BuzzTrade Scam Review. Find out the truth about this broker!

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BuzzTrade Review

The Buzztrade binary broker is new to the trading scene. They opened in September and seemed to have grown in popularity since then but does their popularity mean that they are a broker you can trust and trade with? Read our Buzztrade review to find out whether or not this broker is a scam.


Min. Deposit:
$250

Trading Platform: SpotOption

US Clients: Not Available

RISK WARNING: YOUR CAPITAL MIGHT BE AT RISK

BuzzTrade Regulation Review

Buzztrade is located at 16 Spyrou Kyprianou Avenue, 2nd floor, Office Number 201, Limassol Cyprus. They are owned by AirFrance Pro Ltd. Their regulation is done by CySEC which is considered the largest regulator in Cyprus.

The benefit of a regulated broker is that when you have an issue with them, you can file a complaint with the regulatory body. However the issue is that a regulatory body only covers how your funds are managed. They have what is known as the “Investment Compensation Fund” which covers you for up to 20,000 euros if the broker cannot do what it is supposed to.

That is good however it should be noted that a regulatory body has limited power over a broker. They have no control over how the broker treats you.

And that is where the real problems with the Buzztrade binary broker begin.

BuzzTrade Customer Support Overview

If you have a query or issue, you can contact the Buzztrade binary broker through an online form on their website, email or call them directly. If you are in the area, you can also visit their office.

While their customer support is extremely lacking, one thing we want to commend them on is having phone lines for different countries. This can save you a lot in the way of international charges.

Sadly that is where the praises end for the Buzztrade broker’s customer support.

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The form on their website is for customers to contact them without leaving the site.

Sadly most times when you submit a form, you get no response whatsoever. It is as if the form was never submitted.

Their response time to email is also annoyingly poor; they typically take two weeks or more to respond.

We understand that they are a new company but they need to do better if they wish to grow and sustain themselves.

BuzzTrade Available Accounts

Newbie Account

  • $250 minimum deposit
  • Training Session once a week
  • 25% welcome bonus
  • Signals twice a day
  • 24/6 customer support
  • Junior personal account manager
  • Daily market news via email

Mini Account

  • $1000 minimum deposit\
  • Training sessions twice a week
  • 30% welcome bonus
  • Signals four times a day
  • 24/6 customer support
  • Junior personal account manager
  • Daily market news via email

Classic

  • $2500 minimum deposit
  • Training sessions twice a week
  • 35% welcome bonus
  • Signals five times a day
  • Junior personal account manager
  • Daily market news via email
  • Daily phone call
  • Up to 25% 5 bonus protected trade
  • $5000 minimum deposit
  • Training sessions three times a week
  • 40% welcome bonus
  • Unlimited signals per day
  • Senior personal account manager
  • Market news via email
  • Daily phone call
  • Up to 30% 5 bonus protected trade
  • $50,000 minimum deposit
  • Training sessions four times a week
  • 50% welcome bonus
  • Unlimited signals per day
  • Senior personal account manager
  • Market analysis
  • Webinar
  • Market news via email
  • Daily phone calls
  • Up to 35% 5 bonus protected trade

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RISK WARNING: YOUR CAPITAL MIGHT BE AT RISK

BuzzTrade Platform Review

The Buzztrade binary broker uses a platform known as Airsoft. It was created by their parent company, AirFrance. They do offer a number of different options on stocks, forex, indices and more. They allow you to set the expiration date for their options which ranges from 15 minutes to 6 months.

This all seems good on paper and if it was good in reality then we would encourage you to register with Buzztrade but sadly that is not the case.

They do not offer automatic signals which is rather disappointing. Automatic signals can save you a lot of time and help you improve your profits.

The next issue with their platform is the early expiration dates of options. For example, if you select an option to close in 2 weeks, then somehow it closes a week early.

We are not sure what exactly the Buzztrade broker is doing but whatever it is, it is not for your benefit.

BuzzTrade Review Conclusion

They may be new and that is why there are not many complaints about them but trust us when we say that you would be better off avoiding the Buzztrade binary broker.

