Betal Trade – Can You Trust Them?

Website URL: https://betaltrade.com/

Founded: 2020

Regulations: Unregulated

Languages: English, Arabic

Deposit Methods: Unknown

Minimum Deposit: Unknown

Free Demo Account: Yes

Number of Assets: N/A

Types of Assets: Cryptocurrencies, Commodities, Forex

Trading Accounts and Conditions

Betal Trade has given almost no information on the types of trading accounts it offers. All that the broker mentions on its website is that it offers a demo account and also an Islamic account.

There is also very little information about the trading conditions. We do not know what the minimum deposit requirement is. Or what the spreads offered are or even what the leverage ratios are.

Betal Trade – Advantages

There is nothing advantageous to trading with Betal Trade.

Betal Trade – Disadvantages

Here is the list of reasons why it would be a very bad idea to put your money with Betal Trade:

• Anonymous and Unregulated Broker

There is no information on the broker’s home page about its identity. However, in its Terms and Conditions page, the broker states that it is owned by Betal Trade FX. The broker claims that it is registered in Samoa and is licensed to operate in Malta.

There is also mention of the broker carrying out back-end operating in Delaware in the United States – operations that are carried out by a company by the name of FXDirectDealer LLC.

The broker has not given a physical address. The only contact information provided are 3 phone numbers – for Australia, US and Iraq. There is also a generic email address given on the broker’s website. Essentially, Betal Trade is operating anonymously.

A broker being registered in Samoa doesn’t mean much, since the country is known for its lax financial regulations. There are no stringent laws in place to protect consumers from unscrupulous brokerages – laws that you would find in more well-established authorities such as the Financial Conduct Authority (FCA) of the UK or even the Cyprus Securities and Exchange Commission (CySEC).

Now, the broker also claims to be licensed to operate in Malta, which means that it should be authorized financial services by the Malta Financial Services Authority (MFSA). However, if you check the online register of this regulator, there is no company by the name of FXDirectDealer LLC or even Betal Trade listed.

This means that this broker has lied about its claims of being licensed by the MFSA. We also need to mention that Malta is a part of the European Union (and the Eurozone), so the broker may also have a license to operate from any other financial authority of any other member nation. But Betal Trade is not registered with any other EU financial authority.

And finally, there is no evidence of FXDirectDealer LLC being registered with any financial authority in the US.

All in all, everything we have researched about this broker’s regulatory standing tells us that that Betal Trade is an unauthorized and anonymous brokerage offering its financial services outside the bounds of the law.

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• No Access to Trading Platform

On its website, Betal Trade claims to offer its clients the use of the MetaTrader 4 software for trading. The broker also claims that it has a demo account available where clients can test the trading conditions and the platform itself.

Now, despite trying a number of times, we were unable to access the trading platform at all – in live and demo modes. This means that we do not know for sure whether this broker actually does offer the MetaTrader 4 platform at all, or whether it is a tactic that it is using to lure untried customers into investing their money with Betal Trade.

Had we actually been able to access the MetaTrader 4 platform, it would have been a huge plus point for this broker. This is because this software is one of the best trading interfaces in the world. It offers its users a range of facilities such as automatic trading, customizable market indicators and charts and much more.

• No Trading Conditions or Account Types

Another huge red flag is that there is no information on the types of trading accounts Betal Trade has on offer. The only snippet of information the broker provides is that it has Islamic Accounts and a Demo Account (which we were unable to access).

We also do not know what the trading costs are – there are no leverage ratios, spreads, lot sizes, roll-overs, etc. mentioned anywhere on Betal Trade’s website. And since we could not check the platform, we could not source this information for ourselves.

• No Information on Payment Methods

Once again, there is a complete lack of information on payment methods. Betal Trade only states that it offers a range of payment options, but fails to mention what they are. So, unless you open a live account with this broker and begin the deposit process, you will not know how you can deposit money with them.

• No Information on Withdrawal Process

While there is a separate page on Betal Trade’s website about its withdrawal policy, the policies are vague and couched in generalities. There is no specific information given on the withdrawal methods available, or how long it takes to process a withdrawal request. We do not know what the fees are that this broker charges for withdrawals or even how much time it will take to complete transactions.

• High Dormancy Fee

While most brokerages do impose a dormancy fee, the amount that Betal Trade charges is a little too high. So, if you have not used your trading account for a period of at least 3 months, then you will be charged at least $100 per month! This fee will continue until your account balance is zero, after which your account will be archived!

Conclusion 

Betal Trade shows all the signs of being a scam brokerage. Therefore, we would recommend to all our readers that you avoid trading with this broker.

Betal Trade

2.5

User Experience

3.3/10

Payment Options

2.4/10

Security

2.3/10

Support

2.2/10

Reputation

2.3/10

Pros

• None

Cons

• Anonymous and Unregulated Broker
• No Access to Trading Platform
• No Trading Conditions or Account Types
• No Information on Payment Methods
• No Information on Withdrawal Process