Beware! BBI Trading Markets 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.
BBI Trading Markets is not the licensed Hong Kong broker it makes itself out to be. This is an anonymous enterprise that will surely find many ways to scam you. They will try to tempt you with a good trading platform and fairly good trading conditions – but do not fall for their tricks. Read our review and we promise that you would not be considering investing with this broker by the end of it.
BBI Trading Markets REGULATION AND SAFETY OF FUNDS
BBI Trading Markets states that it is based in Hong Kong and has even provided a registration number. However, when we checked the broker’s name and that number in the database of the Hong Kong Securities and Futures Commission, we got zero hits – this is not actually a licensed broker.
Hong Kong is an impotant financial hub with fairly strict requirments for forex brokers. Local brokers have to maintain a minimum capital of 5 million Hong Kong Dollars (or about $640 000). They also have to participate in the Investor Compensation Fund (which only covers trading in securities and futures and not forex trading) and ensures each investors capital up to $150 000. That is why trading with a licensed Hong Kong broker is a fairly good decision – but as it became clear, BBI Trading Markets is in no way a licensed company. They are also fairly annonymous and have not provided a lot of company information, or even a phone number.
Stay away from such broers since you will have not guarantee that they will treat you in a fair and transparent manner. Opt for the services of a broker regulated in the UK, the EU, or Australia instead – these are probably the strictest jurisdictions out there. The regulators in such jurisdictions – like the Australian ASIC, the UK’s FCA, or Cyprus’ CySEC – have countless requirements for brokers and demand that they do everything by the book. Client money is kept in segregated accounts which not only results in faster withdrawals but also proves that the broker could not use your investment for their own financial operations. A minimum operational capital of A$1 million – in Australia, and €730 000 – in the UK, and the EU – must be maintained by every licensed broker. This proves the company’s financial stability. Negative balance protection is provided to all retail clients – this means you cannot lose more money than you have in your account.
BBI Trading Markets TRADING SOFTWARE
BBI Trading Markets offers access to its own MetaTrader 4 terminal:
Definitely give MetaTrader 4 a try – this was the most popular platform in the industry for years and only recently got surpassed by the newer MT5. MT4 provides access to 30 technical indicators and muliple timeframes and pending order types but also to other useful possibilities – you could set signals for prices going up or down, or subscribe to other traders’ signals. Creating custom scripts and emploing Expert Advisors to trade automatically is also possible as it purchasing add-ons on the MT market. Open an account with a reliable broker to see what MT4 is truly capable of.
BBI Trading Markets TRADING CONDITIONS
BBI Trading Markets did not provide us with comprehensive account descriptions or trading condition information. We pretty much had to figure everything out by ourselves.
The broker asks for a deposit of at least $300 in order to let you trade – which is kind of a lot. Many reliable brokers would gladly open an account for you for less than $100.
The spread we got on our demo account was 1.1 pips on EURUSD – a very decent spread. However, many scammers fabicate good results in order to attract more customers. Even if this is not the case, we would still like to point out that BBI Trading Markets has not mentioned anything about its additional commissions. If such exist, they might be quite big and ruin your chances of turning a profit.
The maximum leverage we could trade with was 1:200. Keep in mind that although trading with high leverage could lead to bigger profits, it could also result in bigger losses – so always be careful with your leverage settings. Brokers in some jurisdictions are even banned from offering leverage that is too high to their clients – those in the UK, the EU and Australia, for example, can only offer leverage of up to 1:30 to retail traders. If you are sure you can handle higher rates, here are some brokers who can legally offer such.
BBI Trading Markets DEPOSIT AND WITHDRAWAL METHODS AND FEES
BBI Trading Markets only accepts deposit in the popular cryptocurrency Tether and via UUPay – a shady payment solution used for crossborder payments that is supposedly popular in China. We urge you to avoid depositing money with shady enterprises like this one – you will only be left wondering how to get it back. In case you have already deposited with Tether, getting your money back would actually not be possible – all crupto transactions are irreversable which simply means that you would not be able to ask for chargeback. That is why scammers often urge their victims to deposit in crypto and why you should be extra careful if a company only accepts this payment method.
HOW DOES THE SCAM WORK?
You might think that not many people fall for such scams but you would be dead wrong – some scams are quite elaborate and have managed to fool a lot of people. That is why it is important to know what to expect and look for in order to spot a scam broker from a mile away.
The scam starts with an ad on the Internet promising you an easy gateway to forex trading or investing – the only thing you would have to do is open an account with the broker. You know that there are people who trade for a job and that even regular Joes manage to earn a nice side income through trading and wonder why not the same, there do is no harm in trying. So you give in and provide the scammers with your contact details.
This is the moment when you will start getting constant calls and emails asking you to deposit – even if you have only opened a demo account. At some point, since everything seems legitimate, you do deposit and in the beginning, things might be looking great. The profits you were promised come soon but you should remember that it is easy for scammers to manipulate platforms to make it look like you are turning a profit. But you will be asked to keep on investing – and you would have no problem doing that because you will be smooth-talked into it by people who scam others for a living.
But when you try to withdraw, you will start running into different obstacles – obscure clauses in the Terms and Conditions preventing you from withdrawing, additional fees and taxes, weird procedures. At some point, you would not be able to deny the fact you have been scammed – but it will be too late. The scammers will disappear and stop answering your calls and emails and leave you wondering what to do.
WHAT TO DO WHEN SCAMMED?
So what can be done in case you have already deposited?
Be prepared that there is a rather high chance that you would never see your money again. There is, however, still hope to retrieve it especially if you have deposited with a credit or debit card – both Visa and MasterCard allow chargebacks within 540 days of the transaction. Moreover, there are some things you absolutely have to do in order to avoid further losses of money.
Change all passwords and banking details you have provided the scammers with and remove all sorts of remote access software if you have installed such. Some scammers would promise to help you trade, or resolve different problems if you only install such software – their actual agenda is to get access to your computer and all your passwords and information.
Don’t trust any so-called “recovery agents” who offer to retrieve your money for a fee – this is just another type of scam targeting desperate scam victims, often conducted by the same people that are behind your “broker”.
Make sure to notify authorities and try to share your story online, or with your acquaintances – the more people know about such scams and how they function, the lower the success rate they will have.