ByTrend – Can You Trust Them?
Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.
ByTrend - DO NOT TRADE WITH THIS PROVIDER
2.6/10
$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://bytrend.com
Founded: 2020
Regulations: Unlicensed
Languages: English
Deposit Methods: Unspecified
Minimum Deposit: $500
Free Demo Account: Unavailable
Number of Assets: N/A
Types of Assets: Forex, Stocks, Commodities, Indices
Trading Accounts and Conditions
Here is what we know about the trading accounts and trading conditions offered by ByTrend. The minimum deposit this broker asks for is $500. The spreads for the forex market start at 3.8 pips. And the leverage is unknown.
There is a distinct lack of information on key parameters such as trading accounts and trading conditions.
ByTrend – Advantages
ByTrend is not a broker that we could honestly recommend to anyone. It is a scam and therefore not to be dealt with.
ByTrend – Disadvantages
Listed are all the points that clearly show us that ByTrend is a scam broker and not to be trusted:
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Unlicensed Broker
The first thing we noticed is that this broker is controlled by By Trend LLC, a company that has been incorporated under the laws of St. Vincent and the Grenadines (SVG). SVG is an offshore zone that is notorious as a destination for scammers. This is because SVG has no laws and regulations in place to oversee forex brokers. The jurisdiction has made it extremely easy for companies to register themselves there, with none of the stops and checks that other markets have in place.
Thus, if a broker is registered in an offshore location such as SVG, they need additional licensing from other financial regulators to operate in other jurisdictions legally.
Unfortunately, ByTrend has none of the required licenses to operate in the countries it is targeting in Europe. This means that this broker is unregulated and therefore a scammer that is operating illegally.
Dealing with an unregulated offshore broker is dangerous. Not only are you unprotected, but if you get scammed, then the chances of you being able to trace who has taken your money and getting it back are very slim.
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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Poor Web-Based Trading Software
ByTrend does not even make an effort to offer its clients a decent trading platform. What you will get if you sign up with this broker is a poorly designed web-based trading software on which the most you will be able to do is buy and sell a few assets.
This platform does not even come close to the most used software in the world – the MetaTrader 4 and the MetaTrader 5 platforms. These two platforms offer traders a wide range of tools to assist with trade execution. Traders also get access to a massive marketplace where they can choose from tens of thousands of 3rd-party applications to help with their trades.
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Very High Spreads
The spreads offered by ByTrend start at 3.8 pips, which is a ridiculously high figure. Spreads determine the cost of a trade and brokers try to balance their spreads so that they make a profit, but it doesn’t become too expensive for their clients either. That is why most legitimate brokers offer spreads that range from 0.5 pips to 1.5 pips. So, what this broker is offering is just too expensive and so, even if ByTrend were a legitimate broker, we would not recommend them.
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High Minimum Deposit Requirement
ByTrend asks its customers to make a $500 deposit to open a trading account with them. Considering that the market range for initial deposits is between $100 and $250, and that there are many, many very good brokers that allow you to open an account with just a $5 balance, we can say that a $500 deposit demand is just unreasonable.
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No Information on Leverage
ByTrend has not bothered to provide any information on the kind of leverage it offers. Leverage is a tool that traders use to enhance their trades. While it is a dangerous too if the ratio is too high, it can be a very useful tool when used with care.
When a trader does not know how much leverage a broker offers, they don’t really know how they can expand their trades, which means that they cannot make informed decisions on their trades.
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No Information on Payment Methods
Another red flag is that ByTrend has not bothered to provide any details of the kind of payment methods that are available for their customers. As a rule, brokers offer multiple payment methods, the most common being bank cards, bank wires, wire transfers and popular e-wallets such as Skrill and Neteller. Many brokers have also started offering cryptocurrencies as a payment option.
However, if you are testing out a new broker, we recommend that you use a credit card to make your deposits. This is because if you are scammed or are facing issues with your broker, you can file for a chargeback within 540 days from the time of the transaction, and hopefully recoup your losses. The other payment methods are not as safe, which is why we do not recommend them for starters.
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Unfair Withdrawal Policies
We also noticed that the withdrawal policies that ByTrend has in place are rather unfair. According to this broker’s terms and conditions, the withdrawal request processing time is about 10 business days. However, the broker also states that is could take as long as 90 days for the withdrawal process!
Considering the fact that most regulated and legitimate brokers can process such requests within a day, a 10-day timeline is just too long. And a 90-day timeline is simply unheard of! This seems to be just another way to let you know that you will not get to see your money again!
Conclusion
Everything we have researched about ByTrend has shown us that this broker is a scammer and that if you invest your money with them, that will be the last time you see your cash.
ByTrend
Pros
- None
Cons
- Unlicensed Broker
- Poor Web-Based Trading Software
- Very High Spreads
- High Minimum Deposit Requirement
- No Information on 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.
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