BoltFX (Bolt-fx.com) is a crude Forex broker scam which has decided to rear its ugly head. Bolt FX is claiming to offer users a chance to trade on their industry leading platform. Is BOLTFX really offering users a chance to make money the right way? It’s highly impossible as most users have already cried foul. Thanks to losing all their deposits, users are claiming this broker is stealing from them.
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After users deposited funds with this brokerage site, they expected to make money with Bolt FX. This did not happen as their deposits were lost immediately they transferred their funds. BoltFX is stealing from members in an easy and old fashioned way. They have decided to play Forex brokers and ask for money from unsuspecting online investors. This detailed and eye-opening review will help you know more about Bolt FX. Continue reading to find out more regarding Bolt FX.
Scammers in the Forex industry have made sure they easily entice beginners with over the moon claims. This broker has created a compelling website which looks almost like a real brokerage firm. Claims of having a leading platform are nothing but sales tactics to trap users into signing up. These scammers have created a website which users can deposit money without having to second guess themselves. This is why you need to read reviews to find out what to expect with a broker.
According to the disclaimer at the footer of their homepage, this site is owned by ESS-Capital LTD. What the disclaimer also reveals is this company is registered in St Vincent and the Grenadines. By their own admission, they have bluntly stated they are offshore brokers. Offshore brokers are notoriously known for flaunting set rules and regulations. Anyone dealing with offshore brokers should know the hazards and risks involved. They can close shop at any given time.
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Another disturbing feature with this website or brokerage firm is the level of anonymity. Who actually owns this trading platform? Is there a way of knowing the actual names of people running this website? Owners of this website have deliberately skipped this process for a good reason. Members are depositing funds to an unknown third party. Stay away!
Another insane detail we found with BoltFX is lack of a valid operating license. These scam artists have posted a random number as their licensing number. This is not a valid license and proof is on its way. After contacting a number of official regulatory bodies, we confirmed this broker is not registered. Regulatory bodies such as CySEC, FCA, and NFA have never heard of this broker. This means we are dealing with an offshore broker, its best to stay away from them.
If BoltFX is properly registered, where are their registration documents to prove registration? A real Forex broker will at all times make sure they have copies of their registration. They post these copies on their websites for all parties to see and verify. In all cases, these certificates will match the ones posted on regulatory body’s official website. There’s a reason why this broker is not willing to post their documents. They don’t possess any valid registration documents.
After going through their website, we learned they prefer to use MT5 trading platform. In order to test how well their MT5 trading platform worked, we decided to download it. And this is where we found another red flag with Bolt FX. Their trading platform was downloading in bits and pieces. This left a huge gap when it comes to security protection. This is clear proof this broker is using a trading platform which is not stable. And this spells doom for traders.
An unstable platform which is slow to download and install means its specs are off. This means BoltFX is using a platform which can be easily hacked. Hackers have recently been targeting unstable platforms for credit card information. These platforms have an easy security firewall which can be easily broken into. Look at their own website, it’s not SSL encrypted. This means we are dealing with a rogue Forex broker. Make sure to stay away from it for security reasons.
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When it comes to depositing funds with this broker, this is where the scam starts to play. This broker has ensured depositing funds is easy and fast. Depository channels include MasterCard, Visa, and Wire transfer. With deposit channels being easily available, users have the chance to deposit at will. And this is what this broker is after, for users to have no excuse when depositing funds. This is not a valid reason to sign up with Bolt FX. Stay away as there’s more to this broker than meets the eye.
When it comes to withdrawing funds this is where matters get interesting. Withdrawing funds with BoltFX is not going to happen. These scammers won’t allow anyone to withdraw funds as they have already pocketed the funds.
There’s no way funds are safe with an offshore broker who remains anonymous. Anyone who signs up with this brokerage site is not safe. Why have they failed to issue members with a legal agreement’s page? Bolt FX is not insuring deposits as it should and not offering any compensation to members. Did you know members are depositing funds to owner’s personal bank account?
Why has this broker failed to mention how they handle funds deposited by members? Do they have a single bank where they deposit funds? This leads us to the next question, do they segregate their accounts? After more scrutiny, we found this broker is pooling funds in one account.
Evidence clearly points we are dealing with a rotten Forex scam. Stay away from brokers who share the same characteristics as Bolt FX. Don’t open an account with this platform.
As users are trying to get a hold of this broker, we have decided to expose them for their deceitful act. This review will help open your eyes and help other investors to stay away. Make sure to warn your family and friends from signing up with this broker. By adding this broker to our blacklist, we hope relevant authorities will investigate BoltFX.
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Finally, we wish you all the best in your future trading experience.
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