BTrade Review – Appearing On Five Regulatory Blacklists

Saint Vincent and the Grenadines (SVG). Remember that name because it’s the source of all our problems with the BTrade broker. Notorious for being the nest of countless cyber crooks, SVG is bad news right off the bat.

In our revealing BTrade review, we explain why this is such a big issue and provide evidence of fraud against this platform. Learn how to retrieve the funds you deposited via the fraudster’s website.

Broker status:	Unlicensed Forex Provider
Regulated by:	Unregulated
Operating Status:	Active Forex Trading Scam
Known Websites:	btrade.net
Blacklisted as a Scam by:	CNMV, CONSOB, AFM, FSC, FSMA
Owner:	WSYM Technology LLC
Headquarters Country:	Saint Vincent and the Grenadines
Website Active Since:	2021-06-27
Online Trading Platforms:	Web
Mobile Trading:	Unavailable
Minimum Deposit:	5,000 USD
Deposit Bonus:	N/A
CFD Trading Option:	Yes, you can trade CFDs
Crypto Asset Trading:	Yes – BTC, ETH, SOL
Available Trading Instruments:	Forex, Stocks, Indices, Cryptocurrencies, ETFs
Maximum Leverage:	1:500
Islamic Account:	Unavailable
Free Demo Account:	Unavailable
Accepts US clients:	Yes
Global Fraud Protection Experts’ Verdict:	Avoid Working with this Company

Is BTrade Regulated?

Let’s unpack BTrade’s background; the brokerage operations are run by WSYM Technologies LLC, registered in Saint Vincent and the Grenadines. As an offshore jurisdiction, SVG has become infamous for its lax tax laws and virtually no Forex regulations in force.

According to the country’s Financial Services Authority (FSA) website, “forex trading brokerage activities are not licensed” in SVG, meaning all entities based there that offer trading services operate unregulated.

As a result, other financial watchdogs issue warnings against offshore brokers upon detecting them. In our case, BTrade appears on five European warning lists: CNMV (Spain), FSMA (Belgium), CONSOB (Italy), AFM (Netherlands), and FSC (Bulgaria).

The Spanish regulator led the charge, stating that the provider is “not registered in the corresponding registry of [the CNMV] and, therefore, is not authorized to provide investment services or other activities.”

For a safe trading experience, we recommend you opt for a transparent company that is appropriately regulated by an esteemed financial authority such as the FCA (UK), CFTC (US), ASIC (Australia), IIROC (Canada), MAS (Singapore), etc.

Why Financial Market Regulations Matter

Brokerage firms that apply for a regulatory license under esteemed financial jurisdictions such as the European Economic Area (EEA) must maintain a significant operating capital of at least 730,000 EUR.

Furthermore, they must provide users with negative balance protection, a segregated account in a top-tier bank, a safe leverage cap (1:30), and a compensation scheme contract worth up to 20,000 EUR.

Trader Reviews – Sharing Experiences

As of writing, there are 16 BTrade reviews on trustpilot.com. The broker received an average score of 2.5/5 (poor), with many complaints coming its way.

“They are scammers, they call you every day to get you to deposit money or deposit money for commissions or more investments,”

one Trustpilot user stated, indicating an aggressive approach toward clients.

Negative reviews are there to expose offshore trading schemes such as BTrade and MTcapitals. We recommend you always analyze the provider you’re interested in before investing. Check the regulatory warning lists tool.

Who Are BTrade’s Targets?

According to WHOIS, the btrade.net website domain was created on June 27, 2021. Since then, the digital con artists behind the platform have been targeting mainly traders from the following countries:

• United Kingdom;
• Norway;
• Finland;
• Canada;
• Spain.

Each of these countries has stringent financial market regulations in force to ensure transparent operations. Which rule do they have in common? All market participants must obtain a license or permit to operate. Providers such as PoloTrade365 have no business in these jurisdictions.

As mentioned, BTrade is an offshore broker with no Forex license. You cannot expect financial compensation if you lose money to these tricksters.

Which Trading Platform Is Available?

The broker’s web-based trading platform is limited. It offers basic charts provided by TradingView and some fundamental indicators and graphs. You won’t find any remotely advanced tools here. There is no BTrade app for mobile devices, either.

Nevertheless, our suggestion is to steer clear of this dubious interface. It may be rigged, making profits and withdrawals impossible.

For a safe trading experience, we recommend you find a licensed provider offering renowned third-party software such as MetaTrader 5, MetaTrader 4, or cTrader.

MT platforms support cutting-edge tools such as automated trading bots, real-time market reports, sophisticated charting, user-friendly interfaces, multiple timeframes, and lightning-fast order execution.

BTrade account types

Account Type	Classic	Gold	Platinum	Diamond
Minimum Deposit	5,000 USD	25,000 USD	100,000 USD	250,000 USD
Maximum Leverage	N/A	N/A	1:500	1:500
Spreads	N/A	N/A	N/A	N/A

Trading Conditions – Leverage, Spreads, Commissions

Regarding the maximum leverage, the phony broker promises up to 1:500, which is extremely high and risky. If the market moves against you while using such high leverage, you’re in for a financial catastrophe. Hence, reputable regulators imposed legal limits of 1:30 (Europe) to 1:50 (North America) for retail clients.

Spreads start at 0.1 for major Forex pairs, which is pretty competitive, while BTrade crypto trading offers fee discounts. However, the BTrade minimum deposit of 5,000 USD is insane. No legit broker would charge that much just to get you going.

Despite the website’s promise, we checked the BTrade login page but found no demo account option. So, you would have to invest real money immediately and risk getting scammed.

Deposit and Withdrawal Process

The website lists just one available payment method for depositing funds and withdrawing generated profits:

• Credit/debit cards.

It says there are no payment fees, while the transactions are instant. Given the broker’s shady background, we believe you won’t withdraw anything from this platform. In that case, you must seek alternative refund methods.

To retrieve funds deposited via MasterCard or Visa credit/debit cards, you can request a chargeback at your issuing bank within 120 days. We can help you through the process and provide key guidelines along the way.

What Should I Do If I Have Issues With BTrade?

Overall, BTrade is an unreliable offshore brokerage firm operating out of SVG. The website mainly targets European and Canadian traders who are unaware of the platform’s risks. There are five regulatory warnings against this company.

We do not recommend paying for these services because the firm is unregulated and blacklisted. Our analysis stressed the importance of regulations and why trading on platforms supervised by recognized financial market watchdogs is better.

If you have fallen victim to the BTrade scam, please book a free consultation with Fusion Forensics Limited. Our team of experts can assist you in the fund recovery process and get your money back as soon as possible.

Book your free consultation today and get your money back.