BullionFX, a crypto exchange platform, is owned and controlled by BullionFX Ltd. The firm in question is a business incorporated in Cayman Islands, an offshore zone. This area is only supervised by the Tier 3 jurisdictional authority – CIMA. Being known for a number of fraudulent projects, the oversight and regulatory standards in this country are loose. In this BullionFX review we will investigate the legal background of this dubious firm.
Because we were not pleased with these results, we had to dig further. The business seems to be active in a number of areas, including Australia, North America, UK and Asia. For such a wide coverage, you’d assume they must have some form of certificate to safely operate. However, that doesn’t seem to be the case.
The next step to checking the legitimacy of BullionFX is through the major financial regulators in the areas where the firm is active. However, it turned out that the databases of FCA, ASIC, NFA, and CySEC have no knowledge of BullionFX.
Our questionable virtual asset service provider doesn’t seem to hold a license at all. If we paired that fact with the extreme lack of transparency of the BullionFX website, we’re quite concerned for the financial well-being of the investors.
BullionFX has a reputation as an offshore virtual asset investment platform. Their headquarters are in Cayman Islands, where they claim to be registered. The website doesn’t display a copy of a physical license or a registration number. But the claim about being registered with CIMA exists in the BullionFX Disclaimer Document.
What shocked us even more is the following sentence, saying how CIMA ‘’will have no oversight of the operations of the Company or the Tokens’’. BullionFX is not in the CIMA register and anyone can easily confirm it by looking through the CIMA register.
BullionFX has spread their operations across several continents. They don’t have a particular target audience, but are rather open to different customers. So far, it looks like the firm is most active in the following countries:
The BullionFX Ecosystem has their much advertised initial product, called the BullionFX Exchange. This trading platform is easily accessed on the website, as soon as you click the trade button anywhere.
The single problem is the fact that the distribution itself is unresponsive. Not only is the layout and the lack of features beyond underwhelming, but nothing interacts until you make a deposit. Although BullionFX is not a brokerage we’d expect a premium trading platform from, their proprietary app is quite disappointingly poorly designed. The original purpose of it is to allow users to purchase and sell digital currencies, but we doubt it’s capable of that.
BullionFX surely attracts newcomers to online trading and investing in digital currencies. After all, the business has expanded massively in a relatively short time. With the promises of building quick wealth by investing life-savings in crypto exchanges, BullionFX lures victims into investment traps.
The unsuspecting target may buy a hefty amount of a digital currency, such as $Gold or $Bull. These are the available tokens at BullionFX, which they have introduced. The company will strategically boost the tokens value so it seems like a great opportunity to buy it. BullionFX victims may quickly be left without their initial investment and end up with a bunch of useless currency.
BullionFX Affiliate Program is based on trapping more people into the scheme. Every customer can supposedly turn their website visits into profitable projects by advertising BullionFX. Every new customer they bring in, allows the existing users to earn a percentage of commission. Commission is 10% split into a 3-tier structure (5% T1, 3% T2 and 2% T3). BullionFX supposedly processes the payouts at the end of each month.
It was quite strange not being able to find any information on the BullionFX website about packages available. Usually firms of this type offer precise info on several account types they offer. Along with that should come the pricing. Not with BullionFX.
The sole account creation is impossible to start until you decide to buy their currency first. And you still won’t be able to complete it without the Referral ID.
BullionFX withdrawal process is another element which is completely ignored by the company and all their policies. Depositing is made possible through various e-wallets, many of them completely anonymous. If we were to assume withdrawals are done the same way, we can inevitably expect hardships.
As any other financial swindler on the market, BullionFX would make up a million conditions and documents necessary to complete the process. Another commonly used technique is to extort as much money as they can from the victims by imposing fees. The firm itself declares to be free to deduct funds from the client’s account directly to cover the costs. That’s even worse.
The more information you supply us with, helps us react quicker and alert the authorities in due time. We can also help you start the chargeback process, which is also vital when recovering your lost capital.
We can’t give you a positive answer to that question. Simply because BullionFX is not a regulated crypto exchange platform. They provide zero proof of their license and all the relevant databases we searched contain info on them. If you’ve still invested here, we can help you recover your deposit.
Since the platform doesn’t allow making any steps before depositing funds, we can assume no Demo account is actually available.
The trading app provided by BullionFX – the BullionFX Exchange is advertised as available on mobile devices. However, we couldn’t confirm this statement.
Judging by the sloppy design and the lacking features, it doesn’t seem like BullionFX has a reliable platform to provide.
We can’t give you a positive answer to that question. Simply because BullionFX is not a regulated crypto exchange platform. They provide zero proof of their license and all the relevant databases we searched contain info on them. If you’ve still invested here, we can help you recover your deposit.
Since the platform doesn’t allow making any steps before depositing funds, we can assume no Demo account is actually available.
The trading app provided by BullionFX – the BullionFX Exchange is advertised as available on mobile devices. However, we couldn’t confirm this statement.
Judging by the sloppy design and the lacking features, it doesn’t seem like BullionFX has a reliable platform to provide.
The post Bullionfx.Com Review – Reasons Why They Are Not Trustworthy appeared first on Global Fraud Protection.
