Blooms Market Limited Review, blmforex.com – Is BLMforex Scam or a Trusted Broker?
Looking for an online broker does not sound much like a challenge, given that you can find pretty much anything via Google. But, the trouble is finding an appropriate broker because not any company will do here.
The offerings and services of one platform can be drastically different from the next, so you have to ensure that you are choosing one that can fit your needs. Just because a company appears to be the right choice does not make it so, as you will learn from this BLOOMS MARKET LIMITED review. If you expect the broker to be upfront about its own shortcomings, you are in for a surprise because none will ever do that.
It is up to you to ascertain if the brokerage you are considering is truly capable of everything it claims. The important thing to remember is that it is not just about high quality and low quality, or even mediocre brokerages.
There are scam companies that are also rampant in the markets and these are the ones you have to avoid at all costs. If you make the mistake of investing with such a fraudulent platform, you are never going to see your funds again. Is that what you want?
No one wants to go through such a situation and you can only avoid it when you are careful in choosing an online broker. Random choices are never a good option because they could be scammers disguised as brokerages and you would end up getting defrauded. It is better to check a company before you agree to open an account with them, something you should do in the case of BLOOMS MARKET LIMITED as well. It promises transparent access to the financial markets and gives you a good selection of assets to choose from.
You will find that blmforex.com is offering forex, shares, commodities, crypto and indices for trading and this will attract many to its platform. But, when you check it out, you will learn some disturbing facts about the broker. What are they? You can find some of them below;
No license and regulation
One characteristic that separates legitimate brokerages from unreliable and fraudulent ones is the licensing and regulation. The former will obtain a license from the regulatory body of the jurisdiction they are operating in, while the latter would never do that because it will disclose their true nature. Bear in mind that using an unlicensed broker is not recommended by anyone because you are leaving yourself vulnerable.
Any brokerage worth their salt will always obtain a license because it helps them build trust with their clients and they are ready to meet the requirements necessary to get it. Scam brokerages can never do that, as you will learn in the case of BLMforex because it is an unregulated and unlicensed company. But, the absence of a license is not the worst thing that you will discover about BLOOMS MARKET LIMITED.
When you start scouring its website, you will find that it is not just that BLOOMSMARKETLIMITED is unlicensed; it is also virtually anonymous. There is no piece of information on its website that even hints at who they exactly are. They have not bothered mentioning the company name and there is no address mentioned either. This means that you have no idea where they are based, so you cannot check for their license, or their registration.
Why would you trust a company that cannot trust you with its information? It does not make sense to sign up with BLOOMS MARKET LIMITED because you will have to share your own personal information with them, but have no idea who they really are. This is not the kind of company you want to be dealing with.
Restrictive bonus policy
One of the most attractive offerings on the BLOOMS MARKET LIMITED is that of trading bonuses. It is natural for people to be excited when they are being offered something for free, or something extra. This applies to trading bonuses as well, but you should be aware that this practice is no longer widely accepted in the trading world. Over the years, it became obvious that brokers were using these bonuses to exploit their clients and this resulted in a ban on them in many countries.
Therefore, most genuine companies do not bother offering any bonuses and even if they do, they make an effort to ensure they do not have any such policies that could be considered exploitative. Unfortunately, you cannot say the same in the case of blmforex.com because when you check their bonus policy, you will find the problems. First off, the policy dictates that accounts that have financial obligations will not be allowed to make withdrawals, which also includes bonuses.
Secondly, you will come to know that BLOOMS MARKET LIMITED platform has set a minimum trading volume requirement that traders have to fulfill in order to make a withdrawal. A legitimate company will never make your withdrawals conditional. In addition, you will find that the trading volume you are asked to achieve is impossible to achieve, which means you cannot get your money back.
Lack of a good trading platform
The trading platform is the most important feature of any online broker because it is used for trade execution. You will find that BLOOMS MARKET LIMITED trading is offering a rudimentary and oversimplified web trading platform that does not measure up to the industry standard MT5 trading platform. It is very lacking and commonly offered by most scammers for maintaining their illusion.
Poor trading conditions
Another disturbing fact that you will learn about BLOOMS MARKET LIMITED is associated with its trading conditions. It is offering you poor conditions that only increase your costs. For instance, the spreads are as high as 2 pips, which are twice more than average companies. In fact, most competitive platforms will offer you spreads even less than 1 pip.
The leverage ratios that BLOOMS MARKET LIMITED is offering are as high as 1:200, which are considered very dangerous and forbidden in many regulated jurisdictions.
These disturbing facts about BLOOMS MARKET LIMITED broker make it evident that you are not dealing with a genuine brokerage.