By Nathan Ferguson
BNP Groups Review
As lucrative and profitable as online trading is, it is also essential to bear in mind that it comes with risks. The financial markets are inherent with risks, but those are not the only ones you need to worry about.
The internet may have opened the doors of the financial markets for everyone and given people the chance to explore trading opportunities, but it is also rampant with cybercriminals that are ready to exploit people at every turn.
Many platforms have been hacked and compromised and those using them have paid the price. When you choose a broker, you want one that can give you security during the trading process and this BNP Groups review shines the light on one such platform.
Like most of the people entering the online trading space these days, I was also focused on finding a broker that would prioritize the safety of not only the money I would deposit with them, but also the financial and sensitive data I would share. The Bnpgroups.co.uk broker proved itself capable of doing so, thereby convincing me to give it a go.
Encryption of sensitive data
Signing up on any online trading platform requires you to share personal information. Even when you are opening an account on a social media platform, you have to enter your personal data.
But, if the platform is compromised by hackers and other cybercriminals, it will be your information that will be exploited, which could be disastrous for you. To mitigate these risks, the Bnpgroups.co.uk trading platform has opted to use 256-bit SSL (Secure Socket Layer) encryption.
Every piece of information that you share with the BNPGroups broker is protected via this encryption that no one can access or understand without the decryption key. It is not shared with any third-parties or outsiders without your consent and is kept under wraps at all times to give you peace of mind during the trading process.
No commingling of funds
There have been several incidents where trading platforms commingled funds i.e. mixed customers’ funds with the corporate funds, thereby leading to losses for the former when they went bankrupt or suffered financial setbacks. The BNPGroups trading platform does not have a policy of commingling of funds and maintains segregated accounts for its clients.
This means that all customer deposits are kept in separate accounts and are not put in corporate accounts. The traders have full control of their funds and can withdraw them at any time. Moreover, the funds are deposited with the leading banks and well-reputed financial institutions to prevent theft. There is no need to stress about any discrepancies in accounts and even if the BNP Groups broker was to go bankrupt, your money would remain safe and be returned to you.
AML and KYC compliance
Another step that the BNP Groups trading platform has taken to reassure its clients is to comply with the Anti-Money Laundering (AML) and Know-Your-Customer (KYC) policies. These are two of the most widely used and respected security policies in the world because they are highly effective in reducing illegal activities. These include identity theft, money laundering and financial crimes. The fact that the platform complies with them is also reassuring because it adds an additional layer of security and keeps risks low.
Compliance with the KYC and AML policies means that every account opened with the BNP Groups broker has to undergo a verification process. Those who open an account need to provide documents that can be used as proof of identity, such as identity card, passport or driving license, and proof of residence, such as utility bill, or bank statement. These are used for verifying the account, which means that no one can set up a fake account on the platform to gain access to their system.
Criminals cannot open fake accounts and then misuse them for various nefarious activities because their account will not be approved without any documents.
Along with these security measures, the BNP Groups broker also protects all accounts on its platform with two-factor authentication (2FA) which can prevent outsiders from misusing them. Their tech team also assesses the safety of the website routinely to identify any loopholes and fix them promptly.
Is BNP Groups scam or legit?
The legitimacy of an online broker should always be determined before you decide to risk your savings by opening an account with them. You do not want to end up scammed and considering that, I paid a lot of attention to the offerings of the BNP Groups broker. Considering the priority they have given to the safety of traders, it is easy to see that they are completely authentic.
The Final Verdict
If you are looking for a safe trading environment that allows you to fully focus on your trading and not worry about security constantly, this BNP Groups review shows that the broker is the right choice in this regard.