BBanc’s website design is its greatest asset, although it can be misleading to users who are unaware of its deceptive nature. The design is reminiscent of a legitimate broker, making it particularly risky. However, don’t be fooled by the website’s appearance; the contents of the website are not yet evaluated. Please read the following review before making any decisions based on the website’s design. Read this complete BBanc review to know more about the TradeMax scam.
Website: http://bbanc.com/
Address: St. Vincent and the Grenadines
Warning: Autorité des marchés financiers (AMF)
Regulation
The broker’s registration status is causing confusion, as it claims to be registered in Saint Vincent and the Grenadines but authorized by the Island of Moheli.
While Moheli does have a regulator called the Mwali International Services Authority, the licensing number provided by the site belongs to a completely unrelated company. Essentially, Bbanc has plagiarized the regulatory details from a different firm.
Furthermore, Saint Vincent and the Grenadines registration is irrelevant as the island nation lacks an FX watchdog. This means that even if a broker is locally incorporated, it remains unlicensed.
Regarding Saint Vincent and the Grenadines lifeline, regulation in that country is inconsequential. The nation’s lack of an FX watchdog means that even if a broker is locally incorporated, it remains unlicensed. As a last line of defense, the broker provides four contact phone numbers in Canada, Spain, UK, and Poland.
However, these numbers are unrelated and may create confusion. The broker has intentionally provided false contact information to deceive customers. This is because Bbanc is unregulated and poses a risk to all.
Trading Platform
According to BBanc, MetaTrader5 (MT5) is the best trading platform available in the market. When we logged into MT5 through their website, we found that it was actually provided by a different company, Stockton.
It’s likely that BBanc doesn’t have an actual trading platform and is instead taking advantage of individuals who invest with them, keeping their deposits for themselves. Don’t fall prey to these fraudulent individuals and instead opt for a reputable MT5 broker.
Deposit and Withdrawal Methods
Clients can invest their funds using credit and debit cards, select e-wallets, and classic bank transfers, as stated on the website. The minimum deposit requirement is $250.
Regarding withdrawals, it is noted that there is a minimum limit of $100 for each request, and there is no information provided on withdrawal methods unless a deposit is made first.
Withdrawal methods often differ from those used for deposits, so it is difficult to predict which will be available.
The website claims that there is one free withdrawal per week, but no further details have been disclosed, nor have any associated commissions been found.
Trading Conditions
The broker hasn’t provided clear information regarding its trading conditions. Although the platform showed spreads of 1.1 pips for the EUR/USD pair, this would have been acceptable only if BBanc was a trustworthy and legitimate broker. Unfortunately, it is not, so it is advisable to explore the offers of reputable brokers instead.
Conclusion
BBanc, an offshore broker, exhibits several characteristics of a potential scam. Notably, it lacks any licensing, has not disclosed clear trading conditions on its website, and uses an MT5 that belongs to another entity. Additionally, its bonus policy is designed to impede clients’ withdrawal requests. Also, BBanc has been blacklisted in France.
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