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A rebrand of another scam, B-S500 is now trying to sell itself as a platform that makes money. B S500 is a scam that was already flagged down by the FCA. The original scam went by the name Blackstone 500. Both of these websites share the same website design. Even their contact information is identical. All investors and online traders should be aware of the risks that come with this broker. Losing money with b-s500 is easy; once you deposit, your money is gone.
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The owner of these two websites thought that the industry wouldn’t notice the new site. Sadly for them, we are ever on the lookout for any harmful brokerage firms. You can easily spot the lies with the platform, such as an award for innovation.
There’s no such accolade, and the creators are just trying to sell their merchandise. These are online scam artists who have been in the game for long. Spotting their mistakes is crucial for proving that the platform is a hoax.
One of the first red flags was the similarity of the websites. The second was the contact information, which is identical. The scam artists are clever enough to leave their names out of both websites.
And this means that both of them are anonymous platforms. There’s a huge risk that comes with trading with anonymous online investment platforms. Members don’t get a chance to recover their funds or contact the broker. B. Kelly is one such member who nearly lost all his money.
Crypto, Forex, Oil, and Precious metals are some of the available trading instruments. With Crypto becoming a huge market, scam artists are looking to take advantage. In terms of Bitcoin, the broker acts as an exchange and over-the-counter service provider.
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Anonymity is a feature with Crypto; once you exchange your Bitcoin with such a platform, you lose. That’s the main reason why these scam artists want to remain anonymous. Taking advantage of naïve Bitcoin investors is a task they find easy.
And this is a pointer that we are dealing with a rogue online trading scam. His turmoil should be a reminder that not everything that appears rosy is profitable. BS500 is at fault for failing to allow members to make withdrawals.
What’s astonishing about this website is that it’s barely six months old. The exact date the website went live was 17th November 2020. The owner behind this platform wants to make a run at it in 2021. Thanks to exposing the website, we hope fewer people will fall into this trap.
After the FCA added the platform to their blacklist, all investors should be made aware. The broker is known for operating shoddily and is most likely going to shut down the site soon.
B-S500 is claiming to be located in the UK, which means they should have an FCA license. Sadly, this is not the case as the platform does not hold any valid license. We don’t get to see any copies of their license.
Most brokers will show copies of their license certificates for legitimacy reasons. It also shows that the broker is transparent and is following industry rules. Without these valid documents, it shows that there is an immense risk with the broker.
Even their legal page does not indulge users with information on license and regulation. With their other platform on the blacklist, this too will soon be on that list. It goes to show the extent to which scam artists will go to steal from naïve investors.
A lack of proper regulation gives the broker a chance to do what they want, including refusing to allow withdrawals, as is the case with B. Kelly. Such practices must cease to exist in the online trading world.
B-S500 is offering four account types to anyone who signs up with the platform. These four accounts include Standard, Gold, VIP, and Centurion. The minimum deposit for these four tiers includes $330, $3300, $33,800, $135,000.
It goes without saying that the currency in use is the Sterling pound. The margin call is the same with all accounts as it stands at 80 percent. Islamic account is optional on the first three accounts. To open a Centurion account, you must have signed up with their financial advisor.
According to the account’s page, the platform offers an Activ8 trading platform. On their platform page, there’s no indication of which platform they are using. And this leaves more questions than answers.
Claims that the platform uses the MT5 platform with no automated trading features are rife. It could be that the broker is only suggesting these platforms to pull more users to sign up. Without valid platform information, it’s best to stay away from such a lousy brokerage firm.
As is the case with B. Kelly, we don’t expect anyone to make withdrawals with the platform. What these scam artists do is deploy all available options for making withdrawals. It makes it possible for anyone around the globe to deposit funds with the platform.
These brokers prefer credit cards and wire transfers. Beware of the risk of sharing your banking information with these punks. These scam artists might clean your account balance with online payments.
There’s no safety of funds with such a platform that has no legal documents. The broker does not deposit the minimum capital requirement with the FCA. It means that your deposit won’t get insurance cover from regulators.
And this is one of the main problems with having a broker whose license is questionable. Beware of such platforms that promise quick returns and have no license. At the end of the day, they too want to make money by using your money. Stay away.
B-S500 is a total scam that will be a problem if authorities don’t flag it down. We hope that the FCA will investigate the numerous complaints and blacklist the platform. All facts point to this being the brainchild of blackstone.com. It’s not a surprise that blackstone.com will make changes to their design due to this expose.
There’s no way on earth we would recommend trading with this platform. It’s a complete hoax and a replica of another scam. Please stay away from it, or else risk losing every penny you deposit with them.
Choose the best brokers that the industry has to offer. These brokers come highly-recommended by online trading experts. Your safety is a guarantee, thanks to their credibility and transparency. Make the bold move today and sign up with the best brokers in the industry.
We wish all investors a profitable and safe trading experience.
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