BudsFX (Budsfx.com) is another dilly CFDs and Forex scam platform to hit the lucrative trading world. Buds FX is professing to help traders become better all thanks to their innovative platform. Empty claims and promises are plastered all over their website fooling investors into signing up. Unsuspecting investors are signing up with this platform without conducting due diligence. Read this genuine and honest BUDSFX Review and get the whole truth.
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After receiving numerous email complaints from member of this platform we decided to investigate. Trouble started brewing when investors noticed their withdrawals were not going through. After contacting the account managers, they were assigned different account managers with each request. It is what makes trading with such platforms a huge problem. Imagine depositing over $10,000 and not withdrawing even a dime? BudsFX is another rotten online scam platform which we must expose.
Professional scam artists are good at cloning websites and fooling investors into depositing funds. Luckily, we have years of trading experience and we know how to spot their tricks. Cloning websites has been the undoing of most unsuspecting investors. Claims and promises are another tool used by scammers to entice investors into signing up. In most cases, they will use over the moon claims and promises to fool traders. It is why we must raise a red flag and stop Buds FX from targeting more investors.
Cubic Service Ltd is the company which claims to own and operate this website. Disclaimer at the footer of their homepage claims the company is located and registered in Seychelles. By their own admission, they openly reveal their offshore status. Offshore brokers are notorious for flaunting set regulations and rules. It is why you need to stay alert and ignore all attempts by offshore brokers. Once you sign up and deposit with them, chances of withdrawing are next to impossible.
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Another disturbing feature with this platform is in regards to the actual owners of this platform. No one knows the CEO or CFO of the above mentioned company. We also don’t know any broker who is associated with this platform. Anonymity has been the cause of money problems with online investment platforms. Without knowing who is responsible for your funds, you can’t possible trust offshore brokers. It makes recovering funds next to impossible as no one knows their actual names.
After carefully checking with major regulatory bodies, we can confirm BudsFX is not licensed. No information has been posted on their website regarding the license status of this platform. Since there is no license or registration number, we can conclude BudsFX is operating without a valid license. It is what makes trading with them even more dangerous as safety of funds is out of the table.
Why have they failed to post any copies of their license or registration documents? A genuine broker will post details of their license for all to see. It enables users to verify the documents with proper authorities. Without these legal documents, it becomes hard to prove the broker follows set industry regulations and rules. Buds FX is simply operating without a license and this enables them to steal funds without any reprisal. Once you deposit funds with this platform, consider them gone.
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With a platform which is clouded by anonymity and complaints, no advantage is forthcoming. Trading with this platform will lead to users losing their funds to offshore brokers. Complaints of withdrawal issues are rising which means these scam artists are planning to close shop. With so many complaints, the broker is afraid of authorities and their only plan is to shut down. What this means is they will shut down and not give any notice to investors. It is clear we are dealing with an illicit trading platform.
BudsFX is furnishing users with four different account types to choose from. Names of these accounts include Bronze, Gold, Platinum, and Diamond. What we noticed odd with these account types is how they fail to give credible information. No one knows the acceptable minimum deposit with each account type. It makes it hard to trust any number mentioned as it is usually over the phone. These scam artists will call you and ask you to deposit any number, which is illegal.
Depository channels include MasterCard, Visa, SEPA, and Swift. With such depository channels, account funding can be done by anyone on the face of the planet. Withdrawal still remains to be the biggest problem with this platform. You will see your balance reflecting but you will never be able to withdraw any funds. It is what makes it a total scam.
Another disturbing feature with this platform is lack of a demo account. A demo account gives users a chance to test how a platform operated. With a demo account, you can learn how a platform behaves in terms of execution of trades. Is their platform fast when it comes to executing trades? What about the leverage and spreads available with each account type? Without a credible demo account, it means users are signing up blindly. What makes you think the scammers don’t know what they are doing?
A huge problem with this is no one has been able to test how it works. No one knows whether their platform is stable enough. Is their platform having the required security features such as DDoS Protection and SSL Encryption? An unstable platform is an easy target for hackers as it means they can steal credit card information. Your bank account details are at risk when using an unstable trading platform.
How can funds be safe with a platform whose identity still remains a mystery? Segregation of accounts is a major problem as BudsFX is pooling funds in one account. Merging assets in one account is risky as the broker can use these assets to offset any creditors. Another huge problem is in regards to who actually handled funds. It is impossible to tell which banking institution is handing these funds. What we know is members are depositing funds straight to owner’s personal bank account.
With all the evidence pointing to this direction, we are sure BudsFX is a scam. Warn your family and friends from joining any of their affiliate programs. Mark their emails as Spam and ensure you ignore calls from their agents.
We will be adding this platform to our scam blacklist to ensure our readers are kept safe.
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Wishing all investors a happy and prosperous trading experience.
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