I feel compelled to write this post about BlueTrading. I stumbled across a thread on a different site whilst researching BlueTrading and once I started pointing out all the red flags I was initially “attacked” as being a competitor and then effectively silence as my posts and replies did not show any more. Most of these so called review sites are just referral sites so there is a complete conflict of interest. I apologise in advance if it’s not all completely coherent or repeated in places but I was replying to various people, but you will hopefully get an overview of my concerns.
Here is a jist of what I wrote and what I found out from my research in to BlueTrading.
This is 100% Ponzi scheme or worse.
Anyone here defending them either has money invested in them and doesn’t want to face facts or is working for/on behalf of them. Especially those eager to give out their skype/WhatsApp details. Seriously, which sane person publishes their details on public blogs.
Reasons:
1 – 20% (approx) monthly returns consistently. If you can make 8-10% per month consistently you are the top 1% of the traders. The big boys would be snapping at your heels to snap you up. If you say its an EA, the big boys again spend a fortune on rooms full of computers to generate high frequency trades that still don’t give you this. No LEGITIMATE fund will offer you a track record anywhere as good as this one as its not realistic. By legitimate I mean a local jurisdiction registered and regulated fund. ITS TOO GOOD TO BE TRUE. THEY’RE PRAYING ON YOUR GREED. When you watch a YouTube vid of a 23 year who’s claiming he’s making millions a year from trading and showing off his cars and assets do you believe him? No, but there’s plenty of gullible people that do, hence why there’s so many of them. This is the same concept reeled into make it look more believable. Professional traders only risk 0.5-2% of their capital a trade. Most limit at 1% and some go below even 0.5%. So you really think on a handful of trades using 1% of your capital you’re going to achieve 20% return a month?? DON’T LET YOUR GREED BLIND YOU.
2 – Look at Number 1.
3 – Look at Number 1.
4 – Why all the cloak and daggers about hiding your identity? Tax reasons? Nope, the UK has 0% tax on spread-betting. Plenty of other jurisdictions have the same. Or you could go to an off-shore jurisdiction that is still regulated. Why not get registered in the UK or any other regulated jurisdiction and attract the REAL big money and you’ll have a portfolio of probably 3.6 billion, not the claimed 36 million if you are so consistent. The only logical answer is that they are going to disappear. The whole set-up of the structure doesn’t make sense. Offices in Japan, with links to Switzerland and the current account to transfer to in Germany (STRONIT GmbH, a company only incorporated a few months ago and having a nominal share value), customer support numbers from 10+ countries? What’s the odds that those are all just virtual numbers and its the same 1 or 2 people that answer the calls?
5 – Problems with wire transfers in this day and age, seriously??? With Moneycorp (or any other exchange) I can wire same day to pretty much every country in the world, to a personal or a business account. Through my bank I can do the same (although it may cost me £15). A company managing 36 million dollars has way more muscle than me and would be able to get the best of banking facilities. If I had 36 million dollars in a holding account my bank manager would probably walk if he had to to deliver money to a client.
6 – Those of you who say they paid out in Bitcoin no problems. Don’t you find it ironic that the same company also operates crypto-currency exchanges?? Or are you in fact working for the company too and trying to alleviate the fears of some of those concerned to delay the inevitable crash, hoping to get some last minute cash in before you go boom. If, as someone else above said it could be to do with the transfer not being traceable, again why??? Isn’t that a complete contradiction of all the alleged audit/certifications/awards etc.
7 – I could set up a body today called “The Independent Cheesy Smile Authority” and award myself the “Cheesiest Smiler of the Year” award. Sure I’d have a website showing lots of cheesy smiles from lots of people and all that jazz to make myself seem legit and have authority in the world of cheesy smiles, but it don’t mean jack. That’s the whole reason we have independent regulatory bodies where finances are concerned. (btw, if you would like your own IFMRRC certificate you can obtain on here –
http://ifmrrc.com/certificate.html – a website so clueless it doesn’t even adhere to the simple industry-wide protocol of redirecting everything through https secure pages)
8 – Look at the sort of responses that “Hannah” and other support staff have given on here and the other websites, do they look “professional” to you as those from a reputable company? Would you put up with your bank shutting down your account no matter how much you pestered them or what awkward questions you asked? I wonder which one’s Hannah on their website btw, I hope it’s not the oldish looking fella as it’s quite a sexy name I’ve been having dreams about..
