| A brief description of | |
| Section in question | Description |
| Company age | Less than 3 years old |
| Signs of a scam | No license
No activity permit Unable to withdraw funds Low ratings Negative Feedback |
| Legal side | Lack of a real license and permission for brokerage activities |
| Rating | 1.5/5 stars |
| Website | Lack of stable connection with technical support |
| Trading conditions | All responsibility for possible losses lies solely with the trader |
| Deposit and withdrawal of funds | Narrow choice of currencies (euros and dollars), withdrawing money is almost impossible (no feedback). |
| Trading platform | Does not exist. A dummy platform is used for the movement of funds within the boundaries of the company. |
Age and reputation of the company
The Bifin company existed for no more than six months before it became clear that it was a fraudulent office. A lot of revelations, negative reviews and comments – only confirm this. The site bifin.trade, blacklisted by brokers, should finally strengthen the opinion that it is not worth contacting them. The company was founded in mid-December 2019.
Legal component
The site indicated that it was registered in Tallinn and operates in accordance with Estonian law. However, another company with a similar name is officially registered there, which has nothing to do with the exchange. Without the legal registration of Bifin, accordingly, there can be no work permits in the role of a broker. We conclude that their activities are illegal.
Signs of a scam
Based on what we have read above, it becomes clear that the company has no entry into the market. Based on this, all her activities are aimed at extracting more money from the client. There is a certain illusion of conducting transactions, the result of which depends solely on the decisions of managers. Funds move within the boundaries of Bifin, and then go into the pockets of the owners of the office. There is no need to talk about the withdrawal of funds.
If a trader wants to withdraw money, his application will most likely be rejected. The local administration is very categorical and may even block the profile. In the best scenario, the application will be approved, but up to 50% of earnings will be withdrawn through a commission. Therefore, it is not possible to make money on this.
Reviews about the broker
The reviews say the same. Money is not withdrawn, traders are ignored.
On review sites, the company has extremely low ratings (1.5/5 stars).
Bifin’s website
To start your activity on the site, you need to register. To do this, just fill out an online form in which you indicate: full name, place of residence, address, date of birth, email and contact number. Finally, the user creates a password.
Only two currencies are available for opening an account – USD or EUR. In theory, there is a promotional code with which you can get bonuses. Where to get it from is not clear.
Brief overview of trading conditions
To start trading, you must accept the user agreement. The conditions state that the trader himself is responsible for losses.
The service practices the so-called “trust management”. The user transfers his assets into the hands of managers, who themselves must figure out where to invest them. If the scheme worked, it could be called passive income. Nothing is known about who should manage the capital.
According to the stated information, technical support should work on a 12/5 schedule (a rather specific schedule). There is no variability of communication methods – only an email address.
Support responds quickly to questions exactly until the moment when the trader makes a deposit. Then you can forget about it.
Deposit and withdrawal of funds
A standard set of methods is available for depositing and withdrawing funds:
- Visa/MasterCard cards;
- electronic wallets;
- bank transfer.
Information about the commission was initially absent and became available only when the funds were withdrawn (if the trader managed to withdraw them at all). Later, the site noted that a bank transfer takes a commission of 40 euros, and through other systems – 5% of the amount.
How long the application for withdrawal of funds should be considered is not indicated, however, from the comments it becomes clear that either after a long time or never.
Trading platform features
There is no trading platform from Binfin. It is written that a platform developed directly by the service is used for the activity, but, in fact, it does not even have a name. It is clear that there is only an imitation of activity. In addition, users are not given the opportunity to try the platform through a demo account. Activity on the service is available only after real contributions. This should already repel potential customers.
Advantages and disadvantages
Benefits are non-existent.
Flaws:
- non-existent broker;
- non-existent platform;
- lack of technical support;
- inability to withdraw funds (in 90% of cases);
- high commissions (if you get the opportunity to withdraw money).
What conclusions to draw?
As it always happens, having collected enough funds from trusted users, the company went into oblivion. Now the site bifin.trade is no longer available. Those who lost money there, it remains to sympathize. But, did the fraudulent story end there? Of course not. We can safely say that the company will return to the market, with a new name and in a new wrapper. So what can you do to protect yourself?
First of all, you need to be careful. If you see at least one suspicious element (lack of registration, bad reputation, small print in the user agreement) – you should already be on your guard and think several times before making a decision. If the stars are aligned, and the company has sagging on all possible points, run. Even if you saw positive reviews on the network, they could well be bought. Recheck the information. This is the only way to save your money.
