BTCADA Global – Can They be Trusted?
Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.
BTCADA Global - DO NOT TRADE WITH THIS PROVIDER
2.5/10
$100
Minimum Depositupdated 2021
The details for opening trading accounts are not indicated on the broker’s website. In order to register with this broker, you only need to go to their sign-up page where you’ll be asked to enter your name, email address, phone number, and password. You’ll also be asked to accept their Terms and Conditions and confirm that you’re over 18 years of age. After this, the trading platform will be made available for you and you can start trading using their demo account.
Try these regulated brokers if you want to start trading cryptocurrencies
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
Website URL: https://btcadaforex.com
Founded: 2020
Regulations: Not Regulated
Languages: English, Chinese, Japanese
Deposit Methods: No Information Provided
Minimum Deposit: No Information Provided
Free Demo Account: Not Available
Number of Assets: N/A
Types of Assets: Forex
Trading Accounts and Conditions
BTCADA Global has not bothered to provide any information about its trading accounts or even details about its trading conditions. In its home page, the broker boasts that if offers extremely competitive spreads that start virtually from 0 pips and leverages as high as 1:100. We were unable to verify any of these claims since we could not access their trading platform.
We also do not know what the minimum first deposit is supposed to be.
BTCADA Global – Advantages
We could not find anything positive to write about BTCADA Global. It is best that this broker be avoided completely.
BTCADA Global – Disadvantages
Given in this section are all the very strong reasons why it would be best to stay away from this broker:
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Lies About Regulation and Licensing
The first red flag we noticed about BTCADA Global is its claims about its licensing and regulation status. This broker claims to be a forex broker with a global presence, with offices in London, Hong Kong. It also claims that it is regulated by the Canadian MSB (Money Services Businesses).
All of this sounds really good, but in reality, it is all lies designed to get more innocent investors to give them their money. The truth of the matter is that this broker has lied about its legal status, and we can prove it.
First, we do not know which company actually runs this brokerage. In one section of its website, this broker claims that its parent company is called BTCADA Global Markets Ltd, yet in another the broker mentions the name of another company – Yakka Global Markets Ltd. This lack of clarity shows us that this broker is not being honest. Regulated brokers are required by law to provide all details with regard to their corporate identity, location, and contact information.
Next, the claim that this broker is regulated by the Canadian MSB is absolutely made up! The Canadian MSB – or Money Services Businesses – refers to the brokers that are monitored by the FINTRAC – the Financial Transactions and Reports Analysis Centre of Canada. But here’s the thing. The FINTRAC is not the financial authority of this country. This is agency that monitors all MSBs for money laundering, which is why every single business needs to be registered with this authority. To be licensed to operate a forex brokerage, you need to be authorized by the IIROC – the Investment Industry Regulatory Organization of Canada. And if you wish to operate in provinces such as Ontario and Quebec, then you need to comply with even more regulatory authorities.
And then let’s deal with its claim about having an office in the UK. To be able to legally operate in the UK, a broker needs to be authorized by the FCA – the Financial Conduct Authority. Well, we checked this regulator’s register which is online for all to see, and we did not find any broker or even company by the name of BTCADA Global listed there. Which means that this broker has lied about its presence in this country too.
And finally – Hong Kong. Things are even worse here, since the Hong Kong Securities and Futures Commission, the financial regulator, has blacklisted BTCADA Global for operating illegally there. The regulator clearly states that the address that this broker has provided is false – it does not operate from that address at all. Furthermore, the broker uses a bank account which is under the name of a company called Andrew Metal Plastic Product Co Ltd.
All of this information that we have unearthed clearly tells us that this broker is a scam.
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.
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No Legal Documents
Yet another indication of BTCADA Global being a scam is the complete lack of any legal documentation. This broker’s website has no client agreement/user agreement/Terms and Conditions etc.
These legal documents specify what the terms of service between the broker and the trader are – minimum deposit amounts, trading conditions, withdrawal and deposit conditions and policies, privacy policies, promotional policies and so on. Without these terms in place, traders who sign up with BTCADA Global are basically giving them a free hand to do whatever they want with your money.
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Lies About Trading Platform
BTCADA Global claims that it offers its clients the use of one of the world’s best trading platforms – the MetaTrader 5 software. However, this is also a lie.
When you click on the download link on this broker’s website, you are taken to the MT5 distribution – which is basically the generic software that you will find on MetaQuotes’ website (the company that owns this software), which is used for practice trades so that prospective buyers can get a feel of the software before they purchase it.
What we realized through our investigation is that this broker does not have a functional trading platform at all. Another typical move of a scammer.
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Risky Leverage
Another pointer that gives this broker away as a scammer is the leverage ratio it offers. Leverage is a highly risky tool that needs to be used with discretion. Yes, you can make substantial gains if you’re lucky, however, statistics show that luck tends to move the other way. Most traders lose money while investing in forex markets; in fact, 75% to 85% of traders lose.
So, most authorities around the world have placed limits on how much leverage traders are allowed. UK, EU and Australia stand at 1:30, Canada and the US are at 1:50. Therefore a leverage of 1:100 is not only risky it is also illegal.
Conclusion
BTCADA Global is a scammer that has lied about pretty much everything on its website. This broker should be avoided.
BTCADA Global
Pros
- None
Cons
- Cons Lies About Regulation and Licensing
- No Legal Documents
- Lies About Trading Platform
- Risky Leverage
Do not trade with unregulated brokers that will steal your funds - try these regulated brokers:
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.
eToro is a multi-asset platform which offers CFD and non CFD products. 74% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.