We think PaperBids is not a trustworthy broker to do any type of trading online. You will find out what is PaperBids.com in reality through our PaperBids review here.
PaperBids is offering a platform where traders and investors can access a wide range of financial instruments such as currency pairs, indices, commodities. It advertises safe and secure trading with no commissions and guaranteed fast withdrawals.
There are 6 accounts available with access to the web based platform. Minimum deposit starts from $250. PaperBids claims easiest, fastest and most affordable way to start trading for a regular retail investor.
They have company address located offshore in Saint Vincent the Grenadines.
Should you trust PaperBids?
PaperBids is not an authorized CFDs broker. This broker is not in the list of any financial regulator whatsoever. The risk of putting your funds in the hands of an unregulated broker is quite clear. You stand to lose all your money very fast.
- PaperBids is unregulated as they should be regulated if they want to target customers on regulated markets like the European Union, including the UK. In fact, PaperBids is not regulated in any country, it has no license whatsoever, which makes it an illegal investment service.
- Unlicensed brokers like PaperBids do not have to report to a governing body. This means that if they scam you in any way, whether it be “glitches” or “malfunctions” causing server slippage in their system, or you go to make a withdrawal and they don’t process it (steal your money), you are out of luck. Beyond posting a bad review online, there is little you can do because these brokers have no legal authority to answer to.
- Other unregulated brokers will also steal your money right away. Once you transfer funds to them, they block you from ever accessing your trading account.
- Bear in mind that unregulated brokers in general are completely uncountable for the way they handle your money, which makes any dealings with such entities extremely risky. Basically that is how people usually get scammed.
Avoid PaperBids at all cost because of the risk that comes with using offshore brokers and their platform. They can’t guarantee safety of your funds due to their unregulated status. Infact, the job of these offshore scammers is to convince you to transfer money to the fraudulent company’s payment processors. When you agree to do so, your money will be gone.
Is PaperBids Safe?
PaperBids is considered not safe, as it is not regulated and licensed by top-tier financial authorities, like the CySEC in Europe, UK FCA, the Australian ASIC, FSC in South Africa and the US CFTC.
The easiest way to check if a broker is licensed is by looking it up in the registry of the respective financial regulator – be it the Financial Conduct Authority (FCA), the Australian Securities and Investments Commission (ASIC), the Cyprus Securities and Exchange Commission, the Financial Sector Conduct Authority (FSCA). All of them keep such registers and they are publicly available.
PaperBids is an unauthorized and illegal broker. Deposits with this broker are not protected, the company can’t legally offer its services in almost any country. It is a total scam.
Review Verdict: PaperBids is an offshore broker. Your money is at risk!
There is absolutely no reason to invest with an offshore or unlicensed broker. If you think you need high leverage or high margin rates, you are mistaken, and you will lose your money fast.
So go for licenced brokers, listed here.
How PaperBids works?
We have proved that PaperBids is a scam. Their investment offers are obviously meant to attract people and make them deposit as much money as possible.
Problem starts immediately you make a deposit to a scam platform. They will use many tactics to make you deposit more.
Scammers will take deposits from you but never let you withdraw anything, because these brokers often present silly legal documents and conditions that is out of the question as far as legit brokers are concerned. But it will just be a lie to get more money from you.
PaperBids will request that you send them more money while declining all your efforts to withdraw your deposits.
At this point, most people will realize that they have fallen victim to a classical Forex trading scam.
PaperBids is a scam broker that is trying to fool people into believing that they’re the best thing. Don’t fall for their lies.
One thing we are sure is that you will not like the experience of soliciting an offshore brokerage firm like PaperBids.
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