BtcFx.One

BtcFx.One claims to be a stable and lucrative broker filled with opportunities for all, where as what we saw and experienced showcases the exact opposite. Read the review to find out more.

The official address given is one in Netherlands, where the local regulator in charge of overseeing all FX activities is the Autoriteit Financielle Markten (AFM). However, it's one thing to simply put some arbitrary address on your website, and a completely different thing to actually have a local license and registration. We found no real proof that BtcFx.One is either located in the Netherlands, nor regulated there. Not that it wasn't obvious from the start, but the broker is not based there.

Morever, BtcFx.One claims to be licensed by CySEC, the Financial Services Commission of Mauritius, and by the International Financial Services Commission of Belize. Here the same principle as the one above applies. Not only is there no proof that the broker is actually licensed by either of these regulators, but also to suggest that you hold a CySEC license is a serious thing. BtcFx.One is not licensed by either of these.

The legal docs, o the other hand, claim residence in Vanuatu. This small island nation, although offshore, does have a pretty stable regulator called the Vanuatu Financial Services Commission that oversees many brokers, some of which are very successful. However, there is no reason to believe that BtcFx.One is and ever was either located or licensed in Vanuatu.

Lastly, we have to mention that the broker is actually officially been blacklisted by the FCA, one of the leading regulators in Europe and the world. Its word is law, and this pretty much means that BtcFx.One is not licensed and therefore a risk to all!

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 requirements 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).

As for the trading conditions, everything was right until we discovered that the EUR/USD spread was 3 pips, which is a value that it not profitable to traders in anyway, but it will bring profit to the broker. The leverage is capped at 1:100. The available tradeable assets are fx pairs, cryptocurrencies, commodities, shares, and indices.

BTCFX.ONE LOGIN

The web trader that we accessed was simple and a common one among scammers. Clients can place orders, have access to customizable charts, as well as technical indicators and timeframes. But not much more than that.

We were not able to attach a snip of the web trader because at one point the website of the broker was inaccessible. It seems that the perps behind the scam had to shut down all operations, probably moving to a different scheme. Or perhaps, the broker was shut down by some authority. Either way, it seems that BtcFx.One is not accessible anymore, which is for the best.

BTCFX.ONE MINIMUM DEPOSIT

It should be obvious by now that all deposits will be lost.

The only way to invest is through a BTC wallet, the most untrustworthy method of all, one that is both untraceable and risky.

The minimum deposit requirement is $1.

We find no further investment details, not that we need them for the broker is a definite risk to all!

DON’T PROVIDE YOUR CREDIT CARD CVV CODE

The CVV code is the one thing that separates a buyer from a product. Without it, one cannot complete a purchase, even if him/her has given all other necessary information. By giving this detail to someone else, you are essentially inviting them to use your funds for their own means. And be warned that unregulated brokers most certainly plan to do so.

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, oftentimes 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.

BTCFX.ONE WITHDRAW TIME AND FEES

Unregulated brokers rarely, if ever, allow for users to withdraw money. Invested capital is the scammer bread, and so why would they give that easy money away?

With that said, even if we wanted to reveal the withdrawal conditions we can't. Currently, there are no withdrawal details anywhere, and the fact that the website was closed down indicates that, most probably, all previous invested capital has been lost!

ACCOUNT VERIFICATION

Beware, once more, when giving away an ID and a proof of address. Trustworthy brokers ask for these before traders can deposit to make a check up. Deceitful ones will ask for these details, using the anti-money laundering legislation as pretext, once you start asking too many questions and are getting suspicious of their activities. Understand that they will use these to build a stronger case against you in the event that you request a chargeback.

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 most sound advice we could give you is to immediately file for a chargeback with you credit card company.

If you have given away your credit card details including the CVV code to the “broker” you should cancel it ASAP and check with your bank to see the damage inflicted.

Also, beware of self proclaimed “recovery” agencies or agents. These cheeky scammers promise to fix your problem and restore the lost funds. They offer their services in exchange of a small sum from your end, after which you won’t ever hear from them again.

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!

BOTTOM LINE

BtcFx.One is perhaps the definition of an FX scam: it's gone as soon as word starts spreading of its schemes and all money invested in it is lost! A complete unlicensed broker!