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One of the most important things that every aspiring trader needs to know before starting their online trading journey is that the broker they use is of the utmost importance. Yes, there is an endless list of possibilities that you can explore, but this does not mean that all of them will offer you the same kind of experience. If that were the case, there wouldn’t be a need for such a huge number of platforms, but they exist and this is for a reason. Not all of them will offer you the same level or quality of service and this becomes apparent when you check out this Buxberg review.
Online scams are quite common and everyone is aware of them, but most people do not know that one of the most favored tactics of these scammers is to disguise themselves as legitimate and authentic brokerages and con people out of their hard-earned money. Most people who were not aware of this fact had to learn it the hard way. You definitely do not want to do that, which means approaching the decision of choosing a brokerage very cautiously.
You should bear in mind that no online broker will give you any clear hints about its actual nature if it is really a scam. You are the ones who has to look for the signs to identify it. Indeed, there are some prominent indications that you can find, as long as you know what to look for. This can help you steer clear of a brokerage that is nothing more than a trap for stealing your money. It is a good idea for you to take the same approach when it comes to Buxberg, which is one of the companies that are offering their services in the market.
Doing so actually does pay off because you are able to see that Buxberg is up to no good and you shouldn’t sign up with it at all. Some of the prominent signs that show it is a scam are:
An offshore broker
The first prominent sign that you are not dealing with an authentic and professional brokerage in Buxberg is the fact that they are based in an offshore jurisdiction. According to its website, it operates under the laws of Saint Vincent and the Grenadines, which has become a hotbed for scammers. This is because brokerages that are operating in offshore zones are not even licensed on paper.
They are free to conduct their activities as they want and there is no accountability at all. In fact, the Financial Services Authority (FSA) of SVG has clearly said that they do not oversee the forex industry and this means that online brokers based there have free reign and can do anything and everything without worrying about any laws. You cannot hold them accountable for anything and they will not face any consequences if they decide to commit fraud and walk away with your money, which is exactly what most brokers based there do.
Malicious terms and conditions
If you continue digging, you will find other indications that Buxberg is indeed a scam brokerage. When you go through their offerings, you will discover that the broker is offering you trading bonuses. This is one of the top strategies these scams use for exploiting their clients and this one is no different. It is because of the strings attached with these bonuses that they have been banned in most of the regulated jurisdictions in the world.
When you check out the terms and conditions of Buxberg that are applicable to bonuses, you will find that they are a bit different than what you usually find. They have not mentioned any minimum trading volume requirements, which are usually used for restricting withdrawals from trading accounts. Instead, they have stated that they can terminate your trading account if they cannot reach out to you, or if you have been inactive for a month.
They have added that in accordance with this policy, Buxberg will also cancel your bonus funds or credit funds. This clause gives the brokerage plenty of room to exploit you just the way they want.
Referral code needed for account opening
Another issue that you will discover with Buxberg is the fact that the brokerage does not allow you to open an account with them without entering some sort of referral code. Bear in mind that no legitimate brokerage would ever stop you from registering on their platform and this should show you that there are some shady activities involved here.
High minimum deposit
When you take a look at the minimum deposit needed for opening the most basic account with Buxberg, you are in for a surprise because this is a whopping $2,500. Why is this a problem? This is an issue because this is extremely high than required by some of the best brokers in the market. These days, brokers are allowing their clients to open micro accounts with a deposit as low as $10. Even if standard deposit requirements are imposed, they don’t go beyond $200 and $250 and this is at least 10 times more.
It is a clear sign that you are dealing with a scam in Buxberg because they would obviously want you to deposit as much as possible, as it means more profits for them.
Ban against chargebacks
If you need more evident that you are dealing with a scam when it comes to Buxberg, then all you have to do is check out their policy regarding chargebacks. The brokerage has explicitly stated that chargebacks are not allowed on their platform, something no legitimate company would ever say. The fact that Buxberg is doing so shows that they are up to no good. Their goal is to keep your money, which means they will not permit you to get a refund.
These prominent signs can help you conclude that Buxberg is a scam and should be avoided when you are looking for a good broker.