Beat Group Market review – 5 things you should know about beatgroupmarket.net

Beware! Beat Group Market is an offshore broker! Your investment may be at risk.

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

Beat Group Market greets us with the suspicious promise that with this broker 99% of our trades can be successful. Further inspection reveals many more clues that this website is not a credible broker. In this review, we will show you why Beat Group Market is a scam and point you to more trustworthy investment intermediaries.

Beat Group Market Regulation and safety of funds

The most important information about a financial services provider is its regulatory status. Licensed brokers provide detailed information about which company runs them, where it is based, which jurisdictions it is authorised in and which regulatory bodies oversee its activities. But Beat Group Market does not disclose which company owns and operates this website. Even the legal documentation does not mention a legal entity name.

The website lists an incomplete London office address as well as contact numbers in the UK and Australia.

But the text of the Terms and Conditions refers to Estonia as the applicable jurisdiction.

There is no licensed broker using the Beat Group Market name and domain in the UK and Estonian financial regulators’ databases.

Australian financial authorities have issued a special warning to investors that Beat Group Market is not licensed.

If you intend to invest in financial instruments, you should beware of the many fake brokers lurking online. Always check carefully whether the broker you choose really has the necessary licences. There are numerous benefits to working with a company that is truly authorised and supervised by a regulatory institution such as the  UK’s Financial Conduct Authority (FCA), Cyprus Securities and Exchange Commission (CySEC) or Australian Securities and Investments Commission (ASIC). 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.

Beat Group Market Trading software

After registering an account we get access to web-based trading software. Here is how it looks like:

While the platform has the basic features for placing orders, customising charts and application of technical indicators, it lacks the more advanced functionality found in the most widely used trading platforms in the industry, MetaTrader 4 (MT4) and MetaTrader 5 (MT5).

It should be noted that the presence of some kind of trading software is no guarantee that this is a genuine broker. Financial scammers often use rigged trading platforms to fool their victims that their money is actually being invested. However, this trading is entirely fictitious and the money goes directly into the scammers’ pockets.

Beat Group Market Trading instruments

Beat Group Market claims to offer trading in a large number of instruments across all major asset classes. But we have no reason to believe that this anonymous, unregulated website offers real trading. It is in your best interest to invest only through duly licensed brokers.

Beat Group Market Spreads and cost of trading

In the trading platform we see a very low spread of 0.2 pips. This suggests that the broker is charging some additional commission. These commissions are usually per lot traded. But Beat Group Market does not provide clear information about the cost of trading.

Beat Group Market Maximum leverage

Beat Group Market advertises leverage up to 1:400, which is further proof that it is not a regulated broker in the UK, EU or Australia. Financial regulators in these jurisdictions allow leverage up to 1:30 for retail clients.

Another such piece of evidence is the claim that Beat Group Market offers bonuses. Regulated brokers are prohibited from offering bonuses and promotions. Scammers often use promises of supposedly generous bonuses to tie their potential victims to extortionate terms.

If you are nevertheless willing to take the risk of high-leverage trading and want to take advantage of bonuses, promotions and prize games, the best option is to use the services of offshore brokers operating under an established brand.

Beat Group Market Deposit and withdrawal methods

On the homepage of the website we see credit/debit card logos, but in the deposit menu itself the choice is limited to different cryptocurrencies.

Fake brokers routinely advertise conventional payment methods, but actually steer their potential victims towards cryptocurrency transactions. This not only guarantees them anonymity, but also deprives the defrauded of the option to request a refund or chargeback.

While there are some legitimate brokers that accept digital currencies like Bitcoin, they do so alongside other transparent payment methods such as credit/debit card, bank transfer or popular e-wallets like PayPal, Neteller or Skrill.

Beat Group Market Minimum deposit

According to the descriptions of the trading account types, the minimum deposit required by Beat Group Market is ridiculously high – 5000 USD. A more reasonable minimum of 250 USD is set in the deposit menu itself. But you should keep in mind that for as little as 50 USD or even 5 USD you could open an account with some of the industry’s leading brands.

Beat Group Market Withdrawal requirements

In the Deposits and Withdrawal Policy  we see familiar scam traps designed to block withdrawal requests. A 10% levy will be charged by an account that has not met the vaguely worded minimum traded volume requirement of “200 in turnover”, which presumably should mean 200 lots, or 20 million currency units.

Withdrawal fees vary between 25 and 50 USD/GBP/EUR depending on the payment method. In addition, there is a processing fee. Legitimate brokers do not normally charge transaction fees, and when they do these fees are much lower.

Beat Group Market imposes a minimum withdrawal amount of between 100 USD and 250 USD depending on the payment method. There is also a hefty monthly fee of 10% for accounts that have not been active for more than six months.