Bullionsassets Review: Is It a Trustworthy Broker?
Bullionsassets is a broker belonging to the company with the same name and is said to be founded in 2018. The headquarters mentioned are with the address in the UK. Supposedly, they’re running a successful business providing online trading services to clients in more than 150 countries.
However, the first thing to always be checked about a broker is their legal documentation. If you tried to open the Legal Terms page on the official website you would find a broken page. Bullionsassets make no mention of any license or regulation. What can be found about this phony broker though, is a warning issued by top tier regulator in the UK – FCA:
|Leverage||From 1:100 to 1:1000|
Bullionsassets License and Regulations
In order to make sure there is no mistakes, we have gone through registers of acclaimed regulators like ASIC, FCA, BaFIN, CONSOB, AMF, etc. Looking for Bullionsassets has delivered no result.
Broker doesn’t provide any proof of being licensed, yet offers financial services worldwide. For that reason, FCA has issued a warning about this phony.
When investing with an unauthorized firm, customers have no access to Financial Ombudsman Service and FSCS protection.
In order to be licensed, brokers have to provide the financial authority proof of initial capital that ensures their long-term operation.
The same obligation stands for segregated bank accounts and negative balance protection, as well as other conditions.
In compliance with MiFID and ESMA rules, they enforce consumer protection and transactional transparency, too.
Why Trading with Offshore Brokers Risky
Offshore zones are known as scammer havens. When there’s no jurisdictional regulator to oversee their activity, brokerage companies are being opened every day.
They operate without a license and without threats of legal action to be taken against them. By being under the radar of financial authorities, they keep virtual anonymity.
This coverage serves them for getting away easily with the funds they steal from their clients.
How Do Offshore Brokers Implement Their Scam?
A typical strategy used by offshore brokers is making promises of fast and easy money. Sadly, it is known that nothing sounding too good can actually be true and it is the same case with this. Since novice traders are easier to deceive, they are the main target. Eloquent and calculated, they use deception to make clients believe they’re trading. Their funds actually end up in a scammer’s wallet. Once the investment is made, there’s hardly a chance for a chargeback.
High Withdrawal Threshold
One of the ways unscrupulous brokers use to make withdrawal difficult to nearly impossible is certainly an overly high withdrawal amount. This means that in order to request a withdrawal, the client would have to reach some impossible profit from trading.
Fake Profits and Withdrawal Cost
Another way of limiting withdrawal chances is huge withdrawal fees. From deceiving them into believing they’re making unbelievable profits, to imposing ridiculously high fees, withdrawal is made practically unrealistic.
Trading Platform Overview
The site proudly proclaims to be offering the famous MetaTrader 4 and MetaTrader 5. Trading software like this is a top-tier platform, most widely used today in the online trading industry. Unfortunately, upon registering the account with Bullionsassets, users don’t in fact get to see MT4 or MT5.
Logging in to the trading area gives you access to an overly simplified dashboard. You can see some chart movement that doesn’t in the slightest look like the aforementioned platforms. The lack of features and customizable options is also a sign of the manipulative use of the software to create the illusion of trading.
Bullionsassets Deposit and Withdrawal
The only way of funding your account that is accepted with Bullionsassets is actually crypto depositing. Funding your account can be done from the trading area dashboard, where you are asked to deposit in crypto, while no minimum amount is defined.
The same user area offers withdrawal possibilities. Of course, these too only work in crypto (BTC and USDT). The minimum amount that can supposedly be withdrawn is $50.
The estimated time needed for processing it is 1-24 hours. The tricky part is the fees and charges. They can be up to 15% for any withdrawal, which is just ridiculous and not something a legitimate brokerage firm is allowed to do.
Bullionsassets Offers Bonuses and Promotions
Bullionsassets does mention bonuses on its homepage. It’s impossible to make sure either since there are no clear Terms and Conditions.
That’s why it is extremely important to be transparent and provide full and unambiguous information on the company and its regulations.
We have already established that Bullionsassets is an unlicensed broker, so even if there were any bonuses and promotions, they would surely come at a cost.
Top Forex Brokers
To avoid losing funds to scams, it is safer to just invest with a licensed broker. Regulated brokerage firms offer clear trading conditions. They provide transparency and can guarantee customers’ protection and the safety of funds. Companies like these have millions of users and years of service. We have listed some for you in the table below:
|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|
Scam brokerage is a problem the online trading community has been facing for a while. Targets are usually novice traders. To protect yourself, make sure to choose a legit broker. Avoid depositing via crypto and choose safe payment methods.
Newly registered fake brokers offer extremely attractive trading conditions. These are just too good to be true, so please do not fall for them.
There are thousands of victims of cyber theft so do not refrain from sharing your impressions and experience with us. Making it known that a firm is running a fraudulent business is useful for all traders looking for a place to invest.
FAQs About Bullionsassets Broker
Is My Money Safe with Bullionsassets?
As a non-regulated broker, Bullionsassets cannot guarantee the safety of funds.
Is Bullionsassets Broker Regulated?
No, Bullionsassets does not provide any proof of license and has even been blacklisted by FCA.
Do Bullionsassets Offer a Demo Account?
No, Bullionsassets require funding your account via crypto to be able to trade.