Abstract：BeeMarkets, a Comoros-based brokerage entity, is facing a massive backlash from users recently. They have reported about the disappearing funds, platform-related glitches and more while sharing the BeeMarkets review online. If these issues resonate with you, this is your article to read! Here, we have evaluated the user allegations against the broker, its product offerings and the regulatory supervision it is subject to.
BeeMarkets, a Comoros-based brokerage entity, is facing a massive backlash from users recently. They have reported about the disappearing funds, platform-related glitches and more while sharing the BeeMarkets review online. If these issues resonate with you, this is your article to read! Here, we have evaluated the user allegations against the broker, its product offerings and the regulatory supervision it is subject to.
BeeMarkets Extensive Product Portfolio Evaluation
BeeMarkets seems to be a valuable proposition for investors seeking to invest in brokerage products after checking its official website. The marketing language on the brokers homepage - Low Cost, Exceptional Service immediately intrigues users. As they see another promo saying spreads starting from zero, their intention to trade with the broker further enhances.
The broker is currently servicing customers across these markets -
- Forex
- Crypto
- Metals
- Energy
- Indices
What Does BeeMarkets Advertise for Forex Traders?
- Investment opportunity in 50 currency pairs across 28 countries
- Spreads starting from as low as 0 pips
- Leverage up to 1:1000
- Low commission of 1.5 USD/lot (EUR/USD), 2 USD per lot for other currency pairs
The Advertisement for Cryptocurrency Traders
- 12 major and popular cryptocurrencies, including Ethereum, Bitcoin and Litecoin, are on the platform.
- A low commission of 0.09% of each transaction
- Low spread starting from 0 pips
- Up to 10X leverage
How Appealing are Indices on the BeeMarkets Platform?
- Support for major stock indices worldwide, including FTSE 100, Germany 40 and S&P 500
- Commissions starting from 0.01 USD/lot
- Spreads beginning from 0 pips
- Leverage up to 200X
What Does BeeMarkets Have for Metal Traders?
- Gold, silver, platinum and palladium - all available for trading
- Low commission, starting from 2 USD/lot
- Spreads beginning from 0 pips
- Leverage of up to 1:1000
What Can Energy Traders Expect?
- Energy trading options of WTI, Brent and Natural Gas
- Commission on oil - 0.1 USD/lot, Natural Gas - 2 USD/lot
BeeMarkets Trading Accounts
At BeeMarkets, you can open any of these four trading accounts - Standard, Pro, Expert and Corporate. We have specified the brokers advertisement across these accounts in the table below. Take a look.
Review Summary of BeeMarkets Offerings
BeeMarkets undoubtedly catches ones attention with appealing offers across different assets. Examples include the low spread and low commission.
However, as we glance at the trading account types and the conditions specified by the broker, things become slightly mixed.
The minimum deposit required in Pro and Expert are slightly higher, making the ownership of these accounts slightly expensive. The Corporate account, expectedly, had a greater minimum deposit requirement.
On the other hand, the leverage offering is impressive but can be counterproductive in a volatile market scenario. For example, if the market moves even slightly against your high leveraged position, it can quickly lead to account blowups and a margin call by the brokerage entity.
Top jurisdictions such as the UK will have brokers offering a leverage of up to 1:30 to help avoid such undesirable trading outcomes.
User Allegations Against BeeMarkets: Withdrawal Hassles, Funds Scams & More
NO BeeMarkets Login Access for MT5 Platform
A Portuguese trader recently alleged that BeeMarkets lets users open a metatrader account, deposit and trade. However, the trader, while explaining his case, reported that the account was not enabled for MetaTrader 5 (MT5). As the user contacted the support team, he was informed that the company no longer had MT5. At the same time, the user accused the brokerage firm of charging deposit and withdrawal fees and asked for a return of the same. The trader made these allegations in this BeeMarkets review.
Some Traders Accuse BeeMarkets of Scam Activity
BeeMarkets has been labeled a scammer by some traders from Britain and France. Although they did not explain how the company executed the scam, their frustration was evident. Here are two negative BeeMarkets reviews, where users have called the broker a scam operation.
Legal Help Sought for Fund Recovery
A trader from the United Kingdom, shortly before the publication of this review article, claimed to have taken support from the legal firm to recover the funds stuck on the BeeMarkets login dashboard. The user appreciated the firms professional and empathetic support that helped him recover funds. He explained all that in this review. Have a look.
BeeMarkets Review by WikiFX: Is It Regulated?
The recent complaints against BeeMarkets made it necessary to investigate its regulatory status. The WikiFX team found that the broker has three licenses, including one for forex trading by the Australian Securities and Investments Commission (ASIC). Other licenses gained by the brokerage entity are from the Capital Market Authority (CMA) in the United Arab Emirates and the Anjouan Offshore Finance Authority in Comoros. The sheer weight of these regulatory licenses makes the broker score 6.16 out of 10. However, if complaints continue to pile up against the broker, the score might reduce. Its therefore important for BeeMarkets to resolve customer issues fast and ensure a seamless operation for its clients.
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