In a considerable amount of online trading scams nowadays, BBanc is one of many that has all the hallmarks of a fraudulent broker. It’s guilty on all counts, from not providing favorable trading conditions to not allowing payoffs.
Alongside this, the French financial authority AMF (Autorité des Marchés Financiers), Spanish CNMV, and Belgian FSMA have listed BBanc on a warning list. Learn more about the BBanc scam in our BBanc broker review.
|Company||BBanc (holding company Primis LLC)|
|Address||Saint Vincent and the Grenadines|
|Phone||+12262980411, +442037638446,+34960408293, +48222954682|
|Minimum Deposit||250 EUR|
|Regulation||Mwali International Services Authority|
|Warning||AMF, CNMV, FSMA|
BBanc’s Licensing and Regulation
BBanc, a Primis LLC trademark, has the main office in Saint Vincent and the Grenadines. Brokerage firms formed in SVG are either supervised by SVG FSA (Saint Vincent and the Grenadines Islands Financial Regulatory Authority) or by top-level financial market authorities like FCA (Financial Conduct Authority of the UK), CySEC (Cyprus Securities and Exchange Commission) and Australian Securities and Investments Commission (ASIC).
Although the international forex market doesn’t have a single centralized overseeing institution, it doesn’t mean it’s not a controlled business.
Namely, independent financial market supervisory bodies (FCA, CySEC, ASIC, and others) govern multi-jurisdictional market players, ensuring that brokers carry out duties according to the law. By doing so, your interests are taken care of.
But not all licenses mean your safety of funds is guaranteed. In the case of BBanc, it claims it’s licensed by the Mwali International Services Authority (a Comoros union regulator of the financial services markets), which is meaningless unless you are a resident of this small island since you can’t rely on being protected by this low-level regulator.
Here is why. The regulator’s authority is restricted to traders and investors in this jurisdiction. Hence, despite it being a licensed brokerage, BBanc is blacklisted for swindling money out of people.
A Quick Look at BBanc Trading Software
As it’s expected from a bogus broker, BBanc lies about its trading platforms. It falsely claims its customers can enjoy trading on the next-gen trading software MetaTrader5 (MT5). Whereas MT5 is one of the best trading programs at the moment, BBanc doesn’t provide it.
BBanc offers its web trader platform, which is nothing more than unproven browser-based trading software that can’t measure up with MT4 or MT5.
So, instead of relying on empty promises, you should opt for legitimate companies that offer MT5 and take advantage of the improved successor of MT4, such as plenty of trading tools and copy trading. The latter enables users to monitor and copy the trades of the best traders.
Deposit and Withdrawal Procedures at BBanc
If we disregard the fact that it’s about an investment scam, let’s see what funding methods are available with BBac. It accepts credit/debit cards, bank wire transfers, e-wallets, and Paypal.
It’s relieving that if you have lost money to this scammer broker, you can apply for cashback with a Mastercard, Visa, and Paypal (but only if you deposited funds through one of these payment methods).
But better not to rely on this and avoid trading with BBanc no matter what. The minimal required deposit with BBanc is 250 EUR, while the following trading accounts are available.
- Basic—250 EUR minimum deposit, 1:25 leverage
- Silver—10,000 EUR min deposit, 1:25 leverage
- Gold—25,000 EUR min deposit, 1:25 leverage
- Platinum—50,000 EUR min deposit, 1:25 leverage
- VIP—250,000 EUR min deposit, 1:25 leverage
These opening balance requirements for live accounts are unfavorable and a complete rip-off. In addition, as with illicit brokers, a demo account isn’t available with BBanc.
Without risks and costs, demo account holders can experience actual trading, test platforms, and trading strategies. Only legit brokers provide the demo account option.
Although BBanc has put 1:25 leverage, please don’t buy this since it can’t be trusted; I doubt it’s true.
Concerning withdrawals with BBanc, the minimum amount for payoff is 100 EUR. However, withdrawal means are unknown, which is weird, but what to expect from this untrustworthy company that is just after your money?
BBanc Offers Bonuses
BBanc offers bonuses and promotions, even though they’re forbidden in the EU, Australia, and other jurisdictions due to misuse. Depending on your trading account, the firm presents bonus funds from 30% to 75%.
Bonuses come with strings attached, meaning you must meet some unfeasible conditions to get rewards. Moreover, BBanc keeps the right to alter its bonus policy as it pleases even more reasons for steering clear of this phony forex provider.
The Scam Is Orchestrated In This Manner
Scam brokers apply a wide range of malicious tactics to lure you into investing. Even though you aren’t interested in trading with them, they will do everything to twist your arm.
Using a widely spread technique of proposing fake promotions, con artists will catch your attention, enticing you with generous rewards to open a trading account.
Still, in reality, if they screwed the money out of you, you won’t be able to withdraw invested funds.
Forex Brokers We Highly Recommend
With so many options of respected trading corporations ensuring funds protection and profitable trades, it’s paradoxical to even think about trading with shady brokers. Therefore, we have researched the market and recommend the following enterprises as the most reliable ones.
|FXTM Broker||Cyprus, UK, Kenya, Mauritius||4.5||$10 USD||Forextime.com|
|OctaFX Broker||St. Vincent and the Grenadines, Cyprus||4.4||$100 USD||Octafx.com|
|FP Markets Broker||Australia, Cyprus, SVG||4.7||$100 AUD||FpMarkets.com|
|XM Broker||Cyprus, Australia, Belize, United Arab Emirates||4.7||$5 USD||Xm.com|
|HFM HF Markets Broker||Saint Vincent and the Grenadines, Cyprus, South Africa||4.3||$5 USD||Hfeu.com|
|FBS Broker||Cyprus, Australia, Belize||4.85||$1 USD||Fbs.com|
Our BBanc review provides evidence to conclude that BBanc is a dishonest forex trading company that operates illegally and deceitfully.
Regardless of its license status, this brokerage still engages in questionable practices, which many industry watchdogs have confirmed.
To name a few problems here, the firm fails to provide the following — top-tier authorization, proper trading platform, risk mechanisms (segregated accounts, negative balance protection, withdrawal guarantees), education materials, trading tools, favorable terms of trade, and customer support — all of this provides compelling reasons for why not trading with BBanc.
FAQs About BBanc Broker
What Are The Risks of Trading with Unregulated Brokers?
There are many risks arising from trading with unregulated brokers, but it all boils down to one thing, your funds are not safe.
What Are The Deposit and Withdrawal Methods at BBanc?
As for deposits, BBanc accepts credit/debit cards, wire transfers, PayPal, and e-wallets, while the withdrawal method is not disclosed.
What Kind of Trading Platforms Does BBanc Offer?
Although it claims it offers MT5, BBanc doesn’t provide it but offers its poor internet-based trading platform.