Blackchain Solution Review – Broker With An Identity Problem
Let us start this Blackchain Solution review by immediately warning our respected audience of the troubles and potential mishaps with this one. Blackchain Solution presents itself as a legit broker operating from two locations – US and Switzerland. Neither are they legitimate, neither are they under the watchful eye of the regulators in the two mentioned states.
What’s worse, Blackchain Solution copy/pasted half of their website from other brokerage sites. Might we add, they did the job poorly and very sloppily. It makes the whole scam idea and plan completely see-through. Most of the content seems to be implemented from a firm called CFD Capital. So let’s get to exposing.
|Broker status:||Illicit Brokerage|
|Regulated by:||Unregulated Scam|
|Blacklisted as a Scam by:||N/A|
|Headquarters Country:||US/Switzerland (alleged)|
|Supported Platforms:||Web Trader|
|Cryptocurrencies:||Yes(BTC, ETH, ADA, DOSH, DOGE,XRP)|
|Types of Assets:||Forex, Commodities, Stocks, Indices, Crypto|
|Free Demo Account:||Not available|
|Accepts US clients:||US clients are accepted|
Is Blackchain Solution a Scam Broker?
Although you could already assume our answer to the question about the Blackchain Solution legal status, we want to be thorough. Just like we were with an even more obvious, blacklisted fraudster – PrimeMarkets. Because we believe our audience deserves nothing but facts.
The two offices Blackchain Solution supposedly operates from have their physical locations in the US and Switzerland. Leading financial watchdogs in these countries are FINMA (Swiss) and NFA and CFTC (US).
While FINMA has no information about Blackchain Solution, CFTC has never regulated such an entity and NFA doesn’t have it on their members list. This automatically rules out the possibility of a much needed jurisdictional license.
Our next step is to comb through as many Tier 1 databases as we could, in search for another license. In these regards, we went through FCA, CySEC, CONSOB, CNMV, and ASIC registers. Not a single of these financial bodies is in any way familiar with Blackchain Solution.
Here, we have to remind you of the highest importance of having a premium license- user safety. If Blackchain Solution had a prestigious brokerage license you wouldn’t have to worry about the security of your capital. They’d be able to provide segregated bank accounts for safe-storing of your deposits.
The trading environment would be a fair and transparent space for trading with a limited leverage, negative balance protection and compensation funds provided. Judging from the dire lack of transparency, Blackchain Solution follows no regulatory framework. The broker doesn’t bother to sort out their offer and their conduct to make it in accordance with the AML rules either.
Blackchain Solution Platforms – A Software Comparison
Our team was honestly in disbelief of the Blackchain Solution audacity to offer such a useless platform as their trading setup. We can’t even call it a platform! It’s unresponsive and the unmoving graphical view is only stolen from the TradingView site. The broker literally only serves you a bunch of images of market tracking and wants you to pour money into this stupefying project.
We won’t try to compare this monstrosity of a trading platform to the third party terminals like MT4, MT5 and cTrader. Industry leaders are stand-alone software with a palette of complex and groundbreaking features. They put any scam like this one or IDealTrade to shame.
What Financial Instruments Does The Platform Include?
There’s no doubt about trading here not happening. However, Blackchain Solution does want to leave an impression of having a wide range of instruments available to choose from. Their fictional offer includes the following tradable asset groups:
- Forex (EUR/USD, USD/CHF, EUR/GBP, CAD/NZD, JPY/PLN)
- Crypto (BTC, BCH, ADA, DOSH, XRP, DOGE)
- Commodities (Sugar, Silver, Gold, Wheat, Soybean)
- Shares (Adidas, Boeing, Barclays, Tesla, Fedex, Tesco)
- Indices (Nasdaq, Dow Jones)
Blackchain Solution Countries Of Service
This sham might be new to the market. They’ve only been operational for several months. However, the winds of plague have spread across different nations. It makes this fake broker a growing threat to the traders worldwide. Lists of countries where Blackchain Solution offers their services keeps growing. These are the states with most victims at the moment:
- United States
- United Kingdom
Account Options Offered by Blackchain Solution
This is where our confusion grew to another level. A page that should be explaining account types seems only half-finished. It starts by claiming we’re at the right place that will teach us about the variety of trading accounts at CFD Capital. And that is the end of the presentation on that subject!
