PaperBids Review: Paperbids.com a Losing Scam

Paperbids Review
  • Regulation
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Summary

Regarding trading conditions, investors should pay attention to details such as spreads, leverage, and applicable fee, among others. Spreads and leverage greatly influence the profit(or loss ) you can make. Preferably, spreads should be low/tight.

Paperbids is a CFDs broker allegedly offering a trading and investment platform for investors. The broker advertises secure and safe trading, fast withdrawals, and flexible account management. Investors using this platform can trade with commodities, indices, stocks, NFTs, metals, forex, and cryptos. Admittedly, the broker’s website is appealing enough to convince you that it is all good.

PaperBids Review, PaperBids Company

However, before you rush to give this broker your business, pause-not everything a broker says plays out as they advertise. This necessitates extreme caution because you might play yourself right into scammers’ hands. Regardless of website infrastructure, there will always be some clues hinting at whether the broker is legit or not. For instance, you can cross-check the address, trading conditions, and regulation credentials. If something about a broker’s credibility feels off, the best call is to trust your intuition. Also, cease any engagement with the broker.

In this review, we share some subtle warning signs that made us believe this is not a trustworthy broker. Please combine your preliminary research with the issues we raise to decide whether it is worth investing with this broker. Follow through:

Paperbids.com Review

BSC MSD LLC runs Paperbids under registration number 2442 LLC 2022. The broker claims its goal is to enable a regular retail investor to trade efficiently. The company reportedly provides its investors with a gateway to financial freedom. The broker has supposedly been in the market for over nine years and brags about a customer base above 3000.

This looks like a realistic figure, but it is not our main point of concern. Additionally, the broker offers guidance on technical and fundamental analysis, risk management, and trading. Tools provided for investors include a built-in economic calendar and market news.  Although the broker seems to have an enticing offer, we recommend you err on the side of caution. Choose legit forex trading companies that are reliable. These are regulated entities with great trading conditions.

Contact Details

A broker’s location (if true) speaks volumes about its authenticity and credibility. Paperbids gives its address as 1st Floor, St. Vincent Bank Ltd Building, James Street, Kingstown, St Vincent & the Grenadines. Moreover, the broker claims to have other offices in Hong Kong (5 Gloucester Rd, Wan Chai), the United Kingdom (10 Upper Bank St, London E145NP), and Luxembourg (80 Av. De la Liberte).

However, this broker does not provide a telephone contact or email address. Instead, there is only an interface asking you to describe your query and send the message. It would not be wise to contact such a broker because it does not have an elaborate communication channel or customer service outfit. Should you reveal your details, they will use them to manipulate you further.  

Deposit and Withdrawal Policy

Going by its deposit menu, Paperbids only accepts BTC deposits. The broker limiting deposits to digital assets only is a cause for concern. From experience, such transactions are hard to trace because shady brokers like this will anonymize their identification details. Furthermore, these transactions are irreversible. Subsequently, filing for a chargeback when they take your money would not be easy.

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The deposit methods of most legit brokers are flexible and range from credit cards, bank transfers to e-wallets. Before you make a deposit, confirm the traceability and reversibility of transactions.

Investment Plan

The broker has six investment plans. The main package has a minimum funding threshold of $250 and a lot size of 1 for NFTS and Cryptos, 1000 for indices and stocks, and 100000 for forex, commodities, and metals. Next, the bronze package has a minimum deposit requirement of $2500. The third plan-silver has a funding threshold of $10000. Next, the gold package has a $50000 funding threshold. The platinum package requires a $100000minimum deposit. The broker does not disclose the deposit requirement for its VIP package. However, the minimum trading volume is 10 for all accounts except the main one.

Paperbids.com Review, Paperbids.com Features

Paperbids is not as straightforward as we expect a genuine broker to be. Even for basic investors, the deposit requirements are ridiculously high, and the figures do not sit right with us. Moreover, the trade volume requirements, though not very high, implicitly suggest a hidden agenda to manipulate investors to trade a lot to gain access to their deposits and profits. The only explanation for such an amount is that the broker wants you to deposit as much so that they steal it.

Trading Platform

The broker promises to give investors professional trading software with an intuitive and user-friendly interface. The software is custom-made for tablets, desktops, and mobile devices. Nonetheless, the web-based platform that the broker provides only allows essential functions like technical analysis. Otherwise, the platform functionalities are limited, and there is a high risk of software manipulation by the broker.   

It is advisable to stick with legit brokers who provide reliable software, such as MT4 and MT5. The two platforms give a competitive trading experience as they have limitless functionalities.

Trading Conditions

Regarding trading conditions, investors should pay attention to details such as spreads, leverage, and applicable fee, among others. Spreads and leverage greatly influence the profit(or loss ) you can make. Preferably, spreads should be low/tight. The broker states that there is no commission, insinuating that spreads are not applicable. Trend carefully with this broker because if it does not earn commission from your trades, how does it make money?

The FAQs section indicates that the broker allows a leverage of up to 1:1000. This is a serious red flag. Such leverage is prohibitive and suggests the broker is not subject to forex governance. We know this because brokers under regulatory bodies adhere to the 1:30(U.K., Australia) or 1:50(U.S.) leverage capping. The high leverage makes investors susceptible to staggering losses, more so in a volatile market situation.   

Regulation Status

Paper bids headquarters are in St. Vincent & the Grenadines. This is another cause for alarm. Unscrupulous brokers prefer SVG due to its accommodating nature and lack of forex regulation. If a broker’s base is in SVG, then there is no way it is subject to a governing body. The broker also claims to have other offices in Hong Kong, Luxembourg, and the U.K., but this is not true.  

The easiest way to ascertain a broker’s licensure and regulation is to check with the respective regulatory body. Since the alleged office locations do not have corresponding license numbers, it is impossible to verify these claims. We also find it ironic that the broker states it does not offer services to Hong Kong residents, yet it claims to have offices there. This does not make sense.

Our educated guess is that Paperbids is a typical offshore broker, which further worsens the risks. Offshore brokers are not accountable for handling your money and can do whatever they please, including stealing. This is a broker to avoid if you value your investment’s safety.

Our Take

Who a broker says it is, is not necessarily what they are. Investors ought to be diligent and cautious when settling for investment brokers. To do these, you must carefully screen the website for any alerts, such as unreasonable terms, false claims, and omissions, to conclude a broker’s credibility.  

When you get a legit forex broker, you can be sure that your investment ambitions can materialize and, importantly, funds safety is guaranteed.

 

 

 

1 Reply to “PaperBids Review: Paperbids.com a Losing Scam”

  1. Brian Anger

    I’ve asked 4 times to pull my money and if any profit out I need it now. You have a chat room that there is nobody there to answer out if I don’t have a call today november 16 th or 17 th or my money pulled out I will report you to stock exchange or anywhere you’ll get a very bad review from me I’m the client and I said I want my money out and I want it now

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