Blinkotrade – Are They a Scam?
Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.
Blinkotrade - DO NOT TRADE WITH THIS PROVIDER
2.5/10
$100
Minimum Depositupdated 2020
Blinkotrade offers you the following types of trading plans:
- Starter Plan: The investment range for this plan is $100 to $500. You also get a reference commission of 3% and hourly returns of 1.2% to 1.8% for 86 hours.
- Manager Plan: The minimum & maximum investment in this plan type are $500 and $999. You get a reference commission of 5% and are promised hourly returns of 2% to 2.5% every hour for 60 hours.
- Premium Plan: The minimum investment is $1,000 and the maximum is $10,000, and you get a reference commission of 10%. You also are promised returns of 8% to 16% every hour for 24 hours.
- Diamond Plan: The minimum investment is $10,000 and you get a reference commission of 50%. You are promised returns of 20%-60% every hour indefinitely.
The broker also mentions that they offer a leverage of 1:300, but we do not know what the spreads or other trading costs are.
Try these regulated brokers if you want to start trading cryptocurrencies
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
Website URL: www.blinkotrade.com
Founded: N/A
Regulations: Not Regulated
Languages: English
Deposit Methods: Bitcoin
Minimum Deposit: $100
Free Demo Account: Not Provided
Number of Assets: N/A
Types of Assets: Standard Forex and Binary Options Trading
Trading Accounts and Conditions
Blinkotrade offers you the following types of trading plans:
- Starter Plan: The investment range for this plan is $100 to $500. You also get a reference commission of 3% and hourly returns of 1.2% to 1.8% for 86 hours.
- Manager Plan: The minimum & maximum investment in this plan type are $500 and $999. You get a reference commission of 5% and are promised hourly returns of 2% to 2.5% every hour for 60 hours.
- Premium Plan: The minimum investment is $1,000 and the maximum is $10,000, and you get a reference commission of 10%. You also are promised returns of 8% to 16% every hour for 24 hours.
- Diamond Plan: The minimum investment is $10,000 and you get a reference commission of 50%. You are promised returns of 20%-60% every hour indefinitely.
The broker also mentions that they offer a leverage of 1:300, but we do not know what the spreads or other trading costs are.
Blinkotrade – Advantages
Considering the number of issues that we have found with Blinkortade, there really isn’t anything positive we can say about this broker.
Blinkotrade – Disadvantages
Here are all the reasons why we would not recommend Blinkotrade to any trader:
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Confusing Corporate Information
The first thing that lends credibility to a brokerage is solid and verifiable corporate information. And that’s where Blinkotrade fails.
The broker, on its homepage, claims to be owned and operated by Blinkotrade Ltd. However, in another part of its website, the broker also mentions three different companies – Globaltrade, Goldentrade and Bitxprofit Ltd.
In fact, on their certificate of incorporation (in the UK), the name of the company is Bitxprofit Ltd.
Thus, we do not really know which company actually own this brokerage.
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.
-
Lies About Regulation Status
The first massive red flag is that lies that Blinkotrade has told about its regulation status. According to its website, this broker’s parent company (Blinkotrade Ltd) is regulated by the financial authorities in both the United Kingdom and the United States.
But, as we said earlier, its UK certificate of incorporation shows the name of Bitxprofit Ltd.
When we checked the UK FCA’s (Financial Conduct Authority’s) online register for this broker’s licensing status, we found that none of the companies mentioned by Blinkotrade were listed. So, this broker lied about it being regulated by the FCA.
Next, we checked the CFTC’s (Commodity Futures Trading Commission) and NFA’s (National Futures Association) online registers, and we got the same results. Nothing. So, the broker lied about it being licensed in the US too.
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Guaranteed Hourly Returns
Blinkotrade promises you hourly returns on your investments. In fact, they guarantee these profits. This is something that no broker can guarantee because the volatility of the forex and binary options markets mean that you actually lose more money than you make.
And all regulated brokers are required by the financial authorities to publish this fact. Brokers are also expected to publish what percentage of their customers lose money when trading with them, and – on average – this figure ranges from 75% to 85%!
So, if even the most regulated and the best brokers state clearly that 75% to 85% of their clients lose money on the market, how can this broker guarantee hourly returns?
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Offering Managed Accounts
The way that Blinkotrade says that they can guarantee you profits every single hour is by you allowing them to manage your trading account for you. Basically, they are asking you to put in money and they will manage your investments.
Now this is actually called a conflict of interest. Why? Because brokers are market makers. Market makers are entities that make money when their customers lose money on trades. So, their purpose is in conflict with yours: they want you to lose money, so that they can make money, and well, you want to make money. They can also manipulate your account to show a higher balance, which can convince you to invest more money with them.
And when you’re dealing with a broker such as Blinkotrade, which has lied about everything of importance so far, then you know you will lose money.
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Conflicting Information About Minimum Deposit
The lies just pile up with this broker! Blinkotrade states that you need to only deposit a minimum of $20 to begin trading with them. But then, when you check another part of their website, it states that the minimum deposit requirement is $100.
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No Functional Trading Platform
Blinkotrade doesn’t even have a functional trading platform! Instead, what you are given is a wired dashboard. And since this broker does not have a demo account, you will only find out that fact after you have registered for an account and deposited your money!
It is best if you trade with a regulated broker that offers the MetaTrader 4 or MetaTrader 5 trading software. These platforms are easy to use and offer you great features for charting, market analysis and even automatic trading.
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Bitcoin Only Payment Method
Blinkotrade has displayed the logos of many payment providers. However, when you actually register for an account with them, you will find that the only way by which you can make a deposit is via Bitcoin.
This is another typical scam tactic since Bitcoin transactions are anonymous and permanent. This means that you won’t know who has taken your money and you will also not ever be able to get it back.
Conclusion
Everything about Blinkotrade clearly indicates that this broker is a scammer and that if you trade with them, you will lose your money.
Blinkotrade
Pros
- None
Cons
- Lies About Regulation Status
- Guaranteed Hourly Returns
- Offering Managed Accounts
- Conflicting Information About Minimum Deposit
- No Functional Trading Platform
Do not trade with unregulated brokers that will steal your funds - try these regulated brokers:
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.
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