FxBTC – Is It Safe?

Website URL: https://www.fxbtc.io/

Founded: 2019

Regulations: No Regulation

Languages: English, German, Turkish

Deposit Methods: Bank Transfer, MasterCard, Visa

Minimum Deposit: $250

Free Demo Account: None Available

Number of Assets: N/A

Types of Assets: Forex & CFDs in Stocks, Commodities, Futures and Indices

Trading Accounts and Conditions

FxBTC offers its customers 5 types of trading accounts: Starter, Advanced, Expert, VIP and Islamic. The information about the types of accounts and their trading conditions are very generic, with terms such as floating spreads, negotiable spread and fixed spread used. Specific numbers are not mentioned.

The Starter account has a minimum deposit requirement of $250, but there is no information about the minimum deposits required for the other types of accounts.

The broker claims that it charges no up-front commissions on trades on any of its accounts, and it has a Zero-deposit fees.

FxBTC – Advantages

We did not find any discernable advantages to trading with FxBTC, which is why this section of our review has been left empty.

FxBTC – Disadvantages

The disadvantages to trading with FxBTC are so many and so serious, that we strongly advise all traders to beware of this broker at the very outset.

• Anonymous Broker

FxBTC’s website is pretty much anonymous. Despite all the design and language, there is very little of substance on this broker’s site. They have not provided the name of the company that owns and operates this brokerage, and there is also no address or contact number given.

Contracting with an anonymous broker is inadvisable, since such brokers are usually running a scam. They use their anonymity to protect themselves while they con unwary traders.

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• Unregulated Broker

FxBTC has also not provided any information about its regulation status. There is no license number mentioned anywhere on this broker’s website.

Only those brokers that are unlicensed would omit such a critical piece of information, which leads us to the conclusion that FxBTC is actually an unregulated broker that is offering its financial services illegally.

• Flagged of by Regulators

We did come across some interesting – and very disturbing – information about this broker. It turns out that FxBTC has been flagged off by the UK’s financial regulator, the FCA (Financial Conduct Authority) for offering its services in their country without authorization.

The FCA also reveals that this broker is owned by a company called Alpha Capital Technology, which is based in Bulgaria.

The FCA is not the only regulator that has flagged off this brokerage. The Italian watchdog, the CONSOB (Commissione Nazionale per la Societa e la Borsa) has also blacklisted FxBTC for offering its services in the region without regulatory oversight.

Furthermore, considering the fact that this broker is owned by a company that is based in Bulgaria, it should at least have registered itself with the country’s financial regulator, the FSC (Financial Supervision Commission).

Upon checking the FSC’s online registry, we found that this broker was not registered even with them.

The fact that FxBTC has been flagged off by two major regulators in Europe and UKis a clear indication that this broker is a scammer and that you will be in danger of losing your funds if you decide to do business with them.

• Unfair Terms and Conditions

The Terms and Conditions are a critical document that all traders should go through before contracting with any broker. This is because this is the legal document that defines the relationship you will have with the broker and what rules you will have to abide by when trading on their platform.

When we went through FxBTC’s Terms and Conditions, we came across some rather unfair provisos.

First, the broker states that it reserves the right to deny or even delay your withdrawal request for any reason! No legitimate broker would put in such an unfair condition.

And second, the broker states that they will charge you a dormancy fee if you have not traded on your account for three months. This is quite unfair, since real brokers give traders a year before charging any inactivity fees.

• Lengthy Withdrawal Process

FxBTC also states that it will take a minimum of 14 days to process a withdrawal request, which means that it can take even longer. This is just a ridiculous timeline in today’s day and age, where it takes only 24 hours for online transfers of funds.

• Lack of a Demo Account

FxBTC does not offer its clients a demo account, which is another huge negative. Demo accounts are needed so that traders can check out the trading conditions for themselves, and also test the broker’s trading platform.

• No Support for MetaTrader 4

While this is not as serious an issue as the others we have already mentioned, the fact that FxBTC doesn’t offer the MetaTrader 4 trading platform is another black mark against the broker.

The MT4 platform, as it is popularly called, is the world’s most popular trading interface because it makes trading so much easier. It offers its users a range of features such as charting tools, technical market indicators as well as trading bots.

What we get instead from FxBTC is an unknown web-based trading software. And since there is no demo account, we could not check the effectiveness of this software offered by this broker.

Conclusion 

FxBTC is a scammer through and through. Everything about it points to the one thing – you will lose your money if you trade with this broker. It is anonymous, unlicensed, flagged off by major financial watchdogs, has very unfair Terms and Conditions, does not have a demo account, and doesn’t even have the MT4 platform.

We would strongly recommend to all our readers that they avoid this broker completely, and look for a broker that is regulated and honest about its operations.

FxBTC

2.4

User Experience

3.2/10

Payment Options

2.4/10

Security

2.2/10

Support

2.1/10

Reputation

2.3/10

Pros

• None

Cons

• Anonymous Broker
• Unregulated Broker
• Withdrawal Conditions Unfair
• Unfair Terms and Conditions
• Lengthy Withdrawal Process