock marker, etc. They follow up on it until they register in the site. As previously stated, there is a requirement to agree to be contacted on the phone number and email one has to use when making the account. From there on the scammers will use these means of communication to try and make you deposit as much as they can squeeze out of you. They will present themselves as your account manager and will claim they will run your account for you, you just have to deposit once and sit back as your money multiplies. This is not the case, however. The broker does not care to trade with your money, as their profits come from the deposits themselves and not the trades they perform.

What to do when scammed?

Say you have fallen for the scam, is there a way to get your money back? Well, unfortunately your options are quite limited. You can issue a chargeback on the card you used to deposit money with. Visa and Mastercard allow for a chargeback as far as 540 days in the past. It is important to delete any software the scammers had you install as well as change any credit cards you have given them the details for.
Beware that you are also not immune to further scams, as victims often receive calls from “recovery agencies”, which are just people working with the scammers that received your personal information from them. These agencies will offer to restore some of your lost capital, but will require upfront payment for the service. Suffice to say, you wont be seeing either the lost money or your upfront payment if you agree to it.

Rich Snippet Data
Review Date
Reviewed Broker
BSB Global
Broker Rating
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6 Comments

  1. Y cuando se hacen pasar por algún banco en este caso Royal banc…que se hace en este caso
    ————————
    And when they pretend to be a bank in this case Royal banc … what is done in this case

  2. Thank you very much for this rewiew of BSB global, i was on the phone call from London with them for 45 min.and i have a credit card just for these kind of scams. There is not any money on card and i said i will put money tommorow when i go to bank,and he was so dissapointed and wanted me to go to ATM and put 550€ in mf machine. I do not like banks at all but we live in a world where every euro you make someone have to put his hands on it. Once again thank you

  3. Buna ziua pe mine mau convins sa depun 250 de euro doar când am văzut ca ceva nu e în regulă am vrut să-mi retrag bani și a trecut 8 zile de-atunci si încă nu mi-am primit bani înapoi
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    Hello, I was convinced to deposit 250 euros only when I saw that something was wrong I wanted to withdraw my money and 8 days have passed since then and I still have not received my money back

  4. Nici pe mine nu ma lasa sa retrag banii.
    Cand am spus brokerului ca vreau sa ii retrag nu a mai vorbit cu mine.
    Sunt tepari.
    trebie sa ne dea bani inapoi sau sa mergem la politie.
    ———————————–
    He won’t let me withdraw the money either.
    When I told the broker I wanted to withdraw, he didn’t talk to me anymore.
    They are herdsmen.
    they have to give us money back or go to the police.

  5. We should gather more to make a complaint to the police some normal are we can withdraw our money

  6. Este o inselatorie!!!!! nu va bagati pt. ca pierdti acei 250 de euro in plus se ofera ei sa va faca un cedeit de 3000-5000 de euro pe care nu trebuie sa ii platiti decat din castig iar dupa o saptamana va cer acei bani sa-i depuneti in cont spunanduva ca nu ati inteles bine! Apoi incearca altfel….ca sa puteti scoate castigul, trebuie sa platiti acest credit pt. ca daca nu-l platiti politia financiara o sa va caute si o sa aveti probleme….ca nu ramane asa ba chiar va si ameninta.Am inregistrat cererea sa scot ce am investit si este in asteptare de 2 saptamani iar ei spun ca se intampla instant ceea ce nu e adevarat. Mint pe fata, defapt ei fac bani nu din tranzacii ci din depunerile oamenilor (3000,5000 de euro)

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    It’s a scam !!!!! don’t bother for that you lose those extra 250 euros, they offer to make you a transfer of 3000-5000 euros, which you only have to pay out of profit and after a week I ask you to deposit that money in your account, saying that you did not understood well! Then try differently…. In order to get the profit, you have to pay this loan for. that if you don’t pay it, the financial police will look for you and you will have problems…. that it doesn’t stay that way and even threaten you. I registered the request to take out what I invested instant what is not true. I lie on the face, in fact they make money not from transactions but from people’s deposits (3000.5000 euros)

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