Before we begin the review, let us first point out a few things from what we have observed on their website. From the website btc-trends.com, you will notice that the website is poorly designed.
Judging from the size of the texts and the huge logo used, this is actually really annoying and disturbing from a personal perspective. Aside from that, the slogan of the website is really catchy. It might actually make you want to start trading with them with the first visit, but before you do that, let us discuss BTC-Trends in detail first.
While opening an account, you, as the client, will be required to fill out a form that I know you are familiar with now. We are using the word familiar here to mean the usual forms that we have seen with previous unlicensed brokers that we have already reviewed.
Once the registration process is complete, we get redirected to a user dashboard without the verification of the details that we actually provide in the registration form.
This is yet again something we have seen in our previous reviews where the user registers with even invalid details, but you are still logged into the platform. By now, we are probably used to it, and it does not strike as a surprise as we have seen these countless times before. Once you get to the dashboard, the dashboard also looks familiar, as we have seen it so many times on other unlicensed brokers.
When we realized that the platform did not have a forex trade of currency pair, the shocker came in. By forex trade currency pair, we mean the EUR/USD pair, for instance. Therefore, the platform did not have any cost of trade in any currency pair. Instead, the platform offered Crypto/Crypto, Crypto/USDT, Stocks/BTC,Commodities, Stocks/USDT e.t.c.
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After our research, we did realize that the company’s physical address is said to be in Saint Vincent and the Grenadines like we have seen with the previous unlicensed brokers that we have reviewed.
These areas are most favorable for them as they lack forex regulation guidelines, and as we saw from the previous unlicensed brokers, areas with no forex framework are best for them as they get to dictate their own leverage and claim regulation from non-existing regulators or provide fake registration numbers from existing regulators.
Lest we forget, remember we have seen this over and over again. Although they claim to be physically located in these localities, they actually do not have physical addresses as they are websites being operated by anonymous scammers located in some locations across the world BTC-Trends is not an exception.
From the previous section, we have already described the location where BTC-Trends claims to be physically located. From our previous reviews, we did talk about brokers who are located in offshore areas, and from our previous section, we have touched a bit on why offshore areas are the hotspots of these unregulated brokers.
BTC-Trends having its physical address in Saint Vincent and the Grenadines, we could assume the entity is unregulated and therefore they do not hold any forex trade license. Our assumptions, however, are not just assumptions since the company does not hold any license and does not claim to be regulated by any financial regulatory authority.
BTC-Trends is an unregulated entity. Choosing to trade with them is not different from throwing away your investment as there is no guarantee you will ever see the funds once you deposit them.
You should also be aware that if you choose to create an account with this broker and any other unlicensed brokers, you are not only losing funds, but your personal information is also being shared around without your consent.
Word of advice from us. Like in our previous reviews, invest with Legit forex trading brokers licensed and within the regulated jurisdictions, then you will make your profit having your mind at peace.
BTC-Trade offers five different accounts to select from these accounts are micro, bronze, silver, gold, and platinum. From their website, the minimum deposit amount set is in Mongolian Tughrik (₮) currency in which the prices are ₮5000, ₮25000, ₮75000, ₮150000, ₮150000 which are 1.76 USD, 8.79 USD, 26.40 USD, 52.81 USD, respectively as for the time of writing this review.
Traders using the platinum account type are asked to contact their account managers to know more about the benefits that are associated with this account type. Whatever the account offers though, its minimum deposit amount is similar to the gold. It is not defined.
From their website, if a trader holds any of the above-mentioned accounts the platform will offer the following Daily Analysis, Desktop & Mobile, Trader Video Tutorial, 24 Hour Customer Service, Webinars & Seminars, Dedicated Account Manager, Premium Daily Analysis, Trading Central, Premium Customer Support in which these services vary from account to account.
However, from the description, they do not come out as a trading platform. It is quite evident that it is all a scam since, from their description of the account types, the mention of trade is a small piece of the cake where the main focus is on tutorials and analysis.
Just like earlier discussed, for you to trade with this platform, you are required to create an account with them, then you will be redirected to the dashboard where they will guide you on making the deposit.
From the dashboard clicking on the deposit tab, you will get to interact with ugly-looking icons prompting you about the available deposit methods which are: Credit or Debit Cards, Bitcoin, Gumballpay, and Noy wallet.
The credit/debit card, Gumballpay, and Noywallet options however did not seem to be functional, which is quite an unprofessional move. For the three they are only asking for the name birthday and address pieces of information that are quite irrelevant for all those payment methods.
However, for the bitcoin method, they provide a wallet address and captions that users should check the address from time to time because the address might change which from a personal opinion is a major red flag considering the regular changing of the address and secondly, they give you a wallet address which again raises the question of how will they tell from which account is the funds from.
For the withdrawal, a trader wishing to withdraw from this platform is subjected to a minimum withdrawal amount of $50. The withdrawals according to the website are supposed to be channeled through bank transfers, Credit/Debit cards, and Bitcoin wallets. From the withdrawal policy, there is just a mention of there being a possibility of a withdrawal fee, but the platform does not mention the cost of the fee.
The leverage offered by the company is capped at 1:20. From a personal perspective, there is just nothing on this platform that you would actually be going for everything about this platform is all wrong and all shady. They are simply the scammers with the poorest scamming techniques and the ugliest user interface.
If you are thinking to invest or trade with them you are probably wasting your valuable time because there is actually nothing here for a serious investor. Invest with legit forex trading companies that are trustworthy.
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