Boston Mex Review – Carribeans May Be Attracting More Scam Firms Than Tourists!
Bostonmex considers their firm to be synonymous with reliability and advanced trading technologies. Allegedly established with the goal of giving online trading a whole new dimension, this anonymous company acts as a Forex market leader. Only in their wildest dreams perhaps, considering their lack of any regulation and a valid trading license.
Hardly synonymous with anything but fraud and financial disaster, Bostonmex isn’t registered in the areas they claim they are. Not even do the authorities in the gray zones recognize this firm as real. So, is Bostonmex legit? Or is it just another offshore scheme plotting financial ruin of many retail Forex traders and novices? This Bostonmex review will provide you with the answers, so keep reading.
|Regulated by:||Not regulated|
|Is This Company Safe?||Offshore illicit businesses aren’t safe in the least!|
|Have Warnings from:||N/A|
|Registered in:||Saint Lucia (alleged)|
|Minimum Deposit:||300 000 VND (~12.75 USD)|
|Deposit Bonus:||Up to 100%|
|Trading Assets:||Forex, Indices, Crypto, Commodities, Stocks|
|Free Demo Account:||Available|
|How to Withdraw from This Company?||Illicit companies aren’t likely to allow withdrawals. Ask for our professional help to retrieve your capital!|
Legal info: Is Boston Mex Legit or Scam?
Vague legal information on the Bostonmex website simply screams scam. The owning company of this brokerage brand carries the same name – Bostonmex LTD.
They are supposedly registered and regulated with the financial authority of Saint Lucia – FSRA. Even this Tier 3 offshore regulator keeps their database of regulated entities and a simple search shows that Bostonmex is not among them.
What’s worse, this jokester attempted to fabricate a license by badly editing a photo of one. In essence, it’s not even a license but a sort of confirmation that Bostonmex, a firm allegedly registered under the SVG laws, is also registered in Saint Lucia.
Foolish lies and failed photoshop attempts aside, it is evident that whoever is running Bostonmex has no idea what a brokerage license looks like and why it is important.
A tier 1 license would confirm the broker’s legitimacy and their efforts to provide the safest trading environment by implementation of segregated bank accounts, leverage limits, negative balance insurance and compensation funds.
Not only does Bostonmex not introduce such measures, but they also breach every known tier 1 licensing rule. For example, there’s no safety with fraudulent brokers. This one offers a scary high leverage of 1:1000 and doesn’t protect you by preventing you from losing more than you’ve invested. In the end, this trading platform also offers bonuses, which we all know have been banned by the leading tier 1 regulators in the UK and EEA.
Finally, in search of the evasive Bostonmex license, we also looked through other registers of reputable regulators: FCA, CySEC, ASIC and BaFin, all contain no info on this fraud. So keep away, better than losing everything you possess. We’d advise you the same with other scams we’ve reviewed- such as LC Markets.
Bostonmex Countries of Service
Bostonmex may originate from a small island country in the Caribbean Sea. However, that doesn’t seem like an obstacle for the sophisticated scam to operate. The fake brokerage brand is offering their services worldwide, and they do not divide customers or have a preference for some over the others. Take a look at the list of countries with the highest numbers of reports and everything will be clear:
- United States
- United Kingdom
Having customers all over the EU, Asia and America proves just how convincing and deceptive this scam is. Their methods vary – from promising quick gain overnight to scamming traders into investing into false schemes and business projects doomed to fail. And if that doesn’t work the Boston Mex scam agents will manipulate you into developing romantic feelings and then getting ripped apart financially and emotionally by the cyber thieves.
To facilitate getting in touch with the victims, Bostonmex uses Facebook messenger. Known for using quick chat services with encrypted channels, Bostonmex obviously knows how to cover their tracks. Other scams also typically use AnyDesk, TeamViewer or Telegram, to not only chat you up, but also access your machine remotely and steal your sensitive data!
Methods are many – depending on the number of their victims. Every single technique is adjusted to the next target. So pay attention when approached by a suspiciously affectionate boiler room seller. Either avoid them completely or ask for help. Our team of recovery experts can help you take back what scammers take so ruthlessly. We can also provide you with additional intel on many other similar scams, like ChaseTrades, for example.
Features of Boston Mex Trading
In an attempt to understand what remarkable trading options are offered at Bostonmex, we opened an account and downloaded the software. For a typical scam, Bostonmex goes a step further- even enables the prestigious trading platform and offers some amiable trading conditions.
But the scam reveals itself in the details surrounding the offer. For example, the leverage is the dangerous 1:500 inside the platform. Spreads are suspiciously low, starting at 1 pips, which is next to impossible for a fraudulent brokerage unless it’s artificial and fake.
