Beware! BlockexTrade 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.
BlockexTrade claims to offer an innovative multi-device platform and to implement state-of-the-art protection measures to safeguard clients’ funds and private information. Well, we can neither prove nor refute the broker’s statements because its website turned out to be a complete disaster where nothing really works as it should. BlockexTrade is an unreliable risky broker, and we are going to show you why in the following article.
BlockexTrade REGULATION AND SAFETY OF FUNDS
BlockexTrade doesn’t mention anything whatsoever about licenses or regulation. In fact, the so-called brokerage is so secretive that it doesn’t even reveal its addresses or contact numbers. On top of all that, the website was broken all over, including the inaccessible legal document link, so we can’t really discuss the broker in particular. However, these malfunctions imply that BlockexTrade is utterly unreliable, and its secrecy clearly proves that it’s risky and unregulated. Nevertheless, we researched but found no licensed companies linked to the brokerage, just as expected. Those things considered, we can conclude that your funds will be at risk if you deposit with BlockexTrade because it’s shady and unregulated.
Dealing with such entities is always a bad idea because the absence of regulation makes it possible for them to work unaccountable. Moreover, as there is no authority to monitor them while operating, they can do anything with your funds- put the money at risk or right away misappropriate it.
Even more so, it’s impossible to know who’s actually running BlockexTrade, so the identity of the people behind the business is hidden, which further deteriorates the broker’s accountability. So, if you deposit with BlockexTrade, you’ll send money to individuals who prefer to remain anonymous while not bearing any responsibility for their actions. Needless to say, you should avoid businesses like BlockexTrade at every cost.
That’s why we urge our readers to trust only adequately regulated companies like the ones licensed by CySEC in Cyprus or FCA in Britain, for example. The authorized European companies are bound by law to follow many customer protection rules ensuring the trading environment is safe. Also, each licensee is covered by deposit insurance funds- CySEC brokers’ clients can claim up to €20 000 in compensation, while the guarantees in Britain are even up to £85 000. It’s worth considering money protections if you are genuinely interested in trading and investments.
BlockexTrade TRADING SOFTWARE
BlockexTrade says that its platform is innovative, but we can’t prove these claims as we couldn’t access it. As you can see from the screenshot below, the webpage was broken and gave us a 404 error. We don’t know what’s the problem actually, but such a failure screams: “Avoid! Avoid!”.
As a result, we can’t discuss spreads or trading costs, and the brokerage fails to mention anything about the matter either. As for leverage, BlockexTrade claims that it can provide ratios reaching up to 1:400- a risky level that’s no longer allowed in many countries worldwide, including Britain and Australia, where regulators imposed a cap of 1:30 for retail traders’ accounts.
Still, as seen from the screenshot at the bottom of the next section, BlockexTrade pretends to offer MetaTrader4 accounts but fails to deliver the platform and doesn’t even mention anything about it. The latter is sophisticated software stuffed with advanced features like Expert Advisors and even a marketplace with more than 10 000 trading apps. The brokerage reviewed certainly can’t provide it, so it most likely simply tries to take advantage of its spotless reputation- a red flag nonetheless.
BlockexTrade DEPOSIT/WITHDRAW METHODS AND FEES
The minimum deposit is allegedly $10 000, which is a laughable requirement given how poor the brokerage is. That’s around 100 times more than the industry standard of $100, but even more so, there are legit brokers ready to provide their services for as little as $5, which makes it possible for clients to test real trading with fewer funds invested.
As for funding, the broker seemingly accepts Credit/Debit cards, but the deposit system was broken, too, so we can’t validate the information seen on the screenshot below either. Nevertheless, that’s somewhat a positive feature as bank card funding allows chargebacks for up to 540 days after the transaction and is viewed as the safest method by far.
As for withdrawals and fees, there is nothing to discuss, and you can understand why by simply looking at the screenshot at the bottom of this section. No further commentary is required, actually.
HOW DOES THE SCAM WORK
BlockexTrade is a shady unregulated brokerage with a broken website that’s a suspected scam. That’s why we’ll now explain how Forex fraud usually happens.
So, scammers are prowling online, and they create fraudulent websites, social media profiles and ads to entice people into the fraud. Once you get trapped, they will pretend to handle your account and display winning trades to make you believe it’s worth dealing with them. However, scammers won’t let you withdraw profits but will constantly urge you to deposit, again and again, asking for much greater sums. Make no mistake about it; those criminals will try to squeeze as much as possible from you, so they’ll advise you to invest as much as possible.
You’ll probably understand what’s going on when you get determined to take your money back. When scammers realize you won’t deposit again, they’ll shamelessly announce that you can only withdraw if you pay taxes in advance. If you are persistent and refuse to follow their instructions, they will simply stop answering and disappear. Then, whenever fraud becomes publicly exposed and worn out, scammers will abandon the website getting away with their crime because the fraudulent brokers are always anonymous and unregulated.
WHAT TO DO WHEN SCAMMED
Unfortunately, no one is immune to scams. If you get scammed, the first thing you need to do is to consider the secondary risks. Deactivate your card and contact your bank to ask for advice.
Then, report what happened, file a complaint, contact the authorities, call the police if you feel necessary. Seek help actively!
Remember, it’s crucial not to rush blindly to recover funds because fraudulent chargeback agencies and individuals are stalking, trying to double scam the victims. They ask for upfront payment, take the money but won’t do anything to help you!
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