Beware! Bnbtgroup 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.
The Bnbtgroup website convinces us that this is an established forex and CFD broker offering trading in a wide range of financial instruments. The reality is different – this is a typical scam website designed to cheat inexperienced people out of their money. We recommend that you stay as far away from Bnbtgroup as possible.
BNBTGROUP REGULATION AND SAFETY OF FUNDS
The first big red flag is that Bnbtgroup is a completely anonymous website. Nowhere is the name of the company that owns and operates it mentioned, not even an address is listed. The only means of contact is email. This shows beyond any doubt that Bnbtgroup does not have the legal authorisation to offer financial services.
When you visit the website of a legitimate broker you can expect to find clear and detailed information about the company that owns and operates it, where it is based and what regulatory regimes it is subject to. Licensed financial services providers are also required to provide a comprehensive set of legal documentation. On the face of it, Bnbtgroup has such documentation, but the Terms and Conditions also do not state the name of the legal entity and do not specify which is the applicable jurisdiction.
You should only trust legitimate brokers operating in one of the established financial centres like the UK, EU, USA or Australia. There, the activities of brokers are controlled by powerful regulatory bodies such as UK’s Financial Conduct Authority (FCA), Cyprus Securities and Exchange Commission (CySEC), Commodity Futures Trading Commission (CFTC) in US or Australian Securities and Exchanges Commission (ASIC). Clients of these brokers receive protections such as negative balance protection and segregation of the client’s funds from the broker’s funds.
In the EU and the UK, brokers must also participate in guarantee schemes that cover a certain amount of the trader’s investment if the broker becomes insolvent. These guarantees amount to up to 20 000 EUR in the EU and 85 000 GBP in the UK. However, the likelihood of such a bankruptcy is low because regulators also have significant net capital requirements that companies must maintain – EUR 730 000 in UK and Cyprus, AUD 1000 000 in Australia and at least 20 million USD in the United States.
BNBTGROUP TRADING SOFTWARE
Bnbtgroup promises “best CFD trading platform in the industry”. After registering an account, however, we do not get access to a trading platform – the link to the supposed webtrader gives a “no data” error.
From the main page of the website, you can download an installation file of a supposed desktop application. However, this file has no identification for the software publisher, and is also significantly larger than the installation files of industry-standard platforms. We recommend that you follow the warning of the operating system and do not install this suspicious software.
The most widely used platforms by the genuine brokers are MetaTrader 4 (MT4) and MetaTrader 5 (MT5). These platforms have established themselves as industry standard because they offer a wide range of features, including a variety of options for customization, multiple account usage, designing and implementing custom scripts for automated trading and backtesting trade strategies.
BNBTGROUP TRADING CONDITIONS
Bnbtgroup assures us that it offers trading in futures, commodities, stocks, cryptocurrencies and indices. But comprehensive information on the terms of this trade is nowhere to be found. On the website, we find only a description of three types of trading accounts, which specify only two parameters – minimum deposit and leverage.
The minimum deposit of 250 USD may seem low, but it is not – many leading licensed brokers allow you to start trading with significantly lower amounts.
The leverage varies between 1:100 and 1:300 according to the account descriptions and between 1:100 and 1:400 according to the Terms and Conditions. Such high and risky levels can only be seen in unregulated offshore brokers or scammers. High leverage creates the opportunity for more significant profit, but correspondingly increases the risk of sudden and excessive losses. All leading regulators therefore restrict leverage for retail traders. A maximum leverage of 1:30 is allowed in the European Union and the United Kingdom and 1:50 in the United States.
Bnbtgroup also claims that it offers bonuses. This practice is also prohibited for regulated brokers.
BNBTGROUP DEPOSIT/WITHDRAW METHODS AND FEES
Bnbtgroup claims to accept credit cards and bank transfer as payment methods. The deposit feature is not active unless the account is verified by providing a copy of identification. We are therefore unable to confirm what payment methods are actually available. Legitimate brokers typically offer clients a wide choice of transparent payment methods, including bank transfer, credit/debit cards and established e-wallets such as PayPal, Skrill or Neteller.
Financial fraudsters of this type usually use cryptocurrencies because these transactions do not allow refunds. Any doubt that Bnbtgroup are indeed fraudsters evaporates definitively when we read the withdrawal and refund conditions.
The stated minimum withdrawal amount is 50 USD. But if the account has received a bonus, it cannot withdraw money before it has met the prohibitive minimum volume requirements. These requirements are vaguely defined as “minimum trading volume of the bonus amount divided by 4”. The result is the standard lots to be traded. According to the given example, if the account has received a 200 USD bonus, it must trade 50 lots, or 5 million currency units.
We’ve seen these exact predatory clauses with numerous bogus brokers, such as FXworld24, Fwisolutions and FinsRoyal. Bnbtgroup claims not to charge deposit and withdrawal fees, but we have no reason to believe any of the claims on this website.
HOW DOES THE SCAM WORK
With all the buzz surrounding skyrocketing prices of cryptocurrencies, many people are starting to consider investing in the financial markets as a bid to improve their fortunes. Scammers on the internet have taken notice of that and take advantage of the ignorance of the general public by creating countless websites posing as brokers. These websites offer no real brokerage services and only deceive people into believing that their money is really being invested.
If you come across such a scam website and give out your contacts, you will be contacted by experienced scammers who will convince you that they can take on all the frighteningly complex aspects of investing for you. But you will never get any real profits, nor will you be able to get back the money you deposited. The terms and conditions of these websites are riddled with clauses that make withdrawing funds from your account unfeasible – for example, extremely high minimum trading volume requirements or hefty fees of 10%, 20% or even more of the amount.
Scammers hide behind fake addresses and names and operate through offshore companies that are not subject to regulation and scrutiny. So even if all the withdrawal requirements are met, they may simply disappear and move on to their next fraudulent scheme.
WHAT TO DO WHEN SCAMMED
It is very important not to rush into trusting people on the internet who offer to magically refund your money for a fee. These are also scammers, and they may even be the same ones who scammed you in the first place.
If you have made the transfers using credit or debit card, you can claim a chargeback. Visa and MasterCard allow this to be done within 540 days. However, such a request may not be approved if you have given the fraudsters documents such as a copy of an ID and proof of address. This will allow them to claim that the transaction is legitimate and approved by both parties.