9 – Why have Google remove links to pages that show warnings about you? (
https://www.lumendatabase.org/notices/16827031#)- What’s the chances they’re going to submit links to this page to be removed also now?
10 – If reading after all this you’re still trying to convince yourself they’re genuine, or have the attitude “who cares if they dissapear, I’ll get my money out before they do” then go for it and good luck to you. But from the looks of it (delayed transfers up to a month???) it looks like after 3 years (allegedly) the wheels are starting to fall off….
All those numbers no matter how much bigger they get in your account don’t mean anything until they’re sat in your personal bank account that you can go and withdraw and smell.
And if you’re still not convinced:
11) BlueTrading.com was registered to the current owner on 2017-12-29T23:08:44 yet the website shows trading history from 2015?? (Nice touch with the odd historic loss months btw)
12) Even the SSL certificate of bluetrading.com is encrypted and doesn’t provide owner information.
13) Why would you stick a Bloomberg TV channel on your dashboard if the whole idea is they are investing and doing the trades for you? Isn’t the whole idea of a management company the fact you don’t have time or understand or are interested in these things? Or does it make you look more “authentic”?
14) Heck just give me your money and I’ll make you 40% on your investment, honest…
15) Why don’t they accept credit cards directly (or PayPal)? (I see they offer a third party solution that you need to register and get charged 6-10%, enough to put anyone off). Their excuse is because of merchant fees. This is a blatant lie. Their current deposit account is in Germany. In EU by LAW merchant fees are capped to around 0.3-0.5%). This is the whole reason Amex withdrew a lot of their partner cards as Amex used to charge the highest fees compared to Visa/MasterCard (3% as opposed to 1-1.5%). The REAL reason is that credit card merchants do a significant amount of vetting on customers, much more than a normal bank account, as customers can potentially do chargebacks and merchant can be held liable for losses incurred by a customer. As such the operators of BT would have had to disclose their true identities, leaving a paper trail of who they are and open to be prosecuted when things do go belly-up. ALL brokers accept credit/debit cards and it is standard process for payments to be done as refunds back on to the original payment card (up to the value of deposit) before resorting to bank transfers.
16) What exactly is BlueTrading? Are they a trading company providing a service or are tehy in fact a broker? They mention “liquidity providers” on their website. This is a relationship only a broker would have. A trader would only have a relationship with broker(s). Its like trying to say a corner shop that sells cans of coke would be dealing with Coca Cola directly and bypassing the whole distribution change. Businesses just do not work like that. If they are indeed a broker/market maker, then surely there’s a conflict of interest as brokers make money from the spreads and again, why isn’t the broker regulated?? It’s all smoke and mirrors and to be frank a load bull. None of what they say or do makes sense.
17) All the “review” sites that give them a good rating are MAKING MONEY from them by referrals. Don’t believe me? Go find one review that isn’t just a cut and paste job of what’s on BT website already and DOESN’T have a link directly to BT. When you click on that link, the redirect is tracked and when you open an account with BT, the referrer gets a commission from ALL the money you put through them. Those reviews are not impartial, they MAKE MONEY FROM BT by sending YOU to them
18) Tim:“In account report you do see the position order start date and end date, but not where the entries/exists were, so accurate analysing is difficult. But one can see when the orders go in and out when monitoring their website.” n – That’s because they’re just making the trades up. Every broker/manager gives you a full list of exact trades and costs including swaps/commissions. Ponzi schemes only work because they look realistic. If they gave you no info whatsoever you’d be dubious of them.
