Beware! Bluesave is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
Without stating the obvious reference to BS, Bluesave is a broker that might just be rightly fit for that initial. The website does not impress, there is an obvious air of suspicion that makes you check things twice, and just to prove this all charts in on the website are taken from TradingView, a website that although provides charts is seen doing so with a bulk of our reviewed illicit brokers. The whole thing screams mediocrity with a touch of scam here and there. Are we right to judge Bluesave without spending sometime with it? Well, we can say that with the time spent on it, there certainty are things to say. Read on.
Registering was fairly fast, and we think we have previously encountered this same registration form somewhere else. What followed was a very simple and quite frankly boring user dashboard.
The trading software gave s the following EUR/USD spread: 0.2 pips which is a very lucrative cost of trade for traders.
Users can trade forex pairs, commodities, crypto, stocks. There is no leverage disclosed anywhere.
The website is exclusively in English. However, the dashboard comes in English, Spanish, Italian, German , Chinese, Arabic, and Russian.
BLUESAVE REGULATION AND SAFETY OF FUNDS
The official location and place of operation for Bluesave is in St. Vincent and the Grenadines. This location is know to many , especially to us, because it has been the perfect location for scammer brokers. The looser laws, the offshore location, all work to attract shady firms.
Bluesave is one of those firms, and as such is undoubtedly UNREGULATED, as not only is there not a regulator in the country, but also there is no actual mention that Bluesave is regulated anywhere..
Traders should be trading with risk-free brokers, that hold licensed from renowned and austere agencies, like the FCA or CySec , which have made a name for themselves as some of the top regulators. Readers should be aware that both agencies have adapted very strict rules of conduct, and their licensing framework guarantees safety and security for all clientele. A good example of this is the segregation of accounts which assures that client money and broker money are kept in separate accounts. Furthermore, FCA/CySEC brokers participate in a financial reimbursement scheme that cover traders losses in case the broker becomes insolvent. The FCA provides up to 85 000 pounds per person, while CySEC guarantees up to 20 000 euros.
Here is more proof that Bluesave is shady: it will share personal info of clients with questionable affiliates. Furthermore, Bluesave will not be responsible for what these third parties do to the money. And in the case this party goes through insolvency, the money may be at risk!
BLUESAVE TRADING SOFTWARE
The website claims that there is an Activ8 platform, while the legal documents rely on the MT4. Yet, we can say for sure that these platforms are unavailable. This is because we are left with downloading an .exe file from the user dashboard, that is supposed to brings us the desktop MT4, but instead gives us a fxtoall4setup.exe file which is in no way connected to the broker, at least by name.
There is a webtrader, that is anything but existing.
And this is all there is to it. As you can see there is nothing to do, but to buy and sell and pending orders , which in today’s forex world is not enough.
BLUESAVE DEPOSIT/WITHDRAW METHODS AD FEES
The only way to deposit is via a Bitocin wallet, which is an untraceable methods perfect for scammers. So, technically there is no minimum deposit.
Accounts are opened in EUR and USD.
The withdrawal fee structure is a common scammer one: $50 for wire transfers, $35 for credit card withdrawals, $25 for alternative payments. The user will be charged an additional 10% if the she has not done a turnover of at least 200. The minimum withdrawal amount for wire transfers is $250, and $100 for all other methods. The typical processing time is up to 5 days. This was taken from the Refund Policy. The Terms and Conditions claim things to be different: the minimum withdrawal is $50, and there is a $30 commission on each withdrawal request. Which ever one of these is applicable, we don not recommend stinging around for that long to find out.
The broker has the right to deposit and withdrawal on the clients behalf.
Here is the notorious Non-Deposited Funds provision, stating that the withdrawal of profits is not allowed. So if you cannot rely on withdrawing profits, what it the real point of depositing?
The broker can at any time and without the authorisation of the client “set-off” any amounts on behalf to the credit of a user. What this measn we are not exactly sure. However, this is a worrying provision, and it might mean that Bluesave can claim yo funds for itself.
The user will be paying a dormancy fee after six months of inactivity. The charge is 10%.
Swap fees are tripled on Wednesdays:
On three months the firm charges a maintenance fee of $100:
Bonuses must be traded with at least 25 times before withdrawing them.
However, the Bonus Policy claims a different requirement for bonus withdrawals. The policy says that a bonus must e traded only bonus/2 in order to be able to withdraw it. This is very different from what the Terms and Condition claim the bonus condtions to be. Which one is it, is a question that we wont deposit to find out.
The legal provision are heavy on the indemnification and limited liability clauses. Through these Bluesave is basically telling us that it will not be held responsible for any damages it causes to its users.
How does the scam work?
Users will be in the middle of a scam without even knowing it, that’s how efficient these scams are. Yet, clients will also be surprised that the most utilized scammer structure is laughably easy to grasp, making it predictable. We have dedicated the following section to the reveal of how the scam works.
The internet is filled with ads, it’s the fuel of the industry, and a big chunk of said advertisements are misleading and some are downright deceitful. The ads concerned with unregulated forex brokers are often very promising, and most of the times utilize completely false claims of immediate profit. Those tempted enough will be redirected to a robo-scam website that further guarantees profits. The only thing that separates the user from the unrealistic promises is a fast registration process that requires a phone number and an email address. After inputting this info unsuspecting users will start getting phone calls from illicit broker representatives, whose one and only job is to initialize the scheme by pushing a trader to make that first deposit of around $250. After that’s done, the senior representatives will be calling. These expert scammers are extremely good talkers, and will start working on you to start putting even more money in. They say that the more money invested, the higher the profit will be. At this point most traders start seeing the big picture, and will want to withdrawal their money and get out fast.
However, the scammers have anticipated this development, and are ready to counter any withdrawal request. Typically they find excuses for delaying the request in the legal documents that hold specific clauses for these purposes. The reasons are many. One thing to remember is that all illicit brokerage firms will deny the withdrawal request for as long as they can, because of the imposed time limit traders have for filling a chargeback. Once the crucial due date is not met, any chargeback requests will be denied.
What to do if scammed?
Those of you who deposited using VISA and MasterCard will be glad to know that both companies have extended their chargeback time span to 540 days, especially if the reason for it is an online scam.
Scammers will steal directly from a bank account, if the traders has provided crucial details, like banking password or security code. If it get down to this, be sure to either block the account or change the password.
Sometime victimized users will stumble upon the so called recovery agents that promises to magically reclaim all lost investments, for a fee that is. Needless to say, they will not get back any of the lost funds, and will basically scam you a second time.
Rich Snippet Data