Beware! BN93 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.
BN93 is an unregulated broker based in Singapore which claims to have many offices around the world like Hong Kong, Seychelles and more. Needless to say that this broker is not licensed in any of these countries and offers forex services against the law. Not only that, but there’s a warning against BN93 issued by the local authority of Belgium – the Financial Services and Markets Authority (FSMA).
What’s more, BN93 doesn’t mention anything about its trading conditions or the type of platform it offers. This way it seems even more suspicious, as most reputable brokers would display such important information right away.
Regulation and safety of funds
On its website BN93 claims to be registered in Singapore, but doesn’t provide any address or contact information such as email or phone number. In fact this broker doesn’t even point out which company runs it, which makes it practically anonymous. You should agree that as we don’t know which company is behind this website it would be very unwise to invest with it.
What is more, all brokers based in Singapore must be licensed by the local Monetary Authority of Singapore (MAS). Although BN93 looked suspicious from the moment we landed on its website, we made the effort to check the MAS’s registers and guess what? BN93 wasn’t on the list of course. See for yourself:
Besides its claims to be safe and stable and to have offices in countries like Seychelles, Hong Kong, the United States, South Korea, Japan and more, this broker is undeniably an outright scam. No need to say BN93 isn’t regulated in any of these locations.
What’s more interesting however, is that there is a warning against BN93 issued by the official watchdog of Belgium – the Financial Services and Markets Authority (FSMA). As part of its news and warnings FSMA posted a list of new fraudulent online trading platforms that aim to deceive people. The authority mentions that it used to receive a lot of complaints from customers about certain forex brokers and goes on explaining how the scam usually works. Finally FSMA shows the full list of unreliable firms. Take a look:
You can see BN93 among many others (the list is endless in fact). This is bad enough to turn down any trader so just don’t deal with this broker for your own good!
Investing with a legitimate broker on the contrary means that your funds are going to be safe, as licensed forex firms have to meet certain requirements and their activity is also supervised by the relevant authority.
The first requirement which is imperative for all brokers who want to get a forex license is to have a minimum net capital. In Singapore the amount ranges from S$50,000 to S$5 000 000, depending on the types of products offered and the clientele type. For reference the minimum capital for the US is 20 000 000 USD.
Another obligation that all regulated brokers in Singapore must fulfill, is that they have to keep its customers’ funds in segregated accounts apart from its own money. This means that your investment is safe from any kind of fraud.
BN93 doesn’t actually say what type of trading platform it uses. Among some claims to be safe, stable and innovative, this broker obviously forgets what’s most important for traders – trading software, leverage, spread just to name a few. This is expected from a scam firm, as it doesn’t really care about your trading.
As a matter of fact it turned out that not every other person can register on their website. Along with the basic information like email and password, BN93 requires you to fill an invitation code in order to open an account. This is one more proof that this broker acts exactly the way FSMA described – first they try to reach out to you via scam ads in the social media or online video platforms. After receiving your personal information they will most certainly contact you personally (usually email or phone calls) and try to convince you to invest with them. Only then scammers will provide you with the needed information so you can register on their website.
This of course is an awful fraudulent practice for a couple of reasons. First of all reputable forex brokers won’t try to brainwash you with unrealistic promises for risk-free trading and fast return on investment. Only scammers aim to speak personally to you in an attempt to outwit you.
Secondly, scam firms usually want you to register before actually seeing what benefits you can get. In the case of BN93 the valuable information about its trading software and respectively its spread and leverage is intentionally hidden.
Licensed brokers on the contrary – display all essential information on its website and let you decide if you want to trade with them. Some of the reputable firms even offer demo accounts just as you can figure out if this is what you are looking for. Of course the presence of a lot of data isn’t a guarantee that this broker is legitimate, but the absence of the above-mentioned is 100% red light.
Finally, as we obviously couldn’t open an account we don’t know what piece of software BN93 offers. However, be very careful with this scam firm and expect a very basic platform, if not to say a basic chart that can’t be used for trading. Without a shadow of a doubt, it won’t be the industry standard MetaTrader 4 or MetaTrader 5.
Most reputable brokers usually rely on more sophisticated trading platforms like MetaTrader 4 and MetaTrader 5. They are proven to be the best piece of software for trading purposes nowadays and have been downloaded by millions of people so far. MetaTrader 4 and MetaTrader 5 happen to be the most popular trading platforms around the world. Both brokers and traders praise them for a good reason, mainly because of how secure and stable they are. You can always rely on them to execute your orders promptly and efficiently. Not only that but all the essential information such as transactions and your IP address is encrypted. MetaTrader 4 and MetaTrader 5 have some outstanding features but the best one according to traders are the Expert Advisors. These bots have one particular task – to search for certain conditions and to start trading the moment they find them. A truly unique feature that only MT4 and MT5 can brag about. MetaTrader 4 and MetaTrader 5 are perfect for beginners as well for more advanced traders. You can keep your knowledge up to date with a variety of educational resources and daily forex news. They are also very easy to navigate – you don’t need any previous experience in order to use them. MT4 and MT5 can be downloaded on different devices like PCs, smartphones and tablets. Unfortunately not long ago Apple removed both of them from its AppStore so MT4 and MT5 can’t be downloaded on Android devices anymore. We really hope this measure is temporary. As for the users that have already downloaded the app, they can continue using it but without any future updates or upgrades. MetaTrader 4 and MetaTrader 5 can still be installed through Google Play Store.
Most reputable brokers usually rely on more sophisticated trading platforms like MetaTrader 4 and MetaTrader 5. They are proven to be the best piece of software for trading purposes nowadays and have been downloaded by millions of people so far.
