Bluesave – Are They Trustworthy?

Website URL: www.bluesave.io

Founded: N/A

Regulations: Unregulated

Languages: English

Deposit Methods: Bitcoin Wallet

Minimum Deposit: Unknown

Free Demo Account: No

Number of Assets: 200+

Types of Assets: Currencies, Commodities, Stocks, Indices, Cryptocurrencies

Trading Accounts and Conditions

Bluesave offers its clients the following accounts for trading:

• Basic: The deposit range is from $250 to $1,000.
• Bronze: The deposit range is from $1,000 to $3,000.
• Silver: The deposit range is from $3,000 to $7,000.
• Gold: The deposit range is from $7,000 to $15,000.
• Platinum: The deposit range is from $15,000 to $25,000.
• Diamond: The deposit range is from $25,000 to $50,000.
• Black: The deposit range starts from $50,000.

There is no information given on this broker’s website about its trading conditions, so we registered an account to find out more. The only information we were able to find is that the EURUSD pair has a spread that starts from 0.2 pips.

Bluesave – Advantages

We did not find any advantages in Bluesave.

Bluesave – Disadvantages

Here are all the disadvantages of trading with Bluesave:

• Unregulated Brokerage

Bluesave states on its website that it is operated by Buen Solutions Ltd, a company that is based in St. Vincent and the Grenadines (SVG). At this point SVG does not have a regulatory framework in place for forex and CFS brokers, which means that being registered there is not enough for a brokerage to operate legally anywhere else in the world.

The broker has provided two phone numbers, both of which are Netherlands-based numbers. If this broker is offering numbers from the Netherlands in English and in Dutch, it means that it is targeting customers in that country.

To be able to operate in the Netherlands, a broker must be regulated by the country’s Authority for Financial Markets (AFM). However, when we checked the AFM’s online register, we did not find this broker or its parent company listed.

All of this reveals to us that this broker is operating without a valid license and is therefore offering its financial services illegally.

Plus500

$100

Minimum Deposit

Start Trading

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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.

 

AvaTrade

$100

Minimum Deposit

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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.

• Sharing Client Information and Funds with Affiliates

Another huge red flag is the fact that this broker clearly states that it will share your personal information and funds with third-party affiliates. The broker goes on to state that if you suffer losses due to something that happens with their affiliates, Bluesave will not be held responsible.

No legitimate broker would share your information or money with a third-party. Regulated brokers have to follow the laws set in place that protect their clients’ privacy and money!

• No Real Trading Platform

Bluesave claims that it offers support for the Activ8 trading platform. However, when you check their terms and conditions, the only platform mentioned is the MetaTrader 4 platform.

And then, when you go to the user dashboard, the only thing you can download in the name of a platform is an fxtoall4setup.exe file. This is a web trading platform that does not even belong to Bluesave.

So, basically what we end up getting is a web-trading terminal that has nothing but a buy/sell feature.

• Bitcoin Wallet the Only Deposit Method

The only way you can deposit money with this broker is by using a vague Bitcoin wallet. Depositing funds using cryptocurrencies is very dangerous when you are dealing with a virtually anonymous and unregulated broker. In fact, many scammers offer this option because Bitcoin transactions are anonymous, untraceable and permanent. This means that once you have carried out a transaction using this cryptocurrency, there is no way you will know where it has gone and you will never get that money back.

• Unfair and Conflicting Withdrawal Policy

In Bluesave’s Refunds page, the broker states that there are different charges for withdrawals depending on the payment method you opt for. Withdrawals via Wire Transfers will cost you $50, credit cards will cost $35 and alternative payments will cost $25. And if you do not meet a trading turnover of 200 lots, then you will be charged an extra 10% as a penalty.

However, when you read the broker’s Terms and Conditions section, the policy for withdrawals is different. The broker will charge a commission of $30 dollars every time you make a withdrawal request.

• Broker Can Withdraw and Deposit on Your Behalf

Bluesave also states that if you contract with them, then you also give them the right to deposit and withdraw funds from your bank account! This is just a ridiculous proviso! No broker should have the right to touch your personal funds. This is a condition that scammers use to empty out their victims’ bank accounts!

• Non-Deposited Funds Provision

This is a condition that directly related to bonuses (they are referred to as Non-Deposited Funds). So, if you avail of a bonus and make profits from that amount, you will not be allowed to withdraw either the bonus amount or the profit you make from it. So, basically, you will be making money for the broker!

• Bonus Withdrawal Conditions

And since we know that this broker offers bonuses, we see the famous unfair withdrawal condition too. If you have not traded 25 times the bonus amount that you have availed, you will not be allowed to withdraw your money.

But once again, different parts of the terms and conditions have contradictory information about the withdrawal policy for bonuses.

• Multiple Indemnification Clauses

Bluesave has created a huge list of clauses to protect itself from any legal action that its client may take against it. In essence, this broker does not take any responsibility for any losses you may suffer because of the services offered by them.

Conclusion 

Bluesave is a scammer and if you trade with them then it is guaranteed that you will lose all your money. Therefore, it would be in your best interests to not contract with this broker at all.

Bluesave

2.6

User Experience

3.5/10

Payment Options

2.3/10

Security

2.4/10

Support

2.5/10

Reputation

2.2/10

Pros

• None

Cons

• Unregulated Brokerage
• Sharing Client Information and Funds with Affiliates
• Bitcoin Wallet the Only Deposit Method
• Unfair and Conflicting Withdrawal Policy
• Broker Can Withdraw and Deposit on Your Behalf