Warning! BtcMarketCap is an offshore company! Your deposit may be at risk.
RECOMMENDED FOREX BROKERS
It’s easy to see why BtcMarketCap is still around, despite its shady nature. This broker nicely ties its website together with pleasing elements appealing content that has the potential to confuse and even fool some users into investing. And we cannot blamce them, for BtcMarketCap is one of those scammer entities that does a good job of hiding its tentacles. But we are here to reveal the truth. And what we found out is nothing more than typical scammer broker stuff. But we won’t waste more of your time. Read the review for the full picture.
We went to the legal docs for our daily dose of regulatory information the website had nothing to give. There we learn that the company is incorporated in Saint Vincent and the Grenadines. This may actually be true, but here’s the deal; it really does not make a difference. The main reason why so many shady brokers chose to base their business in this Caribbean nation is because the country does not have an FX regulator but the local legal structures are written off in such a way as to allow misconduct. So, this makes Saint Vincent and the Grenadines the ideal locale for any investment scam.
The legal documents also reveals that the broker abides by the by laws of Estonia, but this is most probably completely irrelevant and untrue. Estonia, as a jurisdiction, is regularly mentioned by scammer brokers for reasons not really obvious to us. For some reason it is a popular scapegoat for unregulated broker. In other words, BtcMarketCap is not regulated in Estonia.
In fact, BtcMarketCap is not regulated anywhere
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).
We were granted access to a familiar user area. By familiar, we mean here a portal that we have seen being used by other unregulated brokers, making this, essentially, a template.
But at least we opened a web trader, even though it was nothing like what we would have wanted it to be. The available trading instruments were forex currency pairs, cryptocurrencies, stocks, commodities, and indices. The leverage was capped at 1:100. And the best for last- the EUR/USD spread was, as quoted from the web trader, 4.1 pips. This is absolutely ridiculous, and in no way favorable to anyone except for the broker. Consider that the average EUR/USD cost of trade is 1.5 pips, one can see how far this value ash gone.
This is a familiar trading platform that we have previously had our dealing with. It’s a common web trader used by unlicensed brokerages.
All in all, there isn’t a ton of content here, and we think that even the most novice users will get bored pretty fast with this software. It barely cover the bare minimum.
BTCMARKETCAP MINIMUM DEPOSIT
From the user area, we get the following statement: for deposits, users have to contact the account manager or the support team to request one. This is one sure way to give you contact details to the broker, and then get contacted and solicited by the broker. It’s part of the overall scam.
The minimum deposit is $250, as per the website.
According to the Withdrawal, Refund & Cancellation Policy clients can invest by means of a BTC wallet, a bank transfer, and a credit card, although we cannot be sure that this is truthful.
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.
BTCMARKETCAP WITHDRAW METHODS AND FEES
The user area said that the minimum withdrawal is €100. That’s all the details we get form the withdrwal area.
The website, although filled with payment information, reveals that there is a 1% fee of a minimum of $30. The rest of the details are ambiguous and stretched.
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!
BtcMarketCap is a complete scam and a risk to all. It’s your typical unlicensed broker!