Warning! BlizFX is an offshore company! Your deposit may be at risk.
RECOMMENDED FOREX BROKERS
BlizFX seems like a textbook offshore broker. There are false claims on the website, little helpful information, and a good looking interface to create the necessary look. Read on to find out more.
Overall BlizFX makes a good first impression which is enough for many novice traders to get easily bated. Yet we have to remind readers that a broker is only as legitimate as its license. In case of BlizFX, even with its abundant legal documents, there is no mention of a regulation in the documents. However, there is a random ASIC document that anyone can access, claiming that some irrelevant company is licensed by it. Again, irrelevant information.
This can mean one thing only; BlizFX is UNLICENSED and is therefore a risk to anyone that invests in it!
We strongly advise traders to trade only with regulated brokers that hold a license from renowned and severe institutions such as the FCA or CySEC. Not only do these agencies oversee operations and require regular reports from brokers registered with them, but those under their jurisdiction are members of compensation funds that cover victimized clients’ losses of up to £85 000 (FCA) and €20 000 (CySEC).
We will not be reviewing the trading conditions, because there are none, for a reason we have many times encountered before. The next section explores this a little further.
The website is available in English.
The reason for which we did not detail any trading conditions is simple. Once we downloaded the MT4 terminal, we were faced with the truth that the MT4 name is no the same as BlizFX’s. In other words, the MT4 has not been adapted to the needs of BlizFX, meaning that this broker has no trading platform.
BLIZFX MINIMUM DEPOSIT
The client area is extremely limited and minimalist, offering only a account overview section, a payment terminal, and and edit profile section. Compared to a legitimate broker where the portal is filled with option, this attempt here is laughable. Anyway, according to the payment area the minimum deposit is $100.
PayBox and MNP PAY. Evidently these two methods are close to unheard of making them a risk to deposit with. However, when we continued with the payment process we found out that only through MNP PAY one can deposit via NasaPay as well.
We would not deposit with this one if we were you. This broker is clearly not legitimate and not regulated, meaning that who knows what they will do with your investment. Traders should deal exclusively with brokers regulated by exemplary agencies such as the FCA or CySEC, for they oversee a brokers activities from head to toe with a severe case of diligence.
DON’T PROVIDE YOUR CREDIT CARD CVV CODE
The CVV code is the one thing that separates a buyer from a product. Without it, one cannot complete a purchase, even if him/her has given all other necessary information. By giving this detail to someone else, you are essentially inviting them to use your funds for their own means. And be warned that unregulated brokers most certainly plan to do so.
DON’T PROVIDE ACCESS TO YOUR COMPUTER AND BANK ACCOUNT VIA ANYDESK OR TEAMVIEWER
Be sure to never give AnyDesk or TeamViewer access to your PC to unverified agents. These 2 platforms allow for your PC to be taken over by a second party, often times for help or guidance, but in the case of these brokers for the sole purpose of looting your bank account(s) and personal information. However, in order to do so your consent is needed, and this is the only thing standing in the scammers’ way.
BLIZFX WITHDRAWAL TIME AND FEES
Withdrawal requests are submitted via the payment portal after which nothing happens. No confirmation,no nothing.
According to the T/Cs the minimum withdrawal is $50, and there is a $30 fee on each request. The waiting time is ambiguous.
ADDITIONAL FEES AND TAXES
There are no explosive clauses that took us by surprise, yet we want to remind readers that many illicit brokers have no intentions of paying you back. Any effort to withdrawal your money will be unsuccessful. Either the broker will find a loophole in the terms and conditions that is completely made up, will firmly advise you against withdrawing, or they will ask more deposits needed if one wished to withdrawal. Scammers come up with additional fees and taxes for the sole purpose of keeping you on stand-by, and to deplete as much money from you as is possible.
We strictly advise against giving away an ID and proof address to unregulated brokers: they can be literally anyone with enough time and skill to mask themselves as a broker. Usually, these individuals use the anti-money laundering legislation as front for when traders start to get suspicious. Once this suspicion is confirmed and you file for a charge back, they will use your details against you case.
We are positive that this so called broker will not return your funds; the evidence we have laid out before you work in sync against it. The sound thing to do is to direct your attention and investment to an FCA or CySEC licensed broker where the law is integrated in every aspect of their operations.
HOW TO RECOVER
Filing for a charge back is the best advice we could give you. Immediately contact your bank or credit card company and lay out the circumstances.
Cancel your credit card if you have shared any notable details with the fraudulent broker, especially if you have provided them with the card’s CVV code. If such is the case, annul your credit card ASAP.
Also, beware of self proclaimed “recovery” agencies or agents. These cheeky scammers promise to fix your problem and restore the lost funds. They offer their services in exchange of a small sum from your end, after which you won’t ever hear from them again.
The last line of defense for these indecent folk is more like a desperate cry: often times they will comment on reviews and cite the whole ordeal as a conspiracy initiated by competitive brokers against them; at times even claiming that reviewers are anything but objective, and that no one writes good reviews. The absurdities are limitless!
There is no denying that BlizFX is a scam! Do not deposit here; you will never see your money back!