I have been trading for more than 3 decades and now it feels like I have grown old with the profession. All this time I have seen the profession survive a lot. It is not only trading that has undergone multiple transformations, In fact, the traders have also suffered a lot. Fake forex firms have had the young ones on their radar since forever. I am reviewing my broker so that you all learn what a good forex firm looks like. I will try to talk about this firm, which is my long term forex partner too, in a way that you all get to see its qualities and flaws. By the end of this review, you will clearly develop an understanding of how good brokers work.
The Blueprint Capital is a forex firm that is trusted worldwide by millions of traders all around the globe. This has taken years of effort to prove that the company is one of the few companies which are working to serve the customers and not to steal their hard-earned money. I have been associated with this firm for a long time and I have closely observed how stuff works here. Let us quickly see what pros and cons The Blueprint has and how it can accelerate or hinder your progress as a trader.
Pros
- Know Your Client Policy (KYC) and Anti Money Laundering
- Withdrawal Policy
- Refund procedures
- Customer Care
Above are the few qualities of the firm that I adore the most. Each one of them is equally important and a key ingredient for the success of any forex broker. Let’s see what each one of these means to a trader.
- Know Your Client Policy and Anti Money Laundering
Know Your Client policy and the Anti Money Laundering Policy are often stated together because they both are all about making sure that the data provided by the client is original and accurate. Many people tend to overlook the importance of this document but this is not something recommended. In fact, you should always go through the entire legal section thoroughly. I understand how many people find it something very boring, monotonous and dry but skipping this section can land you in serious trouble. These two sections are incorporated so that the firm plays its part in cutting down any chances of being used in anti-state or unethical activities that can potentially harm society. This is why the customers must be aware that by agreeing they are declaring that use of the company will only be made for lawful purposes and that the client will not be involved in any activity which can be regarded as criminal. All transactions made should be in accordance with Anti Money Laundering rules and regulations and it should be ensured that the funds transferred to the company via the client are not coming from any illegal activity. It has also been stated that the client must provide the firm with true and up to date information about himself so that the company can identify the client using the provided information when exchanging funds.
If you go through the Anti Money Laundering Section you will see that it has been clearly stated that the firm will not work in any way which supports money launderers. This is why they keep a record of identification information, make sure that the clients signing up are not suspected criminals, particularly terrorists. Another measure taken in an attempt to make sure no mal activity occurs is that they closely follow the client’s transactions but this does not mean in any way that they are trying to invade your privacy. All the data that they receive is safe with the firm.
Keeping in mind the growing crime rate all around the globe, such measures are mandatory. If you feel like your broker is easy on these policies then you need to see if you have to continue working with it. I have seen many innocent traders being exploited at hands of these fake firms which do not give a second thought before ruining lives. After hearing many such stories, going through this website’s Anti Money Laundering Policy and KYC was such a breath of fresh air.
- Withdrawal Policy
If you have been associated with the trading profession, even for a small time, you must have seen many traders being tricked using this policy. I have seen fake brokers phrasing this section in a way that looks very well-phrased but it is generic in reality. It is this cunning approach to phrases that lets the firm slip away from any legal consequences. You should spend a significant part of your research going through this aspect of the broker.
The firm offers three different methods for making the withdrawal. These are Credit Card, Bitcoin Transfer and Bankwire. If you are making a deposit through any of these methods then the withdrawal will be made using the same. Let’s say you make a deposit using Bitcoins then you’ll receive Bitcoins against it.
- Refund Policy
I like how the company has clearly stated that if a customer is not satisfied with the trading platform then you have full right to claim a refund. But it should be kept in mind that once a refund is applied your logins, purchases and memberships will stand cancelled from that moment onwards. Also, you are required to provide them with a legal document that can be used to verify your identity. It takes around 48 hours to follow up and the company deducts a 1% fee of refund.
- Customer Care
Customer care is another aspect that needs to be very well laid out for a firm to be successful. It is not only a forex firm, in fact, I believe that no firm can go on if it does not have a well-developed customer support segment. I have been bothering the representatives all the time and I have found them incredibly cooperative and helpful. It can be seen that each one of them has to undergo proper training for some time and then they are allowed to finally get in touch with the customers. These individuals can be reached out Via phone. Live chat, email or by filling out a simple form. I like how they are always aware of ways to get issues sorted out. I remember once I could not find how to get my account updated and I called the representative. He was very patient throughout and guided me well. You can always hit them up for any sort of issue but just make sure it is not a weekend. Yes, the services remain suspended on weekends and this is the only thing which needs to be improved as soon as possible.
Cons
- No trade signals for Basic and Silver account
One of the greatest advantages and the reason behind the shift of people towards forex firms was that they provided the traders with an opportunity to trade in a manner that gave them greater control over the outcomes. This is done by providing tools and instruments that give out trading signals. Trading signals help you figure out when to buy and when to sell. The suggestions and predictions are based on predetermined patterns and a given set of criteria. These trade signals are not 100% accurate but they help the traders a lot when making decisions. These signals work best at The Blueprint Capital but unfortunately, these are not available for basic account holders and the silver ones too. I feel like young traders and the ones who are gradually growing need these the most because they are already battling on a lot of fronts. I am looking forward to an announcement from the company that soon these signals will be made available for all traders irrespective of what account they hold.
- Bitcoin and PayPal unavailable
In today’s world, we see that digital currency is rapidly heading towards an era where the Dollar is threatened by Bitcoin. This might seem something trivial but many experts think crypto is the next big thing. I have heard my friends say that their forums let the traders make payments in the form of Bitcoins but this option is not available for traders here. I hope they add this soon. Also, PayPal is also something used all around the globe and hence the company should consider adding it too for facilitating the users.
Disclaimer: This review is written from my own experience and my self-knowledge only and this is not a recommendation.