Bostonmex is a forex broker. Bostonmex offers the MT5, MT5 Web and Mobile forex trading top platform. Bostonmex.com offers over 35 forex currency pairs, cfds, commodities, stocks, indices, gold, silver, oil, bitcoin and other cryptocurrencies for your personal investment and trading options.
The first step to protecting yourself from fraudulent parties online is to do thorough due diligence on the companies and entities that you are planning to send the funds to. In all probability, there have been other users who have already used the same service, and have expressed their opinions and feedback online on various forums.
After conducting some research on various social media platforms (Facebook, Twitter, Instagram), as well as online trading forums, a general theme emerged where users were dissatisfied with their experience with Bostonmex. Based on this user feedback, it appears that Bostonmex is not a trustworthy broker, and hence, extreme caution should be applied before investing through their brokerage platform.
There are a lot of brokers out there operating under fake company names or that have other fraudulent operations. A little bit of preliminary research can go a long way in protecting you and your finances.
Is Bostonmex Legit or a Scam?
When searching for brokers to conduct your trading activities with, the first and most important step should always be to learn about their certification(s). This will tell you whether they are regulated by a central authority or if Bostonmex is an offshore and/or unregulated entity.
When a broker is unregulated or regulated by an entity outside of your jurisdiction, you have limited to no legal recourse in the event that your funds are compromised. In an event of theft, complaints can only be made if that broker is licensed by the regulator in your jurisdiction. Some examples of regulatory authorities that issue brokerage licenses are:
The Cyprus Securities and Exchange Commission (CySEC)
The Financial Conduct Authority (FCA)
The Australian Securities and Investments Commission (ASIC)
If a broker is not licensed by the regulatory authority in your jurisdiction, that likely means that they are unregulated and should be avoided. Even if the brokerage is regulated, it is best to avoid it if the regulator happens to be outside your jurisdiction.