BelleoFX Review: A Detailed Account of Concerns and Complaints
Based in Mauritius and established by Belleo Markets in 2019, BelleoFX provides trading services for a variety of assets, such as equities, commodities, indices, and forex. On its Standard account, it offers spreads as low as 1.2 pips and leverage as high as 1:500. These services are available to traders through the WebTrader, BelleoFX Go, and MT5 platforms. However, despite these offerings, BelleoFX review feedback reveals serious concerns about the company’s practices, prompting traders to approach cautiously.
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Broker Website – https://belleofx.com/
Headquarters or Area of Operation –
- 3501 office, 35th floor, Burj Al Salam building, Sheikh Zayed Road, Dubai
- Level 6, Ken Lee Building 20 Edith Cavell St, Port Louis, Mauritius
- Suite 305, Griffith Corporate CentreP.O. Box 1510, Beachmont, Kingstown St. Vincent and the Grenadines
Warnings – Not recommended by Scam Victims Help
When was the BelleoFX website domain set up?
- Name belleofx.com
- Registry Domain ID 2441802243_DOMAIN_COM-VRSN
- Registered On 2019-10-09T11:05:58Z
- Expires On 2025-10-09T11:05:58Z
- Updated On 2022-12-22T00:18:27Z
Lack of Regulation
The company operates without supervision from recognized financial authorities. This absence of regulation means traders lack protection in case of disputes, making BelleoFX a risky choice for those prioritizing transparency and security.
Negative Customer Experiences
Several traders have shared harrowing accounts of their experiences with BelleoFX. A recurring theme in BelleoFX review submissions is the company’s alleged refusal to honor profitable trades.
One trader detailed an account where they successfully traded for a month, accumulating $42,000 in profits. However, BelleoFX accused them of insider trading without evidence, canceled their profits, and blocked their account access. The trader noted that their trades, which BelleoFX rejected, were accepted by other brokers, further questioning BelleoFX’s integrity.
Another trader shared their experience, which underscores similar issues. After depositing $504 and trading US META Facebook shares, they made a profit of $2,251.96. When they attempted to withdraw their profits, BelleoFX canceled the amount, accusing them of fraudulent trading. The lack of clarity in defining “fraudulent trading” raises concerns about whether BelleoFX uses such claims to avoid paying out successful trades.
Allegations of Unethical Practices
Many traders have accused BelleoFX of operating as a B-Book broker rather than an STP (Straight Through Processing) broker as claimed. In B-Book operations, brokers profit when clients lose, which creates a conflict of interest. Traders have reported that BelleoFX’s behavior aligns with this model, where profitable clients are targeted to maximize the broker’s earnings.
Additionally, allegations of manipulating withdrawal processes have surfaced. Some traders reported delays or outright refusal of withdrawals. A customer described a situation where BelleoFX claimed not to have received a USDT deposit despite blockchain records confirming the transaction. Such tactics have fueled concerns that BelleoFX uses deceptive strategies to retain funds.
Calls for Caution
The negative BelleoFX review submissions highlight the risks involved in trading with the company. Accusations of canceling profits, blocking accounts, and labeling legitimate trades as fraudulent suggest a pattern of behavior that prioritizes the broker’s gains over client interests.
BelleoFX Review Conclusion
While BelleoFX markets itself as a reliable trading platform, the mounting evidence from BelleoFX review entries paints a concerning picture. The absence of regulatory oversight and allegations of unethical practices make BelleoFX a broker to approach cautiously. For traders seeking transparency and security, exploring regulated alternatives is a safer choice.
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