Bloomfx operates like a Bitcoin exchange and a binary options trading platform. They are allegedly offering up to 84% payouts in Crypto Currency and Binary Option contracts which is generally an acceptable payout in this industry. But this is not to distract you into believing that Bloomfx is a legit type of operation. There are many reasons why we believe this website needs to build a reputation first before it can be trusted by the masses.
First of all, the site is very new as it was created in September 2018. It is owned and operated by Alexzeder Borh who has registered the company behind BloomFX as Crypto Expertrade. They are offering 4 types of trading accounts starting with a minimum deposit of $500. Each type of trading account offers a deposit bonus. You should be careful not to accept deposit bonuses unless you know what you are doing and have accepted the terms and conditions in the fine print. Otherwise you’ll be surprised that this platform or any other in the industry won’t let you cash out your deposit until you have achieved a certain trade volume.
We still believe that Bloomfx is not a trustworthy brokerage operation. If you are looking for professional and regulated brokers, we advice that you consult this list.
Bloomfx offers margin trading with free risk management systems as well as learning materials to help you boost your trading knowledge. They are also boasting of cross-platform compatibility as the brokerage can be used on desktop and mobile devices too. They are citing the address Cullingworth Mills Yard, Greenside Lane, Bradford, BD13 5AB on their website and a phone number +1 (406) 414-9189 which can be used to reach them.
The platform also boasts of instant trading and fast transactions. We are not quite sure if this is a real exchange because evidence points to the fact that it is only a brokerage where we can trade CFD contracts as opposed to literally exchanging Crypto currencies with other traders.
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While details of the owner are not hidden and can be accessed on who.is, there is no digital footprint of this person on the internet, and we also suspect that the company that is being associated with this type of operation is not in existence. These days malicious people set up websites and run them as legit brokers when in the real sense, they are just busy collecting funds from victims and refusing to let them withdraw their monies from their platform. If history is to repeat itself, then an unregulated broker like Bloomfx will do the same. By the way, one of the problems with this brokerage is that it is unregulated.
Since Bloomfx is offering securities and trade-able assets, they should be registered with the financial regulators so that they can legally target clients from across the globe without being accused of breaking the law. But this is not the case. Nowhere on the website did they publish their licensing details, which makes us believe that the brokerage has no license from any financial regulator.
It is dangerous to trade with an unregulated broker due to the problems that they create for traders. The most common problem is refusing to let traders have their money, plus most of them are outright thieves. They lure traders into their trap and once the trader has deposited a significant amount, they will be blocked from accessing their accounts and all efforts to try reaching their representatives will be futile.
Are we saying that Bloomfx will do this to you? It is very likely. Financial regulators are championing for the rights of the consumer, which is why they have stringent conditions in place which brokers who want to abide by the law must implement. So definitely any brokerage who is operating without a license is clearly having a second agenda.
This is a red flag because it sounds like a lie. There is no broker in the world who can insure your trades or rather take your losses. Otherwise it beats logic of running such a business in the first place. There is nothing like trade insurance to protect a portion of your trading balance.
The minimum that this broker is asking for is $500 while most brokers who are also regulated require $250 for CFDs and binary options trading. $500 is on the higher side and we believe that many traders will be shunning this kind of thing.
The other 3 accounts require a minimum deposit of $2000, $5000 and $10,000 respectively. These 3 accounts offer a certain level of risk free trading with the exception of the first account type which does not include this feature. The other premium accounts that require $2000 and above also come with free signals and professional training.
At this point, you should ask who are the people sending these signals to you? Are you going to trust them with their signals? Chances are that they will send generic signals to you, which will ultimately lose you money.
On the other hand, if you want to learn trading, Bloomfx is not the best place to risk your capital since you can find free learning materials on the internet. You don’t have to risk a certain amount in opening an account just to access learning material.
The other feature offered across all platforms is the 20% deposit bonus. We have told you what this means and if you are a professional trader, there is generally not a single risk in accepting these bonuses provided you are comfortable with the fine print.
Is Bloomfx a scam? Probably yes or no. But there are just too many red flags on this platform, and we cannot just ignore them like that. There are many better brokerages on the internet today and settling for a mediocre brokerage like Bloomfx is just not making any sense. That being said, our advice is that you should generally avoid a broker like Bloomfx if you want pain-free trading. Don’t go there yet.
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