Bostonmex Review: Bostonmex.com is a Dirty Scheme?
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Bostonmex Review
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Fund Safety
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Customer Support
Summary
Bostonmex is a scam broker. They have tried their best to appear legit but in the end, we have exposed their true nature
Bostonmex is an offshore broker, and therefore, your money is at risk. With this broker, you will purportedly get the best trading experience in the forex market. The broker claims to offer numerous funding options where you enjoy instant deposits, fast withdrawal, and segregated funds. All these are beneficial to a trader. However, the claims are false, and the firm does not honor any of the promises they make.
In forex trading, one must be aware of the many scammers who lurk in the market every day. Their aim is to present what seems like the best trading platform to traders with the most favorable conditions. However, when you inspect further, you realize that the broker is a master of deception. To avoid these risks and protect your capital, trade with honest and transparent crypto brokers.
About Bostonmex.com
They offer four types of accounts, each with its pros and cons. One of the worrying things we noted about the accounts, however, is that they offer a 100% welcome bonus to traders. This is unethical and discouraged. You can trade stocks, forex, commodities, indices, and cryptocurrencies.
They have also paraded some awards and accolades, and among them is that Global Business Magazine voted them as the “most trusted broker” in 2021. They have also presented other awards which they won in 2020. However, we could not verify their authenticity.
Founders and Team
Scam forex brokers like Bostonmex often hide their leaders. This anonymity shields individuals behind these scams from legal consequences. Hidden leaders allow these brokers to manipulate the market more effectively. Without public scrutiny, they can engage in insider trading, price manipulation, and other illicit activities that harm traders.
Additionally, obscurity surrounding leadership helps these brokers maintain a facade of legitimacy. By presenting themselves as reputable entities with no clear individuals to hold accountable, they can deceive traders into believing that their operations are trustworthy. This illusion of credibility lures more victims into their schemes.
Bostonmex Contact Details
The broker operates under the Fortgate Offshore Investment & Legal Services Ltd. Company in St. Lucia. Thus, this is an offshore broker. They also have another location in Istanbul thus adding to the confusion of their location. There’s an email, phone number, and live chat option. When we tried the live chat option, however, we realized that the broker is asking for personal details such as a phone number and email.
Regulation
The broker claims to be registered by the Financial Services Regulatory Authority (FSRA). This regulatory body ensures there is integrity, stability, and efficiency of financial markets. Operating in various jurisdictions, the FSRA plays a multifaceted role in overseeing financial institutions and protecting consumers and investors.
When we checked the regulator’s database, we did not find the name Bostonmex anywhere. The broker is thus lying about their registration and therefore their accolades are bogus. The broker only lures in unsuspecting traders with promises of high returns and low risks, claiming to have a secret trading strategy that guarantees profits.
Working with such an offshore broker can pose significant risks and challenges for investors and traders. While not all offshore brokers are fraudulent, there are several inherent dangers associated with them. For instance, they may not adhere to the same financial stability requirements as regulated brokers.
Bostonmex Trading Conditions
The spread ranges from 0 to 1.3 pips. This is reasonable even among licensed traders. The leverage is quite high at 1000:1. Although this might seem appealing, it’s very dangerous especially to new traders who can be tempted to increase the lot sizes. The broker primarily transacts through wire transfer. This is disadvantageous because one cannot request a chargeback.
Final Verdict
Bostonmex is a scam broker. They have tried their best to appear legit but in the end, we have exposed their true nature. Their aim is to dupe people into believing their lies and finally defraud them.
Looking at their attractive offers, it’s easy to see why many unsuspecting traders would fall victim to this scam. Avoid this shady broker and instead, trade with honest and transparent crypto brokers.
