BTCtradings – Is It Safe or a Scam?

Website URL: https://www.btctradings.com/

Founded: N/A

Regulations: Not Regulated

Languages: English

Deposit Methods: Unknown

Minimum Deposit: 0.03 BTC or $280

Free Demo Account: No

Number of Assets: N/A

Types of Assets: Bitcoin and other digital assets

Trading Accounts and Conditions

BTCtradings is a cryptocurrency CFD Broker claiming to operate in the city of Sofia, Bulgaria. It offers an array of CFDs that cover all the major cryptocurrencies such as Zcash, Bitcoin, Litecoin, Ethereum, and others. It even allows up to as many as six accounts, and you know when this advantage is set on the background of a well-designed website, people are bound to take the bait.

That’s why we’re here to determine if BTCtradings is yet another crypto-scam or can you really invest your money in this?

Our investigations point to the former. As far as we’ve seen, this may yet be another scam in the digital trading landscape. We’ve outlined some of the most important information about it in our review below–keep on reading.

BTCtradings – Advantages

Based on our research, BTCtradings has two main advantages.

Offers multiple cryptocurrency pairs

First, BTCtradings works with a wide range of cryptocurrencies, even extending its reach to commodities, stocks, and indices. It trades through digital assets such as Bitcoin instead of the typical forex pairs.

It has a solid 1:20 ratio

The second benefit is that BTCtradings offers a maximum leverage level of 1:20 to its clients. This is actually quite solid in comparison to other platforms.

BTCtradings – Disadvantages

The disadvantages of working with with BTCtradings are actually quite extensive. We’ve outlined reasons that are hopefully compelling enough to keep you from opening an account under this platform.

No regulations

As is always the case, the first thing that one has to consider when weighing the validity of a Forex broker is to find out if it is licensed to trade or not. And so, we set out to investigate BTCtradings.

The result of our investigations are pretty straightforward: BTCtradings is not registered with the Bulgarian Financial Supervision Commission (FSC). This alone might be a strong indication of this platform to be a scam–but that’s not all. Even BTCtradings’s broker is not registered too.

So here’s the thing, trading with an unregistered Forex broker is very risky, especially to your funds as a trader. The fact that the company is not regulated means that your funds are not insured and thus will not be recoverable by the government in case of misappropriation.

Sure, unregulated brokers and companies are not instantly scammers, but if history is any indication, they are often unreliable and untrustworthy. After all, if they happen to misappropriate any funds, they won’t be called out by the government.

Plus500

$100

Minimum Deposit

Start Trading

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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.

 

AvaTrade

$100

Minimum Deposit

Start Trading

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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.

No forex assets

BTCtradings also does not support forex trades, although we understand that this is no cause for major concern. It operates purely through trading Bitcoins, other digital assets, commodities, stocks, and indices.

Unclear trading conditions

But what might be a grave cause of concern is that the trading conditions with BTCtradings are quite unclear. It does not have a clear-cut summary of its services nor its account types, plus its costs are not readily available too.

Problematic affiliations

In our investigation, we found out that BTCtradings has other sister-firms that are also as equally under scrutiny. Introducing the equally shady operations registered as JBCapitals and XcoinBroker, with the former being banned in Spain. All these seem to be managed by the same broker or brokers.

MetaTrader 4 not offered

BTCtradings does not support the industry-preferred MetaTrader 4. Rather, it operates in a platform that is sub-par at best.

For those who are new to trading, most veteran traders will suggest that you use MetaTrader platforms 4 and 5. These are associated with legit brokers in the trade and are pretty much compatible with a wide range of devices.

No payment method information

Here’s yet another information that BTCtradings does not disclose: how you can make deposits and withdrawals into its system. While most brokers process payments via VISA, MasterCard, and wire transfer–but BTCtradings doesn’t seem to have set up any of these. You can’t even set up your payment via e-wallets such as Skrill and UnionPay.

Problematic withdrawal conditions

BTCtradings has imposed an additional withdrawal condition as well. No doubt, they have devised to make withdrawal conditions (such as setting up a minimum trade requirement) to discourage people from pushing through with their withdrawal request. Not to mention, they drag out the withdrawal process as well–5 days instead of the usual 24-hour processing time seems a bit excessive if you ask us.

Conclusion

Let’s review the facts that we know about BTCtradings first.

First, we know that BTCtradings is not registered with the FSC in Bulgaria. In fact, it is not even represented by a licensed broker which means that it is operating illegally. Right at the get-go, regulatory bodies warn us against doing business with crypto trading platforms that do not have the required licenses to operate.

All these considered, our conclusion seems to be with solid backing: BTCtradings is a scam. They don’t have a license to operate and they have all these sketchy combos that can only be formulated by a company bent on swindling and preying on the uninformed.

Are our warnings a little too late for you and you’ve already invested a sizeable amount to BTCtradings? The best course of action at the moment is to simply report this to your bank. Make sure that you report this incident within a span of 540 days (more than enough time, if you ask us) and that your previous transactions with this broker are recorded in your VISA or Mastercard statements.

BTCtradings

2.7

User Experience

3.2/10

Payment Options

2.4/10

Security

2.5/10

Support

2.6/10

Reputation

2.8/10

Pros

• None

Cons

• No regulations
• No forex assets
• Unclear trading conditions
• Problematic affiliations
• No payment method information