No matter how street-smart or book-smart you are, you can hand over your money to a scammer and not suspect it until it’s too late.
Forex trading scams could begin with an online ad that promises to make you rich without having to leave your home. Or a seemingly genuine broker referral from a trusted friend. And before you know it, your life’s saving is gone.
With a name like Blackstone500, the claim to be an international trading online corporation, and three awards to its name, you would expect a legit broker. But as we will see in this Blackstone500 review, this is far from the truth.
If you have already fallen to this or any other broker’s trap, you can recover your money. Start by scheduling a free consultation with us.
Blackstone500 Review: About the Broker
There is not much information you can find in the Blackstone500 website, such as the year it was founded. But we gathered that it is headquartered in Zurich, Switzerland.
Blackstone500 offers trading instruments, such as commodities, cryptocurrencies, indices, and forex baskets.
Blackstone500 provides an Activ8 trading platform. It is available in a desktop version or a mobile app that is compatible with iOS and Android.
There are three account tiers:
- Standard Account with a minimum deposit of $/€/£ 250
- Bold Account which requires a minimum deposit of $/€/£ 3000
- VIP Account with a minimum deposit of $/€/£ 12,000
Is Blackstone500 Regulated?
Regulation should be the first thing you look for in a broker, but not the only thing. Some regulated brokers still scam their clients, but the best part is that you can easily file a claim against it.
Regulated brokers are also required to segregate clients’ money and remain transparent in their operations.
Blackstone500 is not regulated, so you can expect zero protection from financial regulatory bodies. What’s worse is that Blackstone500 is an offshore broker. Offshore jurisdictions are known to have relaxed rules, which make it a haven for scam brokers.
We could stop this Blackstone500 review at this point and advice you to stay away from this scam broker, but there are more red flags.
Inconsistencies in the Blackstone500 Website
The broker’s headquarters are in Switzerland, and a UK phone number is provided on the contact page.
But the Terms and Conditions page states that it follows the Estonian governing laws.
We tried to check if Blackstone500 is affiliated in any way to Estonia by searching the Estonian Financial Supervision and Resolution Authority register. And the results came out empty.
The Financial Conduct Authority is the regulating body in the UK. But again, a search of Blackstone500 in the FCA register turned out empty.
The confusion is meant to draw attention from its lack of regulation and mislead traders into wrongly assuming it is regulated in Estonia or UK.
Ambiguity in the Withdrawal Clause
The Terms and Conditions in the Blackstone500 website state that it is not obliged to pay its clients.
It gets stranger.
The document also states that you cannot withdraw non-deposited funds in your account. This includes bonuses and incentives or any profits you make from these amounts.
There are two things we can derive from this:
- Blackstone500 could fail to process your withdrawal request
- It only uses bonuses and incentives to trick traders into trading more and depositing money, and not as a form of reward as a genuine broker would.
In addition to the possibility of never getting your funds, Blackstone500 charges extravagant fees.
Account inactivity of six months or more attracts a dormancy fee where 10% is deducted from your account each month.
Withdrawal fees are charged as follows:
- 50 $/£/€ for wire transfers
- 25 $/£/€ and a processing fee of 10.00 $/7.00 €/5.00 £ for credit cards
- 25 $/£/€ for e-payments
That’s not all.
There is a levy charge of 10% of the amount withdrawn if your account has not executed a turnover of more than 200. And you have to agree that meeting this condition given the high risk involved in trading CFDs is close to impossible.
In addition to all these unfair fees and deductions, the withdrawal processing time can go up to five working days.
Blackstone500 is, without a doubt, a scam.
Blackstone’s Trading Platform
The evidence we have so far in this Blackstone500 review is overwhelming, but there is more.
MetaTrader4 is one of the best trading platforms in the market and used by most legitimate brokers due to its friendly user-interface and a variety of features that make trading easier.
But Blackstone500 does not provide a MetaTrader 4 platform.
It uses Activ8 that enables traders to copy the trades of experts. The chance to copy the so-called ‘masters in trading’ is a large loophole to mislead inexperienced traders into making losses.
Last Nail in the Coffin
The Terms and Conditions page is lengthy and boring, and if a trader is not careful enough, they are likely to ignore it. But we looked at it carefully and noted that Blackstone500 distances itself from all liability, which is what you would expect from a scammer.
It states that neither the broker nor its employees are liable for losses or damage that occurs due to connection to the website, and this includes cases of negligence.
Any claim you make against Blackstone500 will become null and void 12 months after the occurrence leading to the claim.
What the Market Thinks About Blackstone500
A customer who has been a victim of the Blackstone500 scam left this review in TrustPilot, a trusted review website.
Blackstone500 Review Conclusion: Can You Trust the Broker?
It goes without saying, do not invest your money with this broker. Blackstone500 is unregulated and the inconsistencies in the website smell of fraud.
Once you invest your money, you are likely to lose it in cases of negligence when trading and in the endless amount of deductions. And if you have any balance left over, the broker has made it clear that it has the choice not to give it back.
Although Blackstone500 has tried to protect itself from all liability, we can help you recover any money you have lost unfairly. Schedule a free consultation with us.