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Online reviews about Buoytrade.com are quite misleading because they don’t address the issue of traders paying this company, failing the trading combine, and never getting real funding anyway.
And in as much as Buoytrade claims to be a legitimate proprietary trading firm, their business model mirrors what we’ve seen happening at uProfit Trader, Funded Trading Plus, Skilled Markets and many others.
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As always, the supposed prop trading firm will promise handsome profit split to consumers who will have to pay money upfront before they can ever get a chance to trade the company’s funds.
Buoytrade.com has various pricing models where the lowest fee is $68 monthly while the most expensive funded program being $1975/monthly. The higher the amount of money they give at your disposal, the higher the fees to be paid.
In return, the company promises to pay a 50% profit split. They never mention the part where 99% of traders fail to get funded or whether a refund will always be available upon request.
Traders can use EAs or premium signals to trade the company’s accounts that are allegedly held at Global Prime Forex broker.
In addition to this, the company claims that they are covering the losses of their traders. This is not realistic as covering losses incurred by traders would mean that Buoytrade is paying their own money to compensate for the losses.
Now, ask yourself: if this company can’t scout talents without asking for money upfront, do you think they will ever cover any losses?
Buoytrade Review: Company background
The company is owned and operated by Daniel Heng. They are based in Singapore but it appears their website is open to traders from across the world.
The company’s website is quite new as they registered the domain in February 2021.
In our research, we didn’t find any meaningful information concerning Daniel Heng and his experience with trading.
Because of this, we were unable to verify the claim on their website that BuoyTrade is run by professional traders.
Buoytrade and the money game behind it
I believe that if this company was being operated by professional traders, there would be no need to look for other talented traders to manage their so-called funds. They would just trade for themselves and keep all the profits.
That being said, it defies logic to charge upfront fees when looking for talented traders who can manage company funds or get funded for the sake of trading bigger lots.
They are basically dangling a carrot and making you chase it at your own cost.
The standard account even has 3-step evaluation phase which basically means the company will subject consumers to simulated trading.
Even with the standard account, traders have to pay a fee upfront.
The conditions are that you must not exceed 5% drawdown at any given day.
But this is exactly why you will fail and how the company will scam you anyway. This Quora thread even has a discussion on why majority of traders fail. I hope it shades light on why your chances of succeeding with these “we will fund you” programs will always be nil.
Do we have refunds for trading on a simulator?
As always, these dodgy websites are unwilling to risk their own capital on traders. But they are more than eager to charge a fee upfront before you even sign up.
Once you start to trade on the evaluation phase, the odds of achieving your goal (of course while observing the fine print) are almost next to nothing.
On the other hand, Buoytrade doesn’t say on their website that they will return your money for failing their simulator trading sessions.
Do you see why this is a scam?
The conclusion is that there is no real funding. The company’s online reviews are somehow manipulative and misleading.
You can think of this company knowing that they don’t have a sound business model and therefore making use of a dodgy reputation management site like TrustPilot to lure victims anyway.
There is nothing legitimate about Buoytrade.
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