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Caution Investors BalansFX – Regarding fraudulent or manipulative practices (insider dealing, market manipulation, misrepresentation of material information, etc.)
BalansFX is a forex and CFD broker that claims to offer a wide range of trading instruments, competitive spreads, fast execution, and excellent customer service. The broker also claims to be regulated and compliant with various authorities, but is this really the case? In this blog post, we will review BalansFX and see if it is a trustworthy and reliable broker or a potential scam.
Regulation and Compliance:
One of the most important factors to consider when choosing a broker is its regulation and compliance status. A regulated broker has to follow certain rules and standards that protect the interests and funds of its clients. A compliant broker has to adhere to the laws and regulations of the jurisdictions where it operates. BalansFX claims to be regulated by the Financial Conduct Authority (FCA) in the UK, the Cyprus Securities and Exchange Commission (CySEC) in Cyprus, and the Australian Securities and Investments Commission (ASIC) in Australia. However, a quick check on the official websites of these regulators reveals that BalansFX is not registered or authorized by any of them. In fact, the FCA has issued a warning against BalansFX, stating that it is operating without its permission and that it may be involved in fraudulent activities. Therefore, BalansFX is not a regulated or compliant broker, and trading with it carries a high level of risk.
Another way to assess the reputation and credibility of a broker is to look at its customer reviews. A good broker should have positive feedback from its clients, who are satisfied with its products, services, features, and performance. A bad broker should have negative reviews from its clients, who are unhappy with its practices, policies, fees, and outcomes. BalansFX has very few customer reviews online, which is not a good sign. The few reviews that are available are mostly negative, with many clients complaining about issues such as poor customer service, delayed withdrawals, hidden fees, false promises, manipulation of prices and trades, and even account closure without explanation. Some clients have even accused BalansFX of being a scam and warned others to stay away from it. Therefore, BalansFX does not have a good reputation among its customers, and trading with it may result in losses and frustration.
Products and Services:
A good broker should offer a variety of products and services that suit the needs and preferences of different types of traders. A bad broker should offer limited or inferior products and services that do not meet the expectations or requirements of its clients. BalansFX claims to offer over 200 trading instruments, including forex pairs, indices, commodities, stocks, and cryptocurrencies. The broker also claims to offer four types of trading accounts: Basic, Standard, Premium, and VIP. However, the information on the website is vague and inconsistent and does not provide enough details about the trading conditions, features, and benefits of each account type. The website also does not mention anything about the trading platforms, tools, or educational resources that the broker provides. Therefore, BalansFX does not offer clear or comprehensive products or services that can help its clients achieve their trading goals.
A good broker should have a physical presence in the countries where it operates or targets its clients. A bad broker should have an obscure or fake location that makes it hard to trace or contact. BalansFX claims to have an address in London, UK: 182 King’s Cross Rd, London, United Kingdom, WC1X 9DE. However, this address does not belong to BalansFX, but to another business called Kings Cross Business Centre. Moreover, this address is not consistent with the phone numbers that the broker provides on its website: +44 203 807 0060 (UK), +357 25 030 036 (Cyprus), +61 28 073 4453 (Australia). These phone numbers do not match the country codes of the UK (+44), Cyprus (+357) or Australia (+61). Therefore,
BalansFX does not have a legitimate or verifiable location that can prove its identity or legitimacy.
A good broker should have a responsive and helpful customer service team that can assist its clients with any queries or issues they may have. A bad broker should have an unresponsive or rude customer service team that can ignore or mistreat its clients. BalansFX claims to have a 24/7 customer support team that can be reached via phone, email, or live chat. However, many clients have reported that they could not get in touch with the customer service team at all, or that they received no response or solution to their problems. Some clients have also reported that they were treated poorly by the customer service agents, who were rude, aggressive, or unprofessional. Therefore,
BalansFX does not have a reliable or courteous customer service team that can support its clients.
Based on our review of BalansFX, we can conclude that it is not a trustworthy or reliable broker. It is not regulated or compliant by any reputable authority, it has a poor reputation among its customers, it does not offer clear or comprehensive products or services, it does not have a legitimate or verifiable location, and it does not have a responsive or helpful customer service team. Trading with BalansFX may expose you to a high level of risk, and you may lose your money or personal information to a potential scam. Therefore, we do not recommend BalansFX as a broker, and we advise you to look for other alternatives that are more reputable and reliable.