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Bamsbung is offering three different trading products on its website. And this is why we had to inform our readers about the three products in this thorough Bamsbung.com review. The vendor is selling Bams bung EA, MT4 indicator, and a trading strategy. These products are all under one roof, and from the word go, we noticed a few grammar errors. With the mistakes comes a realization that the platform’s owner is not native. Another problem is the available results from this product dating back to 2001.
When it comes to their online presence in terms of social media, there are no updates on their posts. And we have a feeling that the platform is about to change ownership. During our initial investigation, the platform’s main website directed us to hoteaforex.com. And even the new site has some grammar errors which point to the same vendor. And this is why we are urging users to be more careful when selecting trading tools. Before jumping in on a new platform, do some thorough investigation.
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Bamsbung is another false platform whose developer is unclear on what they do offer. We scouted for information regarding their address since the one provided is inaccurate. It seems that the vendor is trying to indicate they are located in several places. They first show the UK and change it to the United States. They should be more transparent with such information. The fact that they always change their location address is proof of something sinister. And this is why investors should stay away.
The platform is using CFDs, Commodities, Forex, Indices, and Stocks as part of their trading instruments. With the trading instruments becoming more and more accessible to users, the platform is not a valid option. Investors should note that the vendor does not provide useful information on the assets. They fail to provide information on the available currency pairs. The vendor is not clear on the timeframes, as well as the strategy used. And this points to a vendor who lacks trading experience.
Bamsbung is not yet permitted to offer any trading products or services in the States. It was confirmed after we contacted the CFTC and NFA concerning their compliance. The regulator has no robot licensed or listed with the above name. And this shows that investors are in for a rude surprise. They will be joining a platform that does not offer insurance cover for the deposits made. With this risk, it is better to stay away as the vendor is anonymous, with no indication of his experience.
The ethics of such a vendor are the reason why we conduct investigations and posts reviews. Such vendors are out to ruin the lucrative online trading world. They take advantage of unsuspecting investors by offering lame products. Thanks to such reviews, we expose these products and services and protect naïve investors. Without a valid credential from authorities, the products will often wear out. Investors find it hard to recover funds from an anonymous and unregulated platform.
There have been scathing comments from some of the traders who bought the false claims. They claim that the vendor was not able to allow any withdrawals. When it came to filing a chargeback, the site would go down without any warning. It seems that the vendor was avoiding such claims from users. The MT5 EA trading forum has two comments, all asking about information on the vendor. There is no evidence to suggest that any investor or trader has endorsed this robot.
The vendor’s name remains anonymous, and this is a huge problem for investors. Those who sign up are freely giving their money to an unknown third party. With evidence showing this is not a Native American, investors should shy away. And this is the reason why an anonymous platform is a terrible news to investors. There is no way of reaching the vendor in case of an emergency. The platform is not on any listed contact page. They try to use google maps, which only points to New York as their location.
With the help of domain checkers, we determined that their servers are located in Ontario, Canada. The platform is old as the site went live on 22nd November 2013. What is evident with this information is that the vendor is lying about their actual whereabouts. A vendor will try as possible to be near their servers. The domain profile shows a lot of changes over the past seven years. There have been five hosting changes over the past seven years. It means the vendor could have sold other forex products by using the same site.
The robot is automated and has an easy installation process. One of the biggest lies we see is that the robot produces consistent returns. If this were the case, we would all be using the robot. The robot would also have a wide user fan base making it a reputable platform. Since no one seems to identify the robot, these are just mere claims. The robot is said to have the ability to lock the profit. They fail to describe how the robot works, but we bet it tries to use Trailing Stops features.
Bamsbung is not clear on the available plans; they just claim to offer indicators and signals. Users should note that the vendor fails to describe the acceptable minimum deposit. With an authentic vendor, everyone will know the prices of each product and its services. The idea behind failing to give the price information is simple. Such a vendor wants to take advantage of investors by asking for different amounts. If one is not careful, the vendor will jack the price and go for exorbitant prices.
As earlier stated, the platform does not have any comments on their social media profiles. We noticed that their Facebook page fails to get regular updates. They have listed an email contact [email protected] for contact. The address is not enough as we sent an email and haven’t received any feedback. It seems that the vendor is hell-bent on blocking all communication. And this is synonymous with online scam artists who hide for fear of being tracked down by authorities.
The trading results and performance is another missing feature from the platform. They fail to produce any verifiable results. What they do is provide what looks like a chart from 2001. And this leaves us asking whether the platform was live at this time in history. We are dealing with a rogue online trading platform. They should produce their live results on platforms such as FX Blue or myfxbook. It means the vendor has not tested the indicators and signals on live accounts. She/he expects users to do this on his behalf.
Bamsbung is a scam, and investors should completely ignore this platform. Investors should also ignore using hoteaforex.com products and services. The same developer is behind this atrocious platform.
We will not be recommending this platform due to the numerous loopholes. The vendor fails to provide any valid trading license and results. It is enough reason for us to block any of his other related products.
Our entire team wishes our esteemed readers a safe trading experience.
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