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BCH Advance Review: Another Unregulated Fraudulent Broker
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BCH Advance Review, With all the recent controversy surrounding crypto assets, we thought it is an appropriate time to expose one peeving little fraudster that deals with digital currency trading. In the BCH Review, you’ll read all about how this financial swindler deceives victims and steals their funds.
While we are not able to reveal who is behind this devious plot, we can certainly show you the writings on the wall that indicate how terrible this scheme is. Without further ado, let’s get into it, shall we?
How Are You Protected at BCH Advance? Broker Regulation
We’ll start off by saying that you’re not safe at all with BCH Advance. The elephant in the room here is the anonymous status of the shady broker. There’s no owner company nor address on the website. The legal documentation is pretty bare as well when it comes to the background.
Nevertheless, we were able to find a phone number that starts with +44, which belongs to the UK. That’s a start, we guess. If we follow that logic, the next step is to check whether the broker is registered with the UK’s financial market regulator – the Financial Conduct Authority (FCA). As expected, it is not.
Therefore, it is pretty risky to trust such a fraudulent entity. We recommend you opt for a provider that is regulated by top authorities such as the aforementioned FCA, CySEC or BaFin. You will thus ensure that your funds are stored in a segregated account and be able to trade while covered with negative balance protection.
Overview of Trading Platform
BCH Advance claims that its trading platform is “powered by the latest innovations in the crypto trading arena and supported by cutting-edge trading technologies.” Quite a promising statement, wouldn’t you agree? Consequently, we were very disappointed to find out that the platform in question was a basic WebTrader.
Plain, primitive, unpolished, lackluster, and the list goes on. You get the point. There aren’t any advanced features. Automated trading is impossible, for example. All you get is some basic charts and elementary tools. Plus, the safety of using the platform is also dubious.
When it comes to the type of assets that are available, we already mentioned that BCH Advance deals only with cryptocurrencies (Bitcoin, Ethereum, Ripple, etc.).
Trading Account Provided
The unscrupulous broker offers six different account types on its website:
- Micro – $250;
- Bronze – $5,000;
- Silver – $25,000;
- Gold – $50,000;
- Platinum – $100,000;
- Elite – $250,000.
Sure, list out some more trivial features such as webinars and daily analysis but not key aspects of trading, i. e. leverage, spreads and commissions. When you add to that the volatility of the crypto market, you’re in for a major financial disaster. We had to look for it on the awful trading platform.
Surprisingly, leverage is well within the legal limits prescribed by regulators for crypto trading (1:5). Spreads, on the other hand, were not that good. As much as 7 pips of USD/US Tether. Regardless, it’s pretty much irrelevant at this point since the con artist will surely embezzle your money as soon as you deposit it. It does not care about providing decent trading conditions.
Given the bogus website and all the mystery surrounding BCH Advance, even $250 is too much to invest in such an illicit broker. For the same amount of money, you can easily find licensed and trustworthy providers.
Deposit and Withdrawal Process
As stated, the minimum deposit is $250. After searching through the legal section, we found out that the cyber fraudster accepts the two traditional payment methods – credit/debit cards and wire transfers. Withdrawal fees range from $20 (lower than $100) to $150 (more than $2,000). However, we highly doubt you’ll be making any withdrawals with BCH Advance.
Are You a Victim of BCH Advance? Chargeback Is The Answer!
If you’ve fallen for this devious scam, know that you are not the only one. We managed to find two more unfortunate victims that decided to share their experiences. Take a look.
Now it is up to us to tell you a little bit about two possible ways of getting your money back. Since the con artist says it accepts credit/debit cards and wire transfers as payment methods, you can request either a chargeback or a recall.
- A chargeback is used to reverse credit/debit card transactions. You can request it at the issuing bank within 540 days.
- A recall is the reversal of wire transfers. But, keep in mind that if the transaction is complete, the recall will fail. So, rush to the bank!
BCH Advance Summary
- BCH Advance is a fraudulent scam broker that deals only with crypto trading;
- The shady provider is completely anonymous;
- The phone number posted corresponds to the UK, but BCH is not registered with the FCA;
- The minimum deposit required is $250;
- BCH Advance does not accept US clients;
- Everything else surrounding the broker is really vague.
FAQs About BCH Advance Broker
Is BCH Advance Regulated Broker?
BCH Advance is not a regulated broker. It is shady, anonymous and extremely dangerous.
Does BCH Advance Offer A Demo Account?
BCH Advance does not offer a demo account on its website.
What Is The Minimum Deposit for BCH Advance?
The minimum deposit that BCH Advance requires is $250.