Do you want to trade on Blink Trades FX? Why is blinktrades.com not a genuine broker? Read detailed Blink Trades review to know about this platform.
This article promises to share helpful review to support clients/traders in making the right decision. Kindly read to the end and make your verdict.
What is Blink Trades?
Blink Trades also known as Blinktrades.com is an offshore brokerage company operated by Blink Trades LLC with a lot of promises for forex traders. The broker is incorporated in St. Vincent and the Grenadines.
Also, there are different account packages such as Standard and Premium account.
What is more, the broker offers different instruments like forex, stocks, commodities, crypto, bonds and indices. Also, it presents a zero spread difference in Buy/Sell.
To clarify, traders must know they are dealing with an unknown broker which does not have a regulation over its head.
Deposit and Withdrawal
Blink Trades Minimum Deposit:
Blink Trades minimum deposit is indicated $200 based on the account type. The good thing about a licensed FX broker is that minimum deposit is made known to traders, and clients can start trading as low as $100 .
As for the payment methods, the broker appears to accept options like Visa, Mastercard, Maestro, Bank transfer and others. Rightfully, you should not consider making any payment with this broker because it is a risk.
Just so you know, offshore brokers are commonly known for accepting crypto currencies. For this purpose, payments made through this method are anonymous and can only be traced to a wallet address and not to a specific person. So beware!
Blink Trades leaves us with no specific information on withdrawal fee nor processing days on withdrawal request. The broker provides no clear description on trade requirements that must be met before a withdrawal.
Blink Trades Platform:
Blink Trades platform offers web based trader and MT5 (Industry standard trading platforms). What you must know is that, the claim to offer MT5 does not make the broker legit because any scam broker can do the same to lure forex traders.
As for Blink Trades leverage, it can get up to 1:500. Truly, we say don’t consider doing that with an unregulated forex broker like this one because you stand the chance of losing your money.
Why You Should Avoid Blinktrades.com Forex Broker
First and foremost, Blinktrades.com has no financial authority overseeing its financial services. As far as we’re concerned, we believe this broker is not worth your money because Financial Services Authority SVG does not monitor or regulate forex brokers.
Unfortunately, the platform is a clear scam whose presentation of St. Vincent and the Grenadines (SVG) governance and regulation cannot be proved. We know SVG financial authority is not known for regulating forex brokers. This is a big warning for traders to avoid losing money with this broker. See excerpt from SVG
Further, this broker does not offer money back guarantee which means trading on such platform is clearly a risk as your money cannot be refunded.
These are drawbacks for forex traders/ clients to avoid losing money with this scam broker. It is always advisable you check for regulated and licensed broker on financial authorities websites before depositing fund for trading.
Blink Trades Licensing and Regulation
It is not far from believing that this broker is not a licensed brokerage firm. It is not under any financial regulation which means wiring your money for trading is risky. Its unlicensed and unregulated activities are truly a red flag and must be avoided.
COMPARE WITH A TRUSTED BROKER
Fortrade is a UK-based broker with address at Michelin House, 81 Fulham Road London, SW3 6RD, United Kingdom. They are among the best brokers in the industry offering trades in numerous assets including stocks, commodities, currencies, indices, and cryptocurrencies. Fortrade is regulated and licensed by the FCA(Financial Conduct Authority) in the UK well as ASIC in Australia which makes client funds safe. They accept traders worldwide..visit their official website
Lastly, Blink Trades located at Blinktrades.com claims to be a trustworthy trading broker, however, that cannot be ascertained. From indications, we would advise traders to steer clear from this broker as it likely a platform run by scammers. Thus, we urge our readers to rely on regulated brokers like this or any licensed entity.
In case you found this information valuable, please share with us your experience on the comment section below.