Bitcoin Trade Pro is allegedly regulated by three financial market regulators (CySEC, FSCA, and VFSC). They offer many trading instruments, bonuses, and payment options, along with spreads as low as 0.1 pips.
Upon scratching the surface, disturbing practices are brought up. A warning from the financial market regulator is sent out to investors about Bitcoin Trade Pro.
Be warned and read this detailed Bitcoin Trade Pro review because doing business with this broker most likely won’t end up well.
|Platforms||Auxiliary System, WebTrader|
Regulation and Security of Bitcoin Trade Pro
The jig was up the moment Bitcoin Trade Pro stated the registration number of the company on their website. It turns out that this number belonged to another firm that is already out of the business.
Secondly, Bitcoin Trade Pro was subject to a warning from the South African regulator: Financial Sector Conduct Authority (FSCA).
The FSCA warned investors about this issue and further urged them to always check whether such an institution or a person is authorized to render financial services.
Bitcoin Trade Pro Trading Platform
Bitcoin Trade Pro apparently made a proprietary platform (Auxiliary system). Installing their solution or using their Web Trader only gets you to live charts without any possibility to engage in trades. This does not constitute a legit trader.
Besides, there should be a good reason not to use MetaTrader4 (MT4) or MetaTrader5 (MT5), as they offer a safe way to trade on the market. MT4 and MT5 are staples in this industry with a large community of traders.
Bitcoin Trade Pro Offers Bonuses and Promotions
The brokerage offers giving out a 10% referral bonus on all referee’s trades on their main page. They also include funding with zero fees and a lower spread for oil trading. Not much use in such promotions if your broker is trying to defraud you.
Make sure that the company you invest with is trustworthy before getting excited about using the promotions it offers. Also, note that incentives are prohibited by most major regulators, and for a good reason.
Trading Instrument Available at Bitcoin Trade Pro
It’s advertised that this brokerage firm offers over 120 trading instruments, among those:
They are putting an emphasis on the gold and oil trade. This is probably just a tool to lure unsuspecting victims into investing. This company lacks licenses to provide such services.
Deposit and Withdrawal Procedure
Even though it’s advertised to receive all sorts of payment options, it turns out that Bitcoin Trade Pro accepts only Bitcoin.
As for withdrawal procedures, they are described as simple as filing a request. This inconsistency is more than a simple inconvenience, as it should raise the alarm among investors.
Accepting only Bitcoin means that there is no way to rely on refund or chargeback procedures offered by credit cards and e-wallets that can be used in the case of fraud.
How Does Offshore Brokers’ Fraudulent Work?
Usually, offshore brokers use anonymity as a tool to avoid personal liability. Identities of the owners of offshore companies are protected by offshore governments.
Furthermore, those companies don’t have a solid financial market regulator above them to monitor and regulate their behavior on the market.
More often than not, this means that those companies are able to make fraudulent statements and credentials with no repercussions.
Best Forex Trading Brokers
We keep track of all those companies that are a positive force in the market. Operating in a transparent manner, they provide a safe environment for their investors.
The firms listed below let you start trading with as little as $1 to open an account. Some are regulated by more than one regulator. All of them are considered trustworthy by the community and enjoy great ratings.
|FXTM Broker||Cyprus, UK, Mauritius||4.5||$10||Forextime.Com|
|OctaFX Broker||Cyprus, SVG||4.4||$25||OctaFX.Com|
|FP Markets Broker||Australia, Cyprus, SVG||4.7||$100||FpMarkets.Com|
|XM Broker||Cyprus, Belize, Australia||4.7||$5||XM.Com|
|HFM HF Markets Broker||Cyprus, UK, South Africa, UAE, Kenya||4.3||$5||Hfm.Com|
|FBS Broker||Cyprus, Belize, Marshall Islands||4.85||$1||FBS.Com|
Bitcoin Trade Pro Summary
Beware! Bitcoin Trade Pro is not regulated by the official market regulator. They are not even a properly registered company and host fraudulent credentials, stolen from another company whose license expired.
Having no real trading platform, they offer only live charts to their investors. There is no way to make trades using their solution.
Considering they only accept Bitcoin (even though they advertise differently), one can only expect to be defrauded by them as there is no way to use a refund or chargeback procedure and secure the funds.
Furthermore, basic details about their offer are unclear, inconsistent, or unavailable. How they still operate is unbeknown to us.
FAQs About Bitcoin Trade Pro Broker
Does Bitcoin Trade Offer a Demo Account?
Yes, it does. It’s unclear what are the specifics looking at their website.
What is the Minimum Deposit for Bitcoin Trade?
The minimum deposit is advertised as $100, but no account they offer can’t be opened with less than $500.
Is Bitcoin Trade Regulated?
No. Bitcoin Trade Pro is not even a registered company, let alone regulated by a financial market regulator.