Table of Content
BDOmarkets Review – Reasons to Avoid BDOmarkets.Com Broker
Table of Content
First noticeable thing about BDOmarkets is the buggy and barely functional site. Additionally, they lack crucial company info. BDOmarket fails to provide any details about their owning company.
Reading Terms and Conditions did reveal some disturbing fact, such as the probable location of the broker being St. Vincent and the Grenadines. This location is a famous scammer haven because the financial authority of SVG does not license or supervise forex brokers.
Aside from this concerning fact and the lack of regulation proofs, BDOmarkets even has unreasonably high fees and bad trading conditions. Along with aforementioned irregularities, BDOmarkets doesn’t really leave an admirable impression.
Is BDOmarkets Legit or Scam? Regulation
Most significant confirmation of a broker being trustworthy is when they’re regulated. Regulatory bodies of every jurisdiction make sure to watch over every broker’s business move and act accordingly if any rule is broken.
The set up framework serves for the purpose of protecting clients’ funds from being misused, along with clients’ info. This includes placing customers’ funds in segregated bank accounts, implementing risk-reducing measures, having a negative balance protection and a compensation scheme arranged.
Since BDOmarkets is located in SVG, they cannot be regulated by the SVG financial authority because the entity doesn’t regulate forex brokers.
However, if they offer their services to customers in EEA, they can be regulated by other EU regulators like BaFin, AMF, MFSA, CONSOB, CNMV. Checking their registers of regulated brokers, we haven’t found BDOmarkets as one of the listed ones.
In the end, the only reasonable opinion to have after examining the regulatory aspects BDOmarkets is missing is that this broker is a phony one.
BDOmarkets Trading Software Overview
The only trading platform available at BDOmarkets is Webtrader. Its functionality and richness in features are a far cry compared to industry standards MT4 and MT5. Most of the trading features reliable softwares are expected to have are missing from this Webtrader.
This is nothing new, as scammers don’t focus on providing profitable trading conditions. Creating an illusion of trading being done is managed with the help of a deceivingly functional trading software. Never settle for less than an exceptional platform and aim to find it with reliable brokerage firms.
Account Types Option at BDOmarkets
While BDOmarkets mentions more than one account type available, the access to the page was denied. It appears that even making an account with this bogus broker is impossible.
Regulated brokers, besides having fully functional websites, offer incomparably better trading conditions. Account types vary and are carefully designed for the purpose of meeting every trader’s expectations.
Demo account is not available with BDOmarkets, so trading risk-free is not an option either.
Trading Instrument Available
A limited choice of trading instruments is separated into a few categories:
- Forex (EUR/USD, GBP/USD, USD/CAD, USD/JPY)
- Crypto (Bitcoin, Ethereum, Cardano, Litecoin)
- Stocks (Google, Amazon, Apple, Twitter)
- Commodities (Natural Gas, Gold, Silver, Copper)
- Indices (Nikkei 225, Dow Jones, NSDAQ, S&P 500)
Needless to mention, these instruments can be bought and sold at not so desirable trading conditions.
Arguably, one of the worst spreads seen is EUR/USD one that is around 6pips! This is 6 times higher than what legit brokers usually offer! Transferring that to trading costs, it means users pay a whole $60 per lot they have traded.
Along with leverage of over 1:400, risk is tremendous and losses can be huge.
Deposit and Withdrawal Process
Any kind of deposit with this unscrupulous broker is strongly not recommended!
Broker allegedly offers depositing via credit/debit cards, bank wire transfer and Bitcoin. Bear in mind that all frauds prefer crypto depositing in order to keep their virtual anonymity and make withdrawals next to impossible.
Minimum deposit at BDOmarkets is said to be $250.
Withdrawals are followed by ridiculous fees and inaceptable conditions. The minimum withdrawal amount is $100 and $250 for Bitcoin. Every withdrawal can be charged 1% of the total sum, the minimum fee being $30.
Apart from the mentioned, as if it wasn’t enough, there is even an absurd inactivity fee of $99 per month!
BDOmarkets Scammed Me – How Can I Recover My Money?
Authorized government entities, jurisdictional regulators and police are equipped to deal with scam, fraud and cyber theft. With the Bank in charge of your funds, they are probably the only reliable sources of help you need in case of a scam.
The most reckless thing to do after realizing you’ve been scammed is continuing to contact the fraud. Scammers, with their eloquence and convincing techniques, will never cease trying to further steal from you!
Please invest safely. Making sure your broker of choice is reliable and a legitimate business is of crucial importance.
- Broken site
- Shady company info
- Bad trading conditions
- Unusually high fees and charges
FAQs About BDOmarkets Broker
Is BDOmarkets A Good Broker?
As an unregulated and unlicensed broker, BDOmarkets is not reliable, not trustworthy and they do not offer good trading conditions.
Is My Money Safe at BDOmarkets?
No, since illicit brokers cannot provide safety of customers’ funds, they cannot be expected to take care of users’ investments.
What Is The Minimum Deposit for BDOmarkets?
The minimum deposit required at BDOmarkets is $250.