With so many options available, one may struggle to identify the right and legitimate broker that offers low-risk trading experiences. This review will examine bstorext.com, a forex and CFD brokerage operating in the European Union, and determine whether it’s worth considering or not.
Overview
bstorext.com markets itself as an advanced trading platform offering traders access to various markets, including forex, cryptocurrencies, stocks, and indices, all in one place. It claims to offer low latency execution, competitive spreads and leverage, and an array of analytical tools. While this may look enticing, it is imperative to do a thorough background check to avoid falling victim to fraudulent brokers.
Is bstorext.com Regulated?
As per the bstorext.com website, the brokerage operates under the entity Hudson Global Capital Limited, with a registered office at 68, Grivas Digenis & Cyprus Tower Avenue, 6th floor, 6015, Larnaca, Cyprus. This entity claims to be regulated and authorized by the Cyprus Securities and Exchange Commission (CySEC). However, despite the claims, our investigations indicate that there is no record of Hudson Global Capital Limited under the list of authorized and licensed investment firms on CySEC’s official website.
Warnings from Financial Regulators
Furthermore, we discovered that bstorext.com has received warnings from various regulatory authorities such as Spain’s National Securities Market Commission, Financial Conduct Authority (FCA) in the UK, and the Authority for the Financial Markets (AFM) in the Netherlands.
What Currency Pairs Do They Offer?
Bstorext.com claims to offer a broad range of currency pairs; however, their offering is weaker compared to those of the most reputable brokers in their category. Presently, they offer only 30 currency pairs, which fall short of adequate when compared to others. This limitation can make it challenging for traders with specific trading goals to execute their strategies effectively.
Customer Support
Bstorext.com offers customer support via live chat, email, and phone. Nonetheless, our review revealed that their support team is not always responsive and may take several hours or in some cases, days, to respond to queries. Given the technical nature of this industry, the lack of operational customer support services could be detrimental to any trader seriously engaging with the platform.
Trading Platform
Bstorext.com provides the popular MetaTrader4 (MT4) trading platform, which can be accessed via desktop, tablet, and mobile devices. But, we did not get any demo account to check the functionality of the platform. Without checking, you should not invest in any trading platform.
What Do Traders Think about bstorext.com?
The complete and unbiased answer to this question is hard to come by, as most reviews on the company’s website are largely positive. However, research outside of the bstorext.com website suggests that customer experiences with the platform vary widely. Some describe it as a solid trading platform with excellent analytical tools, while others report consistently that the system’s spreads widen irregularly, causing significant drawdowns, which is not a great experience for traders, experienced or otherwise.
What To Do If You Get Scammed?
If you have already fallen victim to bstorext.com and believe you have been scammed, there are several steps you can take to attempt to recover your funds, including contacting regulators, consulting with legal experts, and filing complaints with credit card companies or other financial institutions. When you submit your case to us, we will evaluate your case and will get back to you with a free consultation. You will receive some guidance and service recommendations to help you in recovering the lost fund.
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Final Thoughts
In conclusion, the various red flags we have identified throughout our bstorext.com review, including its unregulated status and warnings from financial regulators, low trader confidence, limited currency pairs, and inconsistent customer support, make it challenging to recommend this broker even to the most experienced traders. It would be wise to steer clear of this platform and go for more legitimate and reputable brokerage options.
