Beurax Review: Do Not Deal With This Scam Broker
Beurax Review, There’s no other way to start this Beurax review except with warnings against this complex Ponzi scheme.
The leading search results for this brokerage company are the multiple scam alerts by major financial authorities and some independent bodies. We were immediately certain something was dangerously off about them.
As it turns out, Beurax is an Australian broker with little to offer to their customers except for lies and false promises that only result in crypto scams. Now, they’re somewhat atypical compared to other digital trading fraudsters. We will explain how their entire scheme functions in the following review.
For a start, be sure to read the official warnings against Beurax:
After all the warnings, the Beurax website went dark, so you won’t be able to access it at the time being.
|Company||Beurax Corporation Pty Ltd|
|Address||121 Marcus Clarke St, Canberra ACT 2601, Australia|
|Bonuses||Deposit bonuses and referral bonuses|
|Warning||FCNB, CSA, ASIC, BCSC|
Beurax Regulation and Fund Security
It’s uncertain how Beurax pictured to make their illicit business look credible. You see, they’re lying about owning a license issued by the same jurisdictional body that has blacklisted them. ASIC is a leading Australian regulator and getting regulated by such a prestigious and strict authority is not a game.
For informational purposes, AU brokers are required to invest 1 000 000 AUD to even be able to start a legal business. As in any other severely regulated zone, AU brokerages have to provide segregation of clients’ capital through separate bank accounts.
Like in Europe and the UK, Australian firms have to keep leverage at 1:30 max. The implementation of negative balance protection is to protect customers from additional trading risks.
It’s clear, judging by the Beurax offer, they had no intention of conducting a legal online trading project at all. First of all, their highest leverage can be up to 1:500. Moreover, they are unclear about most of the trading conditions and have zero transparency in terms of transaction reporting and essential company info.
The regulatory framework in Canada consists of somewhat similar laws and conditions to the ones we’ve described. Some standards are formulated differently, but all in all, the rules surrounding a brokerage business are no child’s play. Beurax clearly breaks every imaginable criterion, which has forced Canadian and other entities to also blacklist them. Beware of this deceiver!
Beurax Trading Software Overview
What scammers typically use is a primitive web terminal performing fictive trading in a highly controlled environment. Beurax stands out in that sense and offers something slightly more unconventional.
The Beurax trading terminal is actually an automated software that processes crypto scalping deals constantly around the clock. Based on that, Beurax offers clients empty promises of their potential daily profit being up to 1.4%. In time, that could supposedly pile up and result in a colossal payback.
Everything a trader does is feed the machine their money and watch their capital grow, it’s that simple. Can Beurax get any more trivial and fake-sounding with their overly attractive offer? No profit comes with zero effort, especially on the Forex market.
Account Types Available at Beurax
Account types at Beurax don’t work entirely in the traditional scammer way. Depending on your initial deposit, which has to be at least $20, you unlock different features. In total, there’s a sum of about a dozen account types which Beurax refers to as Status.
Your status as a trader gets better the more you invest and you gain bonuses up to level 15. Beginning from the status called the Silver Consultant means getting 0 bonuses and 0 turnovers.
Getting up to Diamond Director brings a 100 million dollar turnover and a 3 million dollar bonus! Pretty insane, isn’t it?
Deposits and Withdrawals Procedure
An interesting trap related to deposits at Beurax works in the following way. If you decide to become a customer and want to start trading you have to deposit at least $20 in the crypto equivalent and keep doing so. In that case, there are no fees around deposits.
However, if you start trading with Beurax and stop depositing into the scam project prematurely, your previously deposited amount will have 75% deducted from it. How ruthless is that?
The minimum withdrawal amount is 0.001 BTC or equivalent and that’s all that Beurax reveals about refunds.
How Is Fraud Carried Out?
Beurax doesn’t just wish to drag you into their malicious scheme, no sir. With all the attractive bonuses and advantages they offer, you’ll want to trick your friends and family into it, too.
The more people become a part of it and start investing, the bigger bonus and turnover percentage you get. Sadly, it’s all a carefully planned deal and it results in no actual profit. And this isn’t something just novice traders fall for. It doesn’t even matter if you’re experienced or not.
Con artists are so persuasive and convincing, anyone can become their next victim. Following that are the devious conditions and trading volume requirements for even the smallest withdrawals, it makes your head spin.
To a certain extent, Beurax may seem different from the financial swindlers we usually review. But that doesn’t make them any less devious or guilty of all the defrauding.
If anything, it makes them even more dangerous. With a distinctive offer, they may have even managed to persuade victims they’re credible and not just another internet scammer.
However, the warnings and public announcements speak for themselves. Beurax is obviously another scheme set up to manipulate and extort money for traders.
FAQs About Beurax Broker
How Secure is the Beurax Trading Platform?
The Beurax trading platform is not a secure source of trading tools and instruments. Various public warnings witness that.
Does Beurax offer a Demo Account?
No, the broker only allows you to open a live trading account and you have to start investing if you plan on trading.
Are Payouts Subject to Taxes at Beurax?
Actually, the broker is so secretive about the essentials of refunds, they do not reveal any info on possible withdrawal fees.