BTCCrest – Are They Safe?
Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.
BTCCrest - DO NOT TRADE WITH THIS PROVIDER
2.5/10
$100
Minimum Depositupdated 2023
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.
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://btccrest.com
Founded: 2023
Regulations: No Regulations
Languages: English
Deposit Methods: Credit Card, Skrill, Neteller
Minimum Deposit: €10,000
Free Demo Account: Not Provided
Number of Assets: Unknown
Types of Assets: Foreign Currencies, Stocks, Cryptocurrencies, Indices, Commodities
Trading Accounts and Conditions
BTCCrest offers their clients 7 different trading accounts, as well as Islamic Account:
- Bronze: The minimum amount needed to open this type of an account is €10,000.
- Silver: The minimum amount needed to open this type of an account is €25,000.
- Gold: The minimum amount needed to open this type of an account is €50,000.
- Platinum: The minimum amount needed to open this type of an account is €100,000.
- Diamond: The minimum amount needed to open this type of an account is €250,000.
- Premium: The minimum amount needed to open this type of an account is €500,000.
- VIP: The minimum amount needed to open this type of an account is €1,000,000.
There are no trading conditions specified on this broker’s website.
BTCCrest – Advantages
There are no advantages to trading with BTCCrest.
BTCCrest – Disadvantages
Listed below are all the reasons why BTCCrest is not a safe broker to deal with:
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Unregulated Broker
BTCCrest claims to be based in London in the UK. The broker provides us two phone numbers, one for Support and one for Trading. There is no email address provided. The only other way to get in touch with this broker is via the form on their Contact Us page. Despite their claims of being based in the UK, this broker does not give us the details of their regulation status. The only thing that this broker states on their Regulation page is that they are in the process of getting regulated.
These claims are all rather false. Even if a broker is in the process of being regulated, they can still furnish their regulation details – the name of the authority with whom they have submitted their application for regulation, the details of their application number or license and regulation number, etc. None of these details are mentioned anywhere on their website.
A broker operating in the UK needs to be regulated by the Financial Conduct Authority, which is this country’s regulator. We checked the FCA’s database to see if they were already regulated, or at least – as they claim – were in the process of being regulated. We found out that this broker is not regulated and has not even put in an application for regulation with the FCA. BTCCrest has simply lied about their legal status; this broker is operating illegally and that makes them a scam operation.
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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Warning Issued Against BTCCrest
The FCA has also found out about BTCCrest’s perfidy. This broker has been blacklisted by the UK regulator and a warning has been issued against them. According to that warning, all traders need to beware this broker – they are operating in the UK without a valid license. The FCA also states that any trader that does business with BTCCrest stands to lose all protection from the regulator.
There can be no stronger proof that BTCCrest is a scammer.
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Unable to Register for An Account
Once we have checked up on a broker’s legal status, we check the kind of trading platform they offer their clients. To do so, we first open an account with this broker. This allows us to see for ourselves what kind of trading platform they actually have, and whether what they promise on their website (the type of platform and their trading conditions) actually matches the platform and trading conditions they really offer.
Unfortunately, we were unable to open an account with BTCCrest. When we tried to register for an account with this broker, we were asked for a referral code. We did not have one and so we could not proceed any further.
This is a typical scam tactic. Scam brokers target specific traders – usually novices who have no idea how the real forex markets work and can easily get taken in by promises of big profits. The novice traders are targeted through emails, social media and even cold calling. Then they are given a specific code with which they can open and account and start investing with the broker.
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No Trading Conditions
We could not check for their trading platform because of the issue with their registration process. However, most real brokers also advertise their trading conditions very clearly on their websites. With BTCCrest, there is no mention of trading conditions anywhere on their website. There is a page where this broker talks about trading conditions and their importance, but the broker does not specify what types of trading conditions they offer.
Most of this broker’s website is, in fact, just a lot of verbiage and very little substance. This is another red flag that tells us that this broker is not safe and should not be trusted.
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Massive Minimum Deposit
The minimum deposit this broker demands even for their most basic (Bronze) account is massive. Regulated and legitimate brokers ask for as little as $10 from their customers to open a new account with them. But BTCCrest demands a whopping €10,000. Such a massive sum is yet another sign that things are not right with BTCCrest.
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Issues with Payment Options
BTCCrest claims to offer multiple payment options – credit cards, Skrill and Neteller. However, we do not know if these claims are true since we were unable register for an account with them. Registering for an account also means that we gain access to a broker’s payments section, where we can see for ourselves whether they actually offer the range of payment methods they claim to have. With BTCCrest, we just do not know anything.
Conclusion
BTCCrest is not a safe broker to do business with; they are scammers and it would safest to avoid this broker completely.
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.
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