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BBMTrade Review - is it scam or safe?

BBMTrade review - Is bbmtrade.com scam or good forex broker?

RATING: 1.1 / 1 REVIEWS ForexBrokerz BBMTrade
BBMTrade is an offshore broker. Your money is not safe.

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BBMTrade is a forex and CFD broker, offering a wide variety of currency pairs, as well as some crypto CFDs on the MetatTrader4 platform. If you are considering opening an account with them be sure to read this review first.

 

Account type Min. deposit Max. leverage Spreads
Standard Account $500 1:500 2,5 pips, floating
Pro Account $20 000 1:500 n/a

 

BBMTrade Advantages:

 

Good variety of currency pairs, as well as crypto CFDs

 

BBMTrade offers a really good selection of trading instruments, including CFDs on stocks, indices and futures. With a demo account we counted some 49 forex pairs, including exotic currencies like Czech Krona, Danish Krone, Honk Kong Dollar, Hungarian Forint, Singapore Dollar, Norwegian Krone, Polish Zloty, Swedish Krona, Chinese Yuan, Mexican Peso, Russian Rubla and South African Rand. 

 

Also, we came across several crypto CFDs with coins including Bitcoin, Ripple, Ethereum, Litecoin, Dash and Bitcoin Cash, as well as CFDs on precious metals like gold, silver, platinum and palladium and commodities like oil, natural gas,  copper, wheat, sugar, soybean, corn, cocoa and coffee. Still here you may check our list of brokers, offering Bitcoin CFDs as well:

 

>>Bitcoin Forex Brokers<<

 

Leverage of up to 1:500

 

Leverage of up to 1:500 as offered by BBMTrade is more than enough to accommodate even the most aggressive trading strategy. And while higher leverage might help you score good profit with a relatively small deposit, it also comes with a higher risk of depleting your funds with the slightest fluctuation of the market. Keep in mind that since the beginning of August the European Securities and Markets Authority caped the maximum leverage allowed for forex trade in EU to 1:30, while similar restrictions are already in place in the USA and Japan, where the maximum leverage allowed is 1:50 and 1:25 respectively.

 

Major e-wallets accepted as payment methods

 

Apart from traditional payment methods like wire transfer and credit cards, you can make a deposit at BBMTrade with e-wallets such as Neteller and Skrill. Still, as we miss the option to pay with crypto coins, here you may check our list of brokers, accepting Bitcoins as well:

 

>>Forex Brokers Accepting Bitcoin<<

 

MetaTrader4 supported 

 

BBMTrade supports the MetaTrader4 platform and that is definitely a good news. With its intuitive interface and excellent charting tools, MT$ is a platform of choice for professional and beginner traders alike.

 

 

Besides, with MT$ you can even run automated trading sessions with the help of specially designed trading bots – Expert Advisros. Here you may check our list of brokers, offering MT4 as well:

 

>>MT4 Brokers<<

 

BBMTrade Disadvantages:

 

No license

 

BBMTrade is said to be owned and operated by BullBearMarkets Ltd. - a company registered on the Marshall Islands with a contact address in the UK. 

 

However, as the broker does not mention anything about regulation in its presentation, we decided to check the registers of the Financial Conduct Authority (FCA) in the UK, for all companies, providing financial services in the UK should hold a license by the regulator. Unfortunately we were not able to find neither BBMTrade nor BullBearMarkets Ltd. in the FCA registers. 

 

As far as the Marshall Islands are concerned, there is simply no financial authority on the atoll. That leaves us with no choice but to regard BBMTrade as a limited credibility, unregulated, offshore broker.

 

Keep in mind that trading with unregulated brokers is associated with a significant risk of loosing your money to scammers. That is why we strongly recommend you to trade only with brokers, licensed by respected financial authorities, such as the FCA in the UK, the Australian Securities and Investments Commission (ASIC) or the Cyprus Securities and Exchange Commission (CySEC).

 

All properly licensed brokers are obliged to follow strict financial and ethical rules, including to maintain a minimal capital adequacy ratio and to keep all clients funds in a segregated, protected form creditors account. In some cases brokers are even obliged to insure traders money.

 

For example, traders with FCA regulated brokers are entitled to a compensation of up to 50 000 GBP in case their broker goes insolvent. Similar CySEC backed compensation mechanism guarantees up to 20 000 EUR of the trading capital. Here you may check our list of FCA regulated brokers:

 

>>FCA Regulated Forex Brokers<<

 

Uncompetitive spreads

 

As tested with a demo account the benchmark EURUSD spread fluctuated between 2,4 pips and 2,6 pips, which is way above the levels, considered acceptable with a standard account. Keep in mind that starting spreads above 1,5 pips are uncompetitive even without a commission. Here you may check our list of brokers, offering tighter spreads:

 

>> Lowest spread forex brokers<<

 

Excessive minimum deposit requirement

 

You need at least 500 USD to open a trading account with BBMTrade and that is twice the average deposit most brokers ask for. Have in mind that with some well established players like FBS and IG you can start trading with as little as 5 USD or even less.

 

Conclusion:

 

BBMTrade is an unregulated offshore broker with very limited credibility and uncompetitive trading conditions. However, or main concern remains BBMTrade's regulatory status. Keep in mind that most unregulated brokers are involved in scam activities and any investment with such companies is unprotected.

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Traders` reviews for BBMTrade

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