The delightful profits that the trading universe facilitates come with an adverse side to it. Apart from the losses that impact the traders, the cheats and swindlers hit home. The blue trading scam is one of the many storytellers. It covers its con business under the cloak of a trading platform.
Financial Fund Recovery can help build a realistic picture for beginners and clueless traders by bringing all the pieces together. Therefore, our cybercrime specialists and IT personnel conduct an extensive study and let out the truth under their watch.
If you’re keen on exploring more about the firm, we can help walk you through the bluetrading scam. It should ideally answer all your questions and render you doubtless.
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What is Blue Trading?
Blue Trading is a broker managing trading accounts with the most appealing financial assets. Cryptocurrencies, Forex, and CFDs are some of the many instruments traded by them.
Launched in the year 2012, it operates from Japan. The firm was brought into existence by someone named Richard Anderson. He was also popularly known for formulating varied strategies for trading.
Blue trading is one of his expansive works that gives institutional and other investors an incredible opportunity. Many factors contributed to the fame that blue trading earned. It, however, only lasted till the firm remained active.
BluVenture Group Limited is a parent company that owns Blue Trading and BlueBroker. These enterprises wrapped up their operations and closed down in the year 2018 and 2019.
Is Blue Trading A Scam Or Legit?
Before we determine blue trading’s legitimacy, let’s understand how most online scams operate.
- Big offers that sound too appealing to be true
- A customer support team that always has things its way. (Twisting their words to make you believe them.
- Pressurizes traders into funding more.
- Blocks or suspends account
- Closes their business down hastily.
- The firm is unregulated and unlicensed.
- It makes withdrawals unnecessarily complicated.
- They stop answering your calls once you’re done investing with them.
While the list only covers a few indicators of an online trading scam, it aids in verifying a platform. For example, in the case of Blue trading, the firm ticks each scam indicator listed above.
It’s a no-brainer that it is a scam! While Blue trading was once known as a trusted broker, it sure has let down many of its followers. It is an unregistered company. Again, that comes as a disappointment after their claims of memberships in different reputable associations.
Financial Fund Recovery doesn’t recommend keeping any connections with Blue trading. Moreover, traders can no longer do business with them anymore as they are suspended. Blue trading’s sudden closure led to heavy losses to its clients. It was mainly because they were unable to withdraw their investments.
How The Blue Trading Scam Worked?
The enterprise offered a spectrum of strategies for its traders. In addition, it had an incredible customer support team that assisted in 80 distinct languages. They take the prime role in communicating and manipulating traders. Finally, it explains how Blue trading built its enormous list of users.
The high returns, to-die-for rewards, and promises made it a smooth ride for them. However, the minimum investment requirement of $3000 is a bummer. An upgrade to their VIP plan would mean investing a massive $12,500 as a minimum deposit.
Intensifying the disappointment, users get an 18% fee levied on their profits. It’s where all of the customer dissatisfaction builds and arrives from, down the line.
Blue trading’s association with renowned parties and its credible brand image gives them an upper hand. But isn’t it rather strange that the enterprise abruptly shut down?
Well, reports have it that the firm violated a series of rules set by the Financial Commission. If that isn’t enough to prove their conspiracy, then let’s skim through the authorities that took actions against them.
- On the 5th July 2018, The British Columbia Securities Commission stepped up and created an investment caution list with Blue trading’s name listed on it.
- 5th September 2018: Blue trading & Blue Group got a warning from the UK FCA as an unauthorized enterprise or business.
- On 26th September 2018, The Financial Commission suspended Blue trading and BlueBroker from their membership. It was a result of repeated violations of the regulations linking to their membership.
That isn’t all! There’s more to Blue trading’s relentless crimes than anyone can imagine. But, especially coming from a firm that was deemed trustworthy and efficient, it’s just a hard morsel of information to gulp.
The research held by our experts aims at revealing some of its illegal connections;
Blue trading’s connection with a Russian entity named Onyx Capital was an eye-opener for many. The entity operated as a liquidity provider and was eventually caught as an unregulated business. Likewise, Blue Trading got busted as an illicit and unregulated trading practice with time.
What To Do If You Have Lost Money In Scam?
It’s never too late to take corrective measures. If you’re new to investments, wed yourself to the habit of verifying the asset and trading platform that you want to consider. Such practices keep you distant from any upcoming scams.
If you have regrettably invested in the blue trading scam or other digital con business, then Financial Fund Recovery can bring you relief. Wondering How?
Financial Fund Recovery acts as a helping hand for every scam victim. With our talented, determined, and motivated team, we make things work. So if you’ve been down in the pit with an Avatrade scam, USI-tech scam, or any other frauds, we can be your ultimate guide.
We first learn the core points with a balanced solution that initiates with research, verification, and legal actions. Then, once the platform or firm proves to be a scam, we get our fund recovery specialists in action. They trace your funds, and we ensure your money reaches back to you securely and lawfully.