Beware! BeepWaves 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.
We are reviewing BeepWaves, a shady brokerage that claims to provide a regulated platform, whatever this should mean. They allegedly offer Forex, Stock Indices, Commodities and Synthetic Indices with leverage reaching up to 1:500. However, that’s not actually true, and you will see why in the full BeepWaves review.
BeepWaves REGULATION AND SAFETY OF FUNDS
BeepWaves claims to be a US-based broker that’s delivering a regulated platform. The American FX market is strictly regulated, so to sell financial products and services, the companies need to provide 20 million USD in paid-up capital and to be CFTC registered and NFA regulated. Well, there is nothing about BeepWaves in both authorities’ registers, so your funds are not safe because the broker is unregulated and a scam we are going to expose later in the review.
Avoid them and see the high-rated EU brokers and British brokers on both lists. Those brokers are well-regulated and participate in the European deposit insurance funds protecting clients’ money in case of insolvency or fraud. So if you choose a Cyprus regulated company, you can claim up to 20 000 EUR while the guarantees in Britain are even up to 85 000 GBP. Europe is one of the few places where customer protection is so extensive, so consider this fact when looking for a broker.
BeepWaves TRADING SOFTWARE
BeepWaves claims to offer a regulated platform, but the truth is quite the opposite. In fact, they don’t have trading software but a chart serving for information purposes only. So, they are apparently trying to mislead people by making them believe that real trading is possible. Well, it’s not, and that’s a scam! The FX market is highly competitive, and it’s not worth wasting your time with fraudulent entities like BeepWaves when you can find many regulated brokers offering excellent trading conditions.
To help you do so, we can offer the high-rated MetaTrader4 brokers and MetaTrader5 brokers on both lists, which deliver the best trading software available at the moment. MetaTrader features advanced trading tools such as Expert Advisors, complex indicators and first-class charts. The clients can also take advantage of more than 10 000 apps in the MetaTrader’s marketplace.
As there is no functional platform, we can’t show real-time spreads and leverage levels. Nevertheless, BeepWaves claims that the maximum leverage possible is 1:500– a ratio that can potentially harm traders and cause total loss very quickly indeed. Well, that’s a fraudulent offer, but we’ll concisely mention some restrictions because the leverage is too risky for retail traders.
So, the EU, British and Australian brokers have to limit their clients to 1:30 for FX majors, while the Canadian brokers and the US brokers can’t offer more than 1:50. Most of the high-leverage FX companies are poorly regulated and very likely a scam, so be cautious.
BeepWaves DEPOSIT/WITHDRAW METHODS AND FEES
The minimum deposit with BeepWaves is $500, which is 5 times more than the regulated brokers’ requirements on average. The available funding methods are Wire Transfers, PayPal and Credit/Debit cards, out of which the latter is considered the safest option because it’s possible to dispute transactions and, after some time, get a refund.
Anyway, while talking about deposits, see the high-rated Skrill brokers, Neteller brokers, FasaPay brokers, Sofort brokers, and Bitcoin brokers on the lists if you have trusted payment systems. The companies topping the lists are strictly regulated, and you wouldn’t come across scammers.
The legal documentation provided by BeepWaves doesn’t concern any trading provisions whatsoever. There is nothing about withdrawals, fees, inactivity procedures, refund policy, bonuses or other essential conditions. That’s evidence of a scam because brokers must share all the information about their services.
Overall, BeepWaves is a phone broker with no trading platform, so make sure to avoid this scam scheme.
HOW DOES THE SCAM WORK
Internet is plagued by fraudulent ads and deceitful social media profiles, promising get-rich-quick schemes, and it’s tempting to at least have a look.
If you click on and submit your e-mail and contact numbers, scammers would ring you immediately. Those people are seasoned manipulators and would continuously try to entice you into their crooked games while having a conversation over the phone. You’d be offered bonuses, promotions, risk-free offers, bitcoin deals and anything else you could possibly imagine. Scammers would claim to work with highly reputable businesses, banks, governments and so on while pushing you to start investing with them. At the same time, they’d try to get close, pretend to form a friendship and eventually may even become aggressive.
Nevertheless, the first deposit is just the beginning. Gradually scammers would carry on asking for more money from you no matter what. If you lost on the market, they’d persuade you to put more money and recover the losses. If you traded well, they’d convince you to put more money and increase the profits. The troubles start when you ask for a withdrawal. The scammers would do anything to discourage you and would even ask you to deposit even more funds if you want to withdraw. The scammers’ mantra is “give me your money”, they’d demand from you to fund your account over and over again for no obvious reason. Urgency is a treacherous sign, so if you receive a call and someone starts pushing you to begin investing ASAP, that’s very likely a scam, and you should remain suspicious.
WHAT TO DO WHEN SCAMMED
Unfortunately, no one is immune to scam. If you get scammed, the first thing you need to do is to protect yourself from further risk. Deactivate your card immediately, contact your bank and ask for advice.
Report what happened to you, file a complaint, contact the financial regulator, contact other government institutions related to trading and investing, call the police if you feel necessary. Seek help actively!
Remember, it’s crucial not to rush blindly trying to recover your funds because many scam chargeback agencies and individuals are trying to double scam the victims. They ask for upfront payment, take the money, but won’t do anything to help you!
Share online your experience; it’s important to protect others, as well. Be responsible!