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Searching for an online broker? Those who want to delve into the financial markets know that this is the first step they have to take for doing so. A Google search gives you a list of companies you can check out for this purpose, but the problem is that not all brokerages are a good option. You will find plenty of stories of shady and fraudulent platforms that have scammed people out of their hard-earned money. Finding yourself in such a situation can be devastating to say the least and no one wants to go through it. One way to avoid it is by going through this Bomexbit review.
How can this help? The problem that most people encounter is that they are unable to figure out how to separate genuine and fraudulent brokerages. The latter are not that easy to identify, as you might presume. As a matter of fact, they deliberately create a presentation designed to fool people and by the time you realize the truth, it is already too late. This is exactly the kind of scenario you want to avoid and it can only be done when you thoroughly look into a broker.
It means that rather than getting lured in by their big claims and promises, you verify every claim they put forward and then make up your mind about them. This reduces the possibility of you getting conned because you couldn’t resist their offerings. This approach needs to be used with Bomexbit as well, which is presented as a secure and modern trading platform that offers fast execution, deep liquidity, leverage that goes as high as 1:100 and competitive spreads. Likewise, they also advertise minimal trading fees and generous trading bonuses.
Another great aspect of Bomexbit is their claim of being registered and operating in the United States. This really does sound like a broker you would want and not a bad option. However, what it does is show you that scammers are willing to great lengths to get more victims. This is because Bomexbit is nothing like what it is advertised. What are the indicators? You can find out below:
No legitimate license
The first glaring issue that you come across at Bomexbit is about its regulation and licensing. As mentioned above, the brokerage claims to be based in the United States, which is considered one of the most highly regulated jurisdictions in the world. This would automatically prompt people to trust the platform because a license in the US is not that easy to get.
But, as it turns out, Bombexbit is only lying about its regulatory status and this is obviously done to mislead people and to get them to sign up. For a brokerage to operate in the United States, they have to obtain a license from the Commodities Futures Trading Commission (CFTC) and also become a member of the National Futures Association (NFA). A check of the online registers of both these organizations shows that the brokerage is not listed anywhere and neither is its parent company. This means that it does not possess a license and even if its offices are in the US, it is based illegally.
The fact that the brokerage does not have a license is already a big problem because it means that you cannot verify any of its credentials. You will have to take the word of Bomexbit and this is undoubtedly a major risk. When you scour through their website to find more information about who you are dealing with, you will be in for more disappointment.
This is because it turns out that there is not much information for you to verify. There is no corporate background provided by Bomexbit on their website and you will not find any address, or even a phone number available even though they claim to be based in the US. As already stated, there is no reason for you to believe they are actually based where they claim. Essentially, their website is virtually anonymous and that means they are not a good option for anyone.
Lack of trading software
What is the most important offering of any online broker? It is the trading software they provide to you for executing your trades. Without the platform, you will not be able to access the markets, or execute your trades for that matter. Of course, there is no set criteria to be followed here, but you will find a common theme amongst the top brokers, as they offer you one of the leading trading solutions in the market.
They offer the MT4, MT5 or the cTrader platforms that are known for their state-of-the-art technology and excellent trading tools and you would expect the same from Bomexbit, but this is not the case. Yes, they promise a modern and secure software, but when you register with them, you will find out that there is no software available at all. This is another problem that makes it apparent that you are not dealing with a good broker because they don’t have the primary feature every trader needs/
Only accept Bitcoins
You have to make deposits and withdrawals during the trading process and this means you need to know what payment methods you can use for this purpose. It is understood that you want convenience as well as security, but you will not find either when you check out the options supported at Bomexbit. As it turns out, the brokerage only allows its clients to deposit in Bitcoins.
Some might consider this appealing as crypto is a modern payment method, but you should bear in mind that Bitcoin payments are final and irreversible. This means there can be no chargebacks in case of any issues. Plus, crypto payments also give anonymity, which has made it a popular choice of scammers, including Bomexbit.
Once you realize that everything Bomexbit claims is just a front, it is easy to see that it is a bad option when it comes to a broker.