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Blue Sail Trading Review - is it scam or safe?

Blue Sail Trading review - Is bluesailtrading.com scam or good forex broker?

RATING: 1 / 1 REVIEWS ForexBrokerz Blue Sail Trading
Blue Sail Trading is an offshore broker. Your money is not safe.

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Blue Sail Trading say they offers real time spot forex, CFD, and options trading with leverage as high as 1:500 and a web based trading platform. And they appear to act as an introducing broker for Derivative360.

 

Account type Min. deposit Max. leverage Spreads/ Payout
Standard Account n/a

1:500

n/a

 

Unfortunately the Blue Sail Trading website is virtually anonymous – there is no information about their company, there is no physical address, not even a contact phone number. 

 

And what is even worse, Blue Sail Trading appears in the latest warnings lists of both the British Columbia Securities Commission (BCSC) in Canada and CONSOB – the financial regulator in Italy. 

 

Blue Sail Trading Advantages:

 

We usually try to list any possible advantages a broker might offer its clients, but here for obvious reasons we will leave this section empty.

 

Blue Sail Trading Disadvantages:

 

Anonymous website,  BCSC and  CONSOB warnings

 

As we noted there is fresh warning issued by CONSOB in Italy and the British Columbia Securities Commission (BCSC) in Canada against Blue Sail Trading, which is accused of illegally targeting customers without proper authorization and probably running a scam. You can see the CONSOB warning here:

 

 

And CONSOB notes that Blue Sail Trading is presumably based in Panama, but that we were not able to confirm, because as we already noted their website is virtually anonymous – we are not even sure about the name of the company that runs the whole operation.

 

The situation is similar with Derivative360. We understand that they are operated by FX Bridge Technologies Corp, but we have no idea where this company is based and incorporated.

 

Needless to say, but non of the above mentioned websites and companies is licensed or authorized by an official financial regulator like CONSOB in Italy, the British Columbia Securities Commission (BCSC) in Canada, the Financial Conduct Authority in the UK, or let say the the Cyprus Securities and Exchange Commission (CySEC). 

 

So basically what we are dealing here are a couple of unregulated brokers, which obviously are involved in scam. 

 

In any case here you may always check our list of brokers regulated by the FCA in the UK, where your funds will even be guaranteed by a client compensation scheme, basically insuring up to 85 000 GBP of your trading capital:

 

>>FCA Regulated Forex Brokers<< 

 

Market maker offering managed accounts

 

Bear in mind that virtually all brokers, legit ones including, tend to act as market makers, which means they make money whenever traders lose. And Derivative360, the broker which Blue Sail Trading represents, acknowledges this openly in their Client Agreement. The issue here is that Derivative360 also say they offer managed accounts, and that is a textbook example of a conflict of interest. If a market maker offers to manage your account it will surely have an incentive to lose your money in its own pockets.

 

Unusual fees and charges

 

As we noted above Blue Sail Trading is an introducing broker for Derivative360, also unregulated, and as it turned out they charge some rather unusual fees - for example a trading access fee of up to 100 EURO, an annual access maintenance fee of up to 100 EURO, an execution fee of up to 7,50 EURO on all open and closing transactions and a 35 EURO  monthly dormant account fee, if fail to trade for just 30 days.

 

Note able to directly open a demo account

 

As we were not able to directly open a demo account, we can not confirm the tight spreads Blue Sail Trading advertises. Bear in mind that spreads are generally considered attractive only if they start below 1,5 pips with a standard account. In any case you can always check our list of brokers, offering tighter spreads:

 

>> Lowest spread forex brokers<<

 

No information about the minimum deposit requirement

 

Just have in mind that most brokers will ask for an initial deposit of about 250 USD, while some big and well established companies like FBS and IG will let you start trading with just 5 USD or so.

 

No information about the payment methods accepted 

 

Just bear in mind as well that most brokers accept payments with credit and debit cards like VISA and MasterCard, bank wire and popular e-wallets like Neteller and Skrill. Here for example you may check our list of brokers accepting payments with Skrill:

 

>>Brokers accepting Skrill<<

 

MetaTrader4 not supported

 

The web based trading platform presented on the Blue Sail Trading trading website falls short in many ways compared to some classic trading solutions like for example the MetaTrader4. MT4 is by far the most widely used trading platform on the market, featuring well over 50 customizable market indicators and trading robots with the help of which one can easily run automated trading sessions. And the platform also comes with an advanced set of charting tools, so here you may also check our list of brokers offering MT4:

 

>>MT4 Brokers<<

 

Conclusion:

 

Blue Sail Trading is blacklisted by BCSC in Canada and CONSOB in Italy and are obviously involved in scam, together with Derivative360, which they introduce. So we will just repeat our general advise to trade only with properly regulated brokers, like the ones licensed and authorized by the FCA in the UK, CySEC in Cyprus, CONSOB in Italy or the Australian Securities and Investments Commission (ASIC).   This is the only way to keep your funds safe.

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Traders` reviews for Blue Sail Trading

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