BBC Finance – Are They Safe?
Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.
BBC Finance - DO NOT TRADE WITH THIS PROVIDER
2.2/10
$100
Minimum Depositupdated 2023
The details for opening trading accounts are not indicated on the broker’s website. In order to register with this broker, you only need to go to their sign-up page where you’ll be asked to enter your name, email address, phone number, and password. You’ll also be asked to accept their Terms and Conditions and confirm that you’re over 18 years of age. After this, the trading platform will be made available for you and you can start trading using their demo account.
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: https://bbcfinance.com
Founded: 2023
Regulations: Not Registered
Languages: English, French, German, Russian
Deposit Methods: BTC, USDT
Minimum Deposit: $1000
Free Demo Account: Unavailable
Number of Assets: 200+
Types of Assets: Commodities, Cryptocurrencies, Currencies, Stocks, Indices
Trading Accounts and Conditions
BBC Finance does not give us any details about whether they have any trading account types or not. The only thing that the broker states is that their minimum deposit requirement is $1000, and that you can register to create an account with them.
We also have no information on the spreads, but we are told that the leverage is standard at 1:20 – for all asset classes. Other trading conditions such as fees, commissions, order execution methods and so on are all missing.
BBC Finance – Advantages
There are no advantages to trading with BBC Finance.
BBC Finance – Disadvantages
BBC Finance is a scammer and here are all the red flags that prove it:
-
Blacklisted and Unregulated Broker
The first sign that this broker cannot be trusted is their lack of regulation. BBC Finance claims to be based in London, UK. But there is no other corporate information; we do not know the name of the company behind this online brokerage, we do not have a telephone number, and we do not have any registration or license number either.
Regulated brokers would ensure that all of this information was clearly and easily available on their websites. So, the first sign.
Next, if a broker claims to be based in a particular location, then it would be logical to assume that that broker is regulated by the financial regulator of that area. So, if BBC Finance claims to be based in London, they must be regulated by the Financial Conduct Authority of the UK. We checked the regulator’s online registers where all licensed companies are listed.
We found out that not only is BBC Finance not regulated by the FCA, but that the authority has actually blacklisted this broker for operating in their country without a license. The regulator has warned all traders against dealing with this broker as they are scammers.
Thus, if you deal with BBC Finance, you are dealing with an unregulated and blacklisted broker, and therefore a scammer.
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.
-
Issues with Trading Platform
A broker offers their client two things – their trading platform and their trading conditions. Therefore, both these offerings have to be best in class. Which is why legitimate brokers make an effort advertising the type of trading platform they offer, and also clearly spell out their trading conditions. We will discuss this broker’s trading conditions next. Here, we will focus on their trading platform.
With real brokers, you will find that they offer their clients either the MetaTrader 4 or MetaTrader 5 platforms – two of the top trading platforms in the world. The red flag here is that BBC Finance does not even mention the name of the platform they have to offer.
And regulated brokers will also offer their clients a demo version of their platform. This way prospective clients can actually test their trading platform – and trading conditions – in a safe environment. The fact that BBC Finance has no such offering is another red flag.
And finally, when we did check the trading platform, we found out that it was nothing more than a web-based software that doesn’t do much more than allow a trader to buy and sell a few assets. The poor quality of BBC Finance’s trading platform is just another indication that we are dealing with a scammer.
-
Issues with Trading Conditions
The second critical offering a broker has for their clients is their trading conditions. These conditions are what decide whether a trade is going to be advantageous for a trader or not. A trader needs to know what the cost of each trade will be (spreads and commissions), how much risk they can take (leverage ratios), what kind of trades they can carry out (order execution methods) and so on. Without this information, it is very difficult for a trader to choose the right broker.
Scammers will avoid giving out this information since these conditions are usually unfavorable for the trader – or because they don’t really have any trading platform where traders can carry out real trades. And that is exactly what we see with BBC Finance.
With the exception of their minimum deposit requirement and their leverage ratios, we have no information. Furthermore, a minimum deposit of $1000 is ridiculously high, when the industry standard ranges from $100 to $250.
-
Issues with Payments
Another clear warning that BBC Finance cannot be trusted is the fact that they have extremely limited payment options.
Legitimate brokers offer their clients multiple payment options – credit and debit cards, bank transfers, wire transfers, various e-wallets, and cryptocurrencies.
With BBC Finance, there is only one payment method – cryptocurrencies. And that too, only two types of cryptocurrencies – Bitcoin and Tether. This is a huge red flag for us. Cryptocurrency transactions are all anonymous and permanent. Once carried out, there is no way you can trace your funds or get them back. Which is why scammers love this payment option. So, if a broker offers only cryptocurrencies as a payment option, you know that the chances of that broker being a scammer are extremely high.
-
Issues with Withdrawal Policy
Another red flag is the lack of a proper withdrawal policy here. This broker has not specified anything about their withdrawal policy. We do not know if there is a charge for withdrawals, if there is a minimum or maximum withdrawal limit, if you have to meet some conditions before you can withdraw funds and so on. This lack of information is another clear sign of their scam.
Conclusion
BBC Finance cannot be trusted; they are scammers and you will lose all your funds if you deal with them.
BBC Finance
Pros
- None
Cons
- Blacklisted and Unregulated Broker
- Issues with Trading Platform
- IIssues with Trading Conditions
- Issues with Payments
- Issues with Withdrawal Policy
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.
eToro is a multi-asset platform which offers CFD and non CFD products. 74% 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.