Beware! Bstox24 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.
Bstox24 is one of the forex companies that you should stay well away from!
This brokerage deals in crypto, forex, commodities and indices. To register and open an account is super easy.
Bstox24 Regulation and safety of funds
Bstox24 is the trading name of Saos Group Ltd. registered in St Vincent and the Grenadines. What you may not know is that St Vincent and the Grenadines (SVG) is an offshore zone where the Financial Services Authority has issued an official warning that they do not regulate forex brokers. The implication for any trader contemplating on trading via Bstox24 are two – first, unregulated brokers do not provide any guarantee for your funds and if the brokerage goes bankrupt you lose your money, and second, most probably you are dealing with scammers here.
To our readers we always recommend to select brokerages from the well-established jurisdictions, such as EU, UK or US. The reason is very simple – to prevent scammers from infiltrating and robbing people of their funds, these jurisdictions have very strict rules for registration and regulation which allow only genuine and legitimate forex brokers to operate there. For example, forex companies regulated by CySEC must have an initial capital of no less than 730,000 EUR and they must contribute to a compensation fund which in case the company goes bankrupt, will compensate its clients with up to 20,000 EUR per person. In UK, forex company regulated by FCA must also have an initial capital of 730,000 EUR and contribute to a compensation fund that will provide up to 85,000 GBP per person if the company goes belly-up.
These are the companies you should be looking for if you do not want to lose your hard-earned money.
Bstox24 Trading software
To its traders, Bstox24 offers its own platform and web trader. From the screenshot below, you can see what the platform looks like – on the left, you have the currency pair with its bid/ask price and the option of opening position. In the middle of the screen, you see how the price of this currency pair fluctuates in a given timeframe. On top of the chart, you have some tabs for copying from experts. However, when you open those tabs, there is nothing to choose from. In the far right, you have the market analysis with trading options. You can also see that the leverage for 1,000 units is 1:400 with 0.5 pips spread. This leverage is very high. Legit forex companies in EU have a leverage cap 1:30 and in the US, the leverage cap is 1:50 to prevent traders from experiencing big losses. When trading, you should be on the cautious side as around 80% of forex traders experience financial loss and we do not want you to be one of those.
It will be easy to trade using this platform which is very basic. However, we would recommend to our readers to select a brokerage which is using some of the best trading platforms – MetaTrader 4 or MetaTrader 5. Brokers around the world swear by these platform as they have many advantages that facilitate trading, i.e. auto trading option, code base with customs scripts, an app market, trading signals (for a subscription fee), a financial calendar, VPS, many charting options, etc.
Bstox24 Deposit/Withdrawal methods and fees
Bstox24 offers 4 types of accounts – basic, silver, gold and VIP. As you can see from the screenshot below, the minimum initial deposit is $200 and the highest is $50,000. Clients can deposit funds using VISA/MasterCard, wire transfer or OK Pay.
Unfortunately, in the Terms and Conditions document, there is no clear stipulation about how withdrawals are handled by the company. If you look at the screenshot with the account info, you will see that the VIP account offers first withdrawal for free, the Silver account offers 5 withdrawals for free and the Gold account – 10 withdrawals. From what we see there, we assume that withdrawing from the Basic account will occur some fees but nowhere could we find information about that. Also, there is no mention what the minimum withdrawal amount is!
Once again, this company that does not provide clear information about its deposit and withdrawal methods and fees is not to be trusted!
To its clients, the company offers bonuses which are subject to some requirements, i.e., to be able to withdraw funds, the client must trade standard lots equal to the bonus amount divided by 2. First of all, these conditions are not beneficial to the client, and second, legitimate and regulated brokers do not offer bonuses. If you see a brokerage, such as this one, offering bonuses, stay well away from it!
How does scam work?
Actually, it’s quite simple and users often fall into the trap of experienced scammers. We bet you have seen those attractive ads on the Internet promising big and quick profits over a short period of time. Just provide your personal information, and voila! The scam brokers are waiting for you and you will be inundated with phone calls promising easy profit. Tempting, right? You think ‘ok, I can spend $200-300 and see what profit it brings me’. Congratulations, you just provided a fat commission for your scammers that will be distributed down the food chain. Now you have ‘graduated’ to be handed over to a senior ‘broker’, a smooth talker who will try to convince you that there is no more perfect time like now to invest more money. After all, you want to make more profit, right? However, something starts to feel off and now you start asking yourself questions and all you want is to withdraw your money and get out fast.
Unfortunately, it is too late! Someone has pulled the cheese and you are trapped because scammers don’t give up easily. Scammers will do anything in order to delay you so that you miss the deadline for chargeback.
What to do if scammed?
Our advice is to immediately file for chargeback if you have been lucky enough to make your deposit via credit card. VISA and MasterCard allow for 540 days chargeback period, so you still have a chance to get your money back.
Things don’t look so good if your currency of choice has been Bitcoin or bank wire. In that case, you may have to wave your money goodbye.
There are some other things that you can do in case of being scammed – cancel your credit card if you have given your CVV code to the scammers. Also, erase any software from your computer that gives scammers access to your private data.
Be warned, as well, that some so-called ‘recovery agents’ may approach you promising to recover your funds for a fee. It could be another form of scam where scammers prey on your misfortune. Should you choose to use one, you must make sure that you are dealing with a genuine and legitimate agency by checking their credential and company’s information and transparency.