BlackRidge – Can You Trust Them?
Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.
BlackRidge- DO NOT TRADE WITH THIS PROVIDER
2.4/10
$100
Minimum Depositupdated 2024
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://blackridgecm.com
Founded: 2024
Regulations: Unlicensed
Languages: English
Deposit Methods: Tether, Credit Card, Bank Wire
Minimum Deposit: Unknown
Free Demo Account: Not Offered
Number of Assets: 500+
Types of Assets: Forex, Commodities, Shares, Indices, Cryptos
Trading Accounts and Conditions
BlackRidge offers their clients the following account types:
- Standard Account: The spreads are variable and the spread target is 1.8. The leverage is 1:500.
- Professional Account: The spreads are variable floating and the spread target is 0.1. The leverage is 1:200.
The broker does not tell us what the minimum deposit requirement is. However, they do claim that they do not charge any commission per trade.
BlackRidge – Advantages
The single advantage that BlackRidge offers is that they offer their clients the MetaTrader 4 and MetaTrader 5 trading platforms. These are the top two trading platforms in the world today, with more than 70% of brokers and traders using this software for forex trading.
These two platforms, developed by MetaQuotes, are loaded with features. You get a massive range of tools, indicators and charts with which to analyze market movements. You also get calendars, customization options and automatic trading bots for trading. And you have a huge third-party marketplace where you can download more apps – all related to trading.
BlackRidge – Disadvantages
Listed below are all the disadvantages that tell us that BlackRidge is a scammer:
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Unregulated Broker
The broker claims that their company, Blackridge Capital Management Ltd is incorporated in St. Vincent and the Grenadines by the Registrar of International Business Companies. The broker also claims that their company is registered with the country’s financial regulator, the Financial Services Authority of Saint Vincent and the Grenadines. The broker does not provide us with an address, though.
On their Contact Us page, the broker provides us with a UK phone number as well as a data center called Equinix UK DC. However, there is still no physical address provided here either.
This lack of complete corporate information is the first red flag that tells us that BlackRidge is not a trustworthy broker. However, to give this broker the benefit of the doubt, we checked the online registers of both the FSA in SVG and the FCA in the UK. We came up empty-handed. This confirms our suspicion that we are dealing with an unregulated, and therefore, scam broker here.
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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Blacklisted by CONSOB
Another indication that we are dealing with a scammer is the fact that BlackRidge has been blacklisted by the CONSOB.
The Commissione Nazionale per le Società e la Borsa, in short, the CONSOB, has declared that BlackRidge is operating in their country without authorization, i.e., the broker is operating without regulation.
When a regulator issues a warning against a broker, it is to be taken seriously. This means that there have been a large number of complaints against that broker and the regulator has already investigated them. There can be no clearer sign of a scammer than this.
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No Legal Documents
BlackRidge has links to Legal Documents on their website. However, when you click on that link, it simply shows an error. The link doesn’t work. And this means that this broker does not have any legal documents in place.
Legal documents are what constitute the contract between traders and brokers. They need to be detailed – spelling out every condition the broker has in place for the services they offer. If this document is missing, then you know that you are dealing with a scammer.
It would be wise to remember that if you sign up with a broker that does not have these legal documents in place, and then you get scammed, then it will be impossible for you to get your funds back or even seek help from the authorities.
This is the reason why it is so important for everyone to go through the legal documents in detail before signing up with a new broker.
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Issues with Trading Conditions
When you look at the Accounts section of BlackRidge’s website, there seem to be detailed information about the broker’s trading conditions. However, this broker’s details are not complete. We do not know something as simple as their minimum deposit requirement. Added to that, there are only two types of trading accounts offered, which gives traders very little room to maneuver.
Plus, the leverage ratios are extremely high. In the UK and in Europe, leverage ratios cannot exceed 1:30; this is a bar put in place by the authorities to pervert traders from experiencing severe losses. So, the 1:500 leverage that BlackRidge offers is illegal and dangerous.
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Issues with Payments
BlackRidge claims to offer the following types of payment options: credit cards, bank wires and cryptos (Tether).
It all sounds above-board, until you realize that this broker charges massive fees simply for depositing money in your account!
So, if you make a SEPA (Single Euro Payments Area) deposit of more than $10,000, the you will be charged a massive 2.5% deposit fee. If you use your credit or debit card to make a deposit, then you will be charged a 10% deposit fee. Tether (crypto) deposits lead to a whopping 5 USDT fee for each deposit. And wire transfer deposits mean you need to pay an extra 2.5% in deposit fees.
Considering that legitimate brokers normally don’t even charge deposit fees, this kind of demand is outrageous – and a red flag.
If you wish to withdraw your funds, then you have to pay the same charges – all over again. So, you pay to deposit funds and then you pay again to withdraw your funds. Other withdrawal conditions are simply not mentioned.
All of these issues tell us that BlackRidge is a scammer.
Conclusion
BlackRidge is a scammer and trusting them would be a bad idea. The availability of the MT4 and MT5 platforms should not overshadow the many red flags that tell us that this broker is dishonest.
BlackRidge
Pros
- MT4 and MT5 Trading Platforms Offered
Cons
- Lack of Regulation
- Blacklisted by CONSOB
- No Legal Documents
- Issues with Trading Conditions
- Issues with Payments
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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