Brilliabake: online reviews and market analysis
Why You Should Not Trust Brilliabake: Exposing the Fake Broker
Brilliabake is a company that offers solutions for traders worldwide. Positioning itself as a reliable brokerage firm that puts clients first. However, the presence of positive reviews about the intermediary raises doubts, and in this review we will delve into why.
Main Information about Brilliabake
The company’s official website looks more like an advertising brochure than a website of an international broker. It lacks any documents or technical information, but is full of self-promotion and promises. Many statements are unverified, such as the claim about Brilliabake’s status as a prime broker. It is known that such status is only given to large financial institutions that work with hedge funds. Prime brokers usually do not work with retail clients.
The claim of having won more than 10 international awards also raises doubts. There is no evidence of Brilliabake’s participation in any awards. Even the fact of the company’s registration raises questions, as there is no information about such a counterparty in the registry of legal entities of Saint Vincent and the Grenadines, where the broker is presumably registered.
There is no information about the founders of the company. Data on the domain lessees have been removed from public sources. The contact details provided on the website are fake: the address of a business center in London and the presumed British phone number have no relation to Brilliabake.
We could not find confirmation of the existence and legal activities of this broker. However, there is plenty of evidence that they are scammers, from negative reviews to being included in blacklists.
Licenses and Regulation of Brilliabake
Since Brilliabake does not have a legal status, it is natural that the company does not have a license from any regulator. However, it should be noted that regulatory bodies not only issue licenses but also identify fraudsters. For example, the Central Bank of Russia has already included Brilliabake in the list of organizations involved in illegal activities.
This means that the state regulator warns of the potential risks of dealing with Brilliabake and starts the process of blocking websites used by fraudsters.
Trading Conditions and Affiliate Program
The scammers did not bother to provide detailed descriptions of the conditions. The website provides minimal information about how traders and intermediaries work. Despite enticing promises, clients actually have access to the following services:
- Training in trading on a demo account with virtual funds of $50,000,
- Access to the trading terminal on the WebTrader platform,
- 200 trading instruments, including cryptocurrencies,
- The opportunity to start trading with a minimum deposit of $100.
There is nothing unique or beneficial in these offerings; they are standard perks from scammers. The scammers paid particular attention to describing their affiliate program, promising rewards for bringing in new clients. No reputable broker uses such methods, further confirming suspicions of dishonest activities.
Payments from Brilliabake: Real Reviews
This scheme works not only in Russia but also beyond its borders, attracting the attention of Russian-speaking audiences abroad. For example, here is a review from a real client:
The reviews on the website were written recently, indicating that Brilliabake started its operations just a few months ago.
Scheme of Deception by the Pseudo-Broker
In reality, Brilliabake does not exist; there is a group of scammers who call potential traders, promising them guaranteed earnings. They skillfully convince even the most skeptical individuals.
The money deposited by clients is immediately transferred to offshore accounts, and the numbers that traders see in their accounts are virtual reality. Brilliabake’s trading terminal is not connected to the exchange, and clients’ transactions are not conducted in real-time. Requests for withdrawals are postponed indefinitely. However, periodic account top-ups are required, and the administration reminds clients to pay for insurance, commissions, and taxes.
All communication with representatives of Brilliabake takes place exclusively over the phone. There are no face-to-face meetings or document exchanges. The scammers use IP telephony with dynamic number changes, making them unreachable. If a client insists on withdrawing funds, they are simply blocked, and the contact number is changed.
Conclusion: Beware of Dealing with Brilliabake
The absence of licenses and registration are clear signs that the company is fraudulent. Warnings from the Central Bank of Russia and numerous negative reviews further affirm that Brilliabake is a fraudulent project. Investing in this company is extremely dangerous; it’s a scam.