Blink Trades Review: Signs That This Broker Is a Fraud
Blink Trades is an unlicensed entity with seemingly foul intentions. The brokerage is run by a company of the same name from Saint Vincent and the Grenadines (SVG).
The Blink Trades broker can easily mislead you to believe that they are a legit and professional broker, something they are definitely not, having in mind their offshore registration and the fact that they do not hold a legit forex license despite their claims.
Essentially, this business runs on selling snake oil to traders and then defrauding them. And this Blink Trades broker review will show you all the risks associated with this offshore investment scam.
|Broker Status:||Unregulated scam broker|
|Blacklisted as a Scam by:||N/A|
|Broker Owner:||Blink Trades LLC|
|Headquarters Country:||St Vincent and Grenadines|
|Online Trading Platforms:||WebTrader and MT5|
|Crypto Asset Trading:||Yes (BTC, BNB, XPR)|
|CFD Trading Option:||Yes|
|Available Trading Instruments:||Forex, Indices, Stocks, Commodities, Crypto|
|Free Demo Account:||Yes|
|Accepts US clients:||No|
License and Safety of Funds at Blink Trades
Blink Trades is based in SVG, a controversial offshore domain full of scammers and thieves. This island has become popular among wrongdoers due to its lax law and tax system.
There’s one particular statement, or rather a warning, from SVG’s Financial Services Authority that pertains to the Blink Trades regulation case. Namely, the regulator says on its website that “Forex trading brokerage activities are not licensed in St. Vincent and the Grenadines.”
Therefore, Blink Trades is unlicensed and dangerous. May we suggest you avoid such brokers and opt for those with a reputable license, preferably issued by the FCA, BaFin, CONSOB, FINMA, ASIC and others.
Blink Trades Trading Platform
Blink Trades offers two trading platforms – MetaTrader 5 and WebTrader. MT5 is a downloadable software whereas WebTrader is a browser-based platform.
WebTrader, however, is an oversimplified and lackluster terminal without the advanced features of MT5.
Blink Trades offers the MT5, but this is not a good thing. Somehow it was able to acquire this sublime software, and still has figured out a way to stumble.
What we mean is that the official download link that we find on the website is actually completely shady, and it might as well come with a tag saying “malware inside”. We were warned by our anti virus program that Blink Trades might include something unexpected in the MT5 download link.
Account Types Available at Blink Trades
Blink Trades offers two different trading accounts:
- Standard – $200
- Premium – $2,000
The maximum leverage for both accounts is 1:500. That’s a really high cap, significantly higher than the legal restriction imposed by ESMA or the FCA (1:30) for retail clients.
Only offshore brokers offer such high caps. Extremely high leverage could be risky as hell. It most often results in huge losses for clients, hence the restriction.
Blink Trades did include a demo account. The registration tab looks a bit suspicious so be careful. It could be fake. Nevertheless, demo accounts are great in general but investing real money is always risky.
Blink Trades Deposit and Withdrawal
Blink Trades advertises three payment methods on its website, which include the following:
- Visa or Master credit or debit card
- Wire transfers
The first payment must be made via bank transfer. The minimum deposit is $200. Blink Trades’ withdrawal process is where we think issues may arise.
Scammers usually refuse to pay clients their profits and shortly after, they disappear without a trace, leaving the clients without compensation.
How Does This Scam Operate?
It’s no surprise that this scam broker operates in the exact manner as other cheap scams do. Usually, they will call anyone who left important personal details on the internet and try to persuade them into making a deposit. There will of course be many stories promising unrealistic investment returns just to get you to invest.
If they succeed in this and you make your first deposit, they will then call you all the time and ask you to put in more money in order to also make more profit. Do not believe anything they say as it is nothing more than a mere lie.
These agents are trained professionals and will do anything in their power to get you to invest.
Don’t feel ashamed if you have ever fallen victim to these fraudsters, as this can happen to anyone. Be sure to file a complaint with your bank as soon as possible in order to get your money back.
Blink Trades Summary
In this Blink Trades review, we tried our best to give you a better insight into how this illicit broker operates. Not only are they unregulated and unlicensed but they falsely claim to be. Additionally, they operate from SVG, and regulatory bodies just don’t do a good enough job in regulating financial markets out there.
They offer their customers an opportunity to invest in forex, stocks, indices, crypto and commodities, however, something as basic as their trading platform doesn’t function properly, indicating that you are dealing with a scam. On top of that, Blink Trades also claims to offer a MT5 trading platform, which is just a plain lie as you cannot access it at all.
In conclusion, we advise you to stay away from this and many other fraudulent brokers alike. And also remember to always read the reviews. It’s important to be and stay safe online in today’s time.
FAQs About Blink Trades Broker
Is My Money Safe with Blink Trades?
No, your money is not safe with this offshore scam broker as they have no actual licenses.
Do Blink Trades Offer a Demo Account?
Blink Trades allegedly does offer a demo account for any potential new clients before they sign up for a live trade account.
How Secure Are Blink Trades?
Blink Trade is not at all secure for your money or your personal data, so we suggest you stay away from them.