“one example of their trading was long on GBP/USD pair few weeks ago. the pound kept rising whole week. I was certain for the big profit. The profit was really small in the end compared to the position size and the price move during the week. Which pointed me the human size of things. With their strategy they couldn’t catch the trending week” – Exactly, proves my point above. The trade was just made up for reporting to you and the profit did not reflect the actuality of what happened in the market.
19) Henry – After the 2008 crash strict regulations were put in place in most jurisdictions to protect people. One of these was ring-fencing and keeping separate clients money so if anything happened to the company, the clients money would not be touched. Companies are (in regulated jurisdictions) required to keep clients capital completely separate and are not allowed to use them for their own operating costs/funds. As such, at any point you asked for your money back it should have been available for you sitting in their client account to be given back to you at demand. It appears this is not the case.
One of these things is happening:
1 – The money paid in to their accounts by bank transfer is being syphoned off and being laundered (“disappearing away”)as soon as it comes in to their account, and anyone requesting payments back is being paid by bitcoins. The Bitcoins you are being paid with probably belong to someone else and have been deposited/banked with them (they run a bitcoin company also)and as such are “robbing peter to pay paul” so they can keep their head above the water and keep getting gullible investors to transfer more money to them.
2 – They are simply using your money to cash in Bitcoins from their exchange in which case the real scam is on the bitcoin side and this side is just an accessory to that scam.
Either way it’s plain ridiculous, ludicrous and clearly a scam, and anyone who invests with them deserves to lose their money after all these warnings (never mind the warnings from regulators). Unable to provide proof of bank transfers (laughable), unable to pay you back immediately, unable to even pay you 3500 euro in one go, unable to provide you transaction reports. And when they are paying you, they aren’t even paying you themselves but going through a third party company.
On a side note, there seem to be several links with the Middle East I’ve come across whilst researching. They mention Middle East in one of their blurbs, there’s a a fair few “positive/defending” comments from Arab names on various forms/posts, the WhatsApp number posted above is from Middle East.
20) BT allege they have been trading since 2015. Besides my earlier confirmation their website was only registered in 2018 and all the other red flags, the first post on FPA about BlueTrading is dated 16th April 2018. Let’s just look exactly how “positive” FPA is about BT:
1) When you visit the FPA page about BT the first thing you see is a warning FROM FPA:
“2018-09-26: The Financial Commission has permanently expelled BluVenture Group and its brands BlueBroker and BlueTrading from membership. The reason given is repeated violations and failures to adhere to membership Rules and Guidelines. CLICK HERE to verify.
2018-09-05: The UK FCA has issued an unauthorised firm warning against BlueTrading.com / Blue Group.
Very positive so far isn’t it.
2) The first post on FPA is dated April 2018, and guess what, it’s a complaint/warning titled “Due diligence required for bluetrading, highly suspected to be iiinvestment. Too obvious” (sic). All of a sudden “magically” this post is drowned in “positive” (obviously fake) reviews mainly from Guest accounts, and guess what, a highly disproportionate amount of “positive” reviews from the UAE (refer to my posts earlier with links to UAE). Any real concerns that have been raised by any REGISTERED users have not been addressed at all or the users have simply been lambasted in a completely unprofessional manner rather than by posting proof of their standings. The first response by BT as themselves to this post is on 30th June 2018. Two and a half months later. In fact BT have only replied on 4 dates to all the posts. 30th June 2018, 7th August 2018, 30th August 2018 and 18th October 2018. I would hardly call that “engaging” for a company that alleges to manage a fund of 36 million.
3) If you go to Google and type “BlueTrading” as a search term (
https://www.google.com/search?q=bluetrading&ie=utf-8&oe=utf-8&client=firefox-b) , at the bottom of the page you will see a note from Google:
“In response to a legal request submitted to Google, we have removed 2 result(s) from this page. If you wish, you may read more about the request at LumenDatabase.org.”
