Beware! B2Trades is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
We feel that one can find deduct a pretty reasonable conclusion on B2Trades just by spending some 5 minutes with the home page of the broker. Not only is the quality underwhelming, but the way it is presented cannot be taken seriously by anyone with even the slightest trading experience. B2Trades is one of those brokers with whom the more time is spent, the more negative aspects you find. The sloppy design is only the begging. Read on for more.
Everything about this broker is inadequate and very unreliable. The entire website feels unfinished and very unprofessional. A good example of this is the registration process, which incredibly boring looking. The resulting user we didn’t think would sink even lower where the quality is concerned, but we were wrong. What a disappointment it was.
Users can open three account types. Either a normal trading account, a binary options trading one, or a bitcoin investment one. Whichever choice a user makes won’t make a difference where a difference would count. None of the account types allow us to do what they say, except for depositing, of course. We found no semblance of a trading software which was the biggest issue we faced with the user area.
We later found out that in order to place a trade a user must be logged in with her or her Manager ID and password. We never received anything of the kind.
This is a definitely shady move, for no legitimate broker would allow this. Anyway, without a trading platform, we can easily exclude all spreads, assets, and leverages from the B2Trades experience.
B2TRADES REGULATION AND SAFETY OF FUNDS
The official address of the broker puts the firm in the jurisdiction of the United States of America. The US is the most severe FX environment. There the CFTC and the NFA are the parties that regulate the market.
One of the most demanding requirements set forth by the CFTS is the $20 million capital requirement for every broker. Very few wanna-be brokers have this amount of starting capital, and those who have it are regulated in the US. Furthermore, US brokers abide by the first-in-first-out rule, which is there to prevent users from going long and short at the same time on the same trading position. There are also a number of reporting responsibilities on top of dozens if not hundreds of additional requirements.
We believe that nothing else can be said here. Any broker claiming to be located in the US without any evidence of this is definitely not regulated, and probably a scam. There is no further evidence that B2Trades is located or licensed in any other location. Therefore, B2Trades is UNREGULATED and a sure risk to all invested capital.
There is absolutely nothing one can gain from depositing in an unregulated broker. We urge readers to check for a license prior to investing. The FCA and CySEC are the most popular and some of the best regulators in the world. These two, among other superb overseers, have gained the reputation of being the best through years of regulating some of the world’s top brokers. Watchdogs employ a huge set of rules by which every single broker under them has to abide. They include minimum capital requirements, segregated client bank accounts, the guarantee of funds’ safety, etc. All users under the FCA or CySEC, are eligible for compensation, in case the broker at hand cannot pay its dues. CySEC guarantees up to €20 000 per person, while the FCA guarantees up to £85 000.
B2TRADES TRADING SOFTWARE
There isn’t too much to say here because there is no real trading software used by the broker. Yes, B2Trades is one of those extreme firms that go the extra mile and never release a trading platform. This means that every trading information on the website is a lie. B2Trades is technically nothing even close to a broker.
B2TRADES DEPOSIT/WITHDRAW METHODS AND FEES
According to the user dashboard, the payment methods are a bitcoin wallet, WesternUnion, and MoneyGram. However, the payment area had no way to actually fund an account. Take a look at this ridiculousness:
Instead, the user orders a payment. We did not even input the amount we wanted to deposit, nor any other details, just our email address. There is no minimum deposit amount.
The withdrawal section is pretty much the same, with the addition of an amount bar. The minimum amount is $1 for withdrawal.
Seeing that we have all the right reasons not to trust it, why would our readers trust it? Furthermore, we still have to say that B2Trades is unregulated and has no trading software, so what is the point in investing?
How does the scam work?
Most fraudulent brokers gain their reputation because of the usage of the scheme, the most popular scheme of all in fact. Its ultimate goal is to steal from users and continue doing so until the users sniff them out, or he or she gives up. The scam follows a number of simple steps, but it is worth noting that many unregulated brokers put their own unique twist on it.
The first step is to bait the user. This happens through the usage of online ads, that appear mostly on social media websites or other similar online sources. The scammer ads are distinguishable by their outrageous promises of wealth and profit through trading, investing, or binary options trading. These advertisements showcase a luxurious life and a care-free lifestyle.
Once a user falls for these tempting clicks, he or she will be asked to provide a telephone number or an email address. Giving these away means that the broker’s first wave of representatives will be contacting you. Their one and only goal is to make one deposit. Furthermore, some brokers choose their targets based on how easily manipulated they are.
An initial deposit means that you are knees deep into the scam. The time has come for the expert scammer, a.k.a the account managers. These are relentless, compelling, and at times charming. They can easily enforce their influence on a trader, and sooner or later this trader will be depositing a second, or third, or fourth time.
At some point during the scam, the user will start getting suspicious as to why she hasn’t been paid yet after only deposit for weeks on end. Every withdrawal request will be met with resistance, and depending on the broker the ways of refusal vary. Some might change your mind and solicit you to deposit more, others might close down the user account, or shut down the entire website. A popular method is to stall until the scammer can completely disappear.
What to do if scammed?
The best advice we can give for those that have been scammed is to file for a chargeback as soon as possible. All credit and debit card companies should have this option on the ready. Note that MasterCard and VISA have extended their chargeback period to 540 days.
Bank transfer payments mean that the scammer can potentially get access to your bank account, so it is crucial to change your password and user name. Another good piece of advice is to contact the bank itself and check with them if they have a ready to go plan for such circumstances.
As for crypto deposits, they most surely are gone. That is what it is paramount to remember never to invest in a shady broker through any sort of cryptocurrency.
A final piece of advice. Victimized users might stumble on recovery agents or agencies, who will promise to get your money back, but not before you pay them a hefty fee. Once the charge is paid, they will sooner or later disappear without helping you even one bit.