Is Boney Market Legit or Scam?
The evidence points heavily towards Boney Market being a scam broker. Here’s why:
- Unregulated Broker: The most significant red flag is the lack of regulation. Boney Market claims to be registered in Bulgaria, but it holds no licenses from any reputable financial authority. This means there’s no oversight of their activities, and traders have no legal recourse in case of disputes.
- Excessively High Leverage: Boney Market boasts leverage of up to 1:400. While high leverage can amplify profits, it can also magnify losses significantly. This aggressive leverage is often a tactic used by scam brokers to lure in unsuspecting traders and exacerbate their losses.
- Unclear Deposit/Withdrawal Methods: Boney Market is vague about deposit and withdrawal methods, making it difficult for potential clients to understand the process and potential fees involved.
- Limited Information: The website lacks transparency on crucial aspects like minimum deposit and swap rates. This lack of clear information creates an environment for hidden fees and manipulation.
Company Overview
Feature | Details |
Company Name | Boney Market |
Year Established | 2022 |
Headquarters | Bulgaria (Unverified) |
Regulation | None (Unlicensed) |
Services or Products
Boney Market claims to offer forex, commodities, index CFDs, and cryptocurrencies. However, due to the lack of regulation and transparency, the legitimacy of these offerings is highly questionable.
If you have lost money to companies like GT-Trader, or VHNX; please report it to us on our Report a Scam form.
Trading Platform & Leverages
Boney Market provides the MT4 platform, a popular choice among traders. However, the excessively high leverage of 1:400 overshadows any platform advantage. This leverage is far above the levels considered safe by most regulatory bodies and can lead to devastating losses for inexperienced traders.
Spreads and Cost of Trading
Boney Market displays example spreads for some currency pairs, but these might not be representative of real-time pricing. The information regarding swap rates is also unclear, leaving potential traders in the dark about additional trading costs.
License and Regulations
This is where Boney Market falls short the most. A legitimate broker will be licensed by a reputable financial authority, such as the Financial Conduct Authority (FCA) in the UK or the ASIC in Australia. Regulation ensures that brokers adhere to strict financial rules and client protection measures. Without a license, Boney Market operates outside these safeguards, putting your funds at significant risk.
Legal Warning Against Boney Market
Due to the lack of regulation and the presence of red flags, it’s strongly advised to avoid trading with Boney Market. There’s a high chance your funds will be lost or inaccessible if you deposit money with them.
Deposit and Withdrawal Methods
Boney Market fails to clearly disclose deposit and withdrawal methods, making it impossible to assess potential fees and processing times. This lack of transparency is another reason to be wary.
Boney Market Pros and Cons
Pros | Cons |
MT4 platform | Unregulated Broker |
High Leverage (1:400) | |
Unclear deposit/withdrawal methods |
Why Dealing With An Unlicensed Broker Is Risky
Trading with an unlicensed broker exposes you to numerous risks, including:
- Loss of Funds: Unregulated brokers may not segregate client funds from their own, increasing the risk of your money being misused or lost entirely.
- Manipulation: There’s no guarantee of fair pricing or order execution with an unregulated broker. They can manipulate prices or prevent you from closing trades profitably.
- No Dispute Resolution: If you encounter problems with an unlicensed broker, you have no recourse through legal channels or financial regulators.
Client Feedback
There’s limited information available regarding client experiences with Boney Market. This lack of reviews and testimonials further raises concerns about the legitimacy of their services.
How Can “Reviewsadvice” Help You If You Get Scammed?
Unfortunately, if you get scammed by an unlicensed broker like Boney Market, recovering your funds can be challenging. However, seeking legal advice and reporting the scam to relevant authorities might be helpful. Reviewsadvice can’t directly help recover lost funds, but we can provide educational resources to help you avoid similar scams in the future.
While Reviewsadvice can’t directly recover lost funds, they connect you with resources to fight back. If scammed by a broker, Reviewsadvice can help with:
- Filing Complaints: Guidance on filing against brokers who violate terms or withhold money.
- Recovery Specialists: Connecting you with services to potentially get your funds back.
- Withdrawal Issues: Assistance in filing complaints if you’re facing withdrawal problems.
- Disappearing Brokers: Help finding experts to track down the broker and guide your next steps or you Can report to us today by the below form.
File A Complaint Against Scammers
Final Thought
Boney Market exhibits all the hallmarks of a scam broker. The lack of regulation, excessive leverage, and unclear fees are significant red flags. To protect your hard-earned money, avoid trading with Boney Market. Instead, choose a reputable broker that is licensed by a recognized financial authority. Look for a broker with a proven track record, transparent fees, and reasonable leverage options.
