Boney Market claims to be a Bulgaria-based entity without presenting any detailed information about its company and regulation. The lack of such information may be a distinct characteristic of unlicensed brokers, as regulated brokers always present their accreditation and licenses in a prominent position. It is a red flag here.

Besides, we didn't find any result matching this broker in ther register of Bulgaria FSC (Bulgaria Financial Supervision Commission; the financial regulator of Bulgaria). So Boney Market is not overseen by any regulator. That means investors' funds in this broker are unsafe and cannot be protected by any law. Therefore, it is a scam.