Beware! Bubblext is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
Bubblext is like a small herbivore that attempts to tip toe its way through a jungle filled with predators. The moment we set eyes on it, 2 issues quickly arose. The first one is the website which, as a general rule, shows very little, and as such is highly uninformative. Yes, the basic details are there, but there is nothing to expand on these fundamentals. And second, the name. What kind of a broker choses a name like Bubblext and expects to be taken seriously. If you were to ask us of Bubblext on the street, we would point you to the nearest candy store. In the following review we reveal much more about Bubblext, so we urge you to read on.
To proceed with opening an account, we had to deal with a familiar process, which reminded us of dozens of previous brokers, all of which turned out to be scams. We thought the same when the trading area was exposed. The following trading platform provided us with a EUR/USD spread of 0.7 pips, and a leverage of 1:100. Instruments used to trade are forex pairs, stocks, commodities, crypto coins, and shares.
The trading conditions are on the very decent side of things, yet do not be quick to deposit. Many a suspicious broker trick their way into a user’s heart.
The website is available exclusively in English.
BUBBLEXT REGULATION AND SAFETY OF FUNDS
There is no concrete regulation information anywhere on the website. The legal documents where of zero help. There is literally nothing to work with. This leads us to believe that the company is unregulated. It is always sort of ironic for brokers to not include any regulatory information, and to think that they can get away with it. We have seen many like this one before, and we always are left wondering why that is.
Here is another instance that helped us reach that conclusion, In the following cause, Bubblext reveals that all its users are have to be in compliance with their own laws, as applicable in their country of residence. This is a common approach utilized by shady firms; they leave out all the responsibility, and put it on the user’s shoulders. And some more novice traders might get convinced, because, in a way, it does make sense that users are bound by their own laws when trading forex.
In reality this is not the case. An absolute rule is that all brokers have to hold a license from a solid overseer in order to provide legitimate FX trading services. Bubblext DOES NOT HOLD A LICENSE, and so cannot be taken seriously. All investments are at a risk!
Traders needn’t have to worry themselves with such risk if they choose to trade with a brokerage regulated and authorized by a prestigious regulatory agency. Such agencies are the FCA in the UK or CySec in Cyprus which have been leading names in Forex trading for some time now. Their regulatory framework is composed of a number of strict rules which prevent clients from falling victims to fraud. Such rules include the segregation of accounts which assures that commingling with the client’s money is not possible. Furthermore, a license by such a regulatory body entails participation in a financial mechanism by which clients may be compensated if they suffer losses due to fraud or bankruptcy. With the FCA the compensation is up to 85 000 pounds, where as with CySEC it is up to 20 000 euro per person.
And furthermore, Bubblext has an official warning issued against it by none other than the FCA. So, you know for a fact that thins is a scam!
BUBBLEXT TRADING SOFTWARE
Here is very dodgy looking trading terminal, that is typical of illicit brokers.
Some basic features are there, with the exception of others. Yet, there is so so much more to be wanted with this trader office that we do not know where to begin. At its current state, we do not recommend it.
Yet, the main issue here is that the charts of the trading software do not belong to it. In fact they are borrowed from a popular chart provider, a third party. It seems that each asset has its own chart, and so this leads us to think that there are no spreasd by Bubblext own liquidity pool, which would mean that the broker does not offer any trading conditions. This is not that hard to swallow, seeing that the broker in unlicensed; it can do as it wants with nothing holding it back.
BUBBLEXT DEPOSIT/WITHDRAW METHODS AND FEES
The minimum deposit is $250, and the only mean to deposit is Gumballpay, a payment gateway for the gaming (as in video games) industry. What connection the broker has with the gaming industry is unknow. Even if it did intrigue us to know, we did not. We recommend you do the same, even if tempted to discover what ties these things together.
The time it takes to process a withdrawal is somewhere between 4 and 7 days. There is no further withdrawal information. Usually illegitimate brokers do not include these details, because they will never allow for a withdrawal requests to be processed. Some, however, might add little details here and there just to trick the user into thinking otherwise.
The legal provisions hold no ridiculous clauses. What should draw tour attention here is that the broker is unlicensed. And anyway, the legal documents, especially the Terms and Conditions were on the short side. As such, we had no big source from which to extract any scammer clauses. Yet, we are still stand on our earlier verdict that Bubblext is not worth your investment, for this firm is a scam, and will never return your investments.
How does the scam work?
The usual scam operates on a multi-level, though very basic model. The users will be tempted to click on an Internet ad promising quick and easy profits. If they do, it will take them to a website that will ask for their personal details, including email address and phone number. Once they submit this information, an avalanche of emails and phone calls will be unleashed. Scammers will promise the world to these potential traders in order to induce them to make an initial deposit between $200 and $300.
These “brokers” will get a fat commission from the deposited sums and will transfer the unsuspecting users to “senior” scammers. The latter are smooth talkers who will try to persuade users to invest more funds, using phrases like “now is the right time” and “the moment is perfect for making hefty profits”. Of course, these are empty words, and traders will soon have doubts whether they have not been played.
When they try to withdraw their money, these doubts will be confirmed: the con-artists will do anything to deny or at least delay their withdrawals. From trying to convince the traders that they are making a big mistake to withdraw funds now because they will lose big profits, to asking for additional documents or citing clauses in the accepted agreements, to transferring you to another department, there is a single objective to delay the users from filing for a chargeback with their financial institution and lose any chances of recovering their money.
What to do when scammed?
Anyone can fall prey to such a scam. In the unfortunate event this happens to you, there are a few things you can do. If you deposited using a credit card you should immediately file for a chargeback. In an effort to combat online fraud VISA and MasterCard have extended the period in which one can file a chargeback to a year and a half, so there is a big chance that you may be able to recover your funds. If however, you used a bank wire or bitcoin to deposit, chances to get your money back are almost none.
We should also warn against “recovery agencies” who prey on victimized traders by claiming they can recover their funds. These scammers will ask you to pay a fee for this service, but will only take your money and do nothing.