Beware! B2W-EX 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.
B2W-EX quite the mess of a website. It’s the quintessential sloppy broker: unappealing visuals, false claims, broken or missing sub-sections, lack of legal documents, and so on. We have tried to put all the noteworthy details on the following review.
First of all, we had to register. We failed to do so because the broker never sent us a confirmation mail. Furthermore, the registration form requires a ID Referrer code, which is actually received only if one is contacted directly by the broker. As you will read in the last section of the review, brokers who resort to directly contacting users are usually doing so with the purpose of persuading the client to deposit. Those who agree to invest will receive the special code.
Without being able to register, we have to rely on the website for all trading information, and the main thing we learn from it is that users can invest in investment plans, which are always one of the main staples of the unlicensed broker.
However, it is not so simple as that, because the broker also offers an MT5 software, and so it also comes with common trading conditions.
From the site, we gather that B2W-EX offers cryptocurrencies, forex currency pairs, and commodities. The maximum leverage is 1:200, while the average EUR/USD spread is around 1.4 pips for the Standard account.
The website is available in English and Chinese.
B2W-EX REGULATION AND SAFETY OF FUNDS
One of the main things we learn from the broker is that it is authorized to conduct business by the MSB (Money Services Business) in the United States. This is a kind of certificate issued by FinCEN, the financial crime enforcement network under the U.S. Treasury Department. This certificate is useless in the face of the FX industry, and it does not act as proof that the broker is allowed to trade legally in the US with FX and CFDs. Not to mention that the certificate itself is blurred and we had no way of reading it, and the FinCEN website has no mention of the broker nor the given MSB certificate number. Moreover, in the United States, there are only a dozen or so brokers operating there courtesy of the two most severy FX overseers on the planet: the CFTC and the NFA. Readers can be sure that the broker is not licensed in the US at all!
Furthermore, B2W-EX does not have any legal documents, meaning that there is no legal bond between the user and the broker. In other words, B2W-EX can do as it wishes, and the user cannot hold it liable for any damages it has caused to the client.
At some point, the broker claims that its servers are located in both New York and Hong Kong, with no supporting evidence of this. Just to take it out of the discussion: B2W-EX is not regulated in Hong Kong
Overall, B2W-EX is UNREGULATED and is a risk to all investors.
We always say that investing in unregulated brokers is a sure way to lose money. The first and foremost thing to do when picking a broker to invest in is to look for a license. Preferably look for FCA or CySEC regulated brokers, or other European watchdogs, or US ones. All legit regulators have long lists of rules and prerequisites that all brokers must abide by. Not doing so, will lead to penalties or foreclosure! Furthermore, many regulators have in-store financial compensation schemes for all users under licensed brokerages. For example, CySEC guarantees up to €20 000 per person, while the FCA guarantees up to £85 000.
B2W-EX TRADING SOFTWARE
How was the broker able to get its hands on an MT5 is a question that we will not discuss. Readers should only know that the MT5 is the best trading software out there.
What we will briefly focus on is the so-called TTS Intelligent Trend Tracking System, which is essentially a series of investment packages.
Investments schemes are a top favorite scamming means used by illicit brokers. Never fall for these because all they offer are pure lies.
B2W-EX DEPOSIT/WITHDRAW METHODS AND FEES
According to the website, the minimum deposit requirement is $50. There is no deposit or withdraw information anywhere. It seems that all the payment details are reserved for registered users. This is very shady and tells us that the payment grounds are suspicious if the broker does not wish to reveal them.
The lack of payment information is just one of the many reasons why users shouldn’t invest in this scammer broker!
How does the scam work?
Online ads are the gateway to most investment scams. Ads that seem extravagant with quite impossible promises are most certainly the entry point into a scam. Gibing into one of these ads is the first step to being scammed.
The second step is to deposit. Once users click on the ad, they will be redirected to a scammer broker site or an intermediary website. What follows is a registration, where users will be asked to provide a phone number or a phone number.
Next, the scammer will directly contact those that have fallen for it. The first calls are made by the first level of fraudsters, the rookies. Their one and only goal is to compel users to deposit for the first time. Once a deposit is made, the user is hooked onto the scam.
The second wave of scammers, the core of the fraud, sometimes called “account managers”, will try to keep you invested in the shame for as long as possible. They might even pay some profits, just to keep you invested. The user will deposit an additional 2-3 times, which is actually the perfect scenario for these criminals. At some point, the user will realize he or she is in the middle of a scam
There are no more steps to the scam. The user has deposited as much as he or she did, and the fraudster have disappeared. The money is gone, and users cannot withdraw.
What to do if scammed?
If money was lost through a credit or debit card, the good news is that most credit card companies have an easy way of recovering money. Furthermore, MasterCard and VISA have a chargeback period of 540 days.
Wire transfer frauds, that is broker/investment scams, are harder to recuperate, but not impossible. The crucial thing to do is to change your bank account username and password! Aside from that, we advise users to contact their banks, because most banking institutions might have a plan on how to deal with money lost to investment scams!
Never invest in unregulated brokers through any sort of cryptocurrency wallet, no matter how good the returns sound! Crypto deposits are untraceable!
The last scam that users might stumble upon is in fact most of the time one that has nothing to do with the investment scam, although a potential relationship between the two is not excluded. We are talking about the so-called recovery agents or agencies. These will claim to be able to recover lost funds in return for a fee. After users pay this charge, they can kiss their money goodbye!