RISK WARNING: YOUR CAPITAL MIGHT BE AT RISK

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Colmex Pro Review

Colmex Pro forex broker offers No Desk Dealing (NDD) in CFDs, stocks, forex and more. The name Colmex Pro is the trading name for a company with the same name – Colmex Pro Ltd. Read our Colmex Pro review to find out if this broker should be known as the Colmex Pro scam.

Colmex Pro Review

Is there any reason to trade with Colmex Pro? We recon this broker to be not so good for you!

They are regulated by CySEC however that regulation only covers how your money is stored. It does not dictate the quality of Colmex Pro’s overall operations.

Colmex Pro Customer Support Review

Colmex Pro forex broker offers customer support through email, fax and telephone.

One of the issues with their customer support system is that there is no live chat option. This would not be a problem for other brokers. However for the Colmex Pro broker, it is.

Their poor response time to email. This is especially a problem because clients like yourself are more likely to contact them through email if you want an issue resolved.

People need to be able to get in touch with their brokers without any hassle. But when you are dealing with the Colmex Pro broker, hassle is guaranteed.

The live chat option would have undoubtedly been an asset because you would have been able to receive immediate assistance.

This could also be done with email but the reality is that Colmex Pro’s customer service agents take weeks to respond to emails.

You need a broker who is going to ensure that your queries are dealt with swiftly.

However it seems that Colmex Pro’s opinion is quite the opposite of this.

We know that you want to register with a trustworthy forex broker that not only helps you make money but also ensures that you receive your money without any problems whatsoever.

Therefore we recommend you avoid the Colmex Pro forex broker. But that is not the only reason. Continue to read our Colmex Pro review to find out other reasons why you would be better off without them.

Colmex Pro Accounts Review

The Colmex Pro forex broker is unlike many other brokers in regards to their account types.

They currently only offer two account types and these are:

  • Live Equities/CFD on Equities
  • Live Forex

These two account types also have their own sub-types.

The Live Equities account has a series of plans. The plans range from A1-D and they carry different charges and minimum deposits. Colmex Pro should be known for its rather costly minimum deposit. For the Live Equities option, these range from a minimum of $10K to a maximum of $50K. The costs of trades range from $4 to $9.95. The shares available range from 400 to over 10,000. Fees are also applied to these shares as well.

The CFD account plans are similar to the Live Equities account plans in terms of shares and minimum deposit. The main difference is that ECN and Sec fees are not applied. The minimum deposit however ranges from $3k to $50k. The shares available for plans range from 400 to over 10,000 like the Live Equities plans. However the cost per shares is lower starting at a range of $1.5 and goes upwards to $9.95.

The Live Forex subcategories are:

  • Colmex Pro Semi Standard
  • Comex Pro Standard
  • Colmex Pro VIP

They do not share the cost of the minimum deposits on their website but we found out that the lowest is $400. Either way, the Colmex Pro broker’s accounts cost a lot more than other broker’s accounts..

They do not tell you exactly what you get when you sign up for one of these accounts and given that they do not offer any bonuses, you are more likely to be at a loss if you take the risk.

Colmex Pro Review of the Platform

The Colmex Pro broker uses their own platform know as the Colmex Pro Trader as well as the MT4 Platform.

They claim their trader is top notch and offers a number of features such as streaming market data and fast execution as well as fast trades.

These are merely claims that they cannot back up. This is both disappointing and frustrating.

You often experience connection issues along with false charts which will only result in poorly made trades if you choose to follow them.

Another thing to note is that Colmex Pro deducts US$15 off of your first initial deposit and charges US$40 for every withdrawal. You are not made awar of this at any time whatsoever.

Colmex Pro Review Conclusion

The Colmex Pro broker, while regulated, is untrustworthy and unnecessarily expensive. It appears that while they are not a scam in the legal sense, they are going to cause you far more harm than good.

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Is Your Forex Broker a Scam?

If you do an internet search on forex broker scams, the number of results is staggering. While the forex market is slowly becoming more regulated, there are many unscrupulous brokers who should not be in business.

