Bsusdfes review – 5 things you should know about bsusdfesltd.com

Bsusdfes review – 5 things you should know about bsusdfesltd.com

Rating: 1

Beware! Bsusdfes is an offshore broker! Your investment may be at risk.

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The Bsusdfes website immediately provides us with reasons to doubt that this is the “fair and transparent” forex broker it claims to be. On the one hand the website lacks a lot of the basic information you would expect from a real broker, and on the other many of the elements are identical to a series of linked scam websites we have reviewed – ICMTFX, DACFX, Dacland and Dacland-forex.

The fact check confirms that Bsusdfes does not have legal authorization to offer brokerage services. There is no good reason to trust your money to this shady website.

BSUSDFES REGULATION AND SAFETY OF FUNDS

Licensed brokers are required to provide clear and comprehensive information about their legal and regulatory status and the terms they offer their clients. But the Bsusdfes website does not provide either an address or legal documentation such as a Cleveland Agreement, Terms and Conditions or Privacy Policy. That in itself is reason enough to close this website and never open it again.

Only in the registration information of the trading software used by Bsusdfes do we find a statement that the company behind the website,  Bsusdfes Investmen Ltd, is based in the United Kingdom:

The UK General Register of Companies lists such a private limited company which was recently incorporated by a Chinese national. But such registration does not entitle a company to operate as a forex broker in the country. For this purpose, a license from the Financial Conduct Authority (FCA) is required. But Bsusdfes Investmen  is not among the companies authorised by the regulator:

At this point there is no room for doubt that we are dealing with yet another fraudsters. If you want to trade on financial markets without being scammed, you can turn to some of the legitimate brokers that actually operate from established financial hubs like the UK. These brokers have to meet stringent requirements for financial stability and transparency of operations imposed by the FCA. They must provide clients with negative balance protection and to participate in a guarantee fund that covers up to GBP 85,000 of a client’s investment should the broker go into insolvency. These brokers are also required to keep their clients’ money segregated from their own operating funds in separate bank accounts.

BSUSDFES TRADING SOFTWARE

Most fake brokers use some kind of trading software to lend credibility to the scam and fool their victims that their money is really being invested. Usually these are cheap and rudimentary web-based platforms, but Bsusdfes is among the few scammers who use MetaTrader 5 (MT5) – generally the most widely used advanced platform in the industry.  But this still gives no guarantee that the Bsusdfes offers real trade. And we’re pretty sure it doesn’t.

Registering a live account with Bsusdfes requires verification of identity by providing a copy of an ID and even a bank card. It shouldn’t need to be said, but it’s not a good idea to provide such information on fishy websites. Because of this, we were only able to test the functionality of the platform with a Demo account.

You should only use the services of regulated brokers, the vast majority of which offer clients MT5 or the still very popular MT4. This will enable you to use the advanced features of these platforms without fear of being scammed. These platforms are preferred by the majority of brokers around the world because of their powerful automated trading capabilities, including Expert Advisor bots and customized scripts for backtesting trading strategies.

BSUSDFES TRADING CONDITIONS

Bsusdfes claims to offer trading in 55 currency pairs, indices and commodities, but provides absolutely no information about the terms of this trading.

When you visit the website of a legitimate broker you will find proposals for different types of trading accounts suitable for investors with different preferences, as well as detailed descriptions of trading parameters – minimum deposit, order execution method, tradable financial instruments, leverage, spread, swap, commissions, etc.

Most leading brands in the industry allow you to start trading with very low amounts, in some cases there is even an option for a Cent account with a minimum deposit of 1 USD.

BSUSDFES DEPOSIT/WITHDRAW METHODS AND FEES

Bsusdfes claims to allow deposits and withdrawals with credit cards, wire transfer, e-wallets such as Skrill and Neteller, and Vietnamese provider NganLuong.

However, the deposit menu is not available if the account is not verified. From the verification form, it is understood that the customer is required to have a registration with “Payee” – which perhaps should mean the payment provider Payeer.

Bsusdfes does not provide any information regarding transaction fees. Due to the lack of proper legal documentation, it is unclear what traps the fraudsters may have set. Most such websites block withdrawal requests with exorbitant hidden fees and impossible to meet minimum trading volume conditions.

HOW DOES THE SCAM WORK

While browsing the interwebs there is a significant chance you will come across comments, videos, social media pages that promise easy ways to passively make money. If you follow the links you will be taken to websites claiming to be legitimate brokers or investment firms. And if you take the next step and make contact with the people behind these websites, you will be contacted by slick and experienced scammers who will lure you in with promises of easy profits. For a while they will convince you that your investment is generating impressive returns and you need to pour in even more money to make sure you don’t miss out on this once in a lifetime opportunity

However, the attitude towards you will be changed if you want to withdraw your money. Suddenly, it will turn out that your investment makes losses and you even owe money to the fake broker for unexpected fees and expenses. They will show you clauses hidden in the Terms and Conditions, according to which you can only withdraw money after you have traded an impossible minimum volume, or that you will have to pay withdrawal fees of 20%, 30% or even more. When you try to hold them accountable you will find they are using fake names and shell companies in shady offshore jurisdictions without any regulatory oversight.

WHAT TO DO WHEN SCAMMED

Your options to recover your money are limited. If credit/debit cards were used for the transactions, you have the possibility to request a chargeback. But most scammers insist that you send them proof of identity and address with which they can dispute that the transactions were legitimate. Fraudsters also predominantly use cryptocurrencies, where refunds are impossible.

You should also be aware that there are many scammers who offer to recover your money for an upfront fee. You should not trust such offers. It is better to contact the relevant authorities in your country and warn them about the activities of the scammers.

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