Bormancorp Review (2023)

Is Bormancorp a scam or legit broker?

No, it is not safe to trade with Bormancorp. Bormancorp is owned by Board LTD. which is an offshore company registered in the Marshall Islands.

The Marshall Islands is notorious for its practically absent requirements and regulations. Due to the setup cost is low and it does not regulate forex trading. Therefore, it became an offshore zone for shady forex brokers such as Obsbit, Capital Hall and more.

BormanCorp provides access to a trader with a wide range of Forex and CFD instruments. However, on the official website, the information confuses overview since there is a mentioning about the company address in Budapest, Hungary. We couldn’t find any proffs of the company’s regulation, therfore, the owning disclaimer by the EU company rather confirms the broker’s suspicious performance.

In addition to that, there are some strange conditions that are required by the BormanCorp broker including not-typical withdrawal or maintenance fees, as well as an imposed fee for verification of an account. While all in all seem to be a very tricky business.

Also, the company has been banned by Austria’s regulator Financial Market Authority (FMA) in October 2018:

“Board LTD (“Bormancorp.com”) is not entitled to carry out banking transactions in Austria that require a licence. The provider is therefore neither permitted to trade on a commercial basis on its own account or on behalf of others.”

Conclusion

We advise all investors and traders to avoid Bormancorp and other brokers from the Marshall Islands. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as FP Markets and TMGM.

Bormancorp website is no longer active.