Finding a broker online is the same as searching for anything else over the internet; you have to search Google first and then sort through the options to find a suitable one. The problem is that many people just go with the first option they come across because they are eager to begin trading in the financial markets. But, you have to remember that your hard-earned money is at stake, so you should never take this matter lightly and ignore the risks. As this BB360 review shows, scam brokers are very much active in the market and always ready to take advantage.
Therefore, it is not wise for anyone to choose a broker before you know everything important about it. No, this does not mean that you rely on what they present to you on their website. Why? This is because fraudulent platforms know just how to show a professional front and if you only rely on it, you will end up becoming a victim. It can be devastating to realize what a big mistake you have made, so it is best to resist the urge to start trading quickly and take some time in making your decision.
You need to know some important details about a broker and this should also be done in the case of BB360. According to this broker, it is based in London and offers easy access to more than 200 CFDs, excellent trading conditions and a state-of-the-art trading platform. The offerings undoubtedly appear very attractive and you would want to select the broker right away. But, taking some time and checking its offerings thoroughly can and does make a difference. How? You can check out the details here:
It has been blacklisted in Italy
If there is one indication that the broker you are dealing with is not legitimate, it is when a regulatory authority has issued a warning against it. Unfortunately, you will discover that BB360 has indeed been blacklisted by a regulatory authority, which is Commissione Nazionale per le Società e la Borsa (CONSOB). This is the regulatory authority in Italy and has issued a warning about the broker in question.
The regulator has highlighted that BB360 appears to be offering its services to people in Italy illegally, since it does not have a license to operate. It is understood that a legitimate platform would never do that and only scammers would take this route because they want to exploit as many people as possible.
Its website appears to be anonymous
Before you sign up with a broker, you should always put in some effort to learn as much as you can about it. After all, you will be trusting them with your own personal and sensitive information, as well as your hard-earned money. Hence, you need to know exactly who you are dealing with, but you are in for disappointment when you try to do this with BB360. When you go through the broker’s website, you will find that it is virtually anonymous.
The only piece of information that you do find is that it is based in London and this is pretty much it. You will not find any other details, such as company name, corporate background, or even an address. There is no data about BB360 available, which means you don’t know who you are going to trust. Secondly, if the broker is really based in London, then it would need to have a license from the Financial Conduct Authority (FCA). This is the regulator for the United Kingdom and oversees all brokers operating in the country, yet a check of their online register does not show BB360 at all.
What does this tell you? This means that either BB360 is lying about where it is operating from, or it is operating illegally from London. Neither of these statements paint the broker in a good light.
It does not have any Terms and Conditions
When you are looking into a broker to determine if it is an appropriate choice or not, it is natural for you to check their Terms and Conditions. The purpose of these documents is to inform you of the kind of relationship you can have with the broker. They provide insight into the policies that traders have to comply with when they open an account on the platform and details about the fees and charges they will incur during the trading process.
This makes these Terms and Conditions extremely important, but the problem is that BB360 does not have these on its website at all. It doesn’t make sense for a broker to not provide you such important information. A genuine broker would never make this mistake because it is transparent and straightforward about its offerings. Only fraudulent platforms would not share their T&Cs because they fully intend to exploit you later. They make you agree with their Terms and Conditions when you register an account, but you have no idea what these are, which means they can ask you for anything later, or impose any policy they want.
It has an unproven trading platform
A look at the offerings of BB360 shows that it is promising its clients a state-of-the-art trading platform that works for both beginners and professional traders alike. The problem is that you will find an unproven web based platform available, which is quite similar to what many scam brokers offer to appear as legitimate. Authentic brokers, on the other hand, usually offer the MT4, MT5 or even the cTrader, as these come equipped with all the functionalities and tools that are needed for a seamless trading experience.
Its payment methods are unclear
Another issue you will find with BB360 is that it hasn’t clarified its payment methods, which means you don’t know if filing a chargeback would be possible or not. The VISA and MasterCard logo do appear on the website, but there is no clarification.
Once you know these problems associated with BB360, you can decide that it is not a broker you want to use for trading at all.