If you click on the “read more about the request” Google will take you here:
https://www.lumendatabase.org/notices/16827031
Which shows you that the link to FPA from Google has been removed due to a complaint by a redacted sender. This is obviously BT themselves that have requested this. Under the Google’s Right to be Forgotten policy anyone can submit a complaint and request to have search results removed. The complaint IS NOT A PROVEN FACT. It is just a process.
If BT is really a genuine company why have they asked Google to remove the search results to the FPA thread about BT? Because it was the first result that came up on Google and when someone visited the page the first thing they will see is a warning from the Financial Comission and the FCA and then all the negative reviews.
What it seems has actually happened is this:
A – Someone’s written about BT warning about them on FPA
B - BT have discovered this post and gone in to defensive mode and started posting fake reviews and in the meantime they have filed a complaint to Google.
C – Google have removed the links to FPA
21) Google allows you to view historic popularities (or “trends”) of what people have been searching for ince 2004. So for example if you go to Google Trends and do a search for “Macbook”, you can see how the popularity of the term has increased over time:
https://trends.google.com/trends/explore?date=all&geo=GB&q=Macbook
Now if you do a search for the term Blue Trading”:
https://trends.google.com/trends/explore?geo=GB&q=BlueTrading
You will see the searches for this company only started in about May/June 2018! Where are all the search terms from before this? Where are all the investors from 2015/2016/2017? Are they all moot and BT was a big secret that nobody did a search for them since before mid-2018 and no-one felt the need to leave a review before this date??
22) Now let’s look at the responses left by “Hannah” on FPA about their authenticity:
a) “-We are a fully verified company by a Licensed Auditor in South Africa and the UAE soon as well.” – One of the posts on FPA addresses this and proves that the alleged auditors are in fact also fake and their so-called certificate had a spelling mistake in it which was later corrected without any amendment in signatures or dates to the rest of the certificate. The alleged auditors office address does not exist.
b) “We are Verified by several MyFXBook/FxStat profiles at regulated brokers.”.
Lets look at their MyFXBook Stats shall we. They list their alleged track record on this page:
https://www.bluetrading.com/track-record
View Strategy Performance Statistics (NOVOLR)
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This Month Return 6.22% - Broker FXOpen, Leverage 1:500
Just underneath the MYFXBOOK logo on the link, it shows you who the performance report actually belongs to:
You Are Here :
Home /
AndrisF / NovoLRfund "BLU"
The account belongs to AndrisF whose profile is here:
https://www.myfxbook.com/members/AndrisF
and is from LATVIA and has two other accounts he runs.
View Strategy Performance Statistics (GCAS New Strategy Test)
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This Month Return 4.67% - Broker Alpari RU, Leverage 1:1000
Account belongs to ATSystem (China?) – no other accounts.
View Strategy Performance Statistics (NOVO)
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This Month Return 1.56% - Broker RoboForex, Leverage 1:500
Account belongs to TomCA (Spain) who in his profile writes:
Name: Tom
Bio: Trading, fund management and investment. For any questions please contact :
invest@tomfx.com
Trading Style: From conservative to agressive.
View Strategy Performance Statistics (HAPPY2)
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This Month Return 0.51% - Broker Fort Financial Services, Leverage 1:500
The account belongs to Happy MartiGrid v1.7.1 - REAL(BLU) and is actually the portfolio for the Happy MartGrid Scalper EA that you can buy here:
https://www.mql5.com/en/market/product/1701
Need I go on with all the links they give or do you get the point? Clearly the links have got nothing to do with them, they are just claiming to be their portfolios but clearly these portfolios all belong to other people. NONE of the portfolios show a return nearing 10%, nevermind 20% (no you can’t just add up all the returns from each of the portfolios) and NONE of the brokers are their so called “Liquidity Poviders”, and NONE of them seem to be based in any of their locations?
c) “-We have won seven (7) Awards from highly reputable FX / Crypto Expo Conferences around the world that can be verified on our website by contacting these firms if you wish.”
OK so let’s have a list of their alleged awards (btw, the trophy held in the picture on their home page looks nothing like any of the alleged trophies they’ve won).