MetaTrader 4 and MetaTrader 5 happen to be the most popular trading platforms around the world. Both brokers and traders praise them for a good reason, mainly because of how secure and stable they are. You can always rely on them to execute your orders promptly and efficiently. Not only that but all the essential information such as transactions and your IP address is encrypted.
MetaTrader 4 and MetaTrader 5 have some outstanding features but the best one according to traders are the Expert Advisors. These bots have one particular task – to search for certain conditions and to start trading the moment they find them. A truly unique feature that only MT4 and MT5 can brag about.
MetaTrader 4 and MetaTrader 5 are perfect for beginners as well for more advanced traders. You can keep your knowledge up to date with a variety of educational resources and daily forex news. They are also very easy to navigate – you don’t need any previous experience in order to use them. MT4 and MT5 can be downloaded on different devices like PCs, smartphones and tablets.
Unfortunately not long ago Apple removed both of them from its AppStore so MT4 and MT5 can’t be downloaded on Android devices anymore. We really hope this measure is temporary. As for the users that have already downloaded the app, they can continue using it but without any future updates or upgrades. MetaTrader 4 and MetaTrader 5 can still be installed through Google Play Store.
BN93 keeps in line with everything so far and doesn’t provide any information about its trading conditions as well. As a matter of fact, we are quite sure that its trading conditions aren’t going to be very favorable (at least to say). Regardless of anything they might claim to you, remember that such scam firms are only after your money and are indifferent to your trading results.
So as we don’t know anything about the types of accounts they offer, the minimum deposit, as well as spread and leverage, it would be truly reckless to invest there.
Just as you know – here’s some basic information about the trading conditions reputable brokers usually provide. It’s very common to see a minimum deposit requirement of 250 USD or even less – some firms offer to open a micro account with as little as 10 USD.
Secondly, remember that the leverage in Singapore is capped at 1:20 – any higher level is considered too risky for a retail trader and is forbidden. For reference Singapore isn’t the only country with leverage restriction – it’s 1:30 for the EU and 1:50 for the US – just to name a few.
Still, if you want to trade with high leverage, we suggest looking at some of the offshore subsidiaries of reputable forex brokers here.
As for the spread, always look for brokers offering spreads lower than 2 pips, as it means you are going to have less trading costs. Anything more than this level is certainly going to be more costly.
Deposit/ Withdrawal methods and fees
As it’s expected, BN93 doesn’t say which payment methods it accepts. No surprise however if the only possible option is crypto transactions.
It’s typical for scammers to use cryptocurrencies as these payments are impossible to be overturned. This means that even if you have been deceived, you can’t return your money no matter what. Paying with crypto coins such as Bitcoin and Tether is also anonymous – in fact you don’t really know to whom the transaction is made, unlike most of traditional payment methods like bank transfer for example. That’s why there’s not much that can be done in such an unfortunate situation.
On the contrary – legitimate forex brokers usually offer a variety of payment methods. Except cryptocurrencies, they very often accept more traditional payments like credit/debit card, bank transfer and popular e-wallets such as Skrill, Neteller and PayPal. Unlike cryptocurrencies, all the other options give you the opportunity to return your investment. You can file for a chargeback if you have paid with Visa/Mastercard or open a dispute, in case you used e-wallets.
How does the scam work
Never underestimate online scammers as they happen to be unexpectedly inventive and come up with different ideas on how to deceive people literally every day. Most importantly, remember that offshore brokers don’t have any intention to actually invest your money and don’t care about your prosperity. Their only goal is to make you invest as much as you can and then drop out of sight completely (with your money of course). There are some techniques that are a red flag, so if you come across them, just flee as fast as you can.
Firstly, scammers would try to reach out to you via email or phone, so providing such information carefree is not a good idea. If they succeed in getting this material however do expect a lot of phone calls and emails that contain their promise to double your investment – “risk-free” indeed.
They might also guarantee a very high return on investment without any hard work from your side. This sounds ridiculous already – any investment on the forex market holds more or less risk and requires some knowledge. In fact regulated brokers are obligated to post a warning about trading risks on their websites.
The next step in scammers` fraudulent practice is to manipulate their trading software and make it look as if your funds are being invested and you make huge profits at the same time. This is also a lie with no doubt. Scammers just want to make you invest a “little more” again and again and will take advantage of you as much as they can.
They might also offer some kind of welcome bonus just to make you get in the game. Note that such bonuses come with strings attached – a very high volume requirement you certainly won’t be able to achieve. Not only that but reputable brokers in the EU are restricted from offering such bonuses or promotions exactly because of this malicious practice.
Unfortunately most people realize that all of the above is a lie when it’s too late. Once you try to withdraw any funds from your account you will find out that this is impossible. First however scammers might ask for a certain fee upon the withdrawal request – 10% or even 20%. Note that most reputable brokers don’t ask for a fee at all. Anyway, there’s no point in paying this fee, because even if you do, you still won’t be allowed to withdraw your money. Therefore you may end up losing everything.
What to do when scamed
Certainly there are some Dos and Don’ts when it comes to online scam.
Your first move has to be to turn to the bank that issued your credit or debit card in case you paid with one and file for a chargeback in 540 days. If you have used Skrill, Neteller or PayPal you can also open a dispute. Unfortunately crypto transactions are irreversible and anonymous as we already said, so they are not eligible for a chargeback.
It’s also 100% sure that you shouldn’t turn to people on the internet who suggest restoring your stolen funds in exchange for a certain fee. These people are most probably also fraudsters, so don’t take the risk of losing even more money!