- 0.1 BTCTradings
- 0.2 Pros
- 0.3 Cons
- 1 BTCTradings Review
- 2 Is BTCTradings Safe?
BTCTradings is an unlicensed Forex and CFD broker owned and operated by Storm Complex LTD with registered office located at 43 Kaymakchalan St, slatin region, Sofia Bulgaria, 1000. They did not provide a contact phone number but email is email@example.com. As a matter of fact, BTCtradings should be licensed by the Bulgarian Financial Supervision Commission (FSC), or another EU financial regulator as a CFD provider, but they aren’t.
Scam artists are known to create visually compelling websites in an effort to entice unsuspecting investors. It seems to be working with BTCTradings as they have been able to solicit funds from investors. We feel it is our duty to protect the good Forex trading name by exposing these rogue platforms. Thanks to our years of trading experience, we know how to spot a scam from a mile away. Get to know the tricks used by scam artists to steal funds from investors without breaking a sweat.
Another problem with BTCTradings is lack of credible information regarding ownership. Who are the actual owners of this website? Is it possible to know the names of the founding members? Who are the people running this website and why haven’t they posted their actual names? Now you know why you should stay away from this and any other online anonymous platform.
If you value your money, do not invest in BTCtradings. This is an unregulated and anonymous broker allegedly operating out of Bulgaria, which is also associated with shady brands like JBCapitals and XcoinBroker.
There are thousands of scams in the forex and cryptocurrency markets, choosing from the list of reliable and tightly regulated crypto currency brokers is the only way out, see here.
Is BTCTradings Safe?
Forex Broker Expert reviews brokers for readers across the whole world to know whether they worth your time or not. We use a trust score algorithms to asses risk level. They major criteria we use in grouping a forex broker in to risk levels include total years in business, which regulatory licenses each firm holds, is the broker publicly traded in any stock exchange as well as our manual in house check.
BTCTradings has a trust score of less than 50% which shows High risk. After checking their terms and conditions, it is clear BTCTradings is not licensed or registered. A licensed entity will have solid proof of their registration on their website. If you look at their entire website, there is no information regarding their license status. We also checked with various online regulatory bodies to check their license status. Some of the bodies we contacted include ASIC, COSNOB, CySEC, FCA, NFA, and SEC. None of these bodies has ever heard of this platform.
What about posting copies of their license for members of the public to see? BTCTradings does not post any documents since they are not dully licensed. You can also note their homepage does not have any registration number at the footer of the page. With this concrete proof, we are sure they are offering illicit trading services. No one is safe from this platform as they are simply out to steal funds. Investors are not protected and their funds are stored in a private or personal bank account.
Beware, the registered address of BTCtradings is exactly the same as those of XcoinBroker, so it’s pretty obvious that these brands are run by the same people. Most likely, these people are involved in some sort of scam scheme as both JBCapitals and XcoinBroker are blacklisted by the Spanish financial regulator, the CNMV.
Our in-depth review of BTCTradings shows that they are offering clients a very common trading platform that is always been associated with unlicensed brokerage firms. As you can see, there are no pending orders, no expert advisors, and barely any room for customizing.
The MT4, on the other hand, provides a full range of tools and features: great charting, numerous built-in technical indicators, Expert Advisors (EAs) for automated trading and extensive back-testing environment.
Minimum deposit: $250
Leverage: Max 1:20
Assets: Bitcoin, Ethereum, Ripple, Monero, Ethereum Classic, Bitcoin Cash, NEM and Dash
Support MT4: No
They offer as many as six accounts, however it remains unclear whether and how the trading conditions on those differ.
These accounts are named Micro, Bronze, Silver, Gold, Platinum, Diamond. A huge problem we noticed with these account types is how similar they are to each other. Why would an investor deposit $5,000 and get same trading features as one who deposited $250? These are telling signs we are dealing with a broker who is targeting all classes of investors. These accounts have similar features which add no advantage to investors.
Unclear Trading Conditions
When we want to compare the trading conditions of each Forex broker, we look at how high is the leverage, spreads, execution speed, and more. Overall, this company has done a rather poor job at presenting its service and the account types aren’t any different. The cost of trading is not specified, nor other important details such as the leverage levels provided, commission fees, etc.
Are Funds Safe with BTCTradings?
Segregation of accounts is also another problem as BTCTradings is pooling funds in one account. And we have a feeling they will cash out once they have their pockets fill. Stay away from this platform as they don’t insure funds stored in their account.
When the Forex Broker Expert reviews a new Forex or CFD broker, the best way to know if they are a legitimate broker is by checking for a valid license and the quality of the license. Many legal Forex brokers, are licensed by a local regulator like ASIC in Australia, FCA in the United Kingdom or by FSB South Africa.
BTCTradings is not a licensed broker.
Blacklisted Broker – BTCTradings – Beware!
Our best advise for you
After checking all the moving parts of this website, we are sure BTCTradings is a scam. To stay safe, ignore all their pleas to sign up. Promotional materials such as videos and links should be ignored. Hackers are using these links to gain access to your data. Mark all their emails as Spam and warn your family and friends from joining this broker. Stay safe at all times by using recommended Forex trading tools and brokers.
BTCTradings Review Conclusion
What should be done is adding this broker to our Forex broker blacklist. After making sure this broker is exposed, authorities are asked to investigate and shut this website down. Time to make the right decision is now. Stay away from brokers who lack proper licensing credentials and simply want you to deposit with them.
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Vantage FX is a popular broker that is licensed in Cayman Island and Australia. Social trading is offered via service providers like ZuluTrade and Myfxbook.
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Minimum deposit is $200, go try their Free Demo Account, signup here.
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