BE22 Review – Broker Is Virtually Anonymous
We stumbled upon BE22, a sophisticated scammer running amok online and trying to defraud central European traders. This vile scheme must be stopped and we intend to do that in a written analysis – the BE22 Review. Read carefully and learn the truth behind this fraudulent brokerage.
|Regulated by:||Unlicensed brokerage|
|Blacklisted as a Scam by:||N/A|
|Minimum Deposit:||250 $|
|Cryptocurrencies:||Yes – Bitcoin, Ethereum & Litecoin|
|Types of Assets:||Forex, Crypto, Indices, Stocks, Commodities|
|Free Demo Account:||Unavailable|
|Accepts US clients:||No|
Does BE22 Have a Legitimate Forex License?
It’s impossible for BE22 to be licensed because we don’t really know anything about the provider. Where is it from? Who runs it? Address & phone number? Nothing. This broker will surely use all the possible means and lies to reach its goal while hiding in the shadows.
Therefore, we strongly advise you don’t trust this Machiavellian broker. If it were licensed, that would’ve been displayed upfront.
Why It Is Better Not to Choose An Unlicensed Broker
Knowing under which jurisdiction your broker operates is useful. You can then learn about the benefits of trusting that entity with your funds. For example, UK and EU providers must have compensation schemes for clients, as well as negative balance protection and segregated bank accounts.
Furthermore, there’s a necessary minimum operating capital (i. g. 730,000 GBP in the UK) and leverage restriction for retail clients (1:30 in the UK & EU) required by the respective regulators. Now that’s a broker worth your investments, not the shady and unregulated BE22.
So Is BE22 a Decent Broker or a Scam?
BE22 is an anonymous and fraudulent broker that claims to offer Forex, CFD and crypto trading on a web-based platform. This provider engages in fraud in Germany, Poland, Latvia, Lithuania and the Czech Republic.
BE22 Software – How Safe Is The Platform?
To pick up where we left off, given BE22’s illicit legal status, everything else that the broker offers is dubious as well. One such aspect is the trading platform. Especially this particular one, which is accessed via a browser.
Scammers are known for manipulating their trading platforms. They design them to show fake trading parameters such as inaccurate charts, indicators, and illusive profits. Leverage and spreads could also be fabricated.
For that reason, it’s best you find a licensed broker that offers a more advanced platform such as Meta Trader 4 or Meta Trader 5.
As we’ve mentioned, this poor-looking platform is pretty lackluster. It might be good for beginners due to its simple charts, indicators, and calendars, but when you add to that unfavorable trading conditions such as high leverage and commissions, newbies will have a hard time.
More seasoned traders will find this platform boring since it doesn’t offer algorithmic trading, live market reports, API integration, or branch optimization like the aforementioned MT platforms.
BE22 Range Investment Opportunities – Trading Instruments
We hope by now you’ve realized why trading with this broker is extremely dangerous, but if you’re still willing to risk it, here’s a list of available trading instruments:
- Forex currency pairs – EUR/USD, AUD/NZD, JPY/CHF…
- Indices – S&P500, NIKKEI225, US100…
- Commodities – gold, platinum, crude oil, corn, wheat…
- Stocks – Lloyds Bank, Ikea, BMW, Microsoft…
- Crypto – BTC, ETH, LTC…
Where Does BE22 Engage In Fraud? – Countries Of Service
Based on our research, BE22 is particularly interested in Central European as well as the Baltic countries. Here’s where the financial swindler is engaged in its fraudulent activities:
- Czech Republic.
Of course, BE22 is not regulated by any of the mentioned countries’ market authorities. On similarweb.com, we found that the fraudster was also active in Bulgaria in November 2022.
What Are The Different BE22 Account Types?
When it comes to different account types, BE22 offers a total of six:
- Simple – 250 $;
- Smart Start – 750 $;
- Complete Package – 2,500 $;
- Gold – 5,000 $;
- Platinum – 15,000 $;
- VIP – for exclusive clients only.
Well, that’s pretty vague. BE22 only listed the prices without trading conditions and other perks. That didn’t surprise us much. Besides, the numbers you see are actually what the unscrupulous broker is after. Once you deposit it, the con artist will instantly cease communications and vanish.
Demo Account Opening
There’s no free demo account. A huge red flag in our eyes. BE22 seemingly invites you to see the trading platform and leads to the registration menu. There, you have a promo code option, which is another shady method that scammers often use.
Bonuses – Is it Possible to Withdraw the Deposit Bonus?
Did you know that brokers are banned from issuing bonuses? Yup, top European regulators made it clear that there shall not be any ‘special incentives’ because they often ended up doing clients a disservice.
For example, a broker gives away a hefty bonus but conditions the trader with a clause that requires him/her to reach a high trading volume before being eligible to withdraw funds. BE22 did this too, but the volume stated isn’t as high as some scammers put it.
Nevertheless, it can still be used against traders. We also found this – BE22 lied about offering commission-free trading. In the T&C section, the fraudster mentions a clearance fee that will make traders’ lives a nightmare. Add to that the bonus policy and you’ve got a blockade of the funds.
Leverage, Spreads, and Fees
Leverage goes as high as 1:600, which is overwhelming. In Europe, the cap is 1:30 for retail clients. Significantly higher levels such as this one will surely bear losses.
BE22 said there aren’t any fees but we already proved that was a lie. The one we found is extremely unfavorable and unprofitable. Spreads are really tight, but that’s irrelevant at this point due to high fees and leverage. Winning here is impossible.
Minimum Deposit and How Do I Withdraw?
The minimum deposit is 250 $. Scammers’ favorite number, without a doubt. Don’t risk it, dear trader. All transactions are subject to an insane fee of 3.5%, a minimum of 30 $. As for the payment methods, BE22 mentions the following:
- Credit/debit cards;
- Wire transfers;
- OK Pay.
Scammed by BE22 Broker? – Allow Us to Hear Your Story
That’s pretty bad. We feel for you and that’s why we want to help as much as possible. We can offer you advice and consultations so don’t hesitate to give us a call.
Before we end the review, here’s a concise explanation of possible refund methods. We hope you find this helpful.
What Is the Chargeback Procedure?
- Credit/debit card transactions can be reversed via chargeback.
- It can be requested at the issuing bank within 540 days.
- Wire transfers can be reversed via recall but only if the transaction is incomplete.
- If you’ve deposited funds via e-wallet, you’ll have to contact the issuing company and get familiar with the next steps.
Here you can book a free consultation and find out what to do for a start.
What Is BE22?
A completely anonymous and fraudulent broker that allegedly offers Forex, CFD and crypto asset trading.
Is BE22 a Scam Broker?
Undoubtedly. BE22 basically did everything a legitimate broker shouldn’t do. No transparency, address, leverage restriction, etc.
Is BE22 Available in the United States or the UK?
The unscrupulous broker accepts traders from the United Kingdom but not those from the United States.
Does BE22 Offer a Demo Account?
No. There’s no demo account and no trial account. You cannot even see the trading platform. All we found was a promo code.