BCR Inundated with Client Complaints: Canceling Agent's Account and Unilaterally Transferring Client Accounts

BCR, which claims to be a veteran broker with 15 years of experience in online forex and CFDs trading services, has recently been hit with a number of client complaints, causing widespread concern. 

BCR has been reported to expose its clients to frequent problems such as difficulties in withdrawing funds, poor customer service, freezing of clients' accounts when they trade profitably, and cancellation of accounts without notice to clients. 

Investors should pay much attention to these problems and not take any chances.

Agency broker’ account unilaterally canceled by BCR

If the above issues have been "unsurprising", the experience of a senior agency broker from China may serve as a wake-up call.

According to the agent’s description, he has engaged in the forex industry for more than ten years and his earliest partner broker was BCR. Later, as BCR announced its withdrawal from the mainland Chinese market, he no longer introduced new clients to BCR but the old clients intermediated by him still stayed on the platform for trading.

He said his old clients still traded on BCR and maintained a stable relationship. Until October last year, BCR unilaterally transferred all of his old clients' accounts and canceled his agent account on the grounds that it was "no longer accepting new clients". BCR’s behavior not only directly affected his commission income, but also caused serious damage to the relationship of trust he had built with his clients over the years.

BCR's move is no different from "killing the goose that lays the golden eggs." Some of its agency brokers noted that they have also encountered BCR’s unilateral adjustment of client accounts. After this issue came to light, the platform did not respond, not to mention the compensation, leaving investors worried about the safety of their funds.

Are clients' funds safe with BCR?

Investors have very valid concerns about the safety of their funds in BCR. The only BCR licensing records currently available are the Australian ASIC license and the BVI FSC license. The only information that can be found on its official website about regulation is shown in the "Exclusive and Sole Jurisdiction Clause", and it only emphasizes the information about the BVI FSC.

It is worth noting that back in June 2019, Bacera Co Pty Ltd. (BCR’s ASIC-licensed entity) sent an email to its clients stating that under ASIC's latest published regulations and rules, Bacera Co Pty Ltd would cease to provide financial services to non-Australia based clients on June 30, 2019 and that Bacera Co Pty Ltd would automatically transfer non-Australian clients’ accounts to BCR Co Pty Ltd.  (BCR’s BVI FSC-licensed entity) after the market close on June 28th.

In other words, accounts of non-Australian clients are opened under the BVI FSC-licensed entity BCR Co Pty Ltd. However, offshore BVI FSC licenses have low supervisory effectiveness, which sends a troubling signal about the safety of investor funds.

BrokersView always emphasizes the importance of regulatory licensing and broker reputation when choosing a trading platform. If you experience any problems with your broker, you can submit a complaint here: https://www.brokersview.com/complaint/