BormanCorp Review Scam Complaint
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BormanCorp is an offshore forex broker based in the Marshall Islands. The broker very poorly provided the information of what it is offering to its clients. As it has not even specified which type of trading accounts it offers to the clients. The broker even doesn’t provide the necessary details about the company on its website. Overall, it seems a shady broker hence it is advisable to read the below given review about the BormanCorp before investing with them.
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About the BormanCorp:
BormanCorp is owned and operated by Board Ltd, a company that claims to be based in Budapest and registered in Marshall Islands. This place is known as the zone for scammers, as half of the scammers are registered in Marshall Islands. The broker offers mostly all the financial assets and provide its clients a wide range of financial assets to trade. It offers currency pairs, indices, stocks, commodities and all the popular cryptocurrencies. Borman Corp claims to offer MT4 platform to its client, but it actually provides an oversimplified trading web platform on registering with it. There are no advanced features on the platform it offers, neither technical analysis indicator, nor automated trading options.
BormanCorp fails to provide any details regarding the cost of trading on its website, which is not in line with a legit broker. All the legit brokers mention their spreads as a sign of their transparent pricing policy. The broker has a lot of hidden fees, which were not known to a naive trader. Basically, a normal broker charges only some swap, withdrawal and dormant fees, but this broker has so much more. It charges a service fee of 3.5% on all of the withdrawals. Moreover, if this percentage equals to an amount of dollar 30 or below, the client has to pay a standard $30 as withdrawal fee. The maintenance fee for the account with this broker amounts to $20 per month. Surprisingly, it charges $100 on the clients who failed to complete their account verification.
Is BormanCorp legit or scam?
BormanCorp is a forex and CFD broker that is not regulated and registered in the place known for scammers. Its different fee charges on clients are not justified and show that the motive of the broker is not fair. Considering all the points regarding this broker, it could be clearly said that the broker is a scam. Hence, don’t handover your money to this scam broker.