Beware! BlueMarketCap 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.
For us, it was the sliding bar revealing some irrelevant trading conditions that was the breaking point. This slide bar seems to reveal completely unconnected trading conditions, and it was from that point on that we knew we were dealing with another unlicensed broker. BlueMarketCap.com is not special even for an unregulated broker. There are many brokerages without a license that are actually interesting but this one is just boring and is a reminder of what a classic scammer broker looks like. Read the review to find out more about the company, and whatever you do do not invest before you go through the entire review.
Entering the user area was very simple but in the end, it turns out that clients have to verify their account. This would not be an issue with a legitimate broker but when an unregulated company wants your identification documents, the last thing that you should do is to provide them with it. They can easily use this information against you and manipulate you into investing.
And so, we have created an account but had no way to actually use the area. Therefore we are left with the website. From it we must take all the trading and payment information. Let this be a warning: Taking trading and payment information from the website of an unregulated broker is the last thing we like to do because most of the time the information on the site is completely and utterly misleading and does not reflect the actual payment and trading conditions.
However, for the purposes of this review will try to get as much information from the site as possible. So according to the website, users can trade with forex currency pairs, indices, commodities, futures, and shares. There is actually no information on a spread or a leverage of any kind.
The website is available in English and no other language.
BLUEMARKETCAP.COM REGULATION AND SAFETY OF FUNDS
If you were expecting a long list of licenses and addresses, this is the wrong place for you. BlueMarketCap.com is simple. It says one thing about its address and sticks to this story to the end.
We have heard this story hundreds of times before. BlueMarketCap.com states to be registered in the UK but actually gives us any proof of this. We can say with confidence that around 90% of all brokers that we review, unregulated ones, tend to asserts to be licensed or located in the United Kingdom. And exactly zero of them are actually regulated. The same applies to BlueMarketCap.com; the broker is not regulated by the FCA and if it is located in the UK it is illegally operating there.
There is nothing else to reveal in terms of regulatory or contact information. The broker is a simple unregulated firm and a risk to all investments.
Investing in unregulated brokers is basically throwing your money out of the window. They will very rarely return your money, and even if that happens it would cost the user an incredible amount of headache and time.
That is why we encourage users to only trade with regulated brokers. Please, once you enter a broker that you think is worth investing in always check for a license before doing anything else.
We recommend UK, EU, US, or Aussie brokerage firms. All such regulated brokers are very trustworthy and offer safe and secure trading grounds.
Furthermore, agencies like the FCA and CySEC offer user compensation funds that are applied only when the broker at hand is not able to pay back to user due to insolvency. CySEC guarantees up to €20 000 per person, while the FCA guarantees up to £85 000.
BLUEMARKETCAP.COM TRADING SOFTWARE
Without accessing a user area to its fullest, we cannot reveal the trading software used. Furthermore, we cannot even conclude that there is a trading software.
At this point, there are only two possibilities. Either the broker has a web trader that would be essentially disappointing and lackluster, or BlueMarketCap.com does not have any trading platform at all.
BLUEMARKETCAP.COM DEPOSIT/WITHDRAW METHODS AND FEES
Please take the following payment information with a significant amount of skepticism for what we are about to reveal might not be close to the truth.
Users can invest by means of credit cards, and other methods that have been undisclosed. The same principle is applied to withdrawals. There is no minimum deposit requirement.
We learned that withdrawals take up to 30 minutes to process which is by far the fastest time. Rarely does a broker have the capacity to process a request so fast, no matter if the broker is legitimate or not. The minimum withdrawal amount is $50 and there are no fees.
BlueMarketCap.com is a textbook scammer broker and a risk to all. Enough said.
How does the scam work?
It’s almost ironic that’s one of the most popular ways to get scammed by a forex investment fraud is incredibly simple to grasp. If you look at it constructively, the way a scam works is that it follows a couple of incredibly simple steps that nevertheless take a lot of experience and authority to pull off.
In fact, investment scams are so effective not because of the way they are structured but because the people that are behind them are very talented at human manipulation. They have an arsenal of psychological and behavioral tricks.
Indeed, the hardest part of any scam is to actually be introduced to the scammer in person which happens most of the time by phone but it can also occur by email correspondence.
The quickest and most effective tool they have is online ads. Fake and misleading ads are ubiquitous over the internet. They continually evolve into becoming more and more legitimate-looking while retaining their complete scammer nature. Everybody has seen at least a couple of these ads: they promote a carefree life, luxurious products on the go, beautiful women, and other very expensive and realistically unattainable stuff.
Behind these ads are the investment scammers. Once you end up on the website you will be asked to provide a phone number or an email address for the sole purpose of being contacted by the broker.
The representatives of the scam will ask you to invest. He or she will use an array of tactics to make you invest. This is a solicitation and nothing else. Investing an initial deposits will build trust with the scammer and can potentially lead to more and higher investments.
If the user continues to invest and trusts the broker, he or she will continue to invest money that will be very hard to retrieve.
And once the time comes to actually get your money back or at least withdraw a profit, the true scammer nature of the company will reveal itself. The broker will either block your accounts, close off all communications with you, shut down the entire website, or stall all requests. At times it can even pay you back a percentage of your deposit and profits in order to create a false sense of security.
What to do if scammed?
Now, the quickest way to get your money back is to file for a chargeback with your credit or debit cards provider. However, this applies only to those users that have actually lost money by means of a card. MasterCard and VISA have a chargeback period of 540 days.
Bank transfers are harder to get back. First of all, we always encourage users to immediately change their bank account username and password. And then to contact the bank itself and try to find a solution to the problem together. The banking institution might have a specific section that deals with similar issues.
One sure way to lose all of your deposit is to invest in a regulated broker via any sort of cryptocurrency. Even in today’s world, crypto transactions are untraceable making crypto deposits the most popular investment gateway used by unregulated brokers. All funds invested through a crypto wallet are definitely lost.
And a warning to all readers! Do not trust the self-proclaimed recovery agency or agencies whose promises of returning all your funds are as misleading as the broker scam itself. They will take the initial fee charged for the false services and will disappear with the money.