BTCCrest review – 5 things you should know about btccrest.com

Beware! BTCCrest is an offshore broker! Your investment may be at risk.

RECOMMENDED FOREX BROKERS

Visit Site

Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.

If the assurances on the BTCCrest website are to be believed, this is an established forex broker offering high levels of transparency and security. But BTCCrest does not give us good reason to believe these claims. Actually, fact-checking leaves no room for doubt that this is not a legitimate financial services provider. In this review, we will show you how to identify trustworthy forex brokers and why BTCCrest is not one.

BTCCrest Regulation and safety of funds

Legitimate forex brokers provide clear and detailed information about the legal entity that owns and operates them, where it is based, what licences it has and which regulators oversee its activities. Lack of such details or improper presentation of them are always a red flag that we are probably dealing with a scam.

BTCCrest does not disclose who is behind the website. Even the text of the Terms and Conditions does not name a legal entity and does not specify an applicable jurisdiction.

In the ‘regulation’ section of the website we see strange and vague explanations that the BTCCrest is waiting to be fully regulated. There is no legal status that allows a company to operate as a broker without being fully licensed.

A contact address in the United Kingdom is given.

To operate as a broker in this jurisdiction, a company needs a licence from the Financial Conduct Authority (FCA). But in the regulator’s database we find the opposite of a licence – a warning to investors that BTCCrest is not authorised.

If you want to trade on financial markets without being scammed, you can turn to some of the legitimate brokers that actually operate from established financial hubs like the UK. These brokers have to meet stringent requirements for financial stability and transparency of operations imposed by the Financial Conduct Authority.

They must provide clients with negative balance protection and to participate in a guarantee fund that covers up to GBP 85,000 of a client’s investment should the broker go into insolvency. These brokers are also required to keep their clients’ money segregated from their own operating funds in separate bank accounts.

BTCCrest Trading software

We have not been able to verify if any trading software is available. The reason for this is that account registration requires a referal code. Financial scammers sometimes prefer to handpick their potential victims through social networks and online forums, which is why they do not allow free registration. Genuine brokers allow easy Demo account creation.

Legitimate brokers offer clients a wide selection of trading software, including desktop, mobile apps and web-based platforms. The most widely used platforms in the industry are MetaTrader 4 (MT4) and MetaTrader 5 (MT5).

BTCCrest Trading instruments

BTCCrest has no legal authorisation to facilitate trading in financial instruments and it is not clear whether it even has the necessary software to do so. The trading offered by such fraudulent websites is not real but fictitious.

BTCCrest Spreads and cost of trading

When you visit the website of a legitimate broker you will find proposals for different types of trading accounts suitable for investors with different preferences, as well as detailed descriptions of trading parameters – minimum deposit, order execution method, tradable financial instruments, leverage, spread, swap, commissions, etc. There is no such information on the BTCCrest website.

BTCCrest Maximum leverage

High leverage creates the opportunity for more significant profit, but correspondingly increases the risk of sudden and excessive losses. All leading regulators therefore restrict leverage for retail traders. The FCA, like EU regulators, limits leverage to 1:30 for trading in major currency pairs and even lower levels for more volatile assets.

Regulated brokers offer higher leverage only to professional clients who must meet very high standards for capital and experience and forgo the guarantees enjoyed by retail traders.

If you don’t qualify as a professional trader but are willing to take the risk of high-leverage trading, the most viable option is to use the services of an offshore affiliate of an established brand.

BTCCrest Deposit and withdrawal methods

Due to our inability to register an account, we were unable to ascertain what payment methods BTCCrest  uses. Experience has shown that fraudsters direct their potential victims to cryptocurrency transactions that do not allow refunds to be requested.

Legitimate brokers typically offer clients a wide choice of transparent payment methods, including bank transfer, credit/debit cards and established e-wallets such as PayPal, Skrill or Neteller.

BTCCrest Minimum deposit

BTCCrest specifies a minimum deposit of 250 USD, which is the industry standard. But this means that for the same amount you could open a trading account with an established and duly licensed forex broker. Some of the leading brands in the industry offer Micro and Cent accounts with a very low entry threshold that are suitable for novice investors.

BTCCrest Withdrawal requirements

BTCCrest  does not specify extraordinary conditions for withdrawal. But these types of scams always surprise you with hidden fees and other tricks that prevent you from withdrawing your money back.