Bluesailtrading.com is an unregulated broker offering Forex, FX Options, CFDs and precious metals instruments.
Blue Sail Trading claims that they’re offering a state-of-the-art trading platform featuring a suite of analytics tools, navigation functionality, dynamic-access symbol finder, double click and ticket trading.
The broker is hoping to capture a wide client base by providing comprehensive and competitive Forex trading solution.
The broker claims that they have tight spreads, excellent liquidity and high customer satisfaction.
It is easy to promote a website in this manner.
But when it comes to the real situation on the ground, things are a bit different.
Furthermore, Blue Sail Trading is a brand new broker as they are yet to be one year old.
They have a professional website with good graphics to persuade traders.
So if you’re the kind of person who trusts a website because of the quality of graphics, you’ll easily fall prey to scam brokers.
In this Blue Sail Trading review, we will be discouraging traders from investing with this broker.
If they are unregulated, it does not matter whatever they say or how they market their service.
Chances are that they can and will scam traders who place a bigger deposit.
To learn more, continue reading this Blue Sail Trading review.
Blue Sail Trading review
This broker is allegedly forging client relationships with trust, business integrity and professionalism.
This means that the broker is claiming to offer a safe and transparent environment for trading.
All of this is not true because the website of this broker does not have information about their company, their registration and licensing details.
They’re not disclosing their location or business address either.
This begs the question of why traders should be convinced that this is a transparent and professional broker.
Thankfully, we can still find out where this broker is located by doing our homework.
Business Insider reports that the Ontario Securities Commission warned investors of the fact that Blue Sail Trading and its associates (Derivative 360/360Pro also known as BST) are neither registered nor allowed to deal in or provide investment advice on securities.
Blue Sail Trading platform
The 360Pro Trading platform seems to be their version of MT4 and cTrader platforms.
Unlike most professional brokers who don’t restrict or limit the length of time for practicing on a demo account, Blue Sail Trading is limiting their demo to 30 days.
Furthermore, traders wanting to practice their strategies are offered $50,000 in virtual funds to use in their demo accounts.
Usually when brokers provide this feature, they always ensure that traders can customize the amount of virtual funds which they wish to practice with.
BlueSailTrading.com does not appear to have this feature in place.
They’re aggressively promoting their 360Pro Trading platform, thus traders are likely to believe that it is the most powerful trading technology on the internet right now.
This broker appears to be very smart when it comes to marketing their platform.
However, we still need to ask the usual questions. Are they regulated?
Who are the people behind Blue Sail Trading?
Do they offer the popular MT4 or cTrader platforms?
Blue Sail Trading review: They must be a scam
They are not licensed or authorized to provide trading services.
That is quite obvious.
The problem with unregulated brokers is that they offer no security or safe trading environment to their customers.
With warnings from regulators such as Ontario Securities Commission, one can only imagine how risky it is to trust this broker with funds.
Furthermore, an unregulated broker does not put their clients’ funds in a segregated account.
The problem with this style of operation is that the company can always use the client’s funds without their consent.
On the other hand, regulators always require that funds should be put in segregated accounts for the good of traders.
Furthermore, regulators enforce strong ethics and code of conduct which brokers are supposed to adhere to.
Brokers like Blue Sail Trading are unregulated and so they’re not following any rules to safeguard their clients’ interests.
Based on this observation, we can see the real intent of the broker.
They intend to scam or at least mishandle their clients.
No information about spreads, leverage and account types
Blue Sail Trading does not disclose trading conditions for their Forex accounts.
They’re not disclosing their fees (usually some brokers charge commission and withdrawal fees).
None of the above information has been published on their website.
Furthermore, we expected to see that Blue Sail Trading has information about their account types and the minimum deposit requirement.
Unfortunately, this information too is missing.
To add salt to injury, the broker does not provide trader’s favorite platform, the MetaTrader4 and MetaTrader 5 respectively.
Also, no information on leverage.
We would never trade with Blue Sail trading or recommend them to anyone.
They’re trying to sell their 360Pro Trading platform which is supposedly a robust trading software like MT4.
The problem is that traders are not familiar with the platform.
Secondly, traders are so used to the MT4 and cTrader platforms such that transitioning to a new platform would be a challenge.
And of course brokers who come up with their own trading platforms often have a hidden agenda.
They always want to manipulate prices and this is exactly the same thing that this broker is doing.
Stay away from this broker at all cost.
Thanks for reading the Blue Sail Trading review.