Boney Market Review: Is it a Reliable Trading Platform?

The answer, unfortunately, is a scam. Boney Market, despite its slick website and promises of high returns, exhibits numerous red flags and operates with complete disregard for regulatory standards, making it a breeding ground for financial losses and frustration.

What is Boney Market?

Boney Market presents itself as a forex and CFD broker, offering trading in currencies, commodities, indices, and stocks. They boast a user-friendly platform, competitive spreads, and educational resources for beginners. However, this rosy picture crumbles under scrutiny.

You can tell there’s a problem if a European broker is offering leverage more than 1:30. Alternatively, the FX brokerage Boney Market provides up to 1:400. Because the negative balance protection feature is absent, it is not only risky but also has the potential to put you in debt.

Spreads appear to be rather narrow based on how they are presented. However, the platform’s real-time data is not displayed in the presentation. Consequently, very corny. The fact that no extra fees or commissions are disclosed is noteworthy.

Boney Market Details

Deposits and Withdrawals

The fascinating part starts with withdrawals. In actuality, the business withholds all information about it. We can only assume they don’t have it at all because their T&Cs website is broken. If not, they would reveal all of their telltale indicators of fraud.

All the same, we don’t know the withdrawal fees, processing time, or procedures. But you can’t expect to get your money back if you use their funding options, which include cryptocurrency and wire transfers. Not from the broker, anyway. only through different reimbursement channels.

If you have lost money to companies like 9XPROFITS, or GainGround; please report it to us on our Report a Scam form.

Account Types

Higher deposits or trading volumes actually yield no benefits from this brokerage. When you compare it to the broker on the Forex Trading Market, you can see just how much they demand from you. Traders are limited to selecting a single live account. Naturally, not a single one of the trading terms was made clear.

Red Flags and Warning Signs

As the main regulator in Bulgaria, we find the Financial Services Commission (FSC). However, Boney Market is not listed in their database of regulated entities. Non-surprisingly, the situation is the same with even top-tier regulatory authorities, starting with the BaFin, FCA, ASIC, and CFTC.

Therefore, all the features this broker offers can be considered fictive, especially funds protection features. In general, UK traders can sleep tight knowing they could get up to 85.000 GBP compensation with FCA-regulated firms. With the BoneyMarket scam company, you can only get sick.

Customer Complaints and Negative Reviews

A quick search online reveals a deluge of negative reviews and complaints against Boney Market. Users report difficulties withdrawing funds, unresponsive customer support, and questionable trading practices. These stories paint a disturbing picture of potential manipulation and predatory tactics.

Boney Market Alternative Brokers

If you’re seeking a reliable and trustworthy forex and CFD broker, numerous reputable options exist, each with proven track records and regulatory oversight. Consider established players like IG, Saxo Bank, or Interactive Brokers for a safer and more transparent trading experience.

Got Scammed by Boney Market? We Help Victims!

If you’ve fallen victim to Boney Market’s deceptive practices, you’re not alone. Organizations like the European Securities and Markets Authority (ESMA) and the Financial Conduct Authority (FCA) offer assistance to victims of financial scams. Don’t hesitate to reach out for help and seek legal recourse to recover your losses.

You can get a free consultation and recovery service recommendations to help you recover the lost funds. They will analyze your case and will provide you with professional guidance or You Can report to us today by the below form.