BizzTrade Review: Can You Trust BizzTradeForex.Com
BizzTrade is a multi-level marketing company that is offering a return on investment also known as ROI.
Brothers Rizwan and Rehan Gohar together with Gurpreet Dhaliwal started BizzTrade company in early 2019. The company was established first as Bizz Trek just to change the name in 2020 to BizzTrade.
But that is only the start of this controversial investment scam. And that is because the BizzTrade broker allegedly used to operate in the UK, but that’s just another fabrication on the long list of lies. Luckily, the website is down but that doesn’t mean these fraudsters won’t return.
So, sit back, relax and read on this BizzTrade broker review to find out more about the lies this fraudulent broker has done and said just to take all of your money.
|Broker Status:||Unregulated broker|
|Blacklisted as a Scam by:||N/A|
|Broker Owner:||BizzTrade Ltd.|
|Headquarters Country:||UK (allegedly)|
|Online Trading Platforms:||MT5|
|Crypto Asset Trading:||No|
|CFD Trading Option:||Yes|
|Available Trading Instruments:||Forex, Commodities, Indices, Metals, Energies|
|Free Demo Account:||No|
|Accepts US clients:||No|
BizzTrade License and Fund Security
As we have mentioned above, BizzTrade is a multi-level marketing company that is offering a return on investment also known as ROI. Brothers Rizwan and Rehan Gohar together with Gurpreet Dhaliwal started BizzTrade company in early 2019.
The company was established first as Bizz Trek, just to change the name in 2020 to BizzTrade. A little bit of a bad feeling here. If the company is legit and establishing a brand, why change its name?
What you also need to be aware of is that any MLM company that offers a passive investment opportunity is in obligation to register with financial regulations and BizzTrade is not registered anywhere and yes, this means that BizzTrade is operating illegally.
This entity’s business is actually based on the controversial MLM (multi-level marketing) model, which relies on increasing the sales force by recruiting as many distributors as possible for the cause.
Sounds familiar? That’s quite reminiscent of the pyramid model, or better yet, a Ponzi scheme. This concept refers to investment frauds where the one running them, in this case, BizzTrade, profits off the back of unsuspecting victims.
The BizzTrade regulation never existed. For an entity to provide financial services in the UK, it has to possess a license issued by the country’s Financial Conduct Authority (FCA). Unsurprisingly, BizzTrade isn’t registered with the FCA, as we checked it.
BizzTrade Trading Platform Overview
BizzTrade isn’t a real broker. Thus, the BizzTrade trading platform doesn’t exist. You’re not actually trading anything with BizzTrade. All you’re doing is giving money to the financial swindler.
With this said, we do advise you to find a regulated and legit broker that will offer you a real trading platform such as MetaTrader4 and MetaTrader5. Also, make sure that the broker holds a license to use those trading softwares.
BizzTrade Account Types
In regards to the trading account types, BizzTrade offers the following ones:
- Standard account
- VIP account
- ECN account
- Banking spread account
Overall, the BizzTrade doesn’t even offer a demo account. So, we don’t advise you to invest with them, since they hold no license and are nothing more than a Ponzi scheme.
Procedure for Deposit and Withdrawal
BizzTrade offers the following deposit methods:
- Wire transfers
And in the case of withdrawals, if you look at the statistics, over 95% of MLM fail to make income and 60% end up with losses. On the other hand, the scammer on top will profit from ripping-off poor people and their friends.
No doubt withdrawal issues will arise here. We don’t believe that any BizzTrade withdrawal requests have been fulfilled.
How Is the Con Carried Out?
Like many scam brokers, such as EurivexTrade and CJC Markets, BizzTrade will make an ad where they will state people have made huge amounts of money by investing with them and using their trading software. Once you have your details, that’s when the scheme tactics begin.
The company’s agents will start by sending you emails which then will turn into constant phone calls. When they get you on the line, agents will do anything and everything in their power to get you on board. And of course, the more you invest the more you will make.
Don’t fall for those cheap tricks and always do the needed diligence and research before you invest!
In this BizzTrade review we tried our best to show you common tactics of offshore brokers. These brokers usually follow no regulations and therefore offer no safety for trader’s funds. On top of this, many of them falsely claim to be licensed all in order to seem more legit.
BizzTrade is claiming to be operating from the UK, but in order for this to be true, they must be regulated by FCA, which they are not.
The minimum deposit requirement is also set at €50, which is just too high and almost never seen with a regulated firm. On top of that, their trading platform doesn’t even exist even though they claim to offer a MT5. Overall, they are not worth your time.
The last thing we must mention is that this scam broker doesn’t even offer a demo account for potential traders, which never happens with licensed brokers. A good rule of thumb is to carefully review as many forex companies as possible before you swipe a card.
FAQs About BizzTrade Broker
Is BizzTrade Good for Beginners?
No, BizzTrade is not good for beginners as they do not follow any regulations when it comes to trading conditions.
Is Depositing with BizzTrade Safe and Secure?
No, BizzTrade in not a regulated and licensed broker so we advise you to never work with them as your funds will not be safe.
How Long will it Take to Process My Withdrawal Request?
The withdrawal should take 3-5 business days, but in reality they will try to delay it as much as possible