Beware! Beurax 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.
Beurax is shrouded in so many lies and disinformation claiming to provide guaranteed profitability and uttermost reliability in completing up several thousands of profitable trading operations per day that we don’t know where to start in disentangling this web of false information. However, joining this broker will be a huge mistake. Here are the reasons why.
Beurax Regulation and safety of funds
Beurax claims to be registered in Australia and if you peruse the information on its website, you will see a certificate for the registration of the company and the name of its CEO Brandon Watts. Even the register of the Australian Securities and Investments Commission (ASIC) will show you that such a company exists. However, this information is misleading trying to instil a false sense of security that this broker is legit. Why we do not believe the obvious? First of all, due to a loophole in the ASIC register, the Australian regulator of forex brokers does not provide the websites of registered brokers which is an easy way to spot a scammer. Secondly, why would the British Columbia Securities Commission (BCSC) issue a warning against this broker if it were legit and registered in Australia? Thirdly, if you Google the name of the CEO, you will see that he has a portfolio as a paid actor and the videos with him on YouTube does not convince that he is a genuine CEO.
ASIC provides some stringent requirements that forex brokers must fulfil in order to get their license. Australian brokers must deposit 1 million AUD in the form of initial capital and provide measures to protect clients’ funds, such as keeping them separately with tier-1 bank establishments, follow certain internal procedures that include risk management, staff training, accounting, audits, etc. Although Australian brokers enjoy the freedom of offering unlimited leverage that can go as high as 1:500, the situation is soon to change. After realising that high leverage is conductive to traders suffering great financial loss, ASIC has decided as of 29 March 2021 to impose a limitation on leverage that will mirror the one in the EU and the UK. One of the downsides in trading with Australian brokers consists in the fact that there are no compensation funds or schemes available in this jurisdiction and clients must rely on their brokers being well-capitalised to provide protection in case of unfavourable events.
Beurax Trading software
Beurax does not offer trading software in the conventional sense and the only trading product is cryptocurrencies. It has a trading bot that performs scalping deals in cryptocurrencies in a 24/7 mode. The broker claims that thanks to the high-performance speed and algorithm, the bot can complete over 1,000 trade deals. Traders can only feed their accounts and watch their money grow as profit accrues on active customers’ deposits on business days. At least this is what the broker wants us to believe. Below is the image of how to earn with Beurax and as you can see executing forex transactions are hardly in the centre of it. Clients are promised to earn from 1.4% per day which may result in a hefty profit over time. This looks like a high-yield investment program which is a scam that promises a high return on investment by paying clients with the money invested by new investors. That is one of the reasons why Beurax has such an extensive bonus program where clients gain bonuses from the deposits of the partners.
There is a lot of controversy with this broker as to how to make money and we do not recommend using such methods which will lead to disappointment as this is not a sustainable way to make a profit. As you may well know, nothing comes from nothing. Instead, we recommend finding a legit and licensed broker that offers conventional trading software preferably MetaTrader 4 or MetaTrader 5 as these two top-notch platforms can really enhance clients’ trading experience. Both platforms have an excellent package of trading tools and instruments that include an auto trading option, trading signals, code base with customs scripts, VPS, an app market, a financial calendar, etc. The variety of charting options combined with the array of technical analysis indicators help traders predict the future direction of exchange rates and make a profit.
Beurax Deposit/Withdrawal methods and fees
The minimum initial deposit to trade with Beurax is $20 and the payment methods include different types of cryptocurrencies – Bitcoin, Etherum, Litecoin, PerfectMoney, Tether, etc. There is no fee on deposits, however, if a deposit is closed prematurely, the fee is 75% of the deposit amount.
The minimum withdrawal amount depends on the payment chosen by the clients, i.e., 0.001 BTC, 0.025 ETH, $5 Litecoin, etc.
The image below shows the referral bonus system which is aimed at rewarding the most active team members. The more you increase the percentage of return on investments, the more rewards you get for achieving a financial turnover. Also, the broker claims that this system allows clients to receive bonuses from deposits made by their partners up to 15 levels in depth which is the total structural turnover for the team – a Ponzi scheme par excellence!
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.