Btrades review – 5 things you should know about bxtradesfx.com

Beware! Btrades 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.

The Btrades website gives us many reasons to be suspicious, starting with the difference between the brand, the domain and the logo. Further inspection only confirms that this is not a legitimate broker. Btrades is nothing more than yet another online scam trying to cash in on the hype surrounding cryptocurrencies.

Btrades Regulation and safety of funds

We do not find any identifying information on the Btrades website. It is unclear which company is behind this website and where it is based. Registering an account requires agreeing to the Terms and Conditions and Privacy Policy, but the links to the documents are blank. If you don’t know exactly who you are dealing with and what the terms of the deal are it would be an obvious mistake to put your money on the line.

When you visit the website of a legitimate broker you can expect to find clear and detailed information about the company that owns and operates it, where it is based and what regulatory regimes it is subject to. Licensed financial services providers are also required to provide a comprehensive set of legal documentation.

The UK financial regulator confirms our assessment of Btrades by blacklisting the website.

If you have decided to invest in financial instruments you have a choice of much more trustworthy options.

Depending on your location, it is advisable to choose a company that is regulated by an institution such as Commodity Futures Trading Commission (CFTC) in the US, Australian Securities and Exchanges Commission (ASIC), UK’s Financial Conduct Authority (FCA) or some EU regulator like Cyprus Securities and Exchange Commission (CySEC).

Clients of these brokers receive protections such as negative balance protection and segregation of the client’s funds from the broker’s funds.  In the EU and the UK, brokers must also participate in guarantee schemes that cover a certain amount of the trader’s investment if the broker becomes insolvent. These guarantees amount to up to 20 000 EUR in the EU and 85 000 GBP in the UK. However, the likelihood of such a bankruptcy is low because regulators also have significant net capital requirements that companies must maintain – EUR 730 000 in UK and Cyprus, AUD 1000 000 in Australia and at least 20 million USD in the United States.

Btrades Trading software

Btrades does not have trading software, which means it cannot actually offer the services it advertises.

If you use the services of a licensed broker, you will get the opportunity to use established software with advanced features and versions for all types of devices and operating systems. The most widely used trading platforms in the industry are MetaTrader 4 (MT4) and MetaTrader 5 (MT5).

Btrades Trading instruments

Btrades claims to offer an odd mix of financial services, including forex and binary options trading. As we have seen, Btrades does not have the license or technological capacity for this to be true.

Binary options is a very simple way to trade the financial markets, but it is this simplicity that makes it prone to scams and exploits. Binary options trading is banned in a number of major markets such as the EU, the UK and Australia.

Btrades Spreads and cost of trading

Genuine forex brokers provide detailed information about the trading conditions. Legitimate companies also offer different account types to suit clients with different experience, capital and investment intentions. Btrades again proves that it is not such a broker by providing absolutely no information about the trading conditions it claims to offer.

Btrades Maximum leverage

All leading regulators limit leverage for retail traders. Trading with high leverage allows higher profits, but also increases the risk of sudden and excessive losses proportionally. 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.

Btrades Deposit and withdrawal methods

The Btrades deposit menu was unavailable for an unverified account, but this type of scam usually only uses cryptocurrencies. The reason for this is that on the one hand cryptocurrencies provide a degree of anonymity and on the other hand they do not allow the defrauded person to ask for a refund.

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.

Btrades Minimum deposit

The leading brands in the industry offer beginner traders starter accounts with a very low minimum deposit. You have no good reason to take chances with shady brokers like Btrades.

Btrades Withdrawal requirements

The lack of a publicly available Terms and Conditions or Client Agreement means that scammers may have set many traps such as hidden fees and impossible-to-meet  withdrawal terms.