When you’re looking to trade forex, it’s important to identify brokers who are reliable and viable, and to avoid the ones that are not. In order to sort out the strong brokers from the weak and the reputable ones from those with shady dealings, we must go through a series of steps before depositing a large amount of capital with a broker.

Trading is hard enough in itself, but when a broker implements practices that work against the trader, making a profit can be nearly impossible.

Key Takeaways

  • If your broker does not respond to you, it may be a red flag that he or she is not looking out for your best interests.
  • To make sure you’re not being duped by a shady broker, do your research, make sure there are no complaints, and read through all the fine print on documents.
  • Try opening a mini account with a small balance first, and make trades for a month before attempting a withdrawal.
  • If you see buy and sell trades for securities that don’t fit your objectives, your broker may be churning.
  • If you are stuck with a bad broker, review all your documents and discuss your course of action before taking more drastic measures.

Separating Forex Fact From Fiction

When researching a potential forex broker, traders must learn to separate fact from fiction. For instance, faced with all sorts of forums posts, articles, and disgruntled comments about a broker, we could assume that all traders fail and never make a profit. The traders that fail to make profits then post content online that blames the broker (or some other outside influence) for their own failed strategies.

One common complaint from traders is that a broker was intentionally trying to cause a loss in the form of statements such as, “As soon as I placed the trade, the direction of the market reversed” or “The broker stop hunted my positions,” and “I always had slippage on my orders, and never in my favor.” These types of experiences are common among traders and it is quite possible that the broker is not at fault.

Rookie Traders

It is also entirely possible that new forex traders fail to trade with a tested strategy or trading plan. Instead, they make trades based on psychology (e.g., if a trader feels the market has to move in one direction or the other) and there is essentially a 50% chance they will be correct.

When the rookie trader enters a position, they are often entering when their emotions are waning. Experienced traders are aware of these junior tendencies and step in, taking the trade the other way. This befuddles new traders and leaves them feeling that the market—or their brokers—are out to get them and take their individual profits. Most of the time, this is not the case. It is simply a failure by the trader to understand market dynamics.

Broker Failures

On occasion, losses are the broker’s fault. This can occur when a broker attempts to rack up trading commissions at the client’s expense. There have been reports of brokers arbitrarily moving quoted rates to trigger stop orders when other brokers’ rates have not moved to that price.

Luckily for traders, this type of situation is an outlier and not likely to occur. One must remember that trading is usually not a zero-sum game, and brokers primarily make commissions with increased trading volumes. Overall, it is in the best interest of brokers to have long-term clients who trade regularly and thus, sustain capital or make a profit.

Behavioral Trading

The slippage issue can often be attributed to behavioral economics. It is common practice for inexperienced traders to panic. They fear missing a move, so they hit their buy key, or they fear losing more and they hit the sell key.

In volatile exchange rate environments, the broker cannot ensure an order will be executed at the desired price. This results in sharp movements and slippage. The same is true for stop or limit orders. Some brokers guarantee stop and limit order fills, while others do not.

Even in more transparent markets, slippage happens, markets move, and we don’t always get the price we want.

Communication Is Key

Real problems can begin to develop when communication between a trader and a broker begins to break down. If a trader does not receive responses from their broker or the broker provides vague answers to a trader’s questions, these are common red flags that a broker may not be looking out for the client’s best interest.

Issues of this nature should be resolved and explained to the trader, and the broker should also be helpful and display good customer relations. One of the most detrimental issues that may arise between a broker and a trader is the trader’s inability to withdraw money from an account.

Broker Research Protects You

Protecting yourself from unscrupulous brokers in the first place is ideal. The following steps should help:

