BSFinance

BSFinance (bsfinance.biz) is a very odd one. At times BSFinance  feels like something new, something fresh and innovative, but then we quickly come back to reality and realise that this is quite the underwhelming ride. Read the review for more.

One thing to get out of the way is that BSFinance is surely unregulated. Not only is the website ambiguous, but there is no mention of a regulation. Without a legal framework to bind the broker to rules, it can do whatever it pleases with users and their money.

The website mentions that the company is incorporated in the UK, and even provides a valid document. However, having an incorporation does not in any way mean that the broker is regulated. In fact, many illicit users are registered yet are not regulated, which still leaves the a risk to all.

BSFinance is thus UNREGULATED, and is therefore a risk to any invested capital!

We urge traders to trade with regulated brokers under the gaze of such agencies as the FCA which not only enforces a strict set of rules and demands detailed reports on company activities, but also includes a compensation fund of up to £85 000 for victimized traders resulting from insolvent brokers.

Even though we opened an account, there was no access to a trading platform. The next section of the review will cover this. As for trading conditions, there are none.

Languages are English, Chinese, Spanish, French, German, Russian.

BSFINANCE LOGIN

BSFinance is one of those so called brokers that are no real brokers at all, but promise a huge return in interest with every deposit. As is expected, the higher the deposit the bigger the alleged interest, which will accumulate over time with up to 16000% over 160 days. Readers should know that this is a complete lie, and is in fact to good to be true. How can one deposit into something completely unknown and then gain such a huge return?

Below are some of the false promises:

BSFINANCE MINIMUM DEPOSIT

The minimum deposit is $10, however, if we are to go with the fake scheme, a $10 deposit won't get you far, interest wise, only 2.5% a day.

The users has the capacity to deposit via PerfectMoney, Payeer, and Crypto.

Due to the broker’s lack of any regulation, we advise against depositing any amount whatsoever. If traders wish to invest in online forex, they will find that any FCA/CySEC regulated broker will surely do. These agencies are at the top of their game, demanding a strict conduct from brokers, and requiring regular reports on their activities.

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

It may or may not happen, but if an unregulated broker asks you to install AnyDesk or TeamViewer and give them log in details, consider yourself very open to a complete drainage of your funds from all your online accounts. These software allow for anyone to access your PC from another station and go through all your files and vital information, including credit card, bank and alternative payment method details. Thankfully, these platforms are completely legal and will need your own personal approval in order to be used.

BSFINANCE WITHDRAWAL TIME AND FEES

Withdrawal information is virtually non existent. The website has no details on processing times, and fees.

We have attached a snip of the withdrawal section, just to point out how it looks.

As you can see there is no real withdrawal button. What does this tell you about BSFinance?

ADDITIONAL FEES AND TAXES

The sole clause that we found suspicious in the midst of very simple legal document, is a logical one. It allows the broker to change the content of the Terms and Conditions without notifying the client.

Unregulated brokers do not care who you are and what your situation is; all they see is money, and they will trick you into giving it to them every chance they get. It is only logical then, that any attempt at withdrawing will be unsuccessful. The most popular excuses for denying your withdraw requests are usually smart and for the most part scripted. These include but are not limited to loopholes in the T/C, asking for more deposits in order to withdraw, or just prolonging your pending withdrawal by claiming that the market will suddenly propel, multiplying your winnings by unrealistic proportions.

ACCOUNT VERIFICATION

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 defence 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

BSFinance cannot be anything but a true and sloppy scam.It has taken an interesting approach to the formula, most notably incorporating a new style, but it still remains illicit. Do not deposit here!