BN93 Review – A Fraudulent Broker And His Lies
In the BN93 Review, we’re going to tell you exactly why you should avoid dealing with a fraudulent broker such as this one. In addition to the regulatory warnings that we found, we’re going to give our own take on this crypto scammer and everything it did wrong.
The first fact that bothered us is that BN93 is anonymous. Thus, everything else surrounding it is shady. Let’s elaborate on that further.
|Broker status:||Unregulated Broker|
|Regulated by:||Unlicensed Scam Brokerage|
|Blacklisted as a Scam by:||FSMA, CNMV, FI, AMF|
|Headquarters Country:||Singapore (allegedly)|
|Foundation year:||2014 (allegedly)|
|Cryptocurrencies:||Yes – BTC, USDT, ETH…|
|Types of Assets:||Crypto assets|
|Free Demo Account:||Unavailable|
|Accepts US clients:||Yes|
BN93 Is An Unregulated Scam Broker?
Furthermore, crypto trading regulations are still being developed in that country. In October 2022, MAS released two consultation papers on tightening measures regarding digital assets. The consultation period ended in December 2022 but it’s not yet known when the measures will enter into force. Hence, digital asset trading is still not well-established.
BN93 is an outrageous scam broker that lied about operating in Singapore. This anonymous broker claims to offer trading in digital assets, i. e. crypto. BN93 targets traders from the US, UK, Belgium and Portugal.
Why Is It Safer To Choose Regulated Brokers?
Regulated brokers enable you to trade much safer. For example, you get negative balance protection as well as segregated funds in a top-tier bank. To ensure your safety when trading, there’s a leverage cap (i. g. 1:20 in Singapore).
Furthermore, the broker has to possess a high minimum operating capital and some even offer a compensation scheme. BN93 is not regulated and therefore, there are no benefits to trading with this fraudulent provider, only risks.
Warnings Issued by Financial Regulators
Despite claiming to be from Singapore, BN93 seems to target European traders. Hence, we found four warnings issued against this con artist. Namely, the Dutch AFM, Belgium FSMA, Spanish CNMV and Norwegian FI put BN93 on their blacklists. Serves the scammer right!
BN93 Software – How Safe Is The Platform?
Frankly, with all that’s been revealed about BN93, we wouldn’t trust this fraudster at all. Especially not when it comes to the trading platform. Since BN93 doesn’t mention specific details about it, we believe that it’s nothing more than a WebTrader.
There’s no demo account. So, to access the platform, you’ll need some sort of code provided by the scammer. Sadly, you won’t get it until BN93 gets its deposit first, which it plans to embezzle and disappear. Most scams play out like that.
It’s there to make it seem like BN93 covered all devices. WebTrader is browser-based. Therefore, it can be accessed from any device with Internet access.
However, both the desktop and mobile versions of this platform are ineffective. Add to that the fact that BN93 is unregulated and you’re in for a disaster.
Trader’s Reviews of BN93
At the time of this writing, we found just two comments, i. e. complaints about BN93. One on TrustedReviews and one on Reddit. Both scream scam! Read for yourself.
This BN93.com is a SCAM. Once you put your money on that BN platform you can’t withdraw !!! YOU WILL LOSE your money !!!!! It’s not a real trading platform.– TrustedReviews Customer
BN93 Range Investment Opportunities – Trading Instruments
BN93 made it clear it only offers crypto trading. Allegedly, clients can trade multiple cryptocurrencies against US Tether:
- LTC/USDT; etc.
As you know, the crypto market is extremely volatile, so the legal leverage level is 1:5. BN93 didn’t say what it offers in terms of leverage. Spreads, commissions & swaps also weren’t disclosed.
BN93 Fraud Risk Zones – Service Countries
From what we gathered, BN93 is interested in defrauding European traders. We compiled a list of countries where the scammer was active:
- The US;
- The UK;
On similarweb.com, we saw that Bulgarian users also visited the website. Fortunately, there were fewer than 5,000 visits in total. Also, it’s good that the Belgium FSMA has reacted to this threat.
Access to a Free Demo Account
As mentioned, BN93 doesn’t offer a free demo account, which is really shady and alarming. Every legitimate broker has to include it.
Nevertheless, we found that the financial swindler gives out a code to potential victims in order to mark them and see how much money it can squeeze out of them.
BN93 Terms and Conditions
This whole section is pretty vague. All the necessary legal info is missing and the rest is just irrelevant. We couldn’t find the payment methods that BN93 accepts or the minimum deposit that traders are required to pay.
Hence, withdrawal processing time and fees are also a mystery. To reiterate, the scammer and the unsuspecting victim make contact,l agree on the price and payment method, the victim pays and the scammer takes the money and vanishes. That’s the most likely scenario.
Scammed by BN93 Broker? – Allow Us to Hear Your Story
If you’ve been scammed by BN93, that’s horrible. We understand your frustration and want to help you get your money back but also bust the scammer. For us to do that, you need to share your story with us. Book a consultation and tell us more about how you made the deposit.
What Is a Chargeback Procedure?
We can assist you in getting a chargeback. Depending on the method you used to make a deposit, there are various ways of requesting a refund.
For credit/debit cards, there’s a chargeback. Wire transfers require a recall while crypto transactions are more complex and demand assistance from experts.
If you need help with chargebacks, book a free consultation with our chargeback specialists who will help you to regain your money.
What Is BN93?
It’s a fraudulent and anonymous broker that intends to scam poor traders from the US, UK, Belgium and Portugal.
Is BN93 a Scam Broker?
Yes. The broker has been blacklisted by the Belgium FSMA, Spanish CNMV, Dutch AFM and Norwegian FI.
Is BN93 Available in the United States or the UK?
Yes. BN93 is available in both countries. In fact, it searches for victims in the UK and the US.
Does BN93 Offer a Demo Account?
No. There’s no free demo account available. However, there is a shady invitational code option.