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BormanCorp Review - is it scam or safe?

BormanCorp Review - is bormancorp.com scam or good forex broker?

RATING: 1 / 23 REVIEWS BormanCorp
BormanCorp is an offshore broker. Your money is not safe.

RECOMMENDED FOREX BROKERS


Trading Accounts & Conditions 

 

Account type Initial deposit Maximum leverage Spread
Standard $250 1:400 3 pips fixed

 

BormanCorp is an offshore broker that does a very poor job at presenting its offer. It has not specified whether its offers different account types, so we presumed there is a single one and filled out the table above with the trading conditions we saw on the broker’s platform.

 

We don’t recommend doing business with it. Read on to learn why.

 

 

BormanCorp Advantages

 

Many asset classes covered

In our opinion, the only possible benefit of using this broker is the wide variety of instruments available for trade. With BormanCorp you can trade in currency pairs, CFDs on commodities, indices, stocks and the most popular cryptocurrencies (Bitcoin, Bitcoin Cash, Ethereum, Ripple, Dash and Litecoin).

 

Yet, if you are keen on trading Bitcoin and other digital assets, it would be better to do that on a regulated exchange or with a forex brokers offering Bitcoin CFDs that is reliable and licensed.

 

 

>> Regulated forex brokers offering Bitcoin trades <<

 

 

BormanCorp Disadvantages

 

Offshore broker, no financial oversight

Let’s start with the most obvious red flag regarding this brokerage. BormanCorp is allegedly owned by Board LTD, a company based in Budapest whose registered office is located at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH96960. This address is well-known to us, as it seems that at least half of the scam brokers registered in the Marshall Islands have their office there - iForex24, CryptoEU, Tradex1, to name a few.

 

We generally advise investors to avoid offshore brokers, because they are not under the oversight of any governmental agency and can basically do whatever their like with their clients’ accounts and funds.

 

MT4 not supported, despite the claims

Although BormanCorp claims to offer MT4, when we registered an account for the purposes of this review, we were only offered some oversimplified web platform. It lacks any advanced features, such as technical analysis indicators, automated trading options, etc. Here is a preview:

 

 

BormanCorp’s web platform. Click to zoom in.

 

 

>> Trade with a MT4 broker instead <<

 

 

Trading conditions unclear

This broker fails to mention the costs of trading on its website, which is yet another red flag. All decent brokers indicate their spreads as a part of their transparent pricing policy.

 

High spreads

When we got access to BormanCorp’s trading platform, we found the spread on EUR/USD fixed at 3.0 pips, which is not a competitive pricing. Most brokers offer fixed spread of 2 pips or variable in the range of 1.0 – 1.5 pips for this pair, some going even lower.

 

 

>> Compare the spreads of top brokers in real-time <<

 

Extra fees

There are a lot of hidden fees BormanCorp. Typically, brokerages charge only some withdrawal, swap and dormant fees, but this broker has a lot more.

A service fee of 3.5% is charged on all withdrawals.  In the event that this percentage equals an amount of $30 or below, the trader will be charged a standard $30 withdrawal fee. The maintenance fee amounts to $20 per month

Besides, a fee of $100 is also imposed on traders who didn't complete their account verification process (didn't send a government issued identification and proof of address).

 

There is also a profit clearance fee, here is the detailed information:

 

 

Conclusion

 

BormanCorp is a forex and CFD broker whose offer is not all that tempting: it offers trading on some unproven web platform with high fixed fees. What is worse, it is not regulated and registered in the same address as a bunch of shady brokers.

 

Considering how many scams are there in the forex and binary options markets, you’d better not risk with BormanCorp, nor with any other unlicensed financial services provider. There are far better options, with more favorable trading conditions.

