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Bormancorp
Rating:
Binary Option Programs Award
Min. Deposit
$250
Min. Investment
N/A
Regulated Broker
No

Bormancorp Broker Review

  1. Bormancorp is an unlicensed forex and CFDs broker based in the Marshall Islands. They offer South African investors the opportunity to trade over 1,000 assets from all major financial markets such as forex, cryptocurrencies, commodities, stocks and indices.

    Bormancorp confidently states that if South African investors choose to trade with them, they can make up to $200,000 a year. This is an immediate red flag and became the main reason our team decided to look into Bormancorp even further and discover whether or not this broker is yet another scam in the industry.

    Read our full review and verdict of Bormancorp below.

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    Account Types

    In the process of reviewing this broker, we noticed Bormancorp does not offer any different account types, but rather has one single account available for everyone.

    This is an immediate disadvantage. All brokers usually offer their users the chance to choose an account type they prefer, depending on experience, personal preference and deposit available. Bormancorp lacks this basic feature.

    They also do not have any demo account available, which is an additional disappointment. Demo accounts give beginners the chance to practice trading entirely risk-free and the ability to get accustomed to the broker’s trading platform before investing any real money.

    The minimum deposit to begin trading with Bormancorp on their single account is $250.

    Tip: Trade with IQ Option instead, the best regulated broker for South African traders with a minimum deposit of only $10!

    Trading Software

    Bormancorp continues to disappoint with a limited amount of trading platforms available. They give South African users the chance to trade on their web-based platform or their mobile app, but completely lack basic trading platforms like MetaTrader4 (MT4) and MetaTrader5 (MT5).

    They use Tradersoft as their web-based trading platform. As the name suggests, this platform can be accessed directly through their website, which means it does not require any downloads or installations. It is a user-friendly, simple platform for both beginners and experienced traders.

    Their mobile app is convenient for trading on-the-go, anytime and anywhere a user might be.

    Education

    Bormancorp advertise “comprehensive educational material”, when in reality they only have an asset index and an extensive glossary that covers basic trading terms.

    This is in no way proper educational material. Education is extremely important when it comes to trading and most brokers make it their mission to offer extensive education material on their site to help new traders fully understand the process.

    Before investing any money, always make sure to do the research. Trading always entails some risk and every trader should be fully aware of the terms, trading process and risks before investing.

    Get-Rich-Quick Scam

    The biggest red flag by far we found when reviewing Bormancorp was their promise of making $200,000 a year when using their platform.

    This is a classic get-rich-quick scam tactic all South African investors should stay away from at all costs.

    As mentioned before, trading always comes with certain risk and in reality, no one can promise you any profits. This is exactly why getting properly educated is so important and is also the reason all investors should stay away from brokers that promise large sums of money. This is a lie.

    If a South African user is completely new to trading, they might believe these claims and think to themselves: what is a mere $250 deposit compared to the thousands of dollars that will be pouring into my bank account every year?

    Customer Support

    South African users can reach Bormancorp’s customer support team via email, phone or by filling out their online contact form on their website.

    They also mention they have a live chat available, which was nowhere to be found.

    The Bormancorp website is available in only English and Russian.

    Payment Methods 

    Bormancorp is owned by the company Board LTD, which is located at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, MH96960 Marshall Islands.

    The payment methods they accept include Credit/Debit card, wire transfer, Neteller, Giropay, Sofort Banking and Paysafecard.

    South African traders are not encouraged to invest any money with this broker.

    Verdict

    Through the many red flags and disappointments discussed above, we have concluded that Bormancorp is a scam and South African users should not invest any money with this broker.

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