Beware! BBCorp 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.
Our first impressions of BBCorp interface do not inspire confidence in this broker – from the server under maintenance to sky-high minimum initial deposits for the trading accounts, everything shouts ‘be vigilant and do not trust this broker.
BBCorp Regulation and safety of funds
Our suspicions are confirmed when checking to find out if this broker is registered. The address of the company is in Lebanon, so we checked the register of the Capital Market Authority (CMA), the official body that regulates forex brokers in this jurisdiction. We found out that the name of BBCorp is not in the CMA register. This means that BBCorp is non-legit and is possibly a scammer.
To be licensed in Lebanon, brokers must open a trading account with an initial capital of $10,000 and not exceed the capped leverage for forex transactions which 1:5. Such trading conditions may not look too attractive to some brokers or traders.
If you are looking for a reliable forex broker with excellent conditions for forex trade, we advise you to research licensed brokers from the EU and the UK where, in our opinion, the best conditions for forex trade exist. First of all, brokers from these two jurisdictions must have an initial capital of no less than 730,000 EUR which among other things serves also as a barrier against scammers as they will never invest so much money for the benefit of looking legit. We must add that the measures for protecting clients’ funds are also set in place and include keeping clients’ funds segregated with tier-1 bank establishment, providing protection against negative balance, reporting transactions on regular basis for the sake of transparency and avoiding shady deals, etc. However, the best perk for trading with brokers from the EU and the UK is that they are obliged to participate in the local compensation fund or scheme from which in case of bankruptcy their clients will be reimbursed. For example, if the broker is regulated by FCA and deducts funds towards the local Financial Services Compensation Scheme, its clients will be repaid up to 85,000 GBP per clients if the broker goes bankrupt. Brokers regulated by CySec will be able to provide their clients with compensation of 20,000 EUR per client but only if the broker participates in the local Investor Compensation Fund.
BBCorp Trading software
We tried many times to open a trading account with BBCorp. However, every time we got the message that the server was under maintenance. We are suspicious that not everything is in order with this broker.
The only information we gained was that the trading software consists of a web trader. We must say that web traders are usually cheap and basic trading platforms that do not do much to enhance clients’ trading experience. Typically, they are offered by unreliable brokers.
If you take a look at some of the information available in the trading accounts (image below), you may notice that for all trading accounts the spread starts from 0.3 pips. However, we cannot confirm in a live trading account what the real spread will be. The industry average spread is 1.5 pips and when the spread is low, traders have the opportunity of making a sustainable profit as the cost of transactions is not too high.
The information provided about the leverage also looks unreliable. What does leverage 10 per thousand or 2 per thousand mean is not clear. Low leverage provides better protection for clients’ funds as the risk exposure for their funds is not too high. That is why the leverage in the EU and the UK is capped at 1:30 and in the US, at 1:50.
We advise you to look for licensed brokers that offer either MetaTrader 4 or MetaTrader 5 trading platforms which are considered to be the best in forex trade and are choice number one among 80% of forex brokers. Their reputation is well-deserved as both platforms offer an excellent package of trading tools and instruments that include an auto trading option, trading signals, VPS, code base with customs scripts, an app market, a financial calendar, etc. The best feature of MT4 and MT5 that makes them stand out consist of the charting options that provide the trader with many charts, time frames, colours and even the option of creating customised templates. Worth mentioning is also the array of technical analysis indicators that help traders predict the future rate of exchange rates and make a profit.
BBCorp Deposit/Withdrawl methods and fees
You must be well-loaded to be able to invest in one of the three trading accounts which are offered to the traders, namely Standard, Professional and VIP account (image below). The minimum initial deposit for each account is $10,000. This is incredibly high! Just compare with what licensed brokers would ask for – as little as $1-5.
Unfortunately, on BBCorp the Terms and Conditions document is not available, so we could not find any information regarding payment methods for deposits and withdrawals and any related fees. Needless to say, a self-respecting and legit broker will have such information visible and readily accessible on its website.
How does scam work?
A lot of people get scammed in different scammers’ schemes not because they are naive but because scammers are masters of persuasion and manipulation. It all starts with unsolicited telephone calls or a flashy ad on the Internet or social media. Sometimes people give up to temptation and invest money in shady schemes made to look legit and attractive and always promising quick and easy money fall. Once you deposit money into any of these schemes, you reach a point of no return! Your money is gone down the scammers’ food chain and you’ll have a lot of trouble recovering it. Scammers will do anything in their power to delay you, so you miss the opportunity to file for a chargeback. They will ask you for this and that document and will find hundreds of reasons not to let you retrieve your money. The trick with offering bonuses in forex trading is one of those as your funds are mixed with the bonus money and it takes a lot of hassle to fulfil the broker’s requirements before you are able to withdraw any funds.
What to do if scammed?
Speed does it! You need to act very quickly if you want to recover your money. Immediately apply for a chargeback if you have made your deposit via credit card. Fortunately, VISA and MasterCard give you 540 days within which to apply for a chargeback.
If you have paid via wire transfer or Bitcoin, chances of retrieving your fund are grim. Anyway, we want to warn you that some of the so-called recovery agents may approach you and offer to retrieve your funds. For a fee, of course! Be cautious when dealing with them as it may be another form of scam! Always check if the recovery agency is legitimate and visible to the public!
Another thing we advise you to do is to immediately cancel any credit cards if the scammers have your CVV code. Also, make sure to erase any programs on your computer that give scammers access to your personal data on your PC.