Boomxchange Review Update: Another platform in the forex world to avoid, is the website is no longer active.
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oomxchange is allegedly letting users trade a variety of assets which include stocks, commodities, Crypto currencies, ETFs and so much more. It is also a social trading platform where users can allegedly create their own portfolio of trading assets. The way it works is that once a trader has signed up on the Boomxchange website, they can start buying or selling the underlying assets for profit.
Boomxchange also tells its clients that the benefit of trading with their exchange rather than using another exchange is because they are offering near immediate execution of market orders. This is something that many brokers do promise and most of them simply fail to deliver.
Boom Xchange is citing the address 30-30 47th Ave, Long Island City, NY 11101 meaning that they are claiming to be based out of the US. For that reason, we need to be familiar with their regulatory status because lack of it can mean that the exchange is not serious and the repercussions of doing business with that exchange can be really bad.
Note: If you want to trade profitably, use regulated brokers and shun those who have not built a positive reputation in the market place.
At first, this might look like a legit exchange where we can safely transact assets for profits. They claim that they are a global fintech company since 2007. But you see, there is no registered company by the name Boom Xchange. In addition to this, the website does not mention the name of another company which oversees its activities. So we are not sure what Fintech company they are referring to here.
Obviously when you check the domain details of this website, you will quickly realize that the domain was created sometime in August 2018 and not in 2007. That is why we have to rule out the possibility of BoomXchange being a registered company. And it is also clear from the website that they are trying to lie by building credibility with misleading information. Instead of lying that the business was founded in 2007, they should just say they were founded in 2018. At least they can make people trust them if they are only willing to speak the truth in this presentation.
They are offering the opportunity to trade on the popular MT4 platform and web trader as well. This means that we can start trading right away without downloading any software if we wish to do so. They are also claiming to offer education for their traders as well.
There are 5 different types of accounts offered by BoomXchange, and traders are supposed to pick what they find convenient and most beneficial. These include Silver, Gold, Diamond, Platinum and Extra. Obviously the minimum deposit keeps rising for each one of these account types.
Currently the minimum that traders can start with is $500. However, this can go up to $35,000 in the Extra plan. Details about these account types are very scarce as there is no information about leverage, trading conditions, spreads, fees and many others. When a broker or an exchange fails to reveal this information upfront, it should be a red flag that the people behind that exchange are not intending to treat you well.
BoomXchange also tells us that they will keep us up to date with their financial news and events that happen in the market. In addition to this, BoomXchange members are supposed to enjoy advanced charting features for each asset. But there are still many problems with this exchange. We will discuss them below.
Their physical address cannot be confirmed but we are sure that if indeed they are based in the US, they'll need to be regulated by the SEC, which is in charge of regulating brokers and any entity that appears to be offering a Security.
So why is that a company which was allegedly started in 2007 has no license or authorization from the SEC? One may wonder because it is contrary to what you'd expect. The reason is quite simple. BoomXchange does not have good intentions, plus the regulations which the SEC has put forth can be very tough for scammers who want to steal today and exit the market a few months from now.
Since BoomXchange is not regulated and they are not telling us why, we should assume that they are a shady entity and that chances of losing funds in their hands is like 100%.
It's quite interesting that despite lying to us that they were founded in 2007, there is no review about BoomXchange anywhere on the internet. Even popular industry blogs that review these investment opportunities have not discovered it yet. So this will be the first blog post about this scam.
BoomXchange does not give us confidence because it has not been endorsed by the community, and so that means it can be a dangerous site to try investing in.
They are also not upfront with many things. Customers need to be given the most important information concerning their investment with this platform. But as you can see, BoomXchange has not revealed any critical information which investors need in order to trust them. Instead, they are only saying that they are a leading social trading platform? By the way, where are the profiles of those traders who make this a real social trading platform.
There is no excuse whatsoever to operate an exchange or broker without first seeking a license. But BoomXchange does not care to raise this issue or answer the question, and their hope is that you will not ask this hard question.
If you want to invest, there are many better places to invest in. You might want to look at this article to learn where you can put your money so it can grow. But never should you ever think that a shady site like BoomXchange is a good place worth investing in. Probably you won't get your Bitcoins back when you send them.
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