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BBB Markets Review - is it scam or safe?

BBB Markets Review - Is bbbmarkets.com scam or r good forex broker?

RATING: 1 / 1 REVIEWS
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Trading Accounts

 

Account type  Minimum deposit Maximum leverage Spread
Micro €250 Unknown From 4.1 pips*
Standard  €1,000 Unknown From 4.1 pips*
Gold  €5,000 Unknown From 4.1 pips*
Platinum €25,000 Unknown From 4.1 pips*
Diamond €100,000 Unknown From 4.1 pips*
Elite €250,000 Unknown From 4.1 pips*
VIP €500,000 Unknown From 4.1 pips*

*This is the spread we saw on the trading platform and not the official claim of the broker.

 

BBB Markets stands for Balanced, Bold, Boundless Markets. While the supposedly offers multiple account types, there is no clear difference in the trading conditions, based on your initial deposit.

 

The Company. Security of Funds

Company Country Regulation
OB Capital Limited Marshall Islands N/A

 BBB Markets is a trading brand of OB Capital Limited, a company registered on the Marshal Islands. You may be familiar with this entity, as together with the Bulgaria-based MT Full Services EOOD, they also run Jacob Morgan Investment House

 

None of these are under any regulatory oversight, and BBB Markets has even been warned against by ASIC. 

 

You are probably already familiar with the importance of financial regulation, but we will reiterate, for those who aren’t. To put it simply, if you trade with an unregulated company, you may not be able to withdraw either your profits or initial investment. There are a lot of companies claiming to be brokers, but actually being simply scams, willing to take people’s hard earned money.

 

In order to prevent such elements from dominating the online (and offline) space, governments have created dedicated regulatory agencies. The aforementioned Australian Securities and Investments Commission (ASIC) is just one of them. Other than issuing warnings against companies, the Commission oversees the legitimate brokerages Down Under. They have implemented a minimum capital requirement of AUD 1 million in order to ensure the stability in rough times. On top of that all ASIC-regulated companies must store client funds in segregated accounts. These are special bank accounts, which can’t be emptied by the broker. These two measures prevent scammers from registering with ASIC.

 

 

 

Trading Conditions

 

Minimum Initial Deposit

BBB Markets demands the relatively high level of $250 as an initial investment. With the technological advancement of recent times, brokers can accept even smaller clients. As an example you can create an account at IG by depositing as low as you want. The pioneering broker and spread betting provider has removed the entry barrier, allowing everybody to experience real account trading.

 

Average spreads & Commissions

BBB Markets offers no information on the costs of trading with the company. While this is unusual for the forex industry as a whole, the other brand owned by this company also doesn’t give much information about the actual core of their service.

While testing the platform provided by the company, we saw a 4.1 pips spread on EUR/USD, which is a very high level, when compared to the rest of the industry. If you want a detailed review of the conditions offered by some of the industry-leading brokerages, do explore the potential of our spread-comparison platform.

 

Leverage

At this point, you may not be surprised to hear that BBB Markets does not disclose the leverage ratio, which it offers. Again, this is a minor issue, in comparison to the regulatory status of the company. 

 

If you are looking for a broker offering high leverage, you can’t go wrong with XM, who provide the amazing 1:888 ratio. That being said, we must warn you of the risks involved with high-leverage trading. While any form of investing can lead to losses, “over-gearing” is much more likely to result in losses. 

 


Trading Platforms

 

BBB Markets offers two iterations of a (relatively popular) web-based platform. One of them provides forex and CFD trading, while the other is a binary options platform. There has been a recent trend in companies trying to diversify their services in this way. Most often binary brokers are adding spot trading to their offering. That being said, lets take a look at the platform provided by BBB Markets:

 

 

After testing for a some time we are left with mixed feelings. While the platform is somewhat customizable and this isn’t the full potential of the charting package, we would rate this as very inferior to the top tier solutions, like MetaTrader4 (MT4).

 

This is how the binary options version of the platform looks:

 

 

The payouts on this platform vary between 74% and 86%.

 

Methods of Payment

 

BBB Markets accepts, what are considered as traditional payment methods nowadays, Credit/Debit Card and Wire Transfer. That being said, some traders do prefer using on-line solutions, such as Skrill for their trading needs.

 

Conclusion

 

BBB Markets is an unregulated broker, which was mentioned in one of ASIC’s warnings. Despite that, we reviewed their services and (this probably isn’t going to surprise you) were not impressed. The website does not specify the trading conditions and after registering an account we realized why they were not disclosed. Here is a summary of this broker:

 

Pros

Cons

  ASIC warning
  Lack of regulation
  Off-shore registration
  Site not clear on trading conditions
  High spread in the trading platform
  Very high deposit requirements for different account types

 

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Spread

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Slippage

Pros

Cons

 

 

Requotes

Pros

Cons

 

 

Price feed

Pros

Cons

 

 

Platform

Pros

Cons

 

 

Deposit/Withdraw

Pros

Cons

 

 

Customer service

Pros

Cons

 

 

Summary

Pros

Cons

 

 

Traders` reviews for BBB Markets

BBB Markets is SCAM

BBB Markets is a real Scam. Their brokers can never be trusted. I lost a lot of money because of their stupid promises and my unprofessional broker "Ben Coleman". Never accept any bonus from this broker which I do not recommend even to answer their call or any other broker. Believe me, you will never be able to get back your money. They will let you feel that they care about you and your money but they don't. Even after losing all your money they will tell you "Weeeee are Sooooo Sorry". we will correct your situation and BBB will put as much money as you put. I'm sure if you did so, you will lose again.

Guys, Never deal with them and If someone is already there and dealing with Ben Coleman, you are not safe and he is not an honest person

Sherif Ashraf 10/18/2017
Forex
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