BTCTradings Review Is Btctradings.com Legit Or Scam

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BTCTradings Review: Is Btctradings.com Legit Or Scam?

Btctradings.com Review: this is the website of a broker and forex educator that claims to be based in Bulgaria. Is it safe to invest funds in BTCTradings? It is important that traders know if their invested funds are safe with a broker. Read the details of what we found out about this broker.

The most vital part of our reviews is the uncovering of if a company or Forex broker is properly licensed or not. To do this, we first establish the location or region where it claims to be based. Then we check with the commission or authority regulating trade there whether it is listed among regulated companies or not.

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BTCTradings provides an address that places it in the city of Sofia, Bulgaria. Forex and CFD brokers in Bulgaria are all under the jurisdiction of the Bulgarian Financial Supervision Commission (FSC). But when we checked the online register of the authority, we found that the broker is not among those listed there. The broker itself does not mention being registered.

Licensed companies are always forthcoming with registration details. Trading with a Forex broker that is unlicensed poses many dangers to traders’ funds. Misappropriated funds may not be recoverable by the government as well. Unlicensed brokerages are not under any rules of traders and this puts traders in more risk than they will be in if they had chosen properly licensed ones.

Advantages of BTCTradings

The few good things about BTC Tradings are the leverage we found mentioned and the many cryptocurrency pairs available for trading. It is common for Forex brokers to start out with claims of making clients richer. This is because everyone seeking out easier ways to trade effectively does so to make more profit.

However, traders need to be careful about believing everything they encounter in the business sphere. Some are geared to just deceive and steal their funds. Considering what is offered and proofs are effective means of discovering fraud as well as reading our reviews and comparing the offers to those of other legit brokers at the bottom of this article.

Crypto experts are also said to be available to educate traders via seminars, forums, and market news updates.

BTCTradings Trading Platform

There is no proper information on what trading platform is to be used by clients of BTCTradings. We advise readers and traders to always look out for the MT4 or MT5 platforms. The MetaTrader platforms are commonly used because they allow the use of trading robots.

Legit brokers are known to offer at least the popular MetaTrader 4 or 5 trading platform.

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These platforms are very good signs as they have become some of the most widely used by experienced traders. They are found to be compatible with various devices’ operating systems. All can be used on desktops, Linus, Windows, iOS, and Android.

Tools that come with these trading platforms are also found to be useful for traders. It has proven to be user-friendly as well and helps traders in analyzing the market easily.

Trading instruments offered to traders are CFDs on cryptocurrencies, indices, stocks, and other commodities. Forex currency pairs are not available. This will be unsatisfactory to many traders because legit brokers offer currency pairs, indices, CFDs on many commodities and cryptocurrencies. It is important to let traders know the options open to them.

The maximum leverage offered to clients is 1:20 and this is viewed as very solid when compared to what other crypto trading platforms offer. Spreads are not disclosed.

Spreads of 1.5 pips or below are what is obtainable in the forex industry and traders are asked to look out for this. Leverages of between 1:30, 1:50 and 1:25 are also common among regulated brokers.

Deposit and Withdrawal methods on BTCTradings

The means of making deposits and withdrawals with this broker are not mentioned. This is unusual because standard and legit brokers make deposits and withdrawals available via Visa, MasterCard, and Wire Transfer. Many offer e-wallets like Skrill, Neteller, UnionPay, FasaPay, and so on.

A minimum deposit of $250 is required and this is within the obtainable average of $100 to $250 that is common among legit brokers. Withdrawals fees do not apply.

This information is important so that clients can invest any little amount they can spare. In order to be able to first watch the working of the brokerage. If then they are satisfied with what they see, they can determine when to withdraw their money.

Is BTCTradings Licensed?

No. BTCTradings is not a licensed CFD broker and despite being located in Bulgaria where it needs a European license to operate legally.

Regulated Forex brokers in Europe, America, Africa, Australia, and Asia are under many strict rules. The regulatory bodies like the FCA, FSCA, CySEC, AISC, NFA and many others have regulations protecting Forex traders from unfair brokers. This is why they come top as recommended Forex brokers.

Shady Details Found About BTCTradings

During our investigation online about the broker, we came across mention of other firms like Storm Complex Ltd, JBCapitals, and XcoinBroker. It seems like they are all run by the same person(s). This causes concern for us because JBCapitals is blacklisted as a scam in Spain by the CNMV.

Support

To contact the broker or a representative of the customer service, interested clients are to send emails to [email protected]

Conclusion

BTC Tradings is unlicensed and thus operating without a legit license. We rate it low because it is also related to shady companies. However, it offers good leverage and an affordable deposit minimum for trading. The broker does not support MT4 or MT5 platforms and does not allow Forex currency trading.

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Fortrade

Fortrade is a UK-based broker with address at Michelin House, 81 Fulham Road London, SW3 6RD, United Kingdom. They are among the best brokers in the industry offering trades in numerous assets including stocks, commodities, currencies, indices, and cryptocurrencies. Fortrade is regulated and licensed by the FCA(Financial Conduct Authority) in the UK well as ASIC in Australia which makes client funds safe. They accept traders worldwide.. visit their official website

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BTCTradings Review

BTCTradings

Trust

Trading Platform

Assets and Leverage

Spread

Transparency

  • Wide asset coverage
  • Unlicensed (Fraud!)
  • MT4 not supported
  • Related to other scam website
  • Not reliable

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 protected] 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.

BTCTradings Review

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.

Trading Platform

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.

Location: Bulgaria

Minimum deposit: $250

Spread: N/A

Leverage: Max 1:20

Assets: Bitcoin, Ethereum, Ripple, Monero, Ethereum Classic, Bitcoin Cash, NEM and Dash

Support MT4: No

License: Unlicensed.

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.

BTCTradings License

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.

Compare BTCTradings

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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.

VantageFX offers attractive leverages on MT4 trading platforms, with very tight spreads, learn more.

Minimum deposit is $200, go try their Free Demo Account, signup here.

If you are currently using this broker, please share your experience with other investors in the comment section below.

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