BSTrade Detailed Review – Bstrade.co Scam Right From Saint Vincent and the Grenadines
Symbolically named BSTrade, it’s all this firm offers. There’s nothing legitimate or good about investing with this firm, and we will show you exactly why we think so. Read our Best Stocks Trade review and get all the details.
|Broker status:||Offshore Broker|
|Regulated by:||Unlicensed Scam Brokerage|
|Blacklisted as a Scam by:||N/A|
|Owned by:||Florishing Group LLC|
|Headquarters Country:||Saint Vincent and the Grenadines|
|Types of Assets:||FX, commodities, shares, indices|
|Free Demo Account:||No|
|Accepts US clients:||Yes|
What About BSTrade Regulation?
BSTrade, a.k.a Best Stocks Trade, is a brand of Florishing Group LLC from Saint Vincent and the Grenadines. Knowing that this offshore island has no financial regulator, rather just a register of firms, we’ve checked if the brand ever registered its business. The company was registered in October 2021 by an external firm in charge of fictive companies. Furthermore, the brand shares its address with numerous others, including Istrade, AZAForex, BullsonTrade, etc.
Why Must a Broker Have a License?
If you want a money-back guarantee, your broker must have a license. The firm must be regulated, preferably by a Tier1 regulator such as ASIC, FCA, or BaFin. These authority bodies make sure that every Forex brand will have a compensation fund to reimburse potential scam victims.
Sadly, BSTrade is not one of those. It’s just another offshore scheme.
Traders Reviews About BSTrade Scam
Instead of talking in the name of the victims, we will show you one of the BSTrade reviews.
“Really bad… It’s a scam.
No one should do business with this company.
When you try to withdraw your money they don’t let it.” – Trustpilot customer– Trustpilot customer
The majority of complaints come from:
- Czech Republic
- Cote d’Ivoire
Supported Trading Platforms – Available Trading Software
BSTrade stated itself that “WebTrader is a dedicated product for beginner traders, in order to make their trading experience easy, safe, and successful.” Our question is this: Why is the firm targeting only beginners? The answer is easy. Because they’re a scam firm and no trading veteran will believe their stories, as they’ve heard it numerous times.
Problems With Accessing The Platform
The most significant sign of a scam was our attempt to check the platform. Once you sign in, you will see a message to contact support so that they can unlock the platform for you. Therefore, we’re not sure whether or not you will get any access.
Which Platform Is Safer For Trading?
This proprietary WebTrader without a mobile app is not even worth mentioning. It cannot be compared to reputable software like MT4 or MT5, which is what we highly recommend.
Everything About BSTrade Accounts
The Best Stocks Trade has 3 account types.
- Community – $250
However, the other two account types have no minimum deposit, so we’re unsure how you can qualify for any. The main differences are the spread and leverage, both increasing with each account type. Also, with the Premium account, you can get a morning market report, and with Business, you’re entitled to daily fundamental and technical analysis.
BSTrade Range of Trading Instruments & Markets
The company offers access to the following markets:
- Currency pairs
BSTrade Confusing Leverage
On the main page, the broker advertises leverage from 1:80 to 1:500. However, the Account Types section suggests that clients can get from 1:100 for the Community account to 1:600 for the Business account. Whatever is true, the leverage is unregulated and goes against all the trading standards. The EU and UK regulators set a limit to 1:30 or 1:50 for the Forex market, and for good reason.
Scam Bonus Policy
What would an offshore firm be without a malicious Bonus Policy? BSTrade requires clients to have a minimum trading volume of 30 times the deposit plus bonus amount to withdraw their funds. This can be found only in the Terms and Conditions, and the broker’s employees won’t bother telling you the truth while offering you this same bonus.
Most regulators have banned bonuses and other incentives because scam firms were abusing the rules and extorting funds.
BSTrade Deposit and Withdrawal Methods
The company has never specified payment methods you can use. We’ve seen them mentioning wire transfer, Visa, and the MasterCard, so we assume these are your options. Withdrawals must be made using the same method you used for the deposit.
The company allegedly charges no commissions for deposit and withdrawal, but there’s a 10% inactivity fee if your account was not used for over six months. Furthermore, the withdrawal takes 4-7 business days after the request has been processed, but it’s not specified how long it takes to process it.
Are You Already Involved With BSTrade? – Share Your Story With Us
If you fall victim to the Best Stocks Trade scam, let us know. Our chargeback specialists may be able to assist and help you recover your funds.
But What Is A Chargeback?
A chargeback is a way for your bank to recover the funds directly from the merchant. Contact us via online chat, and you will get all the details. Act now, and let’s get your money back!
What Is BSTrade?
BSTrade is an online trading scheme firm from Saint Vincent and the Grenadines.
Is BSTrade a Scam Broker?
BSTrade is a scheme firm operating with no regulation and hiding offshore.
Is BSTrade Available in the United States or the UK?
The company offers its services in both the UK and the US without a license.
Does BSTrade Offer a Demo Account?
No, BSTrade doesn’t offer a Demo account, only Live ones.