BuzzyTrades is one of the very apparent scam schemes disguised as Forex brokers. It’s a simple website filled with fraudulent claims and no useful information whatsoever. Long story short: BuzzyTrades has no license, has no trading software, has no account types, has no legal documentation. That’s a scam, and we are going to discuss it in the full BuzzyTrades review.
BuzzyTrades REGULATION AND SAFETY OF FUNDS
As already mentioned, BuzzyTrades is unlicensed. Still, the so-called broker is allegedly based in the USA, where the regulations are pretty hefty- the capital adequacy requirement for Forex brokers is 20 million USD. BuzzyTrades apparently hasn’t paid a dime for a license, so your funds will be in danger if you deposit. In fact, it’s an outright scam, and we’ll start describing why in the following paragraph.
As BuzzyTrades is fraudulent, you can check the high-rated EU brokers and British brokers on both lists. The European companies are well regulated, but most importantly, covered by deposit insurance funds created to protect investors’ money if things go wrong. For example, CySEC brokers’ clients can claim up to 20 000 EUR in case of bankruptcy, while the British guarantees are up to 85 000 GBP. It’s worth opening accounts with European brokers if eligible to do so.
BuzzyTrades TRADING SOFTWARE
BuzzyTrades hasn’t got trading software. Their so-called platform is a chart serving for information purposes only, and people won’t be able to execute a single trade. Indeed, BuzzyTrades offers a bunch of fishy bitcoin investment plans securing unrealistically high profits. Well, such a fraudulent deal is a red flag itself, and we can now confirm that BuzzyTrades is nothing else but yet another scam scheme set up to rip traders off.
Avoid the fraudulent BuzzyTrades, and have a look at the high-rated MetaTrader4 brokers and MetaTrader5 brokers on both lists while talking about software. The MTs are market leaders packed with advanced features such as Expert advisors, many indicators, and excellent charting tools. The software also includes a marketplace with more than 10 000 apps and third-party developed solutions, which is an unrivalled advantage. Recently, MT5 surpassed MT4 in terms of numbers, but it’s still lagging in trading volumes. Overall, both platforms are on par leading the markets, so MetaTrader broker is the obvious choice.
So, we can’t show you real-time spreads or leverage levels, and the broker doesn’t even utter a word about it. Nevertheless, we’ll outline some restrictions because it’s too dangerous for retail clients, and it’s also a part of the licensing regime in many countries. Namely, due to regulations, licensed EU, British and Australian brokers have to limit retail clients to 1:30 for FX majors, while Canadian brokers and US brokers to 1:50. Swiss brokers are trustworthy but not leverage restricted, so experienced, and risk-tolerant traders eligible to open an account in Switzerland can safely go for it.
BuzzyTrades DEPOSIT/WITHDRAW METHODS AND FEES
BuzzyTrades fails to specify minimum deposit requirements. The funding methods are cryptocurrencies, PayPal and Wire Transfers, all of which considerably unsafer than Credit/Debit card deposits. If things go wrong, the latter allows people to dispute transactions and eventually get a refund- for up to 540 days after the transaction. Well, BuzzyTrades is a scam, and it naturally wants to evade dealing with chargebacks.
Nevertheless, while talking about funding, see our lists with Skrill brokers, Neteller brokers, FasaPay brokers, Sofort brokers, and Bitcoin brokers if you have a preferred e-wallet or a trusted payment system. The high-rated companies are sufficiently regulated, and you won’t face scammers, so you can safely open accounts.
Overall, BuzzyTrades is a scam scheme we exposed in this review, so make sure to stay away and report immediately to the authorities if they approach you.
HOW DOES THE SCAM WORK
Scammers are liars and thieves. They’ll promise opportunities that sound too good to be true, get-rich-quick schemes, guaranteed risk-free profits and so on. By creating a false sense of hope, they are trying to entice people into their fraudulent plots.
It all starts with the ads. Scammers create numerous websites and social media profiles to promote their fictitious services. You can see Instagram pages showing lush lifestyles, yachts, cars, money and pictures of winning trades. Such a showcase make people interested and easier to suck into the scheme.
Once you provide your phone number, scammers won’t stop calling you. They’ll promise you the moon and the stars to make you start investing ASAP. If you agree, they’ll pretend to manage your account, and out of the blue, you’ll see mind-boggling profits on your name. You’ll probably sincerely believe that’s true and will most likely ask to take your money out. Well, they won’t let it happen but will skillfully manipulate you to deposit again, promising much more lucrative deals. Before you know it, you may depart with your savings waiting for scammers to make you a millionaire overnight. That’s not going to happen, though, and those crooks will carry on asking for additional deposits. They’ll shamelessly announce to you that you have to pay to withdraw your money. At this point, the scam should be pretty obvious. From then on, scammers will cut communication, and you’ll never hear them again.
WHAT TO DO WHEN SCAMMED
Getting scammed may have long-lasting consequences. However, the first thing you have to do is to start actively looking for assistance and reduce further risks. Deactivate your bank card immediately and call your bank.
Quickly report what happened to the authorities, file a complaint, call the police. Seek help actively!
Then, it’s critical not to act hastily because fraudulent fund recovery agencies and individuals can double-scam you.
Share online your experience; it’s important to protect others, too. Be responsible!
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