The internet is filled with trading apps that promise easy money and handsome profits. However, not all live up to their tall claims. Many turn out to be shady platforms engaging in unethical means to dupe unsuspecting users. One such trading app that has come under the scanner is Bric Trade. This app promises lucrative profits with minimal investments. But can you trust it blindly? Let’s examine user experiences and dig deeper to reveal the legitimacy of Bric Trade app.
Why Carefully Evaluating Trading Apps Like Bric Trade is Crucial
In today’s digital age, trading apps provide easy access to financial markets, even for novice traders. However, this convenience also gives rise to many fraudulent apps that aim to make quick money by scamming users. Most manage to cover their ill intents under the garb of attractive features and promises. Without proper research, it’s easy to fall prey to such apps and lose hard-earned money.
Hence, it’s essential to thoroughly assess an app’s credibility before investing through it. Analyzing factors like transparency of information, company details, regulatory compliance, and most importantly, user experiences can reveal the trustworthiness of a trading platform. Let’s use these parameters to uncover the truth about Bric Trade app.
What is Bric Trade App?
Bric Trade App offers a platform to trade in currencies, cryptocurrencies, commodities, and stocks through CFDs. It promises high returns even with minimal investment of $20. The app also provides a free demo account with $10,000 virtual money for practice.
On PlayStore, the company claims to be an “innovative platform” with “leading technology.” However, it reveals very little about its registration details or founders. The contact email is the only means of communication listed. No phone number or address is provided.
Bric Trade User Reviews & Complaints Expose Worrying Signs of A Scam
An app as opaque as Bric Trade raises instant red flags. But the best way to determine if it is legit is by examining user experiences shared online. Unfortunately, reviews paint an alarming picture riddled with signs of a scam.
Fake App Masquerading As A Trading Platform
Multiple PlayStore reviewers label Bric Trade a “fake app” that is nothing but a money scamming tool. They report issues like:
- Money deducted from bank but not deposited in the app account.
- Inability to withdraw funds from the app account.
- Graph manipulation for forced losses.
Such fraudulent practices reveal the app’s true intentions of swindling user money instead of enabling trading.
Demo vs Real Account Disparity
A common complaint is that while the Bric Trade demo account allows easy profits, the real account is designed for assured losses. This points towards potential unethical programming to dupe users into depositing funds by showing fake profitability in demos.
Missing Features Required For Informed Trading
According to experienced traders, the app lacks essential trading tools like indicators, signals, candlestick charts, etc. Absence of these features prevents informed decision making, resulting in unavoidable losses.
Worryingly High Risks Downplayed in Disclaimers
While the risk disclaimer mentions potential losses, it is hidden in fine print. The upfront marketing focuses heavily on highlighting profits and ROI. This imbalance again exposes the app’s true motive – luring in unsuspecting victims.
Suspicious Reviews That Seem Promotional
While most user feedback is negative, some positive reviews look suspiciously promotional. Many have repetitive content, pointing to potential fakes generated for marketing. This adds more uncertainty regarding the app’s credibility.
Regulatory Non-Compliance Makes Bric Trade Highly Risky
An authorized trading platform must comply with financial regulatory guidelines. However, Bric Trade violates many norms making it potentially unsafe and illegal:
- No registration details – It provides no proper registration information or even the names of its founders. Huge red flag!
- No customer helpline – Absence of a phone number or physical address for grievance redressal is problematic.
- Prohibited in regulated markets – The app specifically prohibits users from countries with strong finance regulations like the USA, UK, EU. This is likely to avoid scrutiny.
- Unregulated trading – RBI has included Bric Trade in its alert list of apps involved in unauthorized FX and CFD trading. It has no legal authorization.
Such gaps in accountability and regulatory compliance further diminish the credibility of Bric Trade App.
Advisory Note by RBI Warns Against Unregulated Platforms Like Bric Trade
The Reserve Bank of India has released an advisory cautioning people against dealing with unauthorized forex trading platforms. It highlights the risks of services offered by illegal apps and websites.
Bric Trade finds a prominent place in the updated RBI alert list featuring 56 such unregulated entities. This clear warning by the apex financial authority against the app should make potential users rethink investing through it.
Final Verdict – Bric Trade App Real or Fake?
Analyzing all information and user reviews regarding Bric Trade App exposes some alarming realities:
- Non-transparent company behind the app
- Missing trading tools and misleading claims
- Complaints of unethical practices and inability to withdraw funds
- Suspicious reviews and regulatory non-compliance
In light of these red flags, Bric Trade seems highly unsafe for trading or investing. The RBI warning further reinforces the need to stay away from such unauthorized apps. Users should avoid Bric Trade to protect their finances from potential fraud.
Instead, it is better to opt for regulated platforms that offer:
- Transparent registration details
- Responsive customer support
- Proper trading tools for informed decisions
- Regulatory oversight for accountability
| App Name: | Bric Trade – Profit for everyone |
| Site Url: | www.brictrade.com |
| User Ratings: | 1.5 |
| Trust Score: | 1/10 |
| Fake or Real: | Unauthorized Fraud App |
While the promises of Bric Trade sound too good to be true, a wise approach is verifying them through research. User experiences serve as the best guide to unmasking potential scams. Heeding their warning provides the best chance to avoid financial traps.
Frequently Asked Questions (FAQs)
1. Is Bric Trade Real or Fake?
Based on extensive negative user reviews and absence of transparency, Bric Trade seems to be a fake app masquerading as a trading platform to scam users. Multiple issues like money not getting deposited or withdrawn, graph manipulation, lack of trading tools indicate it is not a legitimate platform.
2. What is the Minimum Withdrawal Limit on Bric Trade App?
Bric Trade claims the minimum withdrawal amount is $20 on its website. However, multiple users complain even large withdrawal amounts get stuck or untraceable. Its unregulated status makes the withdrawal terms unreliable.
3. Is Bric Trade Safe or not?
No, Bric Trade does not seem to be a safe platform for trading or investing money. Its non-compliance with regulations, no details of company/founders, suspicious reviews, and serious complaints of unethical practices point to high risks for users. It is better to avoid using this platform.
4. Is Bric Trade App Legal in India?
No, Bric Trade app does not seem to have legal authorization for forex or CFD trading in India. RBI has included it in its alert list of unregulated trading entities. Using such illegal platforms can cause financial losses and legal issues for users.
5. What is Bric Trade App Customer Care Number?
Bric Trade does not seem to have a customer care number listed anywhere. It only provides an email ID ([email protected]) for contact. Lack of proper customer support channels is a concerning sign about its credibility..
6. Is Bric Trade App in RBI’s Alert List?
Yes, the Reserve Bank of India (RBI) has included Bric Trade in its updated alert list featuring 56 unregulated forex and CFD trading entities. RBI advisory warns against such unauthorized platforms.