  • Do an online search for reviews of the broker. A generic internet search can provide insights into whether negative comments could just be a disgruntled trader or something more serious. A good supplement to this type of search is BrokerCheck from the Financial Industry Regulatory Authority (FINRA), which indicates whether there are outstanding legal actions against the broker. And if appropriate, gain a clearer understanding of the U.S. regulations for forex brokers.
  • Make sure there are no complaints about not being able to withdraw funds. If there are, contact the user if possible and ask them about their experience.
  • Read through all the fine print of the documents when opening an account. Incentives to open an account can often be used against the trader when attempting to withdraw funds. For instance, if a trader deposits $10,000 and gets a $2,000 bonus, and then the trader loses money and attempts to withdraw some remaining funds, the broker may say they cannot withdraw the bonus funds. Reading the fine print will help make sure you understand all contingencies in these types of instances.
  • If you are satisfied with your research on a particular broker, open a mini account or an account with a small amount of capital. Trade it for a month or more, and then attempt to make a withdrawal. If everything has gone well, it should be relatively safe to deposit more funds. If you have problems, attempt to discuss them with the broker. If that fails, move on and post a detailed account of your experience online so others can learn from your experience.

It should be pointed out that a broker’s size cannot be used to determine the level of risk involved. While larger brokers grow by providing a certain standard of service, the 2008-2009 financial crisis taught us that a big or popular firm isn’t always safe.

The Temptation to Churn

Brokers or planners who are paid commissions for buying and selling securities can sometimes succumb to the temptation to effect transactions simply for the purpose of generating a commission. Those who do this excessively can be found guilty of churning—a term coined by the Securities and Exchange Commission (SEC) that denotes when a broker places trades for a purpose other than to benefit the client. Those who are found guilty of this can face fines, reprimands, suspension, dismissal, disbarment, or even criminal sanctions in some cases.

SEC Defines Churning

The SEC defines churning in the following manner:

Churning occurs when a broker engages in excessive buying and selling of securities in a customer’s account chiefly to generate commissions that benefit the broker. For churning to occur, the broker must exercise control over the investment decisions in the customer’s account, such as through a formal written discretionary agreement. Frequent in-and-out purchases and sales of securities that don’t appear necessary to fulfill the customer’s investment goals may be evidence of churning. Churning is illegal and unethical. It can violate SEC Rule 15c1-7 and other securities laws.

The key to remember here is that the trades that are placed are not increasing your account value. If you have given your broker trading authority over your account, then the possibility of churning can only exist if they are trading your account heavily, and your balance either remains the same or decreases in value over time.

Of course, it is possible that your broker may be genuinely attempting to grow your assets, but you need to find out exactly what they are doing and why. If you are calling the shots and the broker is following your instructions, then that cannot be classified as churning.

Evaluate Your Trades

One of the clearest signs of churning can be when you see buy and sell trades for securities that don’t fit your investment objectives. For example, if your objective is to generate a current stable income, then you should not be seeing buy and sell trades on your statements for small-cap equity or technology stocks or funds.

Churning with derivatives such as put and call options can be even harder to spot, as these instruments can be used to accomplish a variety of objectives. But buying and selling puts and calls should, in most cases, only be happening if you have a high-risk tolerance. Selling calls and puts can generate current income as long as it is done prudently.

How Regulators Evaluate Churning

An arbitration panel will consider several factors when they conduct hearings to determine whether a broker has been churning an account. They will examine the trades that were placed in light of the client’s level of education, experience, and sophistication as well as the nature of the client’s relationship with the broker. They will also weigh the number of solicited versus unsolicited trades and the dollar amount of commissions that have been generated as compared to the client’s gains or losses as a result of these trades.

There are times when it may seem like your broker may be churning your account, but this may not necessarily be the case. If you have questions about this and feel uneasy about what your advisor is doing with your money, then don’t hesitate to consult a securities attorney or file a complaint on the SEC’s website.

Already Stuck With a Bad Broker?

Unfortunately, options are very limited at this stage. However, there are a few things you can do. First, read through all documents to make sure your broker is actually in the wrong. If you have missed something or failed to read the documents you signed, you may have to assume the blame.

Next, discuss the course of action you will take if the broker does not adequately answer your questions or provide a withdrawal. Steps may include posting comments online or reporting the broker to FINRA or the appropriate regulatory body in your country.

The Bottom Line

While traders may blame brokers for their losses, there are times when brokers really are at fault. A trader needs to be thorough and conduct research on a broker before opening an account and if the research turns up positive for the broker, then a small deposit should be made, followed by a few trades and then a withdrawal. If this goes well, then a larger deposit can be made.

