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247BtcClub in no way stands tall among those that came before and those yet to come. Read to find out why.
The state of the company is an odd one. First we have the broker called 247BtcClub, or as it’s referred in the legal documents and throughout the site- A. Eternity Capital Management Ltd. The only hint at a regulation is found at the footer of the broker, where it gives an address in Cyprus, where CySEC acts as the regulatory entity for brokerage firms. Here’s where things get a bit off. In the CySEC online database for licensed brokers there is no trace of 247BtcClub, but there is on A. Eternity Capital Management Ltd.
Long story short, what concerns us here is the following piece of information on the A. Eternity Capital Management Ltd website, claiming that it only operates under the domain that their website is on:
This means that 247BtcClub has no connections to it, but still incorporates it to reassure more inexperienced traders with faux information. Not to mention that the broker bears an uncanny resemblance to 247SmartFX, another fraudulent broker. We are concluding that 247BtcClub is UNREGULATED, and is a risk.
Investing in unregulated brokers is the digital equivalent of throwing your money away for the wind to disperse it. It’s obvious that no one would do such a thing. Go with brokers that are regulated by trustworthy organizations like the FCA or CySEC. These entities work closely with the law, enforce it when called for, and have strict requirement for those under their gaze. Not to mention that those under their jurisdiction are members of compensation funds that cover victimized clients’ losses of up to £85 000 (FCA) and €20 000 (CySEC).
The leverage is 1:200. This directly rules out 247BtcClub from being a legit EU brokers, for as we know all brokerage firms operating within the EU are prohibited by ESMA to give a leverage higher than 1:30.
The EUR/USD spread, directly taken from the platform using a live account is 1.6 pips
The only assets for trading that the platform offered us to utilize were forex pairs.
The languages in which the website can be translated are English, Italian, German, and Spanish.
The MT4 makes a return and puts some well needed diversity to this broker.
Metatrader 4 still holds on its own when it comes down to delivering what is necessary. The functionalities are all there including drag and drop charts, user friendly accessibility and pending order types. With MetaTrader 4 you can set automatic trading bot to do your deals for you while you preoccupy your time with different activities.
The leverage is 1:200, and the EUR/USD spread is 1.6 pips.
The platform can be reached as a desktop traders, on Apple and Android devices, and on a browser.
247BTCCLUB MINIMUM DEPOSIT
The Credit/Debit card minimum deposit is said to be $250. While the VoguePay minimum is $2.
On top of VoguePay and Credit/Debit cards, the broker allows for deposits to be made in Bitcoin.
Due to the broker’s lack of any regulation, we advise against depositing any amount whatsoever. If traders wish to invest in online forex, they will find that any FCA/CySEC regulated broker will surely do. These agencies are at the top of their game, demanding a strict conduct from brokers, and requiring regular reports on their activities.
DON’T PROVIDE YOUR CREDIT CARD CVV CODE
The three digit CVV code is essential to making purchases or completing transactions online. By handing this info to someone claiming to be a broker, your are exposing your savings to the biggest risk of all!
DON’T PROVIDE ACCESS TO YOUR COMPUTER AND BANK ACCOUNT VIA ANYDESK OR TEAMVIEWER
Be sure to never give AnyDesk or TeamViewer access to your PC to unverified agents. These 2 platforms allow for your PC to be taken over by a second party, often times for help or guidance, but in the case of these brokers for the sole purpose of looting your bank account(s) and personal information. However, in order to do so your consent is needed, and this is the only thing standing in the scammers’ way.
247BTCCLUB WITHDRAWAL TIME AND FEES
According to the Disclaimer the minimum withdrawal is $100, and that withdrawal processing times can extend up to 48 hours. However, on the personal dashboard, in the Withdrawal section, it says that all requests will be processed within 24 hours.
There are no indicated withdrawal fees, but if we were you we wouldn’t be assured of that. Illegitimate brokers are notorious for launching made up fees.
ADDITIONAL FEES AND TAXES
By now we have to mention that the Terms and Conditions of 247BtcClub are exactly the same as 247SmartFX’s ones. So the same clauses we reviewed on that review are present here.
First off, the Termination disclosure: clients agree that the broker has the right to close down their account whenever they choose to. Add to that the confusion surrounding the question of will the broker pay back the customer and what we’ve got here is a classic fraudulent broker clause.
The following clause is ambiguous, and the only thing we fathomed is that it has to do something with fulfilling a trading requirement in order to withdrawal.
The next one is by far the most confusing. Again there is talk of a minimum trading volume requirement attached to a bonus, without which one cannot withdrawal and will have his/her funds taken away. At least that is what we think we understand. We leave it to you.
We leave the worst for last. The following paragraph is concerned with the trading volume requirement when making a withdrawal from an account with an applied bonus. The trading volume that one needs to execute is 25 times for each dollar of the bonus. If traders have not met these circumstances, and continue on with withdrawing, their accounts will be feed with the amount of the withdrawal. So basically, if you withdraw without completing the requirement you are giving away all the money you wish to retract to the broker.
Always be on your guard when dealing with unregulated brokers. They can easily launch incoming fees without warning. Furthermore, once you request a withdrawal, probably due to your suspicions being realized, the broker will most certainly deny your appeal. This denial is followed by a well thought of justification. Either they will find a loophole in the T/C that upholds their right to keep your deposit, or they will ensure you that now is the worst time for withdrawals for the market will very soon thrust upwards and multiply your initial investment by unrealistic numbers.
Traders will sooner or later realize that something is a foot. Filing for a chargeback might not be as easy as it seems if, beforehand, the user has given away a copy of his ID and proof of address to the unlicensed broker. With these in their possession the broker can easily refute any claims you might have against them.
Yet again we urge readers to stay away from this broker as it will, without a doubt, never return your funds and profits. If you wish to to get smooth and efficient transactions, please visit a FCA/CySEC regulated broker, where all withdrawals are handled with care and respect.
HOW TO RECOVER
The only way to recover is by filling for a charge back, and hoping it’s not too late.
If you have given a CVV code to the broker, be sure to cancel your credit card as soon as possible, because the broker will not delay with draining every cent from it.
At some point or another you might stumble upon a “recovery” agent or agency that promises to retrieve all your money back. This sounds all too good to be true, and that’s because it isn’t. Before proceeding with the recovery they will ask a payment for their services. If you chose to indulge them, they will disappear with the money without a hint of remorse.
The last line of defense for these indecent folk is more like a desperate cry: often times they will comment on reviews and cite the whole ordeal as a conspiracy initiated by competitive brokers against them; at times even claiming that reviewers are anything but objective, and that no one writes good reviews. The absurdities are limitless!
There is not even a speck of trust left in us for 247BtcClub. This copy cat broker is a solid fraud, and traders will only loose if they choose to spend on it.
247BtcClub compared to other brands
United Kingdom, Cyprus, South Africa, Mauritius
Cyprus, Saint Vincent and the Grenadines