We’d like to ask Blackchain Solution what CFD Capital is and where the packages they advertise are, but we already know the answer. This cyber criminal is so bad at making an impression and investing any effort into what they do. There’s no feature-rich packages you can choose from. Just copy/pasted content from other sites and it’s insulting to the intelligence of every retail trader if Blackchain Solution thinks anyone would fall for it.
Can a Trader Use a Demo Account?
To investigate the possibility of Demo trading, we attempted to open an account with Blackchain Solution. Surprisingly enough, the process was fairly easy and we got into the client zone quickly. But when we looked for the option of a Demo account, we found none.
Even after being allowed into the trading area, we couldn’t move a finger without being told to first deposit cash. Blackchain Solution obviously expects you to first give them money without even knowing what you’re paying for.
Terms of Service for Blackchain Solution
This was yet another document completely stolen from another investment services site. CFD Capital seems to be the owner of the text, as it doesn’t mention Blackchain Solution even once. The terms and conditions found here clearly don’t belong to our broker in question. So it’s of no use to discuss them here or take them as true. Blackchain Solution attempts to make itself look credible by using other company’s data, and it’s not only illegal. It’s shameful and disgraceful at best.
Since Blackchain Solution does not have their own legal docs written, we can’t even take this wannabe broker seriously. The only thing we still have left to say about them is that they’re unworthy of any kind of investment and a single penny.
Leverage, Spreads and Fees
Just like most of the information omitted from the Blackchain Solution website, the concrete trading parameters are also amiss. The useless trading terminal gave away no trading costs, leverage or any other details. And we’ve already made it clear that legal docs discussing the trading environment don’t even belong to Blackchain Solution.
At this point, we’re pretty sure no trading is even happening at Blackchain Solution platform. But that doesn’t stop the broker from imposing sudden fees and all the other taxes they do not disclose until the moment they charge them.
Withdrawing Profits From Your Broker Account
Depositing and withdrawing funds from Blackchain Solution works through their client area. All the transfers are processed in the form of crypto and through the crypto wallet provided.
Don’t even get us started on this disastrous and utterly shady payment method. As already known, such transactions are definite and getting your funds back is a headache in every possible way. Blackchain Solution still encourages users to deposit as withdrawals are fee-free and instant. We’re having a hard time believing such assurances that come from a notorious liar.
The best you can expect from this con artist are difficult and prolonged withdrawals followed by fees, charges, taxes and more conditions you can never meet to please the cyber criminal.
What can I do if I was scammed by Blackchain Solution ?
The disdain of being scammed can happen to the most cautious of traders. So do not discourage yourself from trying to get back what naturally belongs to you. You can easily do that by following our instructions and allowing us to help you start the chargeback process.
Our diligent team is always on a mission to help a trader in distress. So contact us whenever you feel comfortable and let’s talk about what happened to you. It may seem like a far cry at the moment, but regaining your capital is possible! Feel free to rely on us for advice and help and we will not fail you.
What Is Blackchain Solution?
Blackchain Solution is an illicit brokerage website operating without any kind of certificate or authorization.
Is Blackchain Solution a Regulated Broker?
No. As our research shows, they do not appear in any Tier 1 register of regulated brokers and judging from their website, they do not abide by any regulatory framework.
Does Blackchain Solution Have a Referral Program?
At the present moment, the website doesn’t offer any such program.
Does Blackchain Solution Offer a Demo Account?
No, this swindler demands you to immediately deposit real money if you intend on doing anything on their website. Otherwise you won’t be allowed to place trades and trade for free.