Blackridge review – 5 things you should know about bcmmarkets.com

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

RECOMMENDED FOREX BROKERS

Visit Site

Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.

Blackridge is a suspicious offshore broker that provides incomplete and contradictory information about trading conditions. In this review, we will take a detailed look at why it would not be a good idea to invest in the financial markets through this company and point you towards more trustworthy forex brokers.

Blackridge Regulation and safety of funds

The most important information about a financial services provider is its regulatory status. Licensed brokers provide detailed information about which company runs them, where it is based, which jurisdictions it is authorised in and which regulatory bodies oversee its activities.

Licensed companies are also required to provide a comprehensive set of legal documentation.

On the Blackridge website we only see the General Terms and Conditions and the Privacy Policy, but the links to the documents are empty. We only get access to the Terms and Conditions after registering an account.

Blackridge claims that the website is operated by a company called Blackridge Capital Management Ltd, which is based offshore – St. Vincent and the Grenadines (SVG). But we did not find a company with this name among those registered in this jurisdiction.

Even if the owner of Blackridge is indeed based in Blackridge, this provides absolutely no guarantees regarding customer funds.

While this country has a financial regulator, unlike other offshore areas, it does not regulate the activities of forex and CFD brokers. Тhe Financial Services Authority (FSA) of St. Vincent and the Grenadines has repeatedly issued warnings on this issue.

Due to the large number of scammers taking advantage of this lack of regulatory oversight, starting in 2023, the financial authorities in the SVG began requiring international brokerage firms registered in the country to provide proof that they hold the necessary licences in the jurisdictions in which they provide financial services.

Our suspicions about this broker have been confirmed by the Italian financial regulator CONSOB, which has blacklisted the website.

If you have decided to invest in financial instruments, and especially if you are a novice trader, you should use the services of a licensed broker based in a jurisdiction with strong regulations.

Depending on your location, it is advisable to choose a company that is regulated by an institution such as Commodity Futures Trading Commission (CFTC) in the US, Australian Securities and Investments Commission (ASIC), UK’s Financial Conduct Authority (FCA) or some EU regulator like Cyprus Securities and Exchange Commission (CySEC).

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.

Blackridge Trading software

In spite of its overall dubiousness, Blackridge uses proven software – MetaTrader 4 (MT4). It should be noted that the presence of a trading platform does not make this website any more legitimate and does not guarantee that this alleged broker offers real trading. Many scammers use rigged trading software to fool their victims that their money is being invested.

There are more than enough licensed brokers offering clients the MT4 experience and/or the newer version of the software 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.

Blackridge Trading instruments

Blackridge offers trading in currency pairs, commodities, stocks, indices and cryptocurrencies. But as stated there is no guarantee that this trading is real. If you want to trade financial instruments, it is in your best interest to do so through a licensed and regulated broker.

Blackridge Spreads and cost of trading

Blackridge  offers two types of accounts – Standard and ECN. For the first type of account, the broker promises a floating spread starting at 1.8 pips per EUR/USD. The ECN account provides a raw spread and a fixed commission of 5 USD per side per lot. These levels are close to typical industry levels, but many licensed and established brokers offer a lower trading cost.

Blackridge Maximum leverage

Blackridge offers leverage up to 1:500. Regulated brokers do not offer such levels to retail traders as trading with high leverage carries risks of sudden and excessive losses.

Higher levels of leverage are only offered to professional clients who trade entirely at their own risk. If you don’t qualify as a professional trader but are willing to take the risk of high-leverage trading, the most viable option is to use the services of an offshore affiliate of an established brand.

Blackridge Deposit and withdrawal methods

Blackridge  does not provide any information regarding payment methods and transaction fees. The deposit menu is not available if the account is not verified.

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. Scammers prefer cryptocurrencies because these transactions are not subject to refunds.

Blackridge Minimum deposit

The broker does not specify a minimum deposit. The leading brands in the industry offer beginner traders starter accounts with a very low minimum deposit. You have no good reason to take chances with shady brokers like Blackridge.

Blackridge Withdrawal requirements

Blackridge does not specify extraordinary conditions for withdrawal. But these types of scams always surprise you with hidden fees and other tricks that prevent you from withdrawing your money back.