 

 

>> Trade with a forex broker licensed in the UK <<

 

 

Here are the key strong and weak points of this broker one more time:

 

Pros Cons
Solid choice of CFDs Offshore broker, no financial oversight
  MT4 not available
  Trading conditions unclear
  Extra fees

 

Latest news about BormanCorp
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Traders` reviews for BormanCorp

Spread

Pros

Cons

 

 

Slippage

Pros

Cons

 

 

Requotes

Pros

Cons

 

 

Price feed

Pros

Cons

 

 

Platform

Pros

Cons

 

 

Deposit/Withdraw

Pros

Cons

 

 

Customer service

Pros

Cons

 

 

Summary

Pros

Cons

 

 

Can’t get my money back

I invested €250 with Bormancorp initially. They kept putting pressure on me to invest more. I put another €250 in and they said the company would match that amount and my trading would start based on €1,000. This never happened. I’m being passed to different people all the time. I have been requesting my money back for 2 weeks now and although I was promised it would be lodged into my bank account over a week ago, this has not happened yet. They have all my card details and my IBAN number and they have not given me my money back. Have you any suggestions as to how I can resolve this issue?

Louise 07/06/2019

I want to withdraw money. But they dont let me.

I have 250$ on my verfified account. But this Scam company won't let me withdraw my funds.

Definetly a unprofessional and scammy site!

Christian Hollitscher 06/12/2019

about BormanCorp

In my opinion Scam WARNING! I can t close my account with when I smellt fish and they have no respect for the person harassament with phone everyday...

Gerard Pescar 06/05/2019

can't get back my money

I can't get back my investment money

Billy 05/30/2019

Ik wil niet meer geregistreerd staan bij boarmancorp

Goededag

Door een stomme fout van mij heb ik me geregistreerd bij boarmancorp.
Nu blijven zij mij lastig vallen om toch te investeren, wat ik ook duidelijk heb gezegd dat ik dat niet wou. Ook duidelijk verschillende keren gezegd mij niet terug te bellen. Maar ze blijven volhouden. Hoe kan ik mijn registratie ongedaan maken.

Met vriendelijke groet thijs


Translated by Google:

Good day

Due to a stupid mistake of mine I registered at boarmancorp.
Now they continue to bother me to invest, which I also clearly stated that I did not want that. Also clearly several times told me not to call back. But they persist. How can I cancel my registration?

With kind regards thijs

Thijs 05/21/2019

BormanCorp is 100% a scam

They are not registered and are warned by the Bank of Ireland and the FMA (Financial Market Authority).

They didn't get any of my money. I smelled the fish right after registering. They call you immediately after you submit your email address and your phone number, leaving you no time to make a research about the company (because there are tons of bad reviews against them by their victims on the internet). After that, they keep calling you again and again and again until you finally agree to deposit the money. And you will be never able to get that money back.

And one thing is that they keep bothering by calling you many many times and you are unable to block them because they call with a different number each time. I believe they use Skype or Viber or some kinds of other low fee international calling internet services to call. But they all come with the same country code starting with +44. So in that case, if you are not from the UK, I recommend installing the app called CALLS BLACKLIST-CALL BLOCKER. They have a function that is able to block calls and messages with specific starting numbers.

If they got your money, you might want to grab help from some of the agents online. They will help you to claim the money back. Just choose the right one. Hope that help!

Sammy 05/05/2019

refund

i wish to refund my$ 250 usa dollars but
apparently my money i count not get my money back
because is in the market

evelyn 05/02/2019

Scum

I had a conversation with these d*ckheads they spoke to me like i was a naughty child they didn't impress me at all so glage i
didn't invest

Mandy 04/18/2019

Sad

Your company is a fraud, not companionable people on the phone, do not respond to the request and are not censored!
I can’t withdraw my contribution for 5 days already, everyone calls and only persuades or crushes with unacceptable phrases and reproaches.
Tell me how you can return my fee without calling these people?

Sergei Safonov 04/15/2019

Account closure and return of money

What a fars. Initially I was bombarded with phoncalls I order to get me on board and for me to part with my hard earned money. Once in receipt of my money the only communication I received was from them trying to get me to part with more money, when I refused and requested for my account to be closed and for my money to be transferred back into my account it all started to get ugly. My so called account manager became very abrupt and rude on the phone resulting in my having to put the phone down on him and emailing him requesting my money. He called me a few days later and after many lengthy heated conversations he agreed to close my account. I asked him to close any open trades. He agreed and I gave him a date(06/04/19). I’ve been trying to recover my money since but not getting through to anyone to speak to. Ive left messages on the number ( I was given) can’t get through on land line and sent several email.

