Bhptrade is a forex and CFD broker that claims to offer a variety of trading products and services to its clients. However, there are a number of red flags that suggest that Bhptrade is a scam broker.
Company Overview
Bhptrade is a relatively new broker, having been founded in 2021. The company is registered in Seychelles, but it does not have any licenses from any reputable regulatory authorities. This is a major red flag, as it means that Bhptrade is not subject to any oversight or regulation.
Does Bhptrade Have Any License?
No, Bhptrade does not have any licenses from any reputable regulatory authorities. This is a major red flag, as it means that Bhptrade is not subject to any oversight or regulation. Legitimate forex and CFD brokers are typically regulated by one or more financial authorities, such as the Financial Conduct Authority (FCA) in the UK, the Australian Securities and Investments Commission (ASIC), or the Financial Industry Regulatory Authority (FINRA) in the US.
Is Bhptrade Regulated By Any Authority?
No, Bhptrade is not regulated by any authority. This is a major red flag, as it means that Bhptrade is not subject to any oversight or regulation. Legitimate forex and CFD brokers are typically regulated by one or more financial authorities, such as the Financial Conduct Authority (FCA) in the UK, the Australian Securities and Investments Commission (ASIC), or the Financial Industry Regulatory Authority (FINRA) in the US.
Bhptrade Pros and Cons
Pros:
- Easy-to-use trading platform
- 24/7 customer support
Cons:
- Not regulated by any reputable authority
- No track record of performance
- Negative reviews from former clients
How Does Bhptrade Reach To Their Prey?
Bhptrade targets its victims through a variety of channels, including:
- Online advertisements
- Social media
- Cold calls
Bhptrade’s ads are often misleading and deceptive, making it difficult for potential victims to know that they are dealing with a scam broker. Bhptrade also uses social media to build trust with potential victims, often posing as a legitimate financial services company. Cold calls are a common tactic used by scam brokers to pressure potential victims into making a quick investment.
Technical Details of Bhptrade
Minimum Deposit
The minimum deposit requirement at Bhptrade is $250. This is relatively low compared to other forex and CFD brokers, but it is still important to remember that you are risking your own money when you deposit with Bhptrade.
Trading Platform
Bhptrade uses the MT4 trading platform. MT4 is a popular and well-respected trading platform, but it is important to remember that it is only as good as the broker that provides it. In the case of Bhptrade, the MT4 platform is not reliable or secure.
Spread
The spreads at Bhptrade are relatively high. This means that you will pay more for each trade that you make.
Leverages
Bhptrade offers high leverage. This means that you can control a large position with a small amount of money. However, high leverage can also magnify your losses.
Packages and Products They Offer
Bhptrade offers a variety of trading products, including forex, CFDs, and cryptocurrencies. The company also offers a number of different account types, each with its own set of features and benefits.
Withdrawal and Deposit Method
Bhptrade offers a variety of withdrawal and deposit methods, including credit cards, debit cards, and wire transfers. However, it is important to note that there are often fees associated with these methods.
What Do Their Previous Traders Say?
There are a number of negative reviews about Bhptrade online. Former clients have complained about the company’s high fees, poor customer service, and inability to withdraw funds.
Summing Up- Why Shouldn’t You Trust Bhptrade
There are a number of reasons why you should not trust Bhptrade. The company is not regulated by any reputable authority, it has no track record of performance, and it has been accused of fraud by former clients. If you are considering trading with Bhptrade, I urge you to reconsider. There are many legitimate forex and CFD brokers out there that offer better services and more reliable trading platforms.
If Bad Things Happen, Where Can You Get The Quick Solution?
If you have lost money to Bhptrade, there are a few things you can do.
- File a complaint with the financial authorities.
- Contact a lawyer who specializes in forex and CFD fraud.
- Contact law enforcement authorities.
It is important to remember that these processes take time and most of the time you will not get any solution if your lost amount is not big. You can contact us and we will not care about your amount. We will provide you with a free consultation and recovery service recommendations to help you in recovering the lost fund.
File A Complaint Against Scam Broker's
Final Thoughts
Bhptrade is a scam broker that should be avoided. If you are considering trading with Bhptrade, I urge you to reconsider. There are many legitimate forex and CFD brokers out there that offer better services and more reliable trading platforms.
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