Blue Trading Review
Reason to avoid: No License
Listed Date: January 11, 2019
Top 3 Regulated Forex Brokers
Beware Blue Trading is a Non-Regulated Broker. It is NOT SAFE to trade.
Is Blue Trading a scam or legit broker?
No, it is not safe to trade with Blue Trading. Blue Trading is owned by BluVenture Group Ltd., the company registered in Japan and serves numerous offices globally, offers financial trading and investment opportunities on a range of instruments, but mainly focuses on a Cryptocurrencies.
However, the company is not registered with the reputable authorities, yet states its memberships in various initiatives and associations, since at this time major regulators do not regulate this type of trading:
“Blue Trading is a signatory to the IFMRRC, Foreign Exchange Global Committee. A new initiative created by the Foreign Exchange Global Committee, a signatory with the International Decentralized Association of Cryptocurrency and Blockchain (IDACB). And is a full member of the Crypto Valley Switzerland ethics organization. At this time major regulators such as the British FCA or German BaFin do not regulate this type of trading, therefore, registration opportunities still remain unavailable. We look forward to pursuing new registration opportunities as they become available.”
Nevertheless, that statement sounds not very reliable for us and recently the company even lost its membership, which means the unregulated nature of their business fail to its promised obligations. In addition, the regulatory authority in the UK Financial Conduct Authority has issued its warning to the public investors since the company target UK residents without its legal permission to do so.
“BluVenture Group Ltd and its affiliated brands BlueBroker and BlueTrading were expelled from membership with the Financial Commission due to repeated violations and failures to adhere to membership Rules and Guidelines.”
“We believe this firm Blue Trading / Bluetrading.com / Blue Group has been providing financial services or products in the UK without our authorization.”
In conclusion, it is advised to avoid trading with the broker even though their offering might seem competitive and attractive. Safety of funds always first, therefore we recommend choosing among regulated brokers. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as eToro and Plus500.