BSFinance – Can You Trust Them?

| Publish date: 05/01/2020 (Last updated: May 01, 2020 03:13 AM)
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Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.

BSFinance - DO NOT TRADE WITH THIS PROVIDER
2.5/10
$100
Minimum Deposit
X

updated 2020

BSFinance has not given any information about the kinds of trading accounts it has on offer. And neither is there any information about the trading conditions such as the leverage levels, the spreads and other trading costs.

Try these regulated brokers if you want to start trading cryptocurrencies

Plus500 Review - Regulated broker
Plus500CY Ltdauthorized & regulated by CySEC

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://bsfinance.biz/

Founded: 2018 – 2020

Regulations: None

Languages: English, Spanish, French, German, Chinese, Russian

Deposit Methods: Visa and MasterCard, Bank Transfer

Minimum Deposit: Unknown

Free Demo Account: None

Number of Assets: N/A

Types of Assets: Forex and Cryptos

Trading Accounts and Conditions

BSFinance has not given any information about the kinds of trading accounts it has on offer. And neither is there any information about the trading conditions such as the leverage levels, the spreads and other trading costs.

BSFinance – Advantages

There are no advantages we could find in trading with this broker. Therefore, we have left this section of our review empty.

BSFinance – Disadvantages

Here are the many serious disadvantages to trading with BSFinance:

  • Unlicensed Broker

This brokerage is owned and operated by a company called BSFinance Limited. This company is incorporated in the United Kingdom. However, being incorporated in a particular country doesn’t mean much if that company is not regulated.

All financial services providers in the UK need to be regulated by the FCA (Financial Conduct Authority). However, when we checked the FCA’s online registry, we found that this broker was not licensed by the regulator to offer financial services in the UK.

Many brokerages that operate without proper authorization are scammers, so it is best to avoid dealing with such brokers.

Plus500
$100
Minimum Deposit

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

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.

 

  • Regulatory Warning Issued Against BSFinance

While we were checking on BSFinance’s regulatory status, we found something that confirmed our suspicions about this broker’s fraudulence. This broker has been blacklisted by the Spanish regulator, the CNMV (Comisión Nacional del Mercado de Valores).

This warning was issued by the CNMV after the regulator receive numerous complaints from traders who had been scammed by this broker. This is clear sign that it is best to avoid trading with BSFinance.

  • No Trading Conditions

As we mentioned at the beginning of our review, BSFinance has provided no information with regard to its trading conditions. We do not know what types of accounts are available for trading, if any, and we don’t know the leverages, spreads or other trading conditions offered by this broker.

The broker has covered up this lack of information with a lot of self-promotional generalities. The broker calls itself an investment company that makes security transactions on stock exchanges, and then uses that investment capital in the forex as well as cryptocurrency markets.

  • Promises of Unrealistic Returns

BSFinance offers its clients seriously unrealistic returns on their investments. After 25 days of you having invested with them, they promise that you will get back a 655% profit, including your principal. After 45 days, you are promised a 1500% return on investment, after 60 days, you get a 3000% ROI and after 90 days, you are promised a massive 6500% return!

But there is no clarity on how this broker actually makes profits or why they are willing to share these so-called profits so generously.

These returns are so enticing that many traders end up falling for this scam. The reality of trading is much different.

Most traders lose as much as their entire deposits while trading in the markets, and this is information that legitimate brokers are required by law to publish. In fact, on average, 70% to 85% of brokers’ clients lose money while trading.

This clearly shows that no broker can guarantee returns on investments made, especially not such astronomically high returns.

This is just another indication that BSFinance is out to scam people of their money.

  • No Trading Platform

Since this broker does not offer a free demo account, we decided to open a live account to see if we could find out what the trading conditions were and what kind of a trading platform BSFinance supported.

To our surprise, we found that there is no trading platform at all! Not even a simple dashboard! The only thing you can do once you register for an account is deposit funds into your account.

This clearly shows that the only thing that this broker is interested in doing is getting money from its customers.

  • Limited Payment Methods

BSFinance only offers the most basic payment options – Visa, MasterCard and Bank Wire transfers. This broker does not offer the popular online e-wallets such as Neteller and Skrill, which is not surprising, since these payment service providers now have strong anti-scamming policies in place.

  • Offering Trading Bonuses

Another huge negative about this broker is the fact that they offer trading bonuses to their customers.

Trading bonuses have been banned in many jurisdictions for a reason. They are used by unscrupulous brokers who are out to get unsuspecting customers’ money. Trading bonuses come attached with seriously unfair conditions.

Traders need to meet a trading turnover target before they are allowed to withdraw their funds. These targets are usually so high that traders are rarely able to meet them. Then the brokers use this as an excuse to deny their withdrawal requests.

Thus, the unwary traders end up losing all their money. This is a tactic that usually used by scammers, which is why it is not surprise that BSFinance is offering such a promotion to its customers.

Conclusion 

BSFinance is not a broker that you should trust. They have shown themselves to be scammers. They are unlicensed and there is a regulatory warning issued against them.

Furthermore, they have presented no trading conditions, do not even have a trading platform, have not clarified where they derive their profits from or how they will keep their promises of ridiculously high returns. And finally, they also offer trading bonuses that have really unfair conditions attached to them.

We would therefore recommend that all traders avoid this broker completely. If you are looking to trading with a broker, we suggest you find one that is regulated and transparent and offers fair trading conditions.

BSFinance

2.5

User Experience

3.2/10

Payment Options

2.4/10

Security

2.3/10

Support

2.5/10

Reputation

2.1/10

Pros

  • None

Cons

  • Unlicensed Broker
  • Regulatory Warning Issued Against BSFinance
  • No Trading Conditions
  • Promises of Unrealistic Returns
  • Limited Payment Methods

Do not trade with unregulated brokers that will steal your funds - try these regulated brokers:

Plus500
$100
Minimum Deposit

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

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
$200
Minimum Deposit

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.

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