The website of BBanc is its greatest asset, but wait, it’s the website design, not the content. The design is eerily similar to that of a legitimate broker, making it very risky for naïve consumers. That’s what the next review is about—its substance. Continue reading to avoid falling for the website before you’ve read the complete review!
Is BBanc a Licensed Broker?
A firm known as Primis LLC, which is allegedly registered in one offshore zone (SVG) and controlled in another—the Island of Moheli, a French overseas territory—uses the trademark BBanc.
Since the financial authorities in this offshore zone do not pay attention to forex firms, registration in St. Vincent and the Grenadines is meaningless in terms of forex regulation. Primis LLC was not included in the Mwali International Services Authority’s web registration, which houses the financial regulator for the Island of Moheli.
AMF, the French financial authority, has previously shown BBanc as a fraud in addition to being totally uncontrolled.
Why Should Not You Trust an Unlicensed Broker?
Always try to invest with licensed brokers rather than unlicensed ones. Even while it may not be simple to tell them apart, there is a technique to make the procedure considerably simpler. Verifying the broker’s claim of regulatory or registration status is essential. If nothing is there, you should leave the website and look for another broker who has legal standing in Europe, the United Kingdom, the United States, or Australia.
Being regulated involves more than simply getting approval to provide FX trading services. It comes with a ton of obligations, most of which are focused on how the broker handles its clients. A broker’s misconduct may result in monetary fines or the complete shutdown of the offending brokerage website.
Is BBanc Can Be Trusted?
No, BBanc cannot be trusted. As we already informed you that this company is completely unregulated and also put its name on a blacklist, so this platform should be avoided.
Warnings From Financial Regulators
In addition to being totally unregulated, the French financial authority, AMF, has previously shown BBanc to be a hoax.
The AMF has placed BBanc on its list of online trading platforms that are unlawfully providing forex trading in France and has issued a clear warning against dealing with it. And so do we – brokers that appear on financial authorities’ warning lists are notorious for operating investment fraud schemes.
What Do Traders Think Of BBanc?
We have conducted thorough research on social media platforms and online forums. From that, we found that several traders submitted their complaints against this company. Also, we found that the good testimonials provided on the website, are fake.
Platform Offered by BBanc
BBanc claims to provide trading using the MetaTrader5 (MT5) platform, which is often regarded as the superior option among all of the platforms currently on the market. When we logged into the MT5, we saw that it was possible to access it from their website; but, upon more inspection, we discovered that it is really offered by an entirely separate firm called Stockton.
Because of this, it is safe to assume that BBanc does not operate any kind of trading platform; rather, it likely uses its customers’ deposits to line its own pockets once they make the poor decision to put its money in the company. Avoid dealing with these con artists at all costs and go with a reputable MT5 broker instead.
Country Serving by BBanc
This platform is active in Spain, Poland, Canada, UK, and Netharland.
BBanc Range of Trading Markets
The cost of trade for EUR/USD was determined to be 3.3 pips, a value that is neither profitable nor helpful to anyone and was determined by the broker and the shady interests it represents.
Minimum Deposit and Withdrawal Terms of BBanc
The minimum deposit required to open an account with BBanc is equivalent to the industry standard, which is 250 Euros. When it comes to making payments, the broker asserts that they are able to work with PayPal in addition to all major credit cards and bank transfers.
Ways to Make a Deposit
They take payment using Debit/credit cards, PayPal, and Bank transfer.
Victim of BBanc Scam? Report Your Story To Us.
Scammers rely on a few distinct techniques that, when combined, comprise a larger scheme that has remained mostly unchanged since its start and, as a result, may be easily avoided.
When the broker makes contact with the user, the fraud is considered to have begun. Prior to this point, the user may have unwittingly given the broker their contact information via some apparently innocuous route.