BGB Partners Review – Regulatory Action Stops Scam

One of the most alluring financial traps set up by the BGB Partners scam was the claim about ensuring 99% of the trades were profitable. Had that been true, this brokerage would have become the world’s leading online trading portal, not just another blacklisted fraudster.

So why did the leading Italian regulator demand this domain to be removed and how was the swindling scheme ultimately stopped? Read all about the particularities of the event in our BGB Partners review.

Virtually Anonymous

With the site going flatline, not much information could be retrieved about the BGB Partners broker. Besides several claims about operating out of Italy, and having Italian language as the default website setting, nothing else is known. 

The preference for the Italian citizens as main victims has prompted the jurisdictional regulator, CONSOB, to take action. Being blacklisted for illicit activities, the domain was requested to be shut down. The results of the notice were almost instant, as the domain is already out of function. 

This is proof of blacklisted entities being dangerous, as they do not provide the segregation of funds, compensation options and other security measures. IGFB is also one of them, so avoid them, too.

Short Operational Timespan

The bgbpartners.cm domain was launched in the latter part of 2023.. The site itself wouldn’t stay in operation for very long even without the intervention of the authorities. The WhoIs database tells us that the domain was only leased for a single year.

Analyzing the website traffic, we learned that the scammers targeted these particular nations:

• Italy
• United Kingdom
• Sweden
• Norway

The short life of the fraudulent site means there aren’t any BGB Partners reviews to be found online. This doesn’t mean that this was a victimless crime, however. The boiler room agents working for this fraudulent group are persuasion experts, able to squeeze out money from virtually anyone.

If you got deceived by these con artists, speak up and warn the public about your experience! Additionally, consult with our experts to see how you can get your stolen funds reimbursed.

Absence of Honesty

Full disclosure of fees, costs, trading terms and other crucial parameters is a mandatory condition for all regulated brokerage powerhouses. Fraudulent platforms do not follow any legislation or regulatory framework, so they have the liberty to lie about terms and values, and even fabricate data.

Because of the aforementioned and the fact that the site is out of function, we could not gather the necessary information pertaining to BGB Partners leverage, spreads, fees and commissions.

30% Deposit Bonus

All of the registrants had an option to accept BGB Partners bonus when depositing funds for the first time. Although this might seem like a generous offer from the platform owners, do not be quick to assume fraudsters wish to help you earn. 

Cash rewards and other non-deposited funds are not withdrawable. What’s more, cons often introduce special conditions like trading volume requirements that block any withdrawal attempts unless impossible conditions are met.

Poor Choice of Features

Even if the website was still up and running, it wouldn’t make much of a difference. The alleged prestigious trading tools simply do not exist. What was advertised as a premium trading platform is a simplistic web trader, while the packages offer nothing of value. Keep reading this review and see for yourself.

Web Trader With Locked Access

Getting to test the skillfully marketed trading solution isn’t as easy as the cons make it sound at first. Even if you visit the webpage that glorifies this alleged technological wonder, you won’t be able to open it. You will have to open an account first, and deposit some cash preferably. 

Only then can you get to preview the platform. However, due to the fact that we never got the chance to register for this online trading portal, we completely missed the chance to get familiar with the BGB Partners WebTrader. What a shame!

Assets Lack Examples

Defunct software won’t help you earn by trading any instruments at all. Nonetheless, the broker claims to offer different assets, yet never gives concrete examples. Groups of tradable products listed were:

• Forex – EUR/USD, USD/GBP, USD/JPY
• Stocks – 3M, Disney, Ferrari
• Indices – DAX, DOW, NASDAQ
• Commodities – Cotton, Coffee, Silver
• Crypto – BTC, ETH, DOT

Registration is Pointless

The same veil of mystery that surrounds concrete costs and trading parameters also envelops minimum deposit amounts and what packages feature. This lack of transparency is the main issue with every other illicit online trading portal that has the same aim: to rob customers and disappear. 

The only information we managed to dig out at the present time are the standard, boring and all too familiar names of the BGB Partners account types:

• Standard
• Silver
• Gold
• Platinum
• VIP

No Clarification on Payouts

Another crucial aspect of every online trading brand’s offer are the available funding channels, with precise processing time and fees explained. The homepage lists the following methods as available for monetary transactions:

• Credit Cards (Visa, MasterCard, Maestro)
• Bank Wire Transfer
• Digital Currencies (BTC)

However, nothing can serve as a confirmation of the fabrications posted on the welcome page. The bogus information serves to attract customers. It would be no surprise to see crypto being the only accepted method for payments, like in the case of MFTTrade. 

Support Blocks Contacts

In order to preserve their precious anonymity, the cyber criminals running this scheme didn’t publish a single way to contact them. 

What you’d usually encounter on the websites of regulated Forex dealers are phone numbers, emails, physical addresses and online chat. Here, one simplistic online form exists and not a single soul replies to inquiries.

Site Is Down. How To Get The Money Back?

Nothing good can be said about this full blown con circle. Any trading encountered on the platform is merely fictitious, intended to make the victims believe they are making actual money.

Now that CONSOB took matters into their own hands, the site became unreachable, leaving many defrauded investors without any contact with the swindlers.

We have plenty of experience with asset recovery, and may be reached 24/7 via the live chat. Book your free consultation today, and start working on getting your money back!

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