Beware! BisazzaMarket.com 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.
BisazzaMarket.com falls perfectly into a very ambivalent category of brokers whose purpose is unknown, not until one searches thoroughly. BisazzaMarket.com is not quite trustworthy at first when you open it, but something about it might compel you to go forward. There are some interesting ideas, but the main elements through which we recognize a shady brokerage are here. These include small touches like a very specific text font, a sort of disparity between texts, and vague regulatory claims. There are more things to consider, and that is why we present to you the following review of BisazzaMarket.com. It will uncover everything there is to know about this broker.
The registration process is incredibly simple and fast to complete, however for us, it was impossible to finish. The fourth and last field requires users to write down a code that they receive through the provided email address. The problem in our case was that we never received the code, no matter how many times we tried.
Thus, without an account to open, we will have to take all of the trading details from the website. When things start escalating in similar ways we always warn our readers that websites owned by shady brokers are not to be fully trusted!
The tradeable financial instruments are forex currency pairs, stocks, metals. The spread for FX pairs is said to go as low as 0.8 pips, and the leverage cap is at 1:400, although the information is inconsistent.
The website can be accessed in both English and Chinese.
BISAZZAMARKET.COM REGULATION AND SAFETY OF FUNDS
BisazzaMarket.com’s descent into complete illicit obscurity is complete with this section of the review. BisazzaMarket.com makes itself completely anonymous. The only way to find this broker is for it to find you. This is actually a scammer scheme that is common with unregulated companies. We have detailed it in the last two sections of the review.
BisazzaMarket.com does not once mention that it holds a regulation, neither does it reveal where it operates from. Both the Regulation and Contact US subsections of the site hold nothing helpful. At some point, we remember reading that BisazzaMarket.com has passed the $13 trillion transaction mark, an achievement only a few major international brokers can pass, and not an obscure little scammer brokerage such is BisazzaMarket.com.
The fact that there were no legal documents is also very unhelpful! There is no legal tie between the broker and its users, meaning that any information you provide them with will be used against you!
There is no doubt that BisazzaMarket.com is UNLICENSED, and a risk to all those that deposit in it!
Investing in unregulated brokers is synonymous with losing money. Never be too quick to deposit! Always check for a regulation prior to depositing. This should always be any trader’s priority! If the broker at hand has a regulation, preferably FCA or CySEC., then you are good to go. From there on it’s all a matter of taste and the offered trading grounds. These two agencies are in the top 5 list of the best regulators in the world. All brokers under their gaze abide by the strictest of rules and guidelines. Furthermore, both the FCA and CySEC have a compensation scheme covering all users of brokers that cannot pay their dues, due to insolvency or other similar reasons. CySEC guarantees up to €20 000 per person, while the FCA guarantees up to £85 000.
BISAZZAMARKET.COM TRADING SOFTWARE
As far as we are concerned, there is no trading platform here. Not only were we unable to open an account, but the alleged MT4 seems way too good to be true!
We have come across many fraudulent brokerages that have somehow gotten full MT4 access, but we are certain that this one is lying. Instead, BisazzaMarket.com might be using some simple and worthless terminal, promoting it as the MetaQuotes software.
Whatever the case is, we do not recommend investing in BisazzaMarket.com!
BISAZZAMARKET.COM DEPOSIT/WITHDRAW METHODS AND FEES
Before moving on, we have to remind readers that the following payment details are all taken from the website of an illegal broker, so none of them might be accurate.
The Home Page claims that opening an account costs $0, which is ridiculous. With what would you trade? This is a statement disclosing only the fact that opening an account is free. As for a minimum deposit, BisazzaMarket.com has chosen to remain silent. The depositing methods couldn’t be vaguer.
We thought it impossible, but withdrawal details are even more unclear.
BisazzaMarket.com is the complete package: it is unregulated, a risk to all deposits and personal details, and a shameless scam! Do not waste your breath on this one!
How does the scam work?
The scam tactics that brokers use come under a common denominator. Most of them have a similar structure, with small touches that some brokerages choose to include. When users fall for these they will sooner or later realize it!
The very first step resolves around the fake internet ad, found mainly in social media websites. These high-promising advertisements promote a care-free lifestyle where money is made with easy trading on assets like forex or/and cryptocurrencies. Clicking on one of these will redirect users to a website (usually the broker’s website, but sometimes an intermediary site) where they will be asked to provide contact details. Sooner or later, traders will start receiving calls or emails with alleged opportunities on huge profits in exchange for a minimum deposit, an amount that depends on the broker, but also on the user herself (high income vs low income).
If the user deposits her first deposit, then she has fallen into the scam, and the broker is ready to initiate the second stage of the scam. Enter the account managers (sometimes called senior managers). These will push for more deposits, while slowly taking over your account. They will be very aggressive with their solicitations, trying anything and everything within their ability.
At this point, the user has not yet withdrawn! When she attempts to do so, she will be greeted by a very unpleasant reality: her deposit(s) and profits can never be returned. The broker usually enforces one of the following: either it will block the account, it will close down the website, it will stall withdrawal requests, or delete the account!
What to do if scammed?
The first thing you can do, and the most crucial, is to file for a chargeback with your credit or debit card company ASAP! MasterCard and VISA have extended their chargeback period to 540 day.
Deposits that were initially invested through a bank, and were lost as a result of the scammer brokers, should stimulate users to CHANGE their bank account details- both username and password! Furthermore, it wouldn’t hurt them to contact the bank and check with them.
It is crucial to know to never invest in suspicious brokers through a crypto wallet. A majority of these payments are untraceable, and you are risking to lose all your money with no hope of ever seeing it!
The scammer, or other related parties, have a last card to play. Deposit/Investment recovery agents are notorious fraudsters that promise to recover all your lost capital in exchange for a fee. Once the commission is paid, these will disappear with the money, which leaves you at an even bigger loss!