Beware! Bliz-Economy.com 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.
Bliz-Economy.com is a website that we don’t think will exist in the next couple of weeks. It is truly a mess and it will take some time for the normal user to grasp where he or she really is. The truth is that we are gasping for words because there is nothing really to be said here. The brokers is a mess and is not legitimate. That’s all there is to know. The following review just expands these conclusions. Read on.
The account creation tool is a typical templated form that we have seen used by so many unregulated brokers in the past that it is too hard to count.
Fortunately though, not only were we able to create an account, but the user area was something that we have not seen, or at least a portal area that we do not remember seeing.
Unfortunately, everything came crumbling down due to a problem that is exclusive for unregulated brokers, rendering all trading with Bliz-Economy.com irrelevant. We have described this issue in the software part of the review.
For this part of the text, we only have to say that clients cannot really trade where, as all financial instruments are technically non-existent. The spreads and leverages attached top them are useless as well.
The website of the company is available in English, French, and German.
BLIZ-ECONOMY.COM REGULATION AND SAFETY OF FUNDS
One of the most common scapegoats used by scammer brokers is, for some reason, the Baltic nation of Estonia. We have reviewed countless brokerages claiming to be registered in Estonia without a license. Either they know something that we don’t, or the trend transcends common sense. Whatever the case may be, we are sure that the broker is not licensed in Estonia.
The issue arises then as to the legal status of Bliz-Economy.com. Since it is not regulated in Estonia, where could it be licensed? Well, nowhere. Our research produces no results in support of a regulation being held by the current brokerage. There is nothing concerning a regulation on the website, nor the legal docs.
We have to conclude that Bliz-Economy.com is not licensed anywhere and is a risk, not to mention quite anonymous making it especially dangerous. Do not invest here!
Any UK, EU, US, or Aussie-regulated broker is your best hope of getting back on the trail and avoiding scams. Investing, and even dealing with unregulated brokers is both a waste of time and money! Licensed brokers tend to the need of their users, and provide a safe and fair trading environment, accommodated with all the necessary tools to bring clients a superb trading experience. Not to mention that the FCA and CySEC, offer reimbursement schemes that see users getting covered for any losses should their broker fall into insolvency. The FCA guarantees up to £85 000, while CySEC guarantees up to €20 000 per person.
BLIZ-ECONOMY.COM TRADING SOFTWARE
The predicament with the trading software is simple, one that we have encountered before. First and foremost, the trading servers were not owned by Bliz-Economy.com, but by the MetaQuotes company, meaning that the servers are purely symbolic ones having nothing to do with the broker at hand. This is more of a relevant reason to conclude that Bliz-Economy.com does not offer any trading conditions, no matter how many times it claims the opposite, nor does it offer a trading platform.
BLIZ-ECONOMY.COM DEPOSIT/WITHDRAWAL METHODS AND FEES
As seen on the website, the minimum deposit is said to be €500.
We also find a deposit and withdrawal policy in which the firm indicates that the firm uses credit cards, debit cards, wire transfers, and certain unnamed e-wallets as payment methods.
Furthermore, we learn that withdrawals are issued processing and handling fees. Credit card withdrawals are issued a $25 fee, while transfers are charged with $50. A 10% commission exists and is applied to to all withdrawals made before completing a trading turnover of 10 times the initial deposit. The minimum withdrawal is $250 for bank transfer and $100 for everything else. The withdrawal processing timeframe is up to 5.
Although, this legal policy is a common document owned by many scammer brokers who share it amongst themselves, and we see it used at least once a week by different unlicensed brokers.
HOW DOES THE SCAM WORK
The scam works very easily. Users are lured by online ads that promise unrealistic, and therefore unattainable things. Then they are redirected to the investment schemer website, and from then on the manipulation begins.
First, users will be asked to provide contact details so that the broker can directly contact them and ask them for payment. But this is not done directly; there are scripts upon scripts with psychological tricks and tactics that lead to users being charmed into investing.
These tricks range from all the imaginable to the impressive. What the main goal is to keep the user invested in the scam, and deposit at least once!
After a while, each user will feel the pressure and will want to withdraw. This is where the last line of defence of the fraudulent broker will deploy, cutting the user from his or her funds by means of shutting down the account, stalling clients, or simply shutting the website. The scammer will do everything not to let you withdraw!
WHAT TO DO IF SCAMMED
File for a chargeback with your credit or debit card provider. It’s the surest way to get your money back, although it is not set in stone. MasterCard and VISA have a chargeback period of 540 days.
Bank transfers are harder to trace and are most like lost for good. Although, certain banks might have a special plan-of-action ready for scammed users, so be sure to check with your local bank for more info. It is also a good idea to change your bank account password and user name.
Crypto investments are lost for good. The only way to get them back is if the broker itself reimburses the money back.
Do not trust recovery agents that promise to return your lost money without ever giving any technical details. These are separate fraudsters that will ask a commission for the “service” and will alter disappear without a trace!