BmiMarkets.com review – 5 things you should know about bmimarkets.com

BmiMarkets.com review – 5 things you should know about bmimarkets.com

Beware! BmiMarkets.com is an offshore broker! Your investment may be at risk.

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Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.

 

With BmiMarkets.com we pretty much know what to expect. Read the review to see why this broker is not worth your time.

The registration process starts with us giving an email, and the broker sending over a code. We then had to provide a password, and after that, we were in, with what we think was a live account. However, when we tried to access the webtrader, the site told us to create a trading account. However, when we tried that, the broker told us that the user did not exist or that our name was fake, or something similar. Basically, we were unable to create an account. Without it, the webtrader was barren, with no charts and assets, just the interface. You will see what we mean.

And so, we have to rely on the website of the information concerning trading and payments. Half of the links to different sub-pages on the website were broken, and so we found no real spread values, nor the leverage ones. We couldn’t even locate the available financial instruments.

It was as if though more than half the website was gone. Or maybe that it never existed. Whatever the case is, this is very suspicious, and the mark of an illegitimate broker.

The website comes in English, French, and Chinese.

BMIMARKETS.COM REGULATION AND SAFETY OF FUNDS

We find absolutely no cohesive information of a regulation anywhere on the website. We went through it a couple of times, and still nothing. Not only is there no licensing details, but BmiMarkets.com has also made sure to be completely anonymous. There was no address or contact page. We believe that there is also no obvious way for users to find this firm. The only way is if the firm finds you!

The next piece of evidence that the broker is up to no good is the condition of the website, which seems half-broken at all times. No regulated broker would even allow this to happen to its own site!

There are also no legal documents, and thus nothing to keep the company from manipulating its users!

Overall this broker is definitely UNREGULATED, and most probably a broken remnant of a scam. Or it still might function, barely! Do not waste your breath here, as all investments are at risk.

It is imperative to always check if a broker is regulated! Only then proceed to consider investing! If the broker is regulated by either the FCA and CySEC then you are on the right track. Both regulators apply a set of harsh and demanding rules that apply to all brokers. There are penalties for those brokers that decide not to follow them! Furthermore, both  FCA and CySEC offer compensation schemes to all users under their licensed brokers. The reimbursed can go up to 20 000 euros from  CySEC, and 85 000 pounds per person from the FCA.

BMIMARKETS.COM TRADING SOFTWARE

The website advertises the MT4 trading software, yet we encounter a problem with it the moment we tried to access it. The issue with the MT4 is a classic one. The download link comes under a completely irrelevant name, that we were not able to tie with the broker. Thus the MT4 here does not really belong to the broker. And so we are left with the broken webtrader.

As we mentioned in the intro, the web-based trading terminal lacks any kind of functionality. It’s just there, empty of any information. See what we mean:

Because of this, we cannot give away any trading information, but also we cannot speak of any software elements. We are not sure what this has happened, yet we can speculate. One supposition is that because we had not registered, the software won’t show any details. Another theory is that the webtrader is essentially broken, to begin with.

Whatever it is, this is definitely a very shady move.

BMIMARKETS.COM DEPOSIT/WITHDRAW METHODS AND FEES

There are three payment methods: credit cards, a crypto wallet, and a separate BTC wallet. The minimum deposit is $100. We are not sure what the withdrawal methods are, for the payment area is very sloppy and at times feels broken. We do know that there is a  crypto withdrawal method and that the minimum withdrawal is $100.

This is all the info we have on payments. No processing times, and no fees, no nothing!

How does the scam work?

The same scheme is used by most FX fraudsters over and over again. They might choose to make it more unique, but the principle remains the same.

Online ads, especially on social media sites, are the frontier of these scams. The crucial aspect of these ads is to promote a successful and rich lifestyle from trading FX, shares, crypto, or whatever. This happens by including images and videos of beautiful houses, luxury cars and items, etc. Temptation leads to a website where users will be required to give away personal information, like an email or phone number. After which the client will start receiving calls, or emails, pushing the user to deposit his or her first deposit.

After the first deposit, the initial scammers have done their job. It’s now the turn of the “account managers” whose job is to continue to drain money from you. Their persuasion skills will convince you to deposit more. The client will realize she is being scammed at which time all withdrawal requests will be declined and the broker will stop responding to you. It may also shut down the website as a precautionary move!

What to do if scammed?

File for a chargeback as soon as you get scammed if you have invested through a credit or debit card. There is plenty of time to do that for VISA and MasterCard users. Both companies have extended their chargeback time span to 540 days.

Wire transfer deposits are harder to track down, and thusly it is best to prevent further account drainage. So we advise users to change their bank account passwords and usernames ASAP. Try also contacting your local bank; they might be able to help you.

Never invest by means of cryptocurrencies in unregulated brokers! The transfer is untraceable and your money cannot be returned!

On a final note, never trust recovery agencies or agents claiming they can restore all lost investments! They will want a price in return for this favor, and once this is paid, they will disappear.

Rich Snippet Data
Review Date
Reviewed Broker
BmiMarkets.com
Broker Rating
11stargraygraygraygray

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