The overseas broker Bormancorp has a very poor presentation of its offers. We certainly don’t know how many trading accounts this broker offers or what are the trading conditions available at it. It also claims to be based in Budapest but fails to mention anything about its registration or licensing. However, apart from this, there are many other issues we came across while researching Bormancorp for this review. In this Bormancorp review, will talk about all the necessary information and issues regarding this broker. Please follow us until the end.
It is our ritual to discuss all the possible advantages and disadvantages of every broker to be reviewed, for the unbiased and unprecedented review. The possible advantages of Bormancorp are listed below. The broker has only one advantage and that is its wide variety of trading assets available to trade. At Bormancorp you can trade on CFDs over cryptocurrencies, commodities, stocks, indices, and more. The offered cryptocurrencies include Bitcoin, Bitcoin Cash, Ethereum. Ripple, Dash, Litecoin, IOTA and many more.
The following sections will consist of all the different disadvantages of Bormancorp. The brand Bormancorp is managed and owned by a company called Board Limited that is situated in Budapest. The broker also claims to have a registered office in the Marshall Islands. The provided official address is very well known to us because, many scam brokers previously reviewed, has the same address. The broker does not support MetaTrader trading platform but in its official websites, it claims to support it. As we have mentioned earlier, the broker does not specify a trading account, spreads, and leverages provided to its clients. Fortunately, we can access the provided trading platform and found that the spreads on Euro USD primary fx pair were fixed at 3 pips. These spreads are not competitive and increase the actual cost of trading at Bormancorp. Clients of Bormancorp has to pay any charges like service charges of 3.5 %, a maintenance fee of dollar 20 for every month. The trader who doesn’t verify their accounts has to pay extra dollar hundred.
Is Bormancorp scam or legit?
The broker falsely claims to be operational from the Budapest, however, its registered office is on the Marshall Islands. There is no sign of any regulation of this broker. Trading conditions are not specified on the official websites. However, when we checked the provided trading platform we came across high spreads of 3 pops. Despite its claim to provide a MetaTrader trading platform, it provides a simplified and unproven web-based trading platform. It also applies salty fees to its clients. This analysis leads us to believe that Bormancorp is a potential Australian trading scam.