Beware! Blockledgerchain 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.
Blockledgerchain tries to pull off a very simple scam without putting too much efforts, and this lack of energies is reflected on the website and the scammer services. It’s one thing to at least try to seem legit and another to just cover the bear minimum and still be lackluster. So , what we have hear is a very bad attempt at staling your money. Read the review to find out more about it!
We registered in a flash, and were confronted with a user are that should have been a pro looking portal, but instead all of its energy was wasted, and it doe snot live to the expectations.
One thing of importance is that Blockledgerchain never advertises itself as an FX broker, but as a full on crypto exchange. This is evident on the website and on the user dashboard. But, nonetheless, the firm proves to be utterly useless in this regard, as it has nothing in common with any crypto exchange standards.
BLOCKLEDGERCHAIN REGULATION AND SAFETY OF FUNDS
It does not matter whether Blockledgerchain is a broker or some other financial entity. Just like a broker it also need a license, and even more so considering that Blockledgerchain claims to be dealing with cryptocurrencies which are inherently risky.
And as ridiculous as it may sound, and it is, Blockledgerchain claims to be located in San Francisco address, and adheres to California governing laws. So, we must assume that the firm is regulated by the CFTC and NFA. However, this is not true, as there is no proof that the company is regulated by either. And the mer though of it having any sort of legal activities in the US seems ridiculous.
Moreover, in the legal documents we were told that the firm actually applies to each jurisdiction of the user. This is of course the most misleading statement of all, since this way the broker all of the sudden states that it is regulated everywhere and anywhere. This again is lie.
The simple truth is that this entity is not regulated anywhere and is a risk to all! There isn’t a nation where Blockledgerchain is a risk to all!
It would be a big shame to lose all that money to scammers. By registering and investing in an unlicensed broker, you are indirectly throwing your money away for a completely futile and illicit cause. There is no reason to do so. That is why we urge our readers to rely on European, UK, US, or Australian brokers, or any licensed entity for that matter. Licensed entitles are covered by hundreds of requirements, many of them apply financial compensation schemes, and anti fraud practices. In other words, they are the exact opposite of what this broker and others like it stand for.
BLOCKLEDGERCHAIN TRADING SOFTWARE
There is no trading software around. Instead, in the client area we have a so called “receive” area in the that actually requires the user to send crypto to some unknown address, that may or may not belong to the company at hand.
Actually, in reality the client can’t do anything but send crypto to these wallets. There is nothing here that even remotely resembles a crypto exchange service provider. So, we can conclude that Blockledgerchain is not even a a crypto exchange.
So, no software and no crypto exchange services. What a scam!
BLOCKLEDGERCHAIN DEPOSIT/WITHDRAW METHODS AND FEES
The depositing area is also called the “send” area, much like the “receive” area discussed above. In the former, the client can deposit money through crypto wallets. There is no minimum deposit requirement which might seems like a good thing, but it’s actually a tactic to attract an audience. Remember that scammer brokers really like crypto investments because they are untraceable.
The withdrawal area claims that the user will be receiving her money through crypto, and we doubt it completely. We think that even if the broker promises to allow for withdrawals the user will be left with empty hands and pockets. Scammers will hold to dear life to their stolen funds!
There are many mentions of fees, including advertisement fees, charge back fees, legal fees link to indemnification, and others. None of these have actually been discussed or revealed, only slightly mentioned in passing.
Do not waste your money and energy on this scammer broker.
HOW DOES THE SCAM WORK
Generally, the first step to being in a scam, whether a user is aware of it or not, is to bridge the crucial gap that exists between a user and a broker. With legit entities rarely does this go beyond the limits of formality, whereas with scammers they will try to behave as close friends, and will try to sell you as much as they possibly can.
It easy to fall prey to their sweet talk, because as financial instruments grow more complex, so do scammers, and there are surprisingly advanced swindle techniques that will leave you empty handed faster than you know. So make sure to think before you act, and to ask for professional guidance if necessary.
Contact usually begins at the online ads level, and expands to the telephone line relatively fast, depending on how good the scammer is and how susceptible he or she is to manipulations.
The ultimate goal is reached once a scammer successfully causes an initial deposit to be invested. Once this happens the user has become the victim, and from then on the fraudsters will try to retain the client for as long as possible, draining him/her along the way.
On average, it takes 2 to 3 deposits for a user to realize that something very unlawful is happening. By that point however, the broker will cut all communications with the user and will deny all withdrawal requests.
WHAT TO DO IF SCAMMED
The most common action to take is to file for a chargeback, but this happens only if the user has invested with a credit or debit card. That’s why you don’t get many investment frauds taking card payment nowadays. But the good news is that, if money was invested via a card, the chargeback period for MasterCard and VISA is 540 days.
Wire transfer deposits are harder to get back, and the only thing we recommend is contacting the bank to sort things out if possible. Oh, and make sure to change you bank account user name and password ASAP!
Crypto transactions are lost for good, unfortunately. As cryptocurrencies become more numerous and the systems underlining them more complex, scammer are taking full advantage of these aspects, and the end results are very lucrative. So, never trust unregulated brokers with crypto payments.
And then, we have to mention the other type of scammer, the recovery agents. These are either third party fraudsters or extensions of existing swindles, and will provide the seemingly impossible service of tracing your lost money. All they need is a fee for their effort, a sum of money that will be lost once paid.