Is Bormancorp Scam or Legit Broker?

No, it is not safe to trade with Bormancorp. Bormancorp is owned by Board LTD. which is an offshore company registered in the Marshall Islands.

  • The Marshall Islands is notorious for its practically absent requirements and regulations. Due to the setup cost being low, it does not regulate forex trading. Therefore, it became an offshore zone for shady forex brokers such as Obsbit, Capital Hall, and more.

About Bormancorp
🗺️ Registered inMarshall Islands
🗺️ Type of LicenseOffshore License
🛡️ Is Bormancorp safe to tradeNo
🗺️ Recommended LicensesFCA in UK 🇬🇧 & ASIC in Australia 🇦🇺
🖥 Alternative BrokerGO Markets - licensed by ASIC in Australia

What is BormanCorp?

BormanCorp provides access to a trader with a wide range of Forex and CFD instruments. However, on the official website, the information is confusing since there is a mention of the company address in Budapest, Hungary. However, we couldn’t find any proof of the company’s regulation, and the owning disclaimer by the EU company rather confirms the broker’s suspicious performance.

  • In addition to that, there are some strange conditions that are required by the BormanCorp broker including not-typical withdrawal or maintenance fees, as well as an imposed fee for verification of an account. While all in all seem to be a very tricky business.

Also, the company has been banned by Austria’s regulator Financial Market Authority (FMA) in October 2018:

“Board LTD (“Bormancorp.com”) is not entitled to carry out banking transactions in Austria that require a license. The provider is, therefore, neither permitted to trade on a commercial basis on its own account or on behalf of others.”

BormanCorp Review

 

BormanCorp Review Conclusion

We advise all investors and traders to avoid Bormancorp and other brokers from the Marshall Islands. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as FP Markets and TMGM.


Bormancorp Update

Based on our findings, the Bormancorp website is inactive. This means the broker has muted its trading offering and does not operate. However, we recommend avoiding and staying alert in case of any proposals. 

No news available.

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