Samira Ali Ansari 04/10/2019

Borman Corps

Borman corps are absolutely awful, they constantly ring me even after I have repeatedly asked them to delete my account and my number, they have shouted at me, they do not have any respect or boundaries.
Please do not set up an account with them they will not stop bothering you (everyday repeatedly for months)

Tania 03/26/2019

Lieers and cheaters

When i read all these reviews its happened exactly to me. I just had a message on Whatsapp with another phone number because the other numbers don't exsist anymore. I told them to leave me alone and that I was stupid to believe that advertising and all that bullshit they told me in the first place. They told me if i wanna close that account they need my ID address but im not giving them anything they mabye use that for steeling my ID. But i lost my 250€ i will never trust these advertising again they steel from innocent people asking who have to work very hard for earning they paycheck every month.

Elza 03/05/2019

My Journey at Bormancorp

Hi All

I am a current client of Bormancorp (BMC) and I am here to tell my story of investing with Bormancorp, whether you choose to invest or not that surely remains your decision. My journey began I guess around September when I was looking into options to invest in autotrading options after my prior experience of trading by myself with a different organization was too stressful for me and I could not mix it with my 9 to 5 job. I explored a couple of online options, got several options including Bormancorp, I even closed the window to invest but the sales representative from BMC his name Anthony Weber is the only one that kept on marketing the idea of investing with BMC, it just so happened that when the time came when I was ready to invest the closest I felt I could try was BMC therefore I invested the initial minimum amount of $250. I am to blame for making this poor decision. I was assigned a Trading Advisor or the so called Personal Broker, his name is Bill Hope. He advised me against autotrading stating that the profit margins in auto trading are not worth the risk, as one can lose the whole investment capital in one night, he encouraged trading with him instead and I gladly took advice. From that day going forward his day to day conversations were around increasing my initial investment from $250 to allow a greater profit margin and I gladly obliged as I had some money to spare at the time. Fast track 2 weeks down the line I had invested $1000 and my account was averagely doing okay, per every deposit you make, it is followed up by The BMC compliance department following through wanting you to sign for it. Everything appeared so genuine, Despite making the deposits Bill Hope (Trading Advisor or Personal Broker) persistently encouraged me to make healthier deposits even encouraging me to access a $20 000 loan providing the list of loan mongers that are available in my country or alternatively increasing my credit card limit and invest all that money in BMC. I started to become curious about all this and requested for $100 withdrawal from my investment but that was denied by the Bill Hope because I was said to be having some open trades, this was despite having a health Trading Margin.

My Trading Advisor (Bill Hope’s) motto was “you don’t close a losing trade, every trade will eventually turn to profit and all you have to do is wait.” There were two trades that were not doing so well and in each week they continued to eat into the profits I had made and I could not open any new trades. The non performing trades continued eating into my invested capital however Bill Hope (Trading Advisor) insisted that I keep these trades open despite the negative direction they took. I eventually closed the non performing trades at a loss and this was against the Trading Advisor’s advice. I don’t regret doing so as because if I had not done so, I would have lost everything by now, because they deteriorated worse or I would have been asked to deposit more money to support the non performing open positions.

Following the fall out with the Trading Advisor, I requested to withdraw my remaining investment capital on 24/01/2019, that's when all the drama started. He would not respond to telephone calls, emails or Whatsapp messages. I have made telephone calls to Bormancorp main desk on a daily basis since the 25th of January on a daily basis to check on the progress of my withdrawal and all they do is take down a message and tell me that my Trading Advisor will call me to discuss my withdrawal request. It was only a week later when Bill Hope (Trading Advisor) called and I made it clear that I wanted to withdraw my remaining money from my account, he agreed to it but no action has occurred. I have continued contacting the Bormancorp main desk on a daily basis and and have included the online chat platform however everyone says they will raise the issue with my Trading Advisor as he is the one supposed to approve my withdrawal. I have highlighted the issues with my so called trading advisor and I have requested to talk to anyone incharge of the Bormancorp to no avail.