Blockchain World Forum “Best Trading Fund 2018”
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Clicking on the link on their homepage takes to a 404 Page Does Not exist. In fact this award doesn’t exist full stop. The full list of their awards is listed here:
http://bcbj.thefintech.org/awards/
and further down it says:
“WINNERS BENEFITS
• Receive a winner’s trophy presented at the awards ceremony
• Be included in the awards winners press release
• Be featured on the awards winners website”
So where is the press release mentioning BT? Why haven’t BT put up proudly pictures being given the award? If you look at the source code of the page, the filename of the image they use is “award-2018-worldforum.png”. According to Fintech’s website, the 2018 awards haven’t even happened yet as they’re still accepting applications!
ForexExpoAfrica “Best Managed Account 2018”
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Again this award just does not exist. The ForexExpoAfrica website lists all the award categories:
http://www.forexexpoafrica.com/
(click on the “Awards” Tab).
And guess what? THIS expo hasn’t even happened yet too! It’s scheduled for 20th October and 8th/9th December!!!
ForexExpoAfrica “Best Bitcoin Company 2017”
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As above, award doesn’t even exist. The pictures for the 2017 Expo are here (or follow the facebook link on their website and scroll down to Expo 2017 photos):
https://www.facebook.com/media/set/?set=ms.c.eJxFktmNRTEIQzsagdn7b2wUuPB~_j2xiTNjNxamIqUzD~;vgDEeFg0Q8IQhVpwR9gGgVWwTyAz0L1hsJ8gWmEc0asRfNZKOUDoHgWsVwAawX5vWIvR5xF056FklYBbUVsDrDMUGwO8c5Ruy2Lt8VxgAZcDns5uGJzQLSHyvWh6AqxwYQ7h~_XlUDzgvz6oLfDbpbqgkC0I3jP8zoDgBrgKKzuHnyVyFNsHpiBcQagZSr~;bTg696CpdUN763Nf33G2NJunlMB7AC6R6W7vLva7eoQQH~_n8QTjF~;TO6PmQ6wA9zrS8Y~;XM2NSQ~-~-.bps.a.1656360834428815&type=1&__xts__[0]=68.ARCxAXQHlw8fyPu0AitANL_bc3BgbaTzQS8nGT94W4GeUOISBxOVzUlJ8-UiB2S-gyZDqpbE1e0Jkmh73UqZJ2waAxRRlikTYqJCP3dMG62hJZL0q6yXtOJCPXbR_T8fSNAEcbyfgNmc6QVzmiql6BQuzlEZyG7qJhFmbvLmIfM_b4QcjMUMa5oh-FNvWnZqzriPw_Rq-3s&__tn__=HH-R
And as you can see from the bottom photos, the actual awards presented by this organisation are actually certificates, not trophies!
ForexExpoAfrica “Best Managed Account 2017”
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As above.
Need I carry on with the rest of the so called awards???? THIS, JUST LIKE THE REVIEWS, ARE ALL JUST MADE UP.
d) “-Thousands of traders have visited with us at these shows and the awards are entirely verifiable. The suggestion they are "fake" is denying reality.”
Prove it. Post some pictures of these forums. You clearly are proud of your “acheivements” and have a glossy website so I would have though these pictures would have taken pride of place.
e) “-We're a full A-Category member of the Financial Commission with NO complaints.”
No you’re not, you’re permanently expelled.
f) “-A full member of the Global Foreign Exchange Committee.”
No you’re not. This press release by the committee lists all the registers kept of the members. You’re not mentioned or listed on any of them:
https://www.globalfxc.org/press/p180416.htm
g) “-A member of the Crypto Valley Switzerland Association lobbying for more Crypto regulation in Switzerland/Europe”
So what? Anyone can fill in the form online on their website and join. The ASOCIATION may be doing the lobbying but you’re certainly not. This isn’t any regulatory body and don’t perform any checks or audits on the members, it is simply a networking directory.
