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Is Bormancorp a scam broker?
BormanCorp is owned by a Budapest based offshore organization called Board LTD. The broker has registered an address in Marshall Islands. This address is enrolled by the several other scam brokers along with BromanCorp. The BormanCorp website offers five different accounts like Basic, Silver, Gold, Platinum, and Diamond. With no further information visible about the minimum deposit, leverage, and spreads. One has to sign up first to avail of this information. The website is supported by three different languages such as English, Russian and Arabic but does a poor job of furnishing trading information.
About the BormanCorp:
BormanCorp provides a range of trading instruments like currency pairs, CFDs on commodities, indices, stocks and the most popular cryptocurrencies. Again it is advised to trade with a reliable and licensed broker rather than any offshore broker. Such brokers are not controlled by any authorities and posses harm to your investments. BormanCorp asserts to provide MetaTrader4, on registration to one of their accounts their claim falls apart. As platform offered is some web-based platform and lacks crucial elements like technical analysis indicators, automated trading options. As mentioned above BromanCorp declines any information on the cost of trading on its website. All genuine brokers provide valid data about the minimum deposit, spreads, leverages, etc. This is sufficient evidence to add this broker on the scammer’s blacklist. On opening one of the accounts provided by the broker, information on spread appears to be EUR/USD fixed at 3.0 pips, which is not competitive pricing. Most brokers offer a fixed spread of 2.0 pips or variable in the range of 1.0 – 1.5 pips for this pair, some going even lower.
BormanCorp charges a service fee of 3.5% on all withdrawals. Also, it charges the standard withdrawal fee of $30 if the percentage equals an amount of below $30. BormanCorp has also introduced two more irrelevant fees like the maintenance fee amounting $20 per month and a fee of $100 if the trader does not comply with their account verification process. In addition to this, there is also a profit clearance fee.
Is BormanCorp scam or legit?
BormanCorp broker offers are not at all attractive. It provides an unprecedented web-based trading platform with many unrelated high operations and maintenance fees. The address provided is coinciding with other dubious brokes this makes the scenario worse and marks the broker red flag. Furthermore, it is not regulated and registered to legal authority. We advise you not to trade with BormanCorp because there are many brokers that provide sufficient trading information and a favorable trading environment.