Beware! Berfammarkets is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
Berfammarkets is another offshore broker that does not provide us with much of a reason to pick over its licensed peers – stay away from it! And should you need further convincing, you can find it below:
Berfammarkets regulation and security of funds
Berfammarkets is not a regulated broker – and it does not claim to be one either, with its page on the topic of regulation hilariously only stating “coming soon”. However, with the abundance of scammers out there nowadays, there is no way that anyone should trust an unlicensed broker. If you stick with legitimate companies instead, however, you will not only know that your money will not get stolen, but you will also use a wide set of protections depending on the regulatory body that issued the broker’s license – for example, in the EU, traders make use of a Negative balance policy, which protects them from losing more money than they have invested. Here are our top rated EU brokers, if you wish to know more.
Berfammarkets trading software
Berfammarkets gives its traders access to two trading platforms – a distribution of Metatrader 5, the preferred piece of software for the modern trader, and a significantly simpler web-based platform, which lacks many of MT5’s features, mainly in the automate trading department. Here is what the platforms look like, starting off with the MT5 distribution:
And here is the web-based trading platform:
Note the spreads on them – they are slightly higher than what is commonly accepted to be the maximum for common FX pairs like the EURUSD.
The leverage Berfammarkets provides is also too high, sitting at up to 1:400 – most regulatory bodies have deemed that to be too much for the retail trader. In fact, if you see a leverage like that in the wild, be careful – odds are you are dealing with an unlicensed broker, or a scam, that is trying to attract more clients with no regard to the safety of their funds!
Berfammarkets deposit and withdrawal methods and fees
Despite several common deposit methods like credit cards and Skrill advertised on Berfammarkets’ domain, the broker only accepts payments via a host of Nigerian payment agents – this is incredibly shady.
What’s more, Berfammarkets’ withdrawal policy means no profits can actually get withdrawn – here is why:
Accounts with a bonus issued need to execute a turning volume of at least a tenth of the bonus and their deposit – in standard lots. A standard lot is worth 100 000 currency units – so if the client account’s deposit and bonus amounts add up to $100, they would need to execute a turnover of at least ($100/10) times 100 000, meaning a volume of at least $1 million. This is hardly a fair precondition – however, withdrawals of profits are banned should the client fail to comply, as per the following clause:
What’s more, Berfammarkets charges not one, but two Dormant account fees:
The first is charged monthly and is $20. The second is a $100 fee, charged each quarter, as per the clause below:
Either one of these fees is much more than what a legitimate broker would ever charge you for inactivity!
Finally, there is also a vague paragraph about fees, which you can see below:
Sadly, no more information is available on them, but considering the dormant account fees Berfammarkets has, there is no way they are going to be reasonable!
How does the scam work?
We staunchly believe Berfammarkets to be a scam – what’s more, we believe it to be running a scam model we have seen hundreds of times before – here is how that model plays out:
First off, the scammers buy ads on social media, promising incredible returns on investments, easy and profitable trading and so on. Should anyone follow up on them, they are taken to a website like the one Berfammarkets operates from – there, they are asked to provide a phone number – this is crucial to them, as they can, and do, use the number to solicit more and more deposits by barraging their victims with calls all day long. However, should the victim demand to get a withdrawal, or stop depositing, the scammers cut them off and move on to other targets.
What to do when scammed?
If you have been scammed by Berfammarkets, or another broker like it, you need to take the following steps to limit further losses:
First off, recall what credit cards, IDs and so on the scammers had access to – and immediately get new ones issued. Also, remove all software they had you install on your PC – scammers will often use desktop sharing software to snoop around and might even hold personal information hostage.
Once your privacy is restored, you need to thing about getting your money back – contact your bank and ask them about what chargeback options are available. However, if you are contacted by a recovery agency, know that this is simply another scam – if you pay the agency the advance fee it demands, you will never hear from it again!
Finally, do not hesitate to leave your thoughts on Berfammarkets – by doing so, not only will you be helping us raise a higher awareness of the scam model, but also might save someone else a lot of headaches and hefty monetary losses!
Rich Snippet Data