Blink Trades Review: The Truth About This Brokerage
Blink Trades is owned and operated by a company with the name of Blink Trades LLC. They claim to be registered and regulated in St. Vincent and the Grenadines and seem to offer good trading conditions. Their website is well-made, and they also offer a renowned MT5 trading platform.
These are all just lies, unfortunately. After checking the databases of some of the best financial regulators, we found no trace of the company. The broker is very pushy when it comes to your personal information, however. Find out more about the dangers of fraudulent brokers in our Blink Trades Review.
|Company||Blink Trades LLC|
|Bonuses||Up to 50%|
Is Blink Trades Legit? Regulation and Safety of Funds
The parent company of this broker website, one Blink Trade LLC is supposedly registered in the St. Vincent and the Grenadines. This is, simply put, a complete lie. You should also note that SVG’s main financial regulator, called the FSU, has stopped regulating brokers.
Blink Trades do not offer their services to the citizens of the United Kingdom, United States, Canada and Japan. They do not mention any EU nations at all. The website of Blink Trades is available in UK English, as well as Spanish. Thus, they must adhere to the European regulatory standards.
On of the more prominent regulators from EU is CySEC, so let’s have a look at what this Tier 1 regulator requires from their brokers:
- Minimum capital of 730 000€
- Compensation fund of 20 000€
- Negative balance protection
- Segregated bank accounts
- Maximum leverage of 1:30
- Bonuses are not allowed
- Full financial transparency, enforced by MiFID
Blink Trades break these rules, as they offer a hefty 50% bonus and leverage of 1:500. Just to be sure, we have checked the databases of many financial regulators. Among these are FCA, CONSOB, CMNV, CySEC, BaFIN and CBR. There were no entries named Blink Trades in any of them, meaning that this broker is not authorized or licensed.
Trading Platform Overview
Blink Trade offers two different trading platforms: Metatrader5 and Web Trader. When it comes to scam brokers, Web Trader is their preferred means of defrauding traders. They can easily change the market positions, and influence the outcome of your trades through this platform. After creating a demo account, we couldn’t log in to the Web Trader to test its functionality.
MT5 is an industry standard software for many different trading instruments. The problem with the Blink Trades distribution of this program, is that they urge you to use an MQL5 Web based solution, which is not much more secure than the Web Trader itself. When it comes to the Desktop MT5, this company again did not allow us to log in with a demo account, which is quite suspicious to say the least.
Account Type Offered at Blink Trades
The broker accounts are similar to what their legitimate competition would offer, unlike other scammers like StoxDC for instance. They are based on either spread, or commission. The faux broker offers a demo account, but we could not use it to log in to any trading app, so it’s pretty much useless.
Here are the Blink Trades accounts now:
- Standard – Min. deposit $200, Spread 1.0 Pip, no commission
- Premium – Min. deposit $5 000, spread 0 Pips, commission of 0.05$ per lot
The Blink Trades broker requires an unusually large amount of information when you opt to create a live trading account. They want to know your place of birth, place of residence, net worth, main source of income, et cetera. You shouldn’t share this sort of information with anyone easily, and that goes double for unlicensed brokers.
The deposit methods at Blink Trades are Bank Wire and Bank Cards. That is what they advertise on the website, but again, due to the demo account problems, we could not check these claims. Many scam brokers, like Acer Finance which we reviewed earlier, would advertise these reliable funding methods, but only accept Crypto payments once you’ve created an account propper.
The broker insists on the first payment being done by a Bank Wire transfer and requires an identity confirmation. We urge our readers to never share their personal information with unreliable brokers to avoid further fraudulent actions like identity theft.
Withdrawals are handled through an agent, and via email. Supposedly, this company will process your withdrawal through the same methods you’ve used to deposit, and your bank account will be credited within “a few” workdays.
There is another red flag with this broker: they mention that in case you haven’t received the funds from a withdrawal, you are to contact an agent directly with your personal ID on hand… And we all know where this is going.
How is this Fraud Orchestrated?
The broker scam are very good liars, and seem to offer many conditions that are quite similar to a legitimate broker. Unless you take your time to double-check the license with financial regulators, you couldn’t really tell the difference. For this reason, novice traders are more susceptible to the Blink Trades scam.
These frauds want to get to know you almost intimately. All the information you share can be misused for other nefarious purposes. And, let’s be honest – with the dubious trading platforms and the way Blink Trades blatantly break the regulation, would you really want to trade through this broker?
Blink Trades Summary
The broker is an unscrupulous entity that lacks any license. These frauds play the faking game very well and present their traders with false profits. It is all done because their scheme depends on withdrawals rather than deposits.
To withdraw, you must provide the scammers with a lot of personal information. Before long, they will use this data to clean out your main bank account!
FAQs About Blink Trades Broker
What Can I Trade with a Blink Trades Broker?
Blink Trades allows their clients to trade Forex, Indices, Stocks, Commodities and Crypto.
What are the Available Methods of Withdrawal?
Allegedly, Blink Trades accept Bank Wire and Bank Card funding methods.
Is Blink Trades Broker Regulated?
Blink Trades is an unregulated broker, and presents a danger to your finances.