BelleoFX Review – Shady Offshore Broker Gets On Every Blacklist

Besides some quite alluring trading conditions, such as high leverage and bonus incentives, this broker hides a dark side. Being off the radar is what this firm aims for, but strict regulatory bodies aren’t fooled.

Several warnings show why a single loose license won’t protect investors from losing their life savings, and our BelleoFX review is here to shine a light on the actual state of things.

Broker status:	Regulated offshore broker
Regulated by:	FSC Mauritius
Operating Status:	Active online Forex provider
Known Websites:	belleofx.com
Blacklisted as a Scam by:	CNMV, FCA, FI, Finanstilsynet, A-TVP
Owner:	Belleo Markets
Headquarters Country:	Mauritius
Foundation Year:	2019
Online Trading Platforms:	MT5
Mobile Trading:	Available – proprietary app
Minimum Deposit:	$10
Deposit Bonus:	100% or up to $25,000
CFD Trading Option:	Yes, you can trade CFDs
Crypto Asset Trading:	No
Available Trading Instruments:	Forex, Stocks, Commodities, Indices
Maximum Leverage:	1:500
Islamic Account:	Available
Free Demo Account:	Yes
Accepts US clients:	US clients are accepted
Global Fraud Protection Experts’ Verdict:	The company’s history shows numerous regulatory violations. We do not recommend dealing with this broker. Contact our experts for help with asset recovery.

Multiple Regulatory Breaches

Belleo Markets, the parent company of BelleoFX broker, is legally incorporated and licensed by an offshore regulator, FSC Mauritius. Remember, many fraudsters like Handelsgatan purposely pick offshore countries because of their loose regulatory standards.

Now, the belleofx.com website also mentions company registration in St. Vincent and the Grenadines. This time, the information doesn’t check out with SVGFSA. The firm is also registered in the UAE under the name BELLEO MARKETS – REP. OFFICE with Dubai Economy and Tourism department. This entity is not a license holder, as the firm does not appear on either DFSA or VARA.

More alarming is the sheer number of regulatory warnings issued by various authorities, including CNMV, FI, Finanstilsynet, SC, and A-TVP. Another warning was issued by FCA as well, only to be archived some time later.

User Reviews: How True Are They?

At first, we were surprised by the BelleoFX reviews on Trustplot. The current rating of the company is 4.4 out of 5 stars, with 8% negative reviews. These statistics are pretty similar to those we found on Reviews.io. Now, this is an entity that has received a regulatory warning, after all. Offshore Forex dealers may often resort to paying for positive reviews in order to attract more buyers.

Furthermore, if you take a look at the negative opinions posted by traders, you’ll learn a lot about the fraudulent tactics employed.

Plenty of Traps to Fall Into

It is undeniable that the BelleoFX trading portal advertises on all major social networks, including Facebook, Instagram, LinkedIn, X and Youtube. Each of these pages has thousands of followers.

Promoted features include bonuses and demo trading. Trading conditions can instead be described as risky, especially for Forex novices, yet they’re advertised as extremely lucrative. There are many ways to state a fact; however, this broker conveys it in a way that only suits their own interests.

Operating Unlicensed for Years

The belleofx.com domain was registered in October 2019, but the company only obtained their license in 2022. This means that the brokerage has been operating completely unsupervised for three whole years!

The majority of website visitors are from these countries:

• Australia
• Canada
• Germany
• Spain
• Italy
• United Kingdom

MT5 Unconfirmed

It sure takes time to get used to the convoluted website information in order to get to the promised MT5. Nonetheless, the Demo app seemed to work without any difficulties, and it is also available for downloading.

Let’s not forget that anyone can do that on their own, though, and directly from the MetaQuotes store. Therefore, we can’t tell if the full version of the software is provided because full account verification is needed for such access.

Shady Mobile App

Mobile apps are a handy solution for investors to trade on the go. We wouldn’t exactly recommend the broker’s proprietary software, however. The platform doesn’t even display basic functionality and has just a little over a thousand downloads from the Google store. Anonymous apps are best to be avoided.

Limited Access to Markets

In comparison to reputable brokerage powerhouses, this portal provides a rather unimpressive choice of tradable instruments:

• Forex – EUR/USD, EUR/CHF, USD/NZD
• Stocks – Coca-Cola, Motorola, Tesla, Facebook
• Indices – AUS200, GER40, CHINA50
• Commodities – coffee, cocoa, sugar, cotton

Rather Pricey Accounts

Several BelleoFX account types are available, including a swap-free account for those of Islamic faith. Here’s a brief overview of the initial deposit requirements:

• Swap Free – $1,000
• Standard – $50
• Cent – $10
• Zero Spread – $1,000
• Pro – $10,000
• PAMM – $2,000
• 100% Bonus – $500

What’s Wrong With The Demo?

Industry-leading brokers offer a free demo account, which lets their clients test the trading environment before investing. This firm seemingly does as well – but the account itself doesn’t really work.

It is possible to sign up for an account and even verify it, but you remain locked out of the trading application, making it effectively useless.

Unusually High Leverage

One of the main things going for this brokerage is an unusually high leverage of 1:500. Spreads are advertised as low to attract clients, with some account types having floating spreads starting from 0 pips. Other accounts have commissions starting from $15 per lot, which is not exactly a bargain.

Very little information is given about the fee structure. There is an early withdrawal fee for clients who have not met a minimum trading volume requirement. This ranges from 3% to 6% of the entire deposit, depending on the invested sum.

Large Bonuses On Offer

Those who opt to receive a bonus can expect spreads starting at 1.8 pips and an undisclosed amount of swaps.

The maximum bonus amount is 100% of each deposit, up to a maximum of $25,000. To withdraw the bonus, the clients must trade 1 lot for each $5 of added bonus. Note that many Tier-1 regulators have outlawed bonuses since scam firms like GSBIZ are abusing them.

Payment Methods and Fees

According to the site, deposits and withdrawals can be done via the following methods:

• Bank Transfer
• Credit Cards (Visa, MasterCard)
• E-wallets (Neteller, SticPay, Skrill)
• Crypto

Wire transfers may take up to 24 hours to complete, while other channels require no more than 15 minutes. Only commissions apply to some e-wallets (between 1,5% and 3,5%).

In addition, the BelleoFX withdrawal policy says that the broker reserves the right to charge banking fees incurred or 3% of the total withdrawal amount, as well as another 6% if trading volume isn’t met.

What Can You Do If You Suspect Fraud?

While the firm does have a license, it was issued by an offshore nation and is not considered proof of legality. Numerous regulatory warnings may indicate a BelleoFX scam operation.

If you believe you have become a victim of online fraud, feel free to contact our expert team. You may reach us at any time by using the live chat and book a free first consultation at your convenience.