Warning! BTCTradings is an offshore company! Your deposit may be at risk.
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BTCTradings has the potential to fool more novice traders, but we are here to reveal what BTCTradings is all about. Read on to find out.
There is a clause in the Terms and Conditions claiming that the website operates under the laws of Bulgaria. In Bulgaria, the license issuer is the Financial Supervision Commission (FSC). The agency is not the most renowned, and Bulgaria is known to host some shady firms, yet there is an upside to it. There is a compensation scheme that covers 90% of the clients funds in the event the brokers becomes insolvent. The reimbursed sum cannot surpass €20 450. After searching the official FSC website for TradInvestor we found no results of BTCTradings. Furthermore, it says nowhere that the broker is actually regulated by
any agency. All this info conveys the fact that BTCTradings is UNREGULATED, and therefore a risk to all traders.
Always check for a proper broker license within the domains of the regulatory agencies. All of them have access to either an online database of regulated financial services providers, or separate lists of authorized companies. We advise traders to go with FCA/CySEC regulated brokerage firms, since these two agencies are some of the best for the job.
We easily opened a seemingly live account with the so called trading platform, and were with the fact that users can trade only with crypto paired assets, for instance Commodities/Crypto.. The leverage we got was capped at 1:20. The leverage is so low because the broker offers no forex pairs.
The only language available here is English.
BTCTRADINGS LOGIN
The trading platform at BTCTradings is very clearly very different from what usual legit broker offers, making this platform unprofessional. It offers some options for traders: pending orders, some chart management, live tv, live news, and other option that are separated by individual tabs. Overall, it has some potential, but it need to go a long way before reaching the potential of the MT4.
The leverage is capped at 1:20, while a typical forex spread is not available because the broker offers only crypto paired assets. We can give you a BTG/BTC spread of 1.8 pips.
BTCTRADINGS MINIMUM DEPOSIT
The only way to deposit is via crypto, from a third party website called Vostrex.
The minimum deposit amount is 0.03 BTC, which as of writing this is $280.
Once more: this broker is clearly unregulated, and if you choose fund an account with it, it will put you directly at risk of loosing all funds. For safekeeping your money, we strongly advise to avoid all brokers who do not have a proper license from renowned regulatory bodies. Agencies like the FCA and CySEC stand out as some of the top license issuers in the world, notorious for their severe requirements and close relationships with the law.
DON’T PROVIDE YOUR CREDIT CARD CVV CODE
Furthermore, for safekeeping your money NEVER share your credit card number and CVV code with a salesperson. All online payments require this 3 digit number in order to complete purchases or transactions, and by giving yours away to some offshore broker may lead only to the complete drainage of funds from your credit card.
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.
BTCTRADINGS WITHDRAWAL TIME AND FEES
The two withdrawal methods according to the client portal are Credit Cards and Bank Transfer.
The minimum withdrawal amount we could not get out of the dashboard. According to the Withdrawal Policy the minimum is $50.
The processing time for withdrawals is up to 5 days, if we are to trust the legal documents.
The only withdrawal fees are mentioned in the following clause, in which the broker is extremely ambiguous:
ADDITIONAL FEES AND TAXES
In accordance to the company’s bonus rules. a user must first complete a trading volume of 30 times the bonus + deposit amount, before making a withdrawal.
Accounts that have been inactive for more than 12 months will be charged with a $25 annual fee. This is not that high at all, but still worth a mention.
Next is the classic absolving clause that keeps the broker safe from any claims a client has against it:
And finally we have a distressing clause that solidifies BTCTradings as a full on unregulated broker. This clause prohibits the user to file for a chargeback which is the first action victimized users should take when they feel that the broker will not return their deposits.
Brokers that have no regulation are known to launch incoming fees without notice. For this reason they try to postpone any withdrawal request. Either the broker will find a loophole in the terms and conditions that is completely made up, will firmly advise you against withdrawing, or they will ask more deposits needed if one wished to withdrawal. Scammers come up with additional fees and taxes for the sole purpose of keeping you on stand-by, and to deplete as much money from you as is possible.
ACCOUNT VERIFICATION
If a broker is unlicensed, never give you ID and personal details to it, because the broker will use these details against you once you file for a charge back. Furthermore, any allegation held against the brokerage will be easily refuted if they have in their possession a copy of your ID and proof of address.
We are positive that this so called broker will not return your funds; the evidence we have laid out before you work in sync against it. The sound thing to do is to direct your attention and investment to an FCA or CySEC licensed broker where the law is integrated in every aspect of their operations.
HOW TO RECOVER
The only thing that is left to do is to file for a chargeback, and hope that the minimum amount of damage has been inflicted on your account.
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!
BOTTOM LINE
BTCTradings is a typical scam. It has no regulation, the trading conditions are below average, and the legal documents are filled with fees and clauses that put the broker’s interest above the client’s. BTCTradings should not be trusted with your deposit!