Through contacting the support team of BMC, I have started receiving call from other people in BMC stating that the only way I can access my funds is if I can work with them as their Trading Advisors and there is no other way I am going to access my money as no one is going to approve my withdrawal. I have spoken to 5 more different people and each day I have to start explaining my story from the top on how things have come to be this way.

I am not here to tell you whether to invest or not to invest in Bormancorp, I am just here to let you know what I am currently going through to withdraw my money from this organization and you can decide for yourself if you wish to go through this ordeal to access your money that you would have put there in the first place.

The struggle is real and its still ongoing. I will keep you posted if I finally get my money back.

Papa 02/11/2019

BormanCorp are thieves - They will never process your withdrawal requests

Lost $250 and substantial amount of time, effort and well being.

They are using the scamming site ice9.center to solicit user information and then open up a "trading account" without express consent and their incredibly unprofessional and imposing staff will start to pester you with phone calls

I urge you to participate in the efforts to stop them from getting more victims and to write a 1-star review

juboxi 02/05/2019

Never trust BormanCorp

Its true what everyone here is saying about never getting your money back, never ever listen to any of their suggestions. they will tell you that even big shops like AMAZON, and any banks can get negative reviews and encourage you to invest with them but unlike banks and shops, these guys don't care and they don't respond to any of your concerns. if you invest any money with them, kiss it goodbye, they do not process withdrawals, its been 5 months whilst chasing my withdrawal and all they tell you is wait for someone to call you back, if this platform would allow me to upload pictures and evidence of all my communications I would gladly share to save you from going through this shameful scam. Its a trap and please run for your dear life, save yourself from bullshit

pipo 02/01/2019

Lost $1.000

I invested $1.000, I´ve been trying to withdraw for 4 months now and the keep harassing me to push me to invest more and ignore the fact that I want to withdraw....

Guys... is there any way to sue this guys or to which authority should I go? please help....

Lost $1.000 01/22/2019

Bormancorp and Qprofit

clicked on a Qprofit add (believe it was on FB)
Filled in my cell phone number and e mail adress (on a saturday).

Immediately got a phone call from Bormancorp , pushing me to get to m pc open account and fund 250$ (220 euro).
I would see profit tomorrow (on a saturday night ?!)

Told them to call me back later when i was at my desk (meanwhile i looked up the reviews on these guys)

Declined their offer when they called me back , and then got stalked several days , multiple calls daily , pushing me.

At one point my 'account manager' said they will never stop calling me ....
(that was his last call ..)

Just don't do business with these people.

Regards
F.W.S.

francois schuddinck 01/18/2019

Scam site

This is a fraud company do not invest any money . They will rip you off .
They will not give you any money ,no return in investment .

Do not give them any money you will never get it back .

Stan 01/05/2019

Scam Site

They are real dubious and scammer. ***Do not invest please g

Evelyn Daniels 12/24/2018

Bigest scam ever!

Guys dont believe them at all, all they said it lies,they do it very professional way,but result you will lose your money with this company anyway 100% lose you money.Do NOT Work bormancorp.SCAM!!!

Serg 12/03/2018

Widrawal scam

If you invest 250 you will never give money back if you invest 5000 situation will be same Don't invest in Bormancorp Big Scam ever Bormancorp will never accept your widrawal only will ring you just push for more invest

Pawel 11/20/2018

Dont contact them

We were looking at their site and what they offered and now they wont stop calling us. we have blocked their number and reported them but they just keep contacting us on different numbers.

annonimus 11/19/2018

Bormancorp its big scam

I start with them with 250 and they give me a bonus of 200. After 1 day they ring me to add more money in my account coz they had a big loss on my account.
I told them to give me back wat money left there and they don't. It's a bigger scam EVER.

Cristea viorel 11/09/2018
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