BqSmart

BqSmart stylizes its cover up expertly, and almost fooled us into thinking that this broker is worth investing in. However, the mask must come down eventually.

BqSmart aims at convicing its traders that is has a regulation in both Cyprus and the British Virgin Islands, yet the domain under which it operates, www.en.bqsmart.co.nz, ends in “nz” as in New Zealand. Why would they go through all the trouble to be regulated by CySEC when ASIC or New Zealand's FMA is right out their doorstep?

First off, BqSmart is NOT REGULATED by CySEC, as the below snap suggests

The exact same thing is applied to the British Virgin Islands. The broker claims to be regulated there, but does NOT hold a license from there either:

Thus we can safely conclude that BqSmart is UNREGULATED, and is a risk to whomever funds an account with them.

Investing in unregulated brokers is the digital equivalent of throwing your money away for the wind to disperse it. It’s obvious that no one would do such a thing. Go with brokers that are regulated by trustworthy organizations like the FCA or CySEC. These entities work closely with the law, enforce it when called for, and have strict requirement for those under their gaze. Not to mention that those under their jurisdiction are members of compensation funds that cover victimized clients’ losses of up to £85 000 (FCA) and €20 000 (CySEC).

The leverage offered by the broker goes beyond the limit set by ESMA, further distancing itself from a CySEC, and any European license. The value depends on the account type with the minimum being 1:100 and the maximum 1:500.

We have absolutely no information on a cost of trading.

Assets that can be traded with are: Shares, Indices, Commodities, ETFs, There are no forex pairs to trade with. The broker is plagued by a familiar issue: we could not open a trading account, resulting in an uncertainty about the instruments of trade.

English and Spanish are the only languages available.

BQSMART LOGIN

As is with Citifxmarkets, BqSmart has not detailed a platform to speak of. There is actually zero information on a platform: no image, no text, no mention, nothing. This is a first for us. There is nothing left to say.

BQSMART MINIMUM DEPOSIT

The minimum deposit is $15 000, and no, this is not a typo. This is absolutely crazy, and just gives to show that this broker aims to steal from the more wealthy of traders.

The only way to deposit is via Bank Transfer. We are prone to believe this since we are unable to access a personal dashboard since our attempts at registering failed.

All signs point to the obvious: that this broker is not to be trusted due to its lack of regulation. It’s only logical that we advise traders against it. Brokers with proper licenses from the FCA and CySEC (among others) operate in ways that put the trader’s security of funds and personal information as a pivotal priority. These agencies are the top non-US financial license issuers, which should give you an idea of the brokers working under their oversight.

DON’T PROVIDE YOUR CREDIT CARD CVV CODE

BqSmart has no terms and condition, and so they have left out the pivotal detail that says to cover your CVV code when providing them with credit card info. All online payments require this 3 digit number in order to complete purchases or transactions, and by giving yours away to some offshore broker may lead only to the complete drainage of funds from your credit card.

DON’T PROVIDE ACCESS TO YOUR COMPUTER AND BANK ACCOUNT VIA ANYDESK OR TEAMVIEWER

Another novice mistake that has been numerously repeated and taken advantage of is providing access to your computer and bank account via AnyDesk or TeamViewer. These two softwares allow for others (in our case the people behind the shady brokerage) to log-in to your PC and flip through all files and browsers, essentially taking over your computer as another user and having access to your personal information like bank account passwords, credit card information etc. Thankfully, these platforms are completely legal and will need your own personal approval in order to be used.

BQSMART WITHDRAWAL TIME AND FEES

There is no minimum withdrawal amount.

All request are processed within 24-48 hours, if one uses the same method they used for deposits.
If a client select an “incorrect” withdrawal methods the request will be processed according to the info below:

However, this is confusing because as mentioned above there is only one depositing method, so the question of how can someone get it wrong if there’s only one method, arises.

Ambiguities like these are emblematic for unregulated brokers.

ADDITIONAL FEES AND TAXES

The fact that there are no withdrawal fees should not calm you. As a fraudulent broker, BqSmart has the potential to launch surprising charges.

Always be on your guard when dealing with unregulated brokers. They can easily launch incoming fees without warning. Furthermore, once you request a withdrawal, probably due to your suspicions being realized, the broker will most certainly deny your appeal. This denial is followed by a well thought of justification. Either they will find a loophole in the T/C that upholds their right to keep your deposit, or they will ensure you that now is the worst time for withdrawals for the market will very soon thrust upwards and multiply your initial investment by unrealistic numbers.

ACCOUNT VERIFICATION

If a broker is unlicensed, never give you ID and personal details to it, because the broker will use these details against you once you file for a charge back. Furthermore, any allegation held against the brokerage will be easily refuted if they have in their possession a copy of your ID and proof of address.

Yet again we urge readers to stay away from this broker as it will, without a doubt, never return your funds and profits. If you wish to to get smooth and efficient transactions, please visit a FCA/CySEC regulated broker, where all withdrawals are handled with care and respect.

HOW TO RECOVER

Filing for a charge back is the best advise 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!

BOTTOM LINE

BqSmart is one of the worst cases we’ve had. There is literally nothing here for anyone: the registration process is broker, the minimum deposit is absurd, the presence of a trading platform is questionable, and it’s UNLICENSED. Stay away from this one at all costs!