One of the very unlogical things about the company is a lack of ownership details. Yet, they are keen to talk about the GDPR.
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Since 2021, this firm has been operating on European soil, but there are too many irregularities in their services. To find out what could cost you heavily, read this Boney Market review carefully.
| Regulated by: | No regulations |
| Is This Company Safe? | No |
| Known Websites: | Boneymarket.com |
| Have Warnings from: | N/A |
| Registered in: | Bulgaria |
| Operating since: | 2021-04-16 |
| Trading Platforms: | MT4 |
| Maximum Leverage: | 1:400 |
| Minimum Deposit: | N/A |
| Deposit Bonus: | Available |
| Trading Assets: | Cryptocurrencies, Forex, Commodities, Indices |
| Free Demo Account: | Available |
| How to Withdraw from This Company? | Since the company is not licensed the only way to withdraw is via alternative methods. Primarily, a chargeback. But for detailed guidance feel free to contact our experts. |
Legal info: Is Boney Market legit or a scam?
As the main regulator in Bulgaria, we find the Financial Services Commission (FSC). However, Boney Market is not listed in their database of regulated entities. Non-surprisingly, the situation is the same with even top-tier regulatory authorities, starting with the BaFin, FCA, ASIC and CFTC.
Therefore, all the features this broker offers can be considered fictive, especially funds protection features. In general, the UK traders can sleep tight knowing they could get up to 85.000 GBP compensation with FCA-regulated firms. With the BoneyMarket scam company, you can only get sick.
Who are Boney Market’s clients?
Research shows that Boney Market forex company mainly targets Europeans. Yet, there are some countries on their restricted list. To make the matter funnier, some clients are also coming from those countries, showing us that the brokerage doesn’t follow its own policies. Mainly, scammed victims are from:
- Turkiye
- United States
- Cyprus
- Montenegro
- Canada
Since very few people talk about this company, feel free to leave a comment below. Share with us your experience with the broker or contact us directly if you need refund advice.
Leverage, Commissions, Spreads, Fees and Taxes
If you see a broker from Europe offering leverage higher than 1:30, you know there is something wrong. Instead, Boney Market FX brokerage offers up to 1:400. Not only it’s dangerous, but it can get you into debt, since the negative balance protection feature is missing.
Spreads seem quite narrow according to their presentation. Yet, the presentation is not showing the live data on the platform. Therefore, too cheesy. Important to note is that none of the other fees and commissions are revealed.
Bonuses
One of the key warning signs is the Boney Market trading bonus. Apparently, for every investment you make you could get a bonus. However, without a transparent bonus policy, you don’t know the hidden tricks.
Most likely, the bonus includes a policy that prevents you from withdrawing the funds. To see how that works, read our Exobit review.
Boney Market Trading Features
Practically whole business is based on manipulation and lies. Whoever joins, great. The company is mainly targeting inexperienced traders.
Yet, there is only one positive thing about the company, which is their trading software. This is a perfect example of why you shouldn’t make a decision on that. Instead, you should do detailed research.
Trading Platforms Available
The software choice of this investment firm is highly popular MetaTrader 4. With all of its features, like social and copy trading, EAs and many more, it’s definitely a proper choice. But, if the company is not licensed you won’t reap what you sew.
Available Trading Assets
Apparently, the company offers 130 instruments from 4 categories. In any case, this doesn’t present any relevant detail to any experienced trader. Generally speaking, nothing that you can’t find with other brokers. The offer consists of:
- Forex – GBP/JPY, AUD/NZD, EUR/HUF
- Commodities – gold, platinum, natural gas
- Indices – DAX30, ASX200, FTSE 100
- Cryptocurrencies – BTC, LTC, ETH
Account Types
In fact, this brokerage doesn’t offer any benefits for higher deposits or trading volumes. Compare it with the Forex Trading Market broker, that shows you directly how much they want from you. In any case, traders can only choose one live account. Of course, none of the trading conditions were transparently revealed.
Mobile Trading App
One of the positive things about this company is the MT4 mobile app availability. This way, all iOS and Android users can use all the features. But if they will enjoy those, we highly doubt. If you think about it, nobody who gets ripped off is not happy.
Demo Account
Apparently, Boney Market brokerage offers a demo account. With $10k virtual funds, you can test your strategies but also their tools and features. However, to get that you need to complete the full registration form. This includes a phone number, so expect to be harassed.
Education
As for education, the company only offers 5 articles about general trading topics. Yet, none of the advanced features are available, such as live sessions or webinars.
To be honest, even if there are those options, the company is not regulated. Therefore, the outcome could be disastrous.
Boney Market Withdrawal
Withdrawals are the point where it gets interesting. Practically, the company doesn’t reveal any details about it. Since their T&Cs page is not working properly, we can only assume they don’t have it at all. Otherwise, they would expose all their scamming signs.
In any case, withdrawal fees, processing time or methods remain unknown. But with their funding methods like wire transfer and crypto, you can’t expect to get your funds back. At least not from the broker. Only via alternative refund methods.
Customer Support
The company offers phone numbers for offices in 6 countries across the world. Thus, none of those present any credibility to experienced traders. Neither are their e-mails. Especially the one based in the UK.
At least, the company reveals working hours. Support is available between 9 AM – 6 PM. Most likely, Central European Time. In any case, not something promising.
Key Information To Consider About Boney Market?
Primarily, the company is operating on European soil without any adequate regulations. Secondly, there are no transparent legal documents. Lastly but most importantly, they do not offer transparent trading conditions or withdrawal policies.
All in all, you don’t have a single reason to trust this company. If you already did and regrated, contact our refund experts for assistance. Don’t worry, our first consultation is free and doesn’t hold any obligations. Book yours now!
FAQ Section
What Is Boney Market?
Boney Market is a Bulgarian FX and CFD brokerage operating since 2021 without any regulations.
Is Boney Market A Scam?
Absolutely. It’s just a matter of time before regulators start publishing warnings against the company. Primarily because they lack licensing.
How Does Boney Market Work?
They are manipulating traders on different levels. But mainly about withdrawals. If you experience any issues there, contact our refund team for help.
