Beware! BTCtradings is an offshore broker! Your investment may be at risk.
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
BTCtradings offers a wide variety of CFDs, based on major crypto currencies like Bitcoin, Ethereum, Bitcoin Cash, Litecoin, Zcash and Monero, paired against various other underlying assets including indices, commodities and bonds. And the offer comes with six account types, leverage of up to 1:20 and a web based platform.
And although this might sound attractive, you should be aware that BTCtradings is not a regulated broker, and what is even worse, their website is virtually anonymous – apart from some contact address in Bulgaria we can not be sure about the name of the company that runs the whole operation. So if you are still considering whether to open a trading account with them better read the following lines.
BTCtradings regulation & safety of funds
As we noted BTCtradings are not licensed and authorized to offer any kind of financial services on regulated markets like the European Union, the U.S., Australia, Canada or Japan. They say they are based in Bulgaria, so we diligently checked the registers of the local Financial Supervision Commission (FSC), but were unable to find BTCtradings there. And as we noted, in their presentation they do not bother to mention the name of the company that operates the broker, which is another warning sign.
All that said, we may safely conclude that what we have here is a fine example of a scam websites.
And be aware that trading with unregulated brokers in general comes with extremely high risk for the safety of your funds. Unlike brokers, regulated by well known institutions like the Financial Conduct Authority (FCA), the Australian Securities and Investments Commission (ASIC), or the Cyprus Securities and Exchange Commission (CySEC), unregulated brokers are simply not accountable for the way they handle your money and quite too often are simply involved in scam.
BTCtradings deposit/withdrawal methods and fees
On their homepage BTCtradings does not share information about the payment methods they accept. Just bear in mind that most brokers accept payments with credit and debit cards like VISA and MasterCard, bank wire and various e-wallets like Neteller and Skrill.
And be ware of any trading bonuses BTCtradings might offer you. The practice of offering trading bonuses is highly controversial and basically has been banned on regulated markets like the European Union all together. The general problem with all trading bonuses is that they invariably come with some additional withdraw conditions, like some minimum trade volume requirement, which scammers usually change on their sole discretion, so that latter it could be used as a pretext to cancel your withdraw requests.
And be aware as well that BTCtradings says it would take them 5 business days to process your withdraw request, while with legit brokers that should happen within 24 hours.
Otherwise the minimum deposit requirement is in line with the market average – 250 USD.
How does the scam work?
If you have ever wondered how so many people get scammed, you should be aware that scammers do not spare their resources and employ call centers and marketing agencies that run coordinated campaigns to attract new victims.
For instance you may come across one of the so called robo scam websites like Bitcoin Revival and Bitcoin Profit, where usually you will be greeted with some nicely cut video ad, telling you how easily you can make a pile of cash, if only you agree to join some innovative trading platform, exploring to booming crypto market. And all you will be asked for in the beginning will be your e-mail and phone.
So if you do register, in a blink of a second you will be transferred to the web page of a unregulated, scam broker, where finally you will have to deposit about 250 USD. But scammers will surely try to make you deposit more – like at least 10 000 USD. And that they might achieve by manipulating your initial trades to make them look profitable, and by constantly calling you on the phone. It will be your “senior account manager”, who will basically be telling you, that if you really want to make some real cash, you will surely have to deposit more.
And as strange as it may sound, but at that stage of the scam most people do invest that kind of money without realizing they have been manipulated, until the very moment they decide to withdraw some of their funds. Than out of the blue they are told they are not eligible to withdraw, because they have not met some minimum trade volume requirement, possibly linked to a welcome bonus. The excuse might certainly be different, but the end result will always be the same – scammers will not pay a single penny back.
What to do if scammed?
The one viable course of action you have, if you have been scammed, is to file for a charge back with your bank. You will be able to do this within 540 days, but only if you have payed with VISA or MasterCard.
And some scammers might try to steal money form your bank account directly. To do that they may have tricked you to tell them your credit card number and online banking password. If that is the case, immediately change the password and block your credit card.
And do not trust the so called recovery agencies. They will not be helping you in any way, but simply will charge you some fee in advance that basically will leave you even deeper into the red.