In today’s BCH Advance review, we are going to evaluate one of the textbook cases of a broker scam. BCH Advance is an anonymous entity. So, it is unknown who is behind this shady brokerage firm, which only fraudsters do. They hide their whereabouts or use random addresses.
Other than that, there is no information on this company’s licenses and regulations, implying that it operates illegally. Further, it can be involved in fraudulent trading activities and get away with it.
In addition, BCH Advance’s offering is based on poor service and empty promises. So, check out this detailed review to find out all misdeeds of this unscrupulous broker.
In addition to the above, we strongly advise you not to invest iniToroStocks,WiseFXPro andTrade Capitolfraudulent brokers.
| Broker status: | Unregulated Broker |
| Regulated by: | Unlicensed Scam Brokerage |
| Scammers Websites: | bchadvance.com |
| Blacklisted as a Scam by: | N/A |
| Owned by: | N/A |
| Headquarters Country: | N/A |
| Foundation year: | 2022 |
| Supported Platforms: | Web Trader |
| Minimum Deposit: | 250 USD |
| Cryptocurrencies: | Yes (Bitcoin, Tether, Litecoin) |
| Types of Assets: | Crypto assets |
| Maximum Leverage: | N/A |
| Free Demo Account: | No |
| Accepts US clients: | No |
Is BCH Advance a Legal and Licensed Crypto-Broker?
As we have introduced that this broker is not transparent about its registration details, hence, it is not possible to determine its jurisdictions. However, we are sure that it is an unlicensed brokerage firm. Otherwise, it would openly present its trading credentials and the relevant company’s headquarters.
Foreign exchange is a heavily regulated industry. All brokers must be authorized by respective financial market regulators to provide services legally.
Why Is Trading On a Licensed Broker’s Platform Preferable?
There are many advantages of trading with licensed brokerage services. One of the most important is certainly the safety of your money. This is especially if a broker is licensed under premium financial supervisory agencies like the British FCA, German BaFin, and Australian ASIC. These financial authorities also cover traders if a broker ceases trading. For example, the ASIC’s compensation scheme is up to 100,000 AUD.
Not only that, legitimate companies are financially stable; they won’t go bust quickly since they must meet the minimum operating capital requirements. The amount depends on the jurisdiction. For instance, forex providers must maintain 20M USD in the US and up to 1.5M EUR in the EU.
Is BCH Advance a Legit Broker or a Scam?
The BCH Advance broker is nothing new under the sun but just another untrustworthy broker you shouldn’t pay attention to. It operates without a license and regulations, offering only crypto assets, an inappropriate trading platform, and disadvantageous trading conditions.
What Trading Software Does BCH Advance Offer?
Regarding trading platforms, they are vital for profitable trading. Without functional tools, you can’t be effective. Therefore, you need reliable, fast, user-friendly, versatile, and modern trading software. All these boxes are ticked by MetaTrader 4, MetaTrader 5, Sirix, and cTrader.
For that reason, leading forex brokers utilize these leading-edge programs. However, they are not available at BCH Advance. More on its web trader below.
Desktop & Mobile Trader
Speaking of the BCH Advance web trader, it comes with generic features that are not enough for safe and successful buying/selling. Likewise, they can’t match the advanced instruments provided by above -mentioned platforms.
Put differently, this web trader lacks stop loss, EAs, copy trading, unlimited pending orders, one-click execution, and much more. Unlike MT4 and MT5, it can’t offer convenient trading on different devices but is very limited.
BCH Advance Accounts Overview
If we disregard the risk connected to BCH Advance for a moment and analyze what type of accounts it offers, we can say the following.
- Micro: 250 USD minimum deposit
- Bronze: 10,000 USD minimum deposit
- Silver: 25,000 USD minimum deposit
- Gold: 50,000 USD minimum deposit
- Platinum: 100,000 USD minimum deposit
- Elite: 250,000 USD minimum deposit.
Referencing these accounts, they require big investments, which is way too much when considering the criminal nature of this bogus broker. Therefore, don’t test your luck with this outright scamming scheme.
Bonuses and The Terms of Their Receipt
When it comes to bonuses, fraudulent brokers use them to deceive and rope people into trading. That is why they are prohibited by many financial authorities. However, as an unregulated broker, this legislation doesn’t bother BCH Advance much.
Hence, it offers rewards on every type of crypto asset you invest in. The bonus amount depends on the terms, which are 3, 6, and 12 months. For example, a 10,000 USD investment in Ethereum on a 12-month term rewards 2,700 USD.
Nevertheless, we wouldn’t take it for granted since everything coming from this company is a bunch of lies.
BCH Advance – Countries Of Service
Although it is not authorized to provide services anywhere, BCH Advance continues to promote its fraudulent project. It is mainly focused on scamming traders from
- UK
- Denmark
Therefore if you are based in these two countries or any other locations and come across this broker’s offer, please just ignore it. As we have discussed, all brokers either registered or providing services in those two markets must be licensed under the British FCA and Danish FSA. Also, as pointed out, BCH Advance lacks any kind of broker’s certificate.
Also remember the names of theTG Capital,Novelis CapitalandBitonexttrading scams and avoid them at all costs! Moreover, always check the background of online trading companies before investing!
Leverage, Minimum Deposit, and Fees
Apropo of leverage, BCH Advance doesn’t reveal how high its leverage ratio is. But we are sure it goes against the regulations, i.e., it exceeds the limited ratio, which is from 1:30 to 1:50.
Also, the minimum required deposit is 250 USD, which is an unnecessary risk considering the fact you can start trading for less than 10 USD with credible brokerage firms.
About trading commissions, not much information about that can be found on the BCH Advance website. Either way, you can expect nothing but hefty fees from this financial swindler.
BCH Advance Range of Trading Markets
Since BCH Advance presents itself as a crypto broker, only crypto assets are available on its platform. It promises trading with the following:
- Bitcoins
- Ethereum
- Tether
- Litecoin
- Dogecoin
- Shiba Inu
We advise staying away from this shady broker and its dirty tricks. If you want to trade with crypto and other trading instruments (forex pairs, commodities, stocks, índices), choose from so many legit brokers out there.
What Is Known About BCH Advance’s Trading Conditions?
Concerning BCH Advance trading conditions, they are as transparent as this anonymous broker. But assessing the information we know, a trading environment ensured by BCH Advance is very unfavorable.
For instance, the only possible way to transfer funds to and from accounts here is via a crypto wallet. It wouldn’t be a problem if the company accepted other safer means of payment (credit cards and wire transfers). However, in this case, it raises a red flag since crypto payments are frequently used in trading scams due to being irreversible.
Likewise, withdrawal fees and the processing time are ambiguous. Keep in mind that with illicit brokers, there are no money withdrawal guarantees.
Scammed by BCH Advance Broker? – Let Us Hear Your Story
If you have failed for one of many fabricated positive BCH Advance reviews on the internet, know that you can get your money back. But first, report scammers to the relevant authorities and alert others so that they can avoid becoming victims. Also, don’t feel embarrassed. Anyone can be tricked, especially beginner traders.
But What Is A Chargeback?
We have mentioned that getting money back is possible. It is done with a chargeback, which depends on payment methods. For example, credit and debit cards are fully reversible (within 540 days), and bank transfers are too but to some extent (until you confirm a transaction).
On the other hand, crypto payments are hard to cancel and annul but are still viable with the help of experts. Therefore, on this matter, get in touch with our company.