BCH Advance Review – Can you Trust this Broker?

BCH Advance Review

Cryptocurrencies have become the next big thing these days in the financial markets and people are eager to join the trend in order to profit from them.

After all, they have been touted as currencies of the future and many believe that bitcoin will eventually replace gold as a store of value.

Therefore, there is a great deal of interest in trading these digital currencies, prompting many brokers specializing in cryptocurrencies to pop up. But, are all brokerages trustworthy? This BCH Advance review reveals that you cannot trust every cryptocurrency broker offering its services, similar to those that give you access to other instruments.

As a matter of fact, the cryptocurrency market has seen greater activity of scammers in a short period of time because there is a great deal of interest in this space, which has attracted a lot of traffic.

To add to it, most of the people do not have an in-depth understanding of these digital currencies as yet and this provides fraudsters the perfect opportunity to exploit people.

Therefore, there has been a massive number of crypto brokerage scams recorded and it is a warning to those entering the market to be cautious when they are looking for a brokerage.

Every crypto broker will tout their features and tempt you with amazing offerings, but your priority should be to find a company you can trust. How can you do that? This can be accomplished when you assess the claims and the promises that a broker makes.

If it is unable to live up to them, it is best for you to seek a different one. It will certainly work wonders in the case of BCH Advance that boasts a variety of crypto CFDs for its clients, along with an advanced platform and staking services as well as top-notch customer support.

It comes off as an excellent brokerage that deserves your trust, but does it? Unfortunately, you will come across signs indicating that BCH Advance does not deserve your trust. What are they? Let’s find out:

Regulation and licensing

As mentioned earlier, you need a trustworthy broker because there are a lot of scammers that are ready to exploit you these days. As you have to share your personal information with a brokerage and also deposit your hard-earned money with them, you need a company you can rely on.

You do not want them to misuse your information, or steal your money. But, how will you know that the company is worth trusting? You can determine this by looking at their background and whether they have the authorization to offer you their services.

Therefore, it comes as a shock to discover that BCH Advance offers absolutely no information about itself. It is a crypto brokerage that touts professional services, yet it has provided absolutely no details about where it is based and operating from.

You can scour through its website and find no mention of its corporate background, or even an address. This means that you are dealing with a virtually anonymous brokerage.

There is also no mention of any regulation or licensing, which means you cannot hold BCH Advance accountable. Since they have not mentioned where they are operating from, you cannot check their licensing and regulatory status on your own either.

Essentially, it means that the company can up and disappear with your funds and you will not be able to do anything because you do not know anything, including information about its owners. Does that sound like a broker you can trust?

Bonus policy

There was a time when trading bonuses were extremely popular in online trading, but eventually they lost their charm because they came with strings attached that became more and more malicious.

This prompted a number of regulatory bodies in the world to prohibit these bonuses in their respective jurisdictions, so the trend lost its popularity. These days, it is mostly shady and fraudulent companies that are offering these bonuses because their aim is to attract people to their platform.

These bonuses still come with malicious clauses and policies, so you need to be careful. The fact that BCH Advance is offering trading bonuses should immediately make you hesitate because it is already an anonymous broker and the availability of bonuses only makes it worse.

Plus, when you check out the bonus policy, you get further proof that it is not a trustworthy broker. The policy states that traders have to achieve a certain turnover before they will be allowed to withdraw money from their account.

The problem with this turnover requirement is that BCH Advance has deliberately kept it so high that even professional traders cannot achieve it that easily, which gives them the perfect excuse for holding onto your money. What more do scammers want?

Trading conditions

The trading conditions that you are offered at BCH Advance are further proof that it is not a broker you should trust. The spreads go as high as $7, which is certainly not competitive and will not leave you with much. Most importantly, the leverage that you are offered goes as high as 1:5.

Given that most regulatory bodies have limited leverage for crypto assets to 1:2, this should worry you because high leverage for such volatile instruments can result in massive losses that you want to avoid.

Payment methods

Given that BCH Advance has advertised itself as a crypto brokerage, it is not surprising that it only allows you to make deposits with crypto assets on its platform. However, this certainly does not make it a good brokerage and only adds to the risks.

This is due to the fact that crypto payments do not allow you to file for a chargeback, as payments via credit cards do. Thus, if you deposit your funds with BCH Advance, it can keep them and not issue a refund. Furthermore, these deposits are also anonymous, which also benefits the scammers.

Conclusion

All these holes in BCH Advance’s story show that it is not a broker that should be trusted and you should look for a different one.