Minimum Deposit: $250
Maximum Leverage: 1:400
My Score: 1.6
Guys focus! I know that you are interested in learning about BormanCorp. In this BormanCorp review, I did my best to transfer this knowledge to you. Please continue reading carefully!
The broker is actually an off-shore broker. What does it even mean? I’ll explain it in Licence and regulation section of this BormanCorp review.
BormanCorp is owned and operated by the company of Board LTD. in Marshall Islands.
Is BormanCorp scam or reliable? Is BormanCorp regulated? What are the different account types? How much money should pay for BormanCorp initial deposit?
Is BormanCorp customer service competent enough to meet customer needs? What is the BormanCorp leverage ratio? You’ll acquire all the answers by reading this BormanCorp review.
The website doesn’t have enough visitors to analyze. So I can’t comment about it.
Also I should give an important notice, the broker doesn’t accept traders from the United States.
License and Regulation
BormanCorp is registered with the number of 97069. But it doesn’t change the fact the BormanCorp is an unreliable broker. Because their license worth nothing. They have no regulation from a trustable foundation like FCA, CySEC or ASIC.
Moreover, some other brokers have only off-shore licenses. Although you can’t trust them 100% either, their customer feedback is so well, you may think of trading with them. But for the BormanCorp broker, this isn’t a valid excuse.
Because most of their customers aren’t satisfied. For this reason, I can’t recommend this broker to you either.
Unfortunately, BormanCorp is very bad when it comes to present their Account types. In fact, none of their account types appear in their website. However, we still researched the terms and conditions of their single account through the platform of the broker.
If we need name it as standard account. The initial deposit of this BromanCorp standard account is $250. To be honest this amount isn’t high, but also not low.
Many brokers nowadays offer its clients $100 initial deposit or sometimes a broker may not require an initial deposit at all.
You can use a leverage up to 1:400, which is quite good even if you are a risk taker.
Spreads are 3 pips and they are fixed. To be honest it’s very high and above the market average by large margin.
In this part of BormanCorp review, still I won’t be able to positive about the broker. Because the reality and what broker claims contradicts each other. For BormanCorp trading platform, the broker says that they support Meta Trader 4 platform.
However this is far beyond the truth. Because all the customers can get a browser-based platform. So now you might say that as ‘oh well, they may have good in-house platform’. But absolutely not! The platform hasn’t got any advanced trading features.
For example, no technical analysis indicators and no automated trading options. So I want to ask them, how we are supposed to trade without these features?
Before, CFD is expansion of Contract for Difference. If you know about derivative trading, you would also know that CFD is a very popular form of it. Basically, it lets you exchange difference between closing price and open price in a future contact.
What is the biggest market of today’s world? The answer might be surprising for you, but in fact the biggest market in the world is FX, Forex or Foreign Exchange market with its $5.3 trillion daily trading volume.
CFDs on cryptocurrency has many opportunities. You can trade in cryptocurrency market without having any coin at all.
In this section of BormanCorp review, I have to mention that its customer service isn’t good, unfortunately. First of all, you have to fill your mobile phone number to reach their customer service employees. If you are a trader who take privacy seriously, you may not want to give your phone number.
So how can you reach their chat service then? Well, you can quit the website or fill a fake phone number. In both case it’s an unacceptable situation.
Secondly their customer service isn’t fast enough to solve your answers. Moreover they aren’t open enough to let you understand about the broker. So all in all I wasn’t satisfied by BormanCorp customer service.
Thirdly, the chat section opens and a bot insistently writes you as ‘Hello! How may I help you?’. I find it as another trial of fake impression. They pretend to look like helpful. But in fact, they are not!
Finally one positive thing though, you can reach the website in Russian and Arabic besides English. So if you don’t know English well but good at Russian and Arabic. You can change the language by hover the cursor around the flag of United Kingdom.
The broker doesn’t have any proper regulation and its customers also claim them as ‘scam’, so I had to give a very low point to this broker.
The number of account types isn’t enough and clear to attract traders. Also the broker performs very bad when it comes to trading platforms.
Number of trading instruments are OK. Not so good, not so bad! But, customer service is indeed horrible.
All in all, I don’t trust the broker and their options don’t attract me.
So what do you think of BormanCorp? Have you got any experience with the broker? Your comments are more than welcomed. Please share them below this BormanCorp review article.