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BNPMarkets is not a reliable and trustworthy forex trading company. The information displayed on the company website is not in verifiable and credible. The online venture is plagued with scammers, and it would be best if you invest with the best forex trading platforms.
Online investment platforms have provided an all-inclusive environment for all people to invest. These platforms offer diverse investment opportunities to traders. They also provide advisory classes where they teach beginner traders on how to trade. In this review, we will offer our insights into the operations of BNPMarkets.
BNPMarkets.com is an online trading platform. The broker offers investment services such as; futures, cryptocurrency trading, shares, energies, metals, indices, and forex. This forum has its roots in an offshore company where the safety of funds is not ascertained.
The broker claims to be a trusted one and operates on the morals of transparency. The same broker has not been open with the traders. The registration details provided are not fluent. The firm claims to install the MT4 trading platform as its trading component. We are yet to see the results of this trading software. The charts shown on the site are not backed by the actual results derived after trading. The pips and spread of the broker are not provided too.
Scammers tend to omit essential information to trap traders. Traders cannot trust these types of trading sites. The broker will not generate the expected rewards for the investor since their main intention is to disappear with the traders’ money. Every trader should sign up for business with legit forex trading companies who will promote your growth rather than suppress it.
The team and founders
BNPMarkets is made of a global team that works together. Led by their CEO Riley Bishop and other support staff, it is a great investment area to engage in. However, we don’t know each team’s experience levels in managing this trading firm as it has not been outlaid on the site. We thus don’t know how qualified they are in trading.
BNPMarkets Regulation Status
BNPMarkets is based in London, UK. This follows that CySEC should regulate it. Bnpmarkets.com is not regulated as its actual origin is in the Marshal Islands. Its registration is under the company, Smart Technology Ltd. The mother company is established in Russia, where the Russian Federation authorizes forex trading. Russia has two regulatory bodies; (National Federation for Forex Dealers) NAFD and (Central Bank of Russia) CBR. Despite having these bodies, bnpmarkets.com is not regulated by any of them. The broker originates from an offshore jurisdiction where the rules of chargeback and taxes don’t apply.
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The broker has only been authorized to operate as a normal company but can’t be regulated. This is because it lies in the jurisdiction of the Marshal Islands. Offshore brokers are best known to be illegal and can’t be trusted. The Japanese market has also issued a warning against trading with bnpmarkets.com due to its fraudulent acts. The warning comes with evidence; thus, you should avoid engaging in any business with bnpmarkets.com at any cost. All traders should be careful when dealing with brokers who have origins in offshore countries.
Bnpmarkets.com has provided a number through which the support staff can is reachable; +44(0) 207 129 790. In contrast, the domain information shows a different contact number +7.4955801111. Why would a trading site contradict their information? They also have a support email address firstname.lastname@example.org which is as per the site. The domain, however, has provided a separate email address, email@example.com. Illegitimate sites tend to provide inconsistent information to alienate themselves from any liabilities.
BNPMarkets The Domain Insight
The domain name is registered in Moscow, Russia. The domain name, however, expires after one year in January 2022. This is a suspicious trend that we have noticed. Scammers register their sites for only one year and later stop operations. As a result, traders lose a lot of money. BNPMarkets is a high-risk investment and traders ought to be careful not to lose all their funds. After one year, the expiry of registration is a mechanism brokers use to make themselves immune to possible losses in the future. The traders cannot apply for a chargeback as it doesn’t apply to bnpmarkets.com.
Withdrawals and Deposits
Investing in any venture requires capital. The initial capital required to operate a forex account in bnpmarkets.com is $500 in USD, GBP, or EUR. Members can pay for subscription fees through wire transfer, credit and debit cards. Funds transfer can also be made to trading accounts through BNPMarket wallets. The accounts can only be funded through wire transfers and cards.
Funding through cards is a risky process since traders can only withdraw funds after a period of 6-12 months. Also, as per the rules of bnpmarkets.com, all refunds should be applied within six months; otherwise, they are nullified. Bnpmarkets.com charges 10% of the initial investment when withdrawing funds if no trade has been conducted.
Funds can only be accessed within 3-5 days. However, in our research, real Marshal Brokers ensure traders get their money within 3 days. The brokers should also be internationally recognized and have a prior existence of not less than two years. Bnpmarkets.com claims to be in operation for 15 years.
The surety of this information cannot be verified since the domain has only been registered for one year. The site is also offering commissions to traders who sign up to their site. This they do to entice traders and lure them into signing up with them. Why are they paying traders to trade? Invest in legitimate platforms, and you won’t regret it.
Traders need to be informed of the software the broker intends to trade with. This essentially helps them decide the best broker. Bnpmarkets.com uses the MetaTrader 4 trading software. Traders are also allowed to access trading benefits through their android and i0S. BNPMarkets claims to use a risk management technique. This is the BNPMarkets wallet that enables traders to transfer money and trade.
Bnpmarkets.com can conduct up to 2000 trades per second. Each trade is completed within 10 milliseconds. This is what they say. We have not seen evidence of their trading activities on the platform. There are just pictures of candlesticks. These could be downloaded. We need to see an actual trade. They also don’t have a demo account. These accounts aid traders in knowing the direction of the broker hence further trust in the process.
The broker uses an execution rule that allows for solvency and quick finalization of trades. There is no evidence of live trades from bnpmarkets.com. Online businesses, and especially those involving forex, are backed by tangible evidence. Traders cannot just believe the words they see on the forum. Bnpmarkets.com only talks of having tight spreads but doesn’t specify the amounts of the spreads and leverage.
Is bnpmarkets.com legit?
The legitimacy of Bnpmarkets is in question. The company operates without permission since it’s not regulated. An unregulated platform increases the risk to an already risky venture that could lead to loss of all your investment. The available registration information shows that they exist in two locations which is confusing. You would instead invest in a legit broker who is permitted to provide trading services.
Trading decisions are done after many considerations including the leverage ratio, the initial investment requirement, the history of the broker, the regulatory position of the broker, and many others. In our opinion, legit forex trading platforms will truthfully outlay their data. However, bnpmarkets.com has provided unreliable information to traders and cannot be trusted. Tread carefully when dealing with this broker.