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BTrade (btrade.net) is without a doubt a %100 fraudulent brokerage firm. It is NOT a real broker! Stay away! BTrade scam works by getting you to believe you can become rich by trading with them.
Unless you want to get ripped off, you should never choose an online broker for trading in the financial markets without doing a careful evaluation. It is true that when most people decide to join the online trading bandwagon, they are in a hurry to do so, which means they will just skim a broker’s website before deciding to sign up with them.
The thought of evaluating their offerings individually may seem like too big a headache. But, this BTrade review shows that it can help you avoid a big fiasco.
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This is because everyone knows appearances can be deceiving, but this is even truer on the internet because you do not know who is on the other side. You have to remember that scammers and criminals are counting on you not paying enough attention when they design their offerings. Therefore, most people do not even realize that the broker they have signed up with is just a fraud and they will only learn of it when they lose their money. Do you really want to do that?
In your eagerness to start trading, you will lose your investment altogether and that sounds like a bad deal. Instead of taking this approach, you can put it just a bit of an effort in evaluating the brokerage and it will save you from huge losses in the long run.
How? This is because when you start checking out the offerings and the brokerage is a scam, you will be able to see just how they are trying to hide it. This is how these fraudsters operate and one of them is BTrade. Your first impression of this brokerage would be a false one because it seems to have all the right ingredients for your trading journey.
But, when you evaluate what it claims to offer, you will come up with a ton of reasons to avoid BTrade altogether. What are these reasons? Read on to find out.
First and foremost, you will learn that BTrade is registered in an offshore zone, which does not give the brokerage any credibility. It is based in Saint Vincent and the Grenadines and this makes things worse because this particular offshore zone is quite notorious for being a home to scam operators. This is due to the fact that the financial authorities in Saint Vincent have publicly issued a notice that they do not regulate the forex industry.
This means that brokers offering from SVG are not under any kind of oversight, including BTrade, and they can do whatever they want. You cannot trust anything that BTrade is telling you because it is not licensed and regulated and is operating from an offshore jurisdiction.
Blacklisted by a regulator
The fact that BTrade is unlicensed and unregulated is already not working in its favor, but you will find that it can actually get worse. Not only does the broker not have a license, it turns out that it has actually been blacklisted by a regulatory body. The Companies and Exchange Commission (CONSOB) in Italy has issued a warning about BTrade because it appears to be illegally operating in the country.
According to the warning issued by CONSOB, BTrade does not have a license to operate in Italy and is still offering its services to traders in the country, which means it is a scam and cannot be trusted.
No MT5 available
Is a broker trustworthy when it is lying to you? If a company is telling lies, it should be enough reason for you to avoid it altogether. You will find that BTrade is indeed lying to you because it claims to offer the MT5 trading platform to its clients for trading in the financial markets. This is the award-winning and industry-leading platform that can offer a great trading experience.
However, you will find no link to download the MT5 platform on the BTrade website. When you try looking for a trading platform, you will be presented with a shoddy web-based platform that is a far cry from the MT5. It is a rudimentary platform that barely covers the basic tools and features and has nothing special to offer.
High spreads and leverage
As you continue evaluating BTrade, you will find more and more reasons to avoid this broker completely. One more reason is the poor trading conditions it is offering on its platform. Spreads of 3 pips are nowhere close to beneficial to traders. Tight spreads can be as low as 0.3 pips, which means the ones that BTrade is offering are just too high.
Similarly, the leverage ratios that are supported on the BTrade platform are extremely high. Some people might find this beneficial because it gives you more flexibility during trading, but you have to remember that leverage is a double-edged sword. It can increase your profits, but also increase losses if the trade does not go your way. Therefore, brokers are only allowed to offer limited leverage in several jurisdictions.
Another reason for you to avoid BTrade is because it is offering you remote desktop apps like AnyDesk and TeamViewer. They may seem harmless, but you should remember that if you share the installation details with BTrade after downloading them to access your PC, you will be at risk. The broker will be able to steal all your financial data and passwords, which means they can exploit you as much as they want.
Lies about payment methods
Lastly, you will come to know that BTrade is lying to you about the payment methods it supports. It has advertised debit and credit cards like VISA and MasterCard, PayPal and bank wire transfers, but it only gives you the option of using cryptocurrencies. The problem with crypto is that they are irreversible by default, which means you are not getting your money back after it has been deposited.
These are some solid reasons for you to avoid opening an account with BTrade when you are looking to trade in the financial markets.