If you are ready to start trading in the financial markets, then you need to open a trading account with a broker. You would think that it would be easy to find an online broker, as Google can be very helpful. The problem is that when you run a search, the overwhelming number of companies offering their services can leave anyone very confused. If you take a look at even few of them, you will notice that each one of them promises an excellent trading experience with the right tools, platform and other services. But, as this BlueMarketCap review will show, not all of them are what they claim to be.
The idea of scam brokers is certainly not a new one; it has been around for a long time and there are countless stories of people who fell into their trap. Some became victims, despite wanting to be cautious, because they just weren’t able to resist the offerings, or were too eager to get started. The financial markets offer endless opportunities to make money, but you shouldn’t forego your homework in your excitement to get started. Otherwise, the consequences could be disastrous, which is something you would want to avoid at all costs.
One of the brokerages you will come across is BlueMarketCap and like others, it may also claim to be regulated and licensed and offer you a ton of other services. However, this doesn’t mean that you take their word for it and not follow through. It is a good idea to check this review because it will show you just how BlueMarketCap is fooling people and you could also end up a victim, if you are not careful. What are some of the failings of this platform? Let’s find out:
If there is one aspect of a broker that can be the most disappointing is their lack of regulation. A regulated broker is one that follows a set of rules and regulations and its operations are monitored by an objective authority that can take action against the company in case it breaks the rules. This can ensure investor safety and protection and give access to transparent and fair services. As far as an unregulated broker is concerned, they don’t answer to anyone and can make up their own rules, so you will be left vulnerable.
The problem you encounter with BlueMarketCap is not just that it is unregulated; there are offshore brokers that are unregulated, but are not scams. The issue with BlueMarketCap is its location; according to their website, they have their offices located in London, United Kingdom. The fact is that it is not possible for any brokerage to operate in the United Kingdom, unless it is licensed by the Financial Conduct Authority. This is the country’s regulatory authority and is one of the strictest in the world.
Companies regulated by the FCA have to maintain high standards of service and they also have to meet minimum capital requirements and other policies. A quick check of the FCA register shows that BlueMarketCap is not listed, which means that if the broker is operating from London, it is doing so illegally. This means it is not an authentic platform and cannot be trusted at all. In addition, you will also come to know that it breaks FCA’s policy regarding bonuses.
As mentioned above, BlueMarketCap violates the ban imposed by the FCA on brokers on offering trading bonuses to these clients. The practice was banned by the regulatory authority, along with others in different parts of the world, due to the exploitative nature of these bonuses. They usually come with strings attached that were deemed unfair to traders and so, the regulators decided to ban them in the interest of customer protection.
Yet, when you check out the services of BlueMarketCap, you will find that they are offering a bonus. Moreover, they do have strings attached i.e. ask their clients to meet a certain trading volume requirement before they will be permitted to make withdrawals. If you take a look at the requirement, you will notice that they want their clients to have a trading volume of $5 million in order to withdraw a bonus of $200! This is downright outrageous and indicates that the broker has no intention of letting you withdraw anything.
Lack of information
Before you sign up with any broker, it is understood that you would want to have some basic information. It definitely wouldn’t be smart for anyone to sign up with a broker without having any idea of the kind of trading conditions you can expect. Legitimate and renowned brokers are transparent and open about every aspect of their service because they have nothing to hide. The fact that BlueMarketCap has not mentioned some essential details shows that they do have something to hide.
You will not find any information regarding their trading conditions and this is a problem. There is no mention of the leverage offered by BlueMarketCap on their website. Apart from that, they haven’t mentioned any minimum deposit requirements either. While some platforms have waived off any such requirements as a sign of good faith, some do ask for a minimum deposit. BlueMarketCap doesn’t disclose what they expect from their clients. Likewise, there is no mention of the deposit methods either, which is a concern because you want access to methods that provide chargeback option, such as debit and credit cards.
If you want to know the best trading platform in the financial markets, you will be directed towards the MT4 or the MT5 platforms, as they are considered the gold standard. Therefore, you would expect a good broker to offer either of these platforms, but BlueMarketCap disappoints in this regard. They provide a web-based platform, one that a number of scam brokers are offering and it definitely not something special.
If you are considering BlueMarketCap for your trading services, it is best to give up on it and look for a different broker.