BizzTrade Review: Reasons You Can’t Trust This Broker
BizzTrade Review, After being recognized as a Ponzi scheme, BizzTrade was first shut down for fraud and unregulated brokerage activities. Now we have the same scammer in brand new clothing operating under the new domain of bizztradeforex.com. The site also declares to be owned and run by BizzTrade Ltd (former Bizz Trek). The same owner of the previous domain.
The location of the firm is the ill-famed SVG, home to many similar MLM schemes and other forms of scams. Read our BizzTrade review to learn all about it.
Additionally, we strongly advise you to avoid the fraudulent brokers SolidusX and Fxy Trade.
|Company||BizzTrade Ltd (former Bizz Trek)|
BizzTrade License and Funds Security
BizzTrade used to lie to clients about being registered in the UK. Since that could easily be checked by searching the FCA register, they have now changed the site info. Now BizzTrade reveals its actual location – Saint Vincent and the Grenadines.
Even if you’re a beginner at Forex, you are probably aware that SVG financial authority (FSA) does not regulate brokerage companies. This spot-on means that BizzTrade operates without a valid license. The broker still makes a lousy attempt at forging a SVGFSA brokerage permit but without success. They are only registered there, but they still need a license to perform transactions and offer financial instruments for trading.
However, BizzTrade shamelessly brands itself as a unique earning opportunity and offers their shady services to EU, UK clients and broader. Lets quickly go through the necessary conditions EEA and UK brokers need to meet to obtain a license:
- First deposit of at least 730 000 GBP/EUR
- Segregated bank accounts for clients’ investments
- Leverage ratio set at 1:30 max
- Negative balance protection
- Compensation scheme
- Transparency and transaction reporting
Comparing that to how BizzTrade does business, we can easily realize why they are under no supervision. The whole brokerage deal is just a front for the MLM scheme they’re selling, so they do not care about a broker license.
Still, it’s a chance to earn from defrauding. So they offer leverage of dangerous 1:200, no negative balance protection, and are completely untransparent about any of their activities, info, and transactions.
BizzTrade Trading Platform Overview
BizzTrade only poses as a broker and isn’t a genuine financial services provider. Therefore, you can’t trade anything. The error we kept receiving as we tried to register an account was in broken English. It said no email was received. Whatever that meant, it stopped us from opening an account.
Without an appropriate account and access to the client zone, we couldn’t get to trading. MT5 is actively advertised on the website but the download file is suspicious and we absolutely don’t recommend you install it on your machine.
Account Types Available at BizzTrade
BizzTrade supposedly offers a variety of trading accounts to meet your needs and style of trading. In that sense, you can choose between Mini, ECN, and VIP accounts. No minimum deposit requirement for each account type can be found on the site. The accounts differ in terms of starting spreads and commission, so we assume they have to be asking for a different initial investment. None of their features are revealed to us, either.
|Broker||BizzTrade||FXTM||OctaFX||FPMarkets||XM Broker||HFM||FBS Broker|
BizzTrade Offers Bonuses and Promotions
Three currently ongoing promotions at BizzTrade are the following:
- Zero Fees – All new customers have the chance to deposit and withdraw funds without paying any charges for the processing. They have to invest/withdraw at least $200.
- Free VPS – an account with 5000 USD or more gets free VPS.
- Bizz Demo Contest – When they exceed 10 000 standard lots on demo, the 3 Lucky winners get $1 000.
It was a bit intriguing to find out how has BizzTrade set up its payment service (BizzCoin) as one of the funding methods. Sadly, we weren’t able to do that. After all, account opening was impossible due to the mentioned error repeating. And we couldn’t explore the depositing process without an account.
Other allegedly available payment methods on the site are wire transfers and cryptocurrency (Bitcoin and Ethereum).
When you read the reviews by their former clients, you will learn that no withdrawals actually happen. This is no surprise, as BizzTrade bases its profit on defrauding innocent traders.
How the Scam Is Implemented
Everyone is familiar with how Ponzi schemes work. You’re promised to get high returns and certain commissions for every family member/friend/colleague you drag into the scam. As they purchase services and find their own affiliates, you will supposedly keep earning a percentage.
The sad fact is that statistics show that most of the people involved in these projects almost never earn anything. They actually lose what they have invested in the first place, too. And the scheme itself usually crumbles down after about two years at most.
Suggested Forex Brokers
It is disgraceful how BizzTrade earns off honest retail traders that wish to try their luck with Forex. That’s why it’s of utmost importance to carefully choose a broker you can trust. Your broker of choice should be a legal business, with a long tradition, their own innovations, and a big existing user base.
The brokers we present to you today are all well-regulated, critically acclaimed, and successful. Pick any and see the difference between a genuine service provider and a common fraud that BizzTrade is.
|FXTM Broker||Cyprus, UK, Mauritius||4.5||$10||Forextime.Com|
|OctaFX Broker||Cyprus, SVG||4.4||$100||OctaFX.Com|
|FP Markets Broker||Australia, Cyprus||4.7||$100||FpMarkets.Com|
|XM Broker||Cyprus, Belize, Australia||4.7||$5||XM.Com|
|HFM HF Markets Broker||Cyprus, UK, South Africa, UAE, Kenya||4.3||$5||HFM.Com|
|FBS Broker||Cyprus, Belize, Marshall Islands||4.85||$100||FBS.Com|
It’s a real wonder how BizzTrade still operates. But we’re guessing they’re already drawing their last breaths as the account opening is already closed.
Ponzi schemes are so common, there’s no chance you won’t encounter one, especially if you want to become a Forex trader. However, our duty demands us to warn you and this is what our BizzTrade review serves. It may not reach all in time, but you can help with that by communicating with us and sharing your own knowledge and experiences of such schemes.
FAQs About BizzTrade Broker
Is My Money Safe with BizzTrade?
No, funds aren’t safe with cyber thieves and Ponzi scheme operators.
Is BizzTrade a Regulated Broker?
BizzTrade is not just unregulated. They aren’t a brokerage house at all. Just a poser and a MLM propagator.
What Is The BizzTrade Minimum Deposit Amount?
BizzTrade does not reveal how much they ask of their clients to invest in order to open a live trading account.