However, if you are already in a problematic situation, you should verify that the broker is conducting illegal activity (such as churning), attempt to have your questions answered, and if all else fails, and/or report the person to the SEC, FINRA, or another regulatory body that could enforce action against them.

Does 23 Traders Offer a Demo Account?

23 Traders claims to provide a Demo account and risk free trading to its clients, but is this really true?

According to our team’s research, 23 Traders does NOT provide demo accounts. We also found out that they do not rate highly in Google Trends and there is no significant data about them. As an alternative we selected the top brokers that provide a Demo account for free.

Top10BinaryDemo cannot confirm that 23 Traders can offer you a demo account. In order to avoid risking real money you can OR choose from the Top Demo Brokers:

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23Traders – Reliable Broker Or Scam?

There are two main divisions in the field of online trading that people divide in – they are either using Forex systems or Forex brokers in order to commence personal trading process online. Both types of dealing with online investment are quite popular and therefore there are many available products on the market that offer such services.

Unfortunately, the presence of scams and fraudulent platforms is a disturbing factor that makes people be extra cautious when it comes to choosing some specific broker or robot to deal with. Here and now, we are going to review the new edition to the online brokers’ family – 23 Traders brokerage. In the following text you will get information on whether this new trading platform is legit or scam.

First Look At 23Traders Broker

23Traders is presented as a leading, regulated and licensed, online trading Forex broker. Apparently, it was created and developed by traders, for traders. The original team is a collaboration between 23 traders from around the globe, of all ages, genders and trading experience.

Their alleged purpose is to create the ultimate online trading environment which will respond to the needs and preferences of all kinds of online investors.

In addition, it is stated that the whole work of the team behind this product aims to provide four main advantages to their customers and trading partners: secure trading environment, reliability, innovative trading tools and educational support.

The truth is, that all these things are really good and would be useful if they are available. However, a quick check into the official website of this broker shows that all the mentioned special features are only mentioned and promised, but not actually provided. The greatest disappointment is the fact the innovative trading tools don’t even offer trading signals to traders – just old news of past financial events and changes.

Is 23 Traders Scam Or Legit?

We are not able to say for sure whether this broker platform is scam or not, but there are some disturbing facts we were able to find. First of all, it is obvious that the online trading platform is not regulated by any authority. However, they claim to be regulated, but this is clearly a lie. In addition, 23Traders does not have any type of demo account to offer to online traders. And this is something very important to all the people who don’t have previous trading experience and who want just to practice and improve their skills.

Finally, there is no positive feedback available on the trading platform in the Internet space. The lack of information and users’ testimonials is a negative sign, when it comes to reliability and legitimacy factor. Therefore, as for now, we cannot say that 23 Traders is a scam but we are not going to recommend it to traders. They should better find a broker that is proven to be legit, authentic and profitable.

Account Types Available On 23Traders

There are 6 available account types, this broker offers to traders. The bad news is that unlike the most other brokers, this one has set a really high initial deposit minimum. The amount is $1,000 which is needed if you want to use this brokerage. The more upgraded account you choose, the higher the initial deposit amount becomes. This is described as follows:

  • Basic – $1,000 minimum investment required.
  • Bronze – $5,000 deposit needed. 10% match-up bonus provided.
  • Silver – $20,000 required. There is a 20% welcome bonus.
  • Gold – $30,000 initial deposit amount + 50% match-up bonus available.
  • V.I.P. – $50,000 needed. Also, the bonus here is 90%.
  • Elite – $100,00 deposit required. The bonus is 100%.

Final Words About 23Traders

Taking into consideration all the things we were able to find, related to this brokerage and its performance, we are definitely sure that there are many better choices people could take advantage off. The lack of regulation, the high initial deposit amount and the absence of Demo trading account are some very important things, that should be considered as disadvantages. Also, there is not a single proof, confirming the legit status of this Forex broker. Therefore, we advise people to stay away from it and find another income-increasing partner.

Conclusion

After our research we concluded that 23Traders does not provide a demo account.

The lack of practice account and risk free trading makes this broker unsuitable for traders who want to learn how to trade without losing their investment.

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