Blaze Markets Review – Main Features and Flaws Revealed
Blaze Markets Ltd is a company incorporated in St. Vincent and Grenadines in 2020. With their offshore license, they have some kind of credibility. Yet not the one experienced traders are looking for.
Generally speaking, companies are registering offshore to keep their anonymity on the highest level. But if that’s the case with this one, you’ll have to find out further in this Blaze Markets review.
|Is This Company Safe?||No|
|Have Warnings from:||N/A|
|Registered in:||Saint Vincent and Grenadines|
|Deposit Bonus:||Not available|
|Trading Assets:||Forex, CFDs, Crypto|
|Free Demo Account:||No|
|How to Withdraw from This Company?||With licensed brokerages, you shouldn’t have withdrawal issues and you should go with the standard procedure. Thus, if any problem occurs, feel free to contact our refund specialists for in-detail advice.|
Legal info: Is Blaze Markets legit?
As can be seen, the company claims to be licensed by MISA. It’s an offshore regulator from the Comoros Islands. Indeed, Blaze Markets Limited is in their register. Yet, the company doesn’t have any Tier 1 licenses and considering their target countries, it’s a huge downside.
We were checking FCA, BaFin and ASIC regsiters, but results were not found. The same was for CFTC, NFA and IIROC. Even though the broker claims to have operational offices in the US.
Who are Blaze Markets clients?
To provide financial services for UK traders, the company must obtain an FCA license. Yet, this broker does that without such. In any case, their clients mostly come from:
- United States
- United Kingdom
You will notice that all of these countries are strictly regulated. Moreover, they have domestic authorities with far better security and protection for clients. Some of them even have compensation funds of up to $85.000. Yet, with offshore regulations, you can’t expect that. In any case, for any potential issues with Blaze Markets, feel free to contact us for advice.
Surprisingly, BlazeMarkets reviews on Trustpilot are quite positive. Even though it appears to have 34 comments, many of those are double comments from the same people.
In general, before you experience it on your own skin, you won’t know anything. But after that one comment telling us about potential issues, you might rethink your decision. But if you need professional advice, don’t hesitate to send us a message.
Leverage, Commissions, Spreads, Fees and Taxes
For an offshore brokerage, they have acceptable leverage of up to 1:200. Yet, not acceptable for UK or US regulators. In fact, their authorities allow a maximum of up to 1:30 or 1:50.
Allegedly, spreads are starting from 1 pip for a Basic account with zero commissions. But if you get a better spread, you’ll be charged a commission of up to $8 for CFDs and $4 for forex. In any case, you are paying them.
Blaze Markets Trading Features
Something you easily recognize is that the company has a wide range of advanced features, such as EAs, scalping and hedging allowed. But also, PAMM and MAM accounts. This can be quite attractive, but without adequate funds protection features, can be extremely risky.
Trading Platforms Available
This brokerage offers trusted trading software. It’s a MetaTrader whose importance we also mention in our Profit Trade review. With its fast executions, wide range of charting and customization options, you can enjoy all the trading features without bugs.
Available Trading Assets
Tradeable assets can be a deciding moment for some investors. In case the investment firm is missing out on a key instrument class, a person might avoid it and look elsewhere. Luckily, this company offers all 5 major categories:
- Forex – USD/GBP, EUR/SEK
- Commodities – natural gas, silver
- Indices – DAX30, S&P500
- Shares – McDonald’s, Walt Disney
- Cryptos – BTC, ETH
Practically, the account types don’t differ much, except in spreads and commissions that we already mentioned. Besides, even the minimum requirement is not significantly different. Anyway, you can choose:
- Standard – $100
- Pro – $250
Mobile Trading App
MT4, as the standard package of the offer, has mobile apps included. So, all iOS and Android users won’t have nightmares trading wherever they are. Most importantly, they can still use all the advanced options.
Surprisingly, a demo account is not part of Blaze Markets’ offer. Their logic is obviously that anyone can afford $100 to test their services. But to understand the point behind a demo, read our 12Trader review.
Account types don’t offer any education. Yet, there are some tools on their website like market hours, economic calendar, heat map analysis and calculators. But if you are looking for live sessions and webinars, you must find a Tier 1 licensed broker.
Blaze Markets Withdrawal
Quite strangely, the company doesn’t have a transparent withdrawal policy. So, transfer methods, fees and processing time remain a mystery. Which is not a sign of a trusted and regulated broker. Keep in mind these things wouldn’t be possible with top-tier regulated brokerages.
For the contact options, you might choose between three options. Those are e-mail, US phone line and web form. As a key part of the trading world, we are hoping you will have a positive customer experience with their support.
Key Information To Consider About Blaze Markets?
As mentioned, the broker is offering services to traders from countries where the company is not authorized. On top of that, they offer a leverage higher than allowed in those countries. On the positive side, there is MT4 software available, but without a demo account or Tier 1 license backup.
All in all, there are brokerages with far more secure features and better credibility. Hopefully, you will avoid any irregularities. But if you experience any potential problems, feel free to contact our refund experts for consultation.
What Is Blaze Markets?
Blaze Markets is an offshore company registered in Saint Vincent and Grenadines since 2020.
Is Blaze Markets Regulated?
Indeed, yes. But only with MISA offshore regulation. Thus, without Tier 1 licenses potential issues can occur. If that happens, contact our refund specialists for advice.
What are the account types of Blaze Markets?
There are only two account types available with the company. Those are Standard and Pro with a difference of $150 in deposit requirement and slightly different costs of trading.