Range of Markets
Accessing the trading platform at Bostonmex has cleared the way to the financial instruments offered. The offer doesn’t differ much from the standard one. Many investors who prefer more exotic financial products won’t be quite impressed with what Bostonmex has to offer. Anyhow, here’s the list of the tradable asset groups that the platform gives access to:
- Forex (EUR/USD, EUR/CHF, USD/GBP, USD/JPY)
- Indices (EU 50, FRA 40, GER 30, HK 50, JPN 225)
- Commodities (Coffee, Cocoa, Cotton, Sugar, Natural Gas)
- Stocks (Nestle, Honda, Lenovo, Ferrari, Tesla)
- Crypto (Bitcoin, Ethereum, Dashcoin, Litecoin, Ripple)
Available Trading Platforms
Even the Forex novices are very well familiar with what MT5 represents on the market. This is the industry leading software for online trading and will probably continue to be for a long time in the future. The reason for that is its reliability, richness in features and the lighting speed of execution.
While Bostonmex enables this trading terminal for price-speculation, you can’t just rely on it blindly. That’s because it comes from a fraud that isn’t honest about a single bit of their conduct. It isn’t surprising to see unscrupulous brokerage firms providing these prestigious trading apps. They do so to inspire trust in clients. Alas, their single goal is to steal and financially ruin you, so be careful who you trust, no matter how attractive their offer may be.
Mobile Trading App and Accessibility
Bostonmex provides a link for downloading the mentioned MT5. However, the link leads to the Apple or Google App store page owned by MetaQuotes. There’s no connection between Bostonmex and MT5 software at all in this case. You can visit the MetaQuotes store and download this app to your mobile device all by yourself. You don’t need a faux broker linking you to it as if it’s their own creation.
Account Types at Boston Mex
When it comes to the trading accounts, Boston Mex copies their legitimate counterparts. The only thing that seems odd is that there is no minimum deposit amount outlined in the description of these accounts.
Account types differ in market execution technology, as well as spreads, and commissions. What really stands out from what a legit broker would offer is the maximum leverage, which is 1:1000.
Here are the Account Types you may expect with Boston Mex:
- Standard – Spreads from 1.3 Pips
- Fixed – Spreads from 0.5 Pips
- Premium – Spreads from 0.0 Pips
- ECN – Spreads from 0.0 Pips, up to $10 commission
- Crypto – Raw spreads
Boston Mex advertises a bonus for each of their accounts. All their Account Types are swap-free, but the broker does not disclose any additional information in the mentioned advertisement.
The MT5 Trading Platform at Boston Mex also features a Demo Account. This is a good learning tool, and many novices can use it to test different approaches to trading. Do not make a mistake and think that these Demo Accounts are a good basis for actual trading.
Although the Demo Account will allow you to speculate in a risk-free environment. More often than not these demos are rigged and don’t show valid trading information. Companies like Boston Mex will show unrealistic profits through a Demo, which will never be achievable in Live Trading.
Boston Mex Deposit and Withdrawal Procedures
By accepting the Terms and Conditions of Bostonmex upon signing up, you agree to be treated and robbed down to the very last penny practically. Bostonmex is ruthless about money transfers. They only reveal the obligatory fee that follows every deposit and withdrawal, and it is 2.5%. However, since they’ve gotten you to agree to their conditions, they can apply just about any tax and commission they wish.
Ultimately, these are the methods that swindlers use to lock your funds and to prohibit your access to them. So even the money you have deposited has stopped being yours the second you handed it over to the scammer. Additionally, since they do offer bonuses, be ready for the malicious bonus clauses that present unsolvable obstacles to payouts.
Boston Mex has an ongoing promotion that grants +100% deposit bonus for new members. This is likely just a sham, and the swindlers award this bonus for every new member. Many fake brokers abuse the bonus funds, and use them to prevent a withdrawal.
With Boston Mex, there isn’t any clause in the Terms and Conditions that discloses any bonus policy. Scam brokers often require unachievable trading volume requirements, which exceed 20 or 30 times the bonus awarded before they will allow a payout from their platform.
Customer Support at Bostonmex can be contacted through a number of different channels. There is a phone number, a support email, and a contact form on the website. The Live Chat is facilitated through the use of Facebook.
Contacting a customer service agent through Facebook, of all things, is odd to say the least. The fraudsters can abuse your contact information to invade your privacy, and abuse your social network profile. Although you can block the company profile, their Boiler Room Agents will quickly start pestering you from other profiles. It’s a no-win situation.
Summary About BostonMex
In the scam business for over two years already, this shady financial services provider is well aware of what they’re doing. Their seemingly attractive trading tools and conditions are nothing but a bait to lure in unsuspecting victims like Forex newbies and less experienced investors. Hopefully, this review will be your guide to how to properly understand and deal with such suspicious offers.
Additionally, you can always contact us for help. Whether you require legal advice or just someone to listen to your story of a scam experience and understand. We’re here for your every request pertaining to avoiding scam and solving the problem arising from it.
Is Boston Mex regulated?
BostonMex is an illicit brokerage that has no valid license. They are an unregulated company that doesn’t abide by any law or legal guideline.
How can I file a complaint against BostonMex?
There are a number of ways through which you can file a complaint about Bostonmex. You may contact your regional financial regulator, your bank, or you may contact us. Spreading awareness about a fraudulent company is very good practice. Doing so will alert other people not to invest with the Boston Mex Scam.
Can I claim a refund from BostonMex?
Financial swindlers are reluctant to allow withdrawals. The best solution would be contacting us for legal advice and help on resolving the withdrawal issues and chargebacks.