Beware! Brava500 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.
Brava500 seems like a forward-thinking broker, what with its modern website and user-friendly interface, but behind all of this hides something that Brava500 does not wish anyone to see. You probably have guessed what we are referring to, and if you haven’t, well that is what the following review is all about. Overall, Brava falls into that ever-growing category of brokers whose one and only mission is to profit as much as they can from the financial misfortunes of others. There are other ways of putting this, and that is why we have dedicated the last two sections of the review on this matter. Please read on.
The account creation process perfectly reflects the nature of Brava500. It’s simple, unprofessional, and by the end of it we were disappointed. That is to say, that once we finished the procedure, we did not receive a confirmation email, nor was there anything to suggest that our account had been created. Having to wait 20 minutes for an email approving our account is ridiculous, and so we moved on with the review with a registration.
Unfortunately, for us and the readers, we will have to quote the website on all the trading and payment details. The alleged trading assets are commodities, cryptocurrencies, ETFs, indexes, and actions, whatever that means. Brava500 does not seem to be offering any forex pairs, which is an issue for sure. The leverage is capped at 1:50, yet there are sources on the website claiming that it can go higher than that.
The website appears to be translatable to English and Spanish from Portuguese, but no matter which language we chose, the website refused to change languages and remained in Portuguese. So we used Google translate. What’s more annoying is that the legal documents cannot be translated from Portuguese.
BRAVA500 REGULATION AND SAFETY OF FUNDS
Bitconvert Ltd, the supposed provider of Brava500, is said to be regulated in both Malta and Australia, while also holding an address in Brazil.
We checked with but the MFSA in Malta and ASIC in Australia for the presence of both names- both holding company and broker. The results were null, as in Brava500 is not regulated by either entity.
Noteworthy is also the official warning by the Malta Financial Services Authority against Brava500. In the warning, the MFSA wishes to notify traders all around that Brava500 is not approved by any local or international regulator to offer trading services.
Out of everything we have seen, the most probable truth is that Brava500 is an ILLEGAL BROKER operating somewhere from Brazil without a license.
Be certain that investments in unregulated brokers are almost always lost, never to be seen by the user. Always check for a license before continuing to the next step. Ideally, the FCA or CySEC regulated brokers are the most trustworthy. Under these agencies, brokers are scrutinized every month and are required to follow some of the most rigorous rules in the industry. These include, but are not limited to, segregated bank accounts for all users. Both the FCA and CySEC offer to all their brokers, who in turn cover their clientele, compensation funds: CySEC guarantees up to €20 000 per person, while the FCA guarantees up to £85 000.
BRAVA500 TRADING SOFTWARE
There is no reason for tip-toeing around the truth. Brava500 most certainly does not have a trading software, and if by some miracle it does have one, we believe it will be a complete mess. The first clue we got was the failed registration. The second indicator of this was the uninformative Trading Platform section of the website.
Everything here points to the unregulated nature of Brava500.
BRAVA500 DEPOSIT/WITHDRAW METHODS AND FEES
All following payment methods and fees will be taken from the website.
On the one hand, the Account section claims the minimum deposit to be $500, while on the other, the payments subsection on the site reveals this sum to be $250. We cannot say for sure which one it is. All payment methods are based on banks or credit cards.
Withdrawals are also made through bank transfers and/or credit cards. The broker aims to process a request in 3 days, and there are no fees.
There is little to no trust left in us for Brava500. As a result, we cannot see a reason for anyone to invest here. It’s a simple scam! Do not waste your money in Brava500.
How does the scam work?
The most popular scam that we will cover today is used by 95% of all illegal brokerages, and other fraudsters. It revolves around soliciting users into depositing, with some room for improvisation. Most users who fall for these sooner or later realize it.
Such scams work the following way: Users find certain ads online intriguing and click on them. The theme of these ads revolves around the perfect care-free life, living of investments and trades. Very alluring stuff indeed. Those that succumb to the temptation of this illusory lifestyle are redirected to a website, either the broker’s or an intermediary one (called robo-site), where they will be asked to give away their basic contact details. Through these, the scammers will start calling or sending emails to any potential investors. Conversations between users and fraudsters are usually dominated by the scammer whose only job is to initiate the first deposit.
Depositing for the first time will bring around the expert scammer, or the so-called account managers, whose sole purpose is to drain you out of all your money. They will relentlessly call, demand, and notify you of opportunities until users deposit further or realize they are being scammed.
Withdrawing from this position is almost impossible. The broker will throw at you everything it has got, its only purpose being to deny your request. Some of the most popular approaches are stalling, denying a request, closing an account, blocking an account, or shutting down the entire website.
What to do if scammed?
A chargeback is the first step towards recovery. Filing for a chargeback is easiest with your credit or debit card provider. What’s more, is that MasterCard and VISA have extended their chargeback period to 540 days.
Investments lost to the scam initially made through a bank transfer should stimulate users to change their bank password and account users’ names ASAP. The next step is to contact their bank and ask them for further instructions.
Avoid crypto deposits at all costs! These are most of the time untraceable and there is no way to get your money back.
On a final note, do not trust any of the recovery agents. In exchange for a fee, these agents will promise to refund all your lost investments. However, once you pay them they will disappear, which leaves the user an even bigger loss.