Boracircle – Is it a Secured Broker?

Website URL: https://www.boracircle.com

Founded: 2021

Regulations: Unregulated

Languages: English, Japanese, Chinese

Deposit Methods: Cryptocurrencies

Minimum Deposit: N/A

Free Demo Account: N/A

Number of Assets: N/A

Types of Assets: Forex, Commodities, and Indices

Trading Accounts and Conditions

Going through Boracircle’s account creation is very tough as it is impossible to navigate due to the language barrier. It also seems like the main website has been mostly through translation from a Chinese website to suit better for an international audience. That is a hard indication that Boracircle is hard to trust. It is also worth noting that by clicking the account creation button, the browser will take you into another portal that raises another suspicion since the URL has been changed. Our browser notifies us that the website isn’t secure to visit.

With all that said, it is hard to gain more information about Boracircle’s trading accounts and what conditions they do impose because of the language barrier and security issues. However, it is safe to hypothesize that Boracircle is only offering one account type for each of their clients. The minimum deposit they are implementing is most definitely around $200 or even more, considering that Boracircle is another offshore broker.

Boracircle.com – Advantages

Boracircle has no clear advantages, and so far, we consider it as an offshore scam broker.

Boracircle.com – Disadvantages

• Sketchy Website

Although Boracircle presents itself as a formal trading platform, the website itself is tough to navigate, making the signup process a lot more longer than expected. They did quite well on the design choices, but the texts that are all present seem off, and upon closer inspection, we have deduced that many of them are Google Translated from Chinese.

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As aforementioned, the account creation button leads to another website other than Boracircle, and it is named Sun Light Trade. It is also worth mentioning that this particular website has been flagged dangerous as a connection on the website isn’t secured.

A legitimate broker won’t make use of another URL to make you register for an account.

• False Regulation Claims

One of the most common tactics of scam brokers is falsely claiming regulations. Although it is relatively easy to falsify information like this, it is also much easier to trace and verify whether the information they have given is factual. According to Boracircle, they hold a license from different financial entities, namely, New Zealand FMA, Australian ASIC, and International Financial Services Commission.

First, the International Financial Services Commission Belize or IFSC Belize only mandates brokers that operate in Belize, and they don’t have any authority over businesses outside their region. It means that Boracircle made up a financial authority and just removed “Belize” from it, making it even more sketchy, considering that they have gone to the route of making up a monetary authority just so that they can look legitimate.

New Zealand FMA, on the other hand, is quite strict when handing out licenses, and one of their conditions is that they need a business to have obtained more than $1 million, which is highly unlikely for Boracircle, considering that they have just gone live this 2021. Besides that, you can also do a quick search on New Zealand FMA’s website about Boracircle, which we did, and the results returned nothing, meaning that Boracircle only made up these claims. The same goes for the ASIC online registry, which even intensifies and solidifies our claims that this website is a total scam.

• Unknown Leverage Amounts

Since it is quite hard to communicate with Boracircle, we could not know their leverage amounts honestly and be fair; they haven’t even included it in their main website, something a broker should do to become a transparent business to their clients.

Very high leverage would result only in disaster as there is a very high risk with every trade-off. Even if it does provide significant amounts of profits, the risk is still very high, making it an unworthy investment not only of your resources but also your time.

On the other hand, very low leverage seems relatively safe, but in reality, it only means that you’ll have meager chances of gaining profit. Never settle for too much and too less, and only go for brokers that offer reasonable amounts of leverage, preferably those in the middle.

• Limited Payment Method

Boracircle operates only through cryptocurrency, and they don’t allow other payment methods to be used for depositing funds on their website. Although cryptocurrencies like Bitcoin and the others have been known for their fast and efficient processing, there’s still the fact that these transactions are confidential, thereby making anyone anonymous by using cryptocurrencies. Scammers can use an advantage like this to secure your money, not allowing for any withdrawals or even refunds.

It is important to remember that cryptocurrency transactions are final and irrevocable, meaning that the chances of getting your money back are close to if not 0.

• Unspecified Minimum Deposit

The minimum and maximum amount that brokers accept should always be visible and not hidden from tons of terms and conditions. Boracircle never specified how much they require to make a deposit, which is very sketchy as it seems like they’re only in it for the money.

As aforementioned, we think that Boracircle would have at least $100 to $200 of the minimum deposit amount, making it a risky gamble since there’s not enough evidence that they will be returning your money once you make a withdrawal request. Legitimate brokers only charge flat amounts of cash and only small amounts at that.

• Lack of Alternative Trading Platform

Boracircle makes use of MetaTrader4, a standard and easy to use trading platform that many traders have recognized for its potential and flexibility in different markets. Initially, MetaTrader4 dominated the forex industry, and now, a lot of businesses are using it even for cryptocurrency trading.

Even if MetaTrader4 is already strong, it is still a lot better to have a backup trading platform if things go south. There is a much more updated and superior MetaTrader5 and other web-based ones deserving of praise.

Having only one trading platform hurts users in many ways.

Conclusion

Boracircle is nothing but just a pure scam. From their dodgy website to their unspecified deposit amounts, it is a must to keep your distance from them and only find a legitimate broker that will do anything for you.

Boracircle

2.5

User Experience

3.3/10

Payment Options

2.4/10

Security

2.3/10

Support

2.5/10

Reputation

2.2/10

Pros

• MetaTrader4 Platform Implementation

Cons

• Uncertain Regulations and Licenses
• Limited Service Area
• Blurry Trading Conditions
• Predatory Terms and Conditions
• High Leverage