Beware! Bid Broker Stocks 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.
Bid Broker Stocks is yet another trading name of the Seabreeze Partners Ltd, a company with questionable reputation, we can safely make such a claim. Fairly speaking, the company is truly anonymous and the information at our disposal is scarce, but from the very few facts known, it is certain that Seabreeze Partners Ltd. is conducting, mildly said, a fishy business. Find out more thought-provoking details about this offshore entity and its trading names in the full Bid Broker Stocks review.
Bid Broker Stocks REGULATION AND SAFETY OF FUNDS
Bid Broker Stocks is a pure scam, officially confirmed, as a warning was issued by the Spanish financial regulator CNMV. In the document the watchdog addresses the company Donnybrook Consulting Ltd, but it is only the beginning of the story. Have a look at the warning itself!
The other broker linked with Seabreeze Partners Ltd, a company allegedly registered in the Commonwealth of Dominica, is CFBroker.io and we can have very strong evidence that it is being operated by the same group of scammers, or in very close connection with other fraudsters. First of all, there is an utter mess in the Bid Broker Stocks legal presentation, very similar to the CFBroker.io, it is simply a fail. There are two companies pointed, the first one is Seabreeze Partners Ltd. and the other one is Donnybrook Consulting Ltd. Almost no information about these companies is available, whatsoever, the latter one bears the same name as an UK registered company, which doesn’t actually have the license to operate as a Forex broker. We doubt that there is any connection in reality, apart from the identical names.
Seabreeze Partners Ltd is said to be registered at 8 Copthall, Roseau Valley, 00152, Commonwealth of Dominica, but at the same time states that SVG laws are applicable to their business conduct. The name of SVG comes out of nowhere, for no reason, but we have to remind you that Bid Broker Stocks is a pure scam, so no surprise at all!
Your funds are not safe if you make a deposit with Bid Broker Stocks, it is an unlicensed, unauthorized and unregulated offshore Forex broker, which is operated by a shady company that was blacklisted by CNMV earlier this year! Stay away and report immediately if a Bid Broker Stocks representative contact you!
If you are looking for a reliable, true Forex broker choose between the CySEC(EU) and FCA(UK) regulated companies, which are the leaders in the retail Forex industry. The customer protection policy is placed on top of their priority list, not because they want to, but because they have to. In these jurisdictions the Forex brokers have to comply with many strict rules and regulations, such as minimum capital requirements of 730 000 EUR, personnel qualification standards, segregation of the clients accounts etc. There are also money protection schemes in operation, such as ICF in Cyprus and FSCS in UK, which guarantee the deposits of the clients. Under CySEC(Cyprus) supervision you can claim up to 20 000 EUR in compensation, while in UK under FCA you are guaranteed of even up to 85 000 GBP. Each EU member state is compelled to create and further operate similar insurance funds, which are seen to be the last resort for the traders, in case a Forex broker faces difficulties to meet its financial obligations.
Bid Broker Stocks TRADING SOFTWARE
MT4 accounts are available, as well as a web-based platform called Status Webtrader. MT5 accounts are not offered. The Metatrader provider, however, is the infamous Lengvin Partners Ltd., an SVG company linked with other shady Forex brokers such as InvestFD, ZurichTradeFinco and Finansa. The Status Webtrader, on the other hand, is a primitive web-based trading platform, used by many other scammers such as Terra Finance, for example. It certainly doesn’t offer much functionality and is incomparable to Metatrader, which is the leader in the retail Forex industry.
The EUR/USD spread is 3 pips, fixed if using Status Webtrader, but 8 pips on the MT4, it is a massive red flag and another proof that Bid Broker Stocks is a scam!
The maximum possible leverage is 1:500, which is a level not recommended, especially with scam broker such as Bid Broker Stocks. ESMA, the European Security Markets Regulator, launched a product intervention in the retail Forex market, imposing a leverage cap of 1:30, as a customer protection measure. The data showed that the traders and investors with little or no experience tend to be attracted by the increased leverage, which results in greater losses for them.
Bid Broker Stocks DEPOSIT/WITHDRAW METHODS AND FEES
A minimum deposit of 250 USD is required. The funding methods include Credit Card direct payment, Piastrix or Crypto payment. No minimum withdrawal amount defined and no withdrawal fees specified, as the request processing time is said to be within 3 to 5 days.
An account is considered Dormant after 6 months of inactivity and will be a subject of 10% monthly deduction, a condition that is far from fair, also seen in the T&Cs of many other scam brokers!
There are bonuses offered, which aren’t fully detailed, but what strikes us is the change of the withdrawal conditions after a bonus granted. The trader should trade a Minimum Trading Volume of 25 times the sum in their account after the bonus.
The clause shows another red flag, Bid Broker Stocks allows indebted account which is enough to simply give up on this broker, even if it wasn’t officially a proven scam!
No affiliate or partnership programs detailed.
HOW DOES THE SCAM WORK
A group of scammers usually operates many different scam brokers, scam websites and call centers. Sometimes they will simply rely on the quantity, they will publish tens or hundreds of websites and will just wait for traders and investors with little or no experience to bite. Nowadays, it’s very cheap to create one, and it looks like a profitable strategy, as they carry on doing it.
It’s a scam sign if a Forex broker accept only cryptos as funding methods and that should be remembered. They are doing it for a reason, the cryptos are perfectly unregulated, there isn’t a single authority in the world to deal with cryptos, and also the payments are totally anonymous. Once you deposit cryptos with scammers, it’s virtually impossible to get a refund! Stay away from brokers who does not accept the traditional funding methods, there is something fishy going on.
WHAT TO DO WHEN SCAMMED
No one is immune to scam, anyone can fall into the trap. Scammers are constantly looking for new and different ways to scam consumers. What you need to do first, in case you got scammed, is to protect yourself from further risks. Contact your bank and explain to them your situation, they will give you important instructions to follow and will help you, if possible, recover your money.
Report what happened to you, file a complaint, contact the financial regulator, contact other government institutions dealing with trading and investing. Seek help actively!
Share online your experience, it is important to protect others, as well. Be responsible!