First, BTC FX is a Forex service provider that is allegedly located in the United Kingdom. The company has favorable trading conditions which they offer to traders. However, we do not recommend the Forex brokerage to investors in the market due to the false claims that they showcase on their platform.
The firm brags that they have excellent customer support services that their traders can utilize. The company promises investors a 100% bonus when they sign up at any of their investment plans. Unfortunately, details regarding the bonus are difficult to comprehend.
First, BTC FX state that if you cash in $5,000, you will get a $ 1,500. Unless the platform has a new method of summing up, that is a 30% bonus and not 100% as they allegedly state on their website. Surprisingly they do not have an FAQ page, and we do not know their terms and conditions.
With all these red flags and many more that we will discuss, please do not do any business with them. Invest with only the best Forex brokerage in the industry. The platform targets investors from all over the world.
The company claims that they have a demo account that their clients can use. Unfortunately, we did not see that one will be doing our review. You will probably have to register first for you to have access. Due to this, we cannot tell the trading conditions that they have incorporated.
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Autochartist is a tool that aids your trading activities. It comes in handy for it can monitor competitors’ pricing, react to the movement of the market, optimize traders take profits and stop loss, manage your fund’s exposure, identify different market movements and capitalize on the news that might impact the market.
First, BTC FX has a section on its website, which features the new trends in the market. Additionally, they have an economic calendar that shows the currencies, upcoming events, or things that may affect the market.
The company falsely claims they are regulated by the Cyprus Securities and Exchange Commission (CySEC) and Financial Conduct Authorities (FCA) of the UK. The platform is a clone pyramid scheme that is using the information of First Global (UK) Ltd that has no link to the fraudulent firm.
The company is using this information to defraud innocent traders. The FCA has blacklisted the company and ask investors to stay away from their dealings. Trading with unregulated companies is risky since, in the long run, they will exit the market.
The platform state that they have a dedicated customer support team, and you can reach them 24/5. You can reach them via their telephone number; +44 (0)1923537198, or on email; [email protected], or on Skype; firstbtcfx.com.
We highly suspect the platform is not based in the UK, and they only want to appear transparent to gain the trust of investors before stealing their money.
The company offers the MT4 interface, which the majority of traders’ love. The platform is worth it for obvious great reasons. The advantages of MT4 are countless; let us highlight them for you. You can automate your trade, numerous chart setups, execute orders, ability to receive multiple order types, navigation window, market watch window, analysis tools, and multiple installed indicators. Moreover, you can access the platform easily using any gadget all you need to have is an internet connection.
The company offers several assets to investors, but they do not get into details. First, BTC FX claims you can trade cryptocurrencies, but they do not give an example of the currencies. The have indices trading, but the only one they feature is FTSE 100. The platform offers over 50 currency pairs in Forex. Commodities and shares that you can trade are; Apple, Tesla, Lloyds, Amazon, Nike, and Microsoft. The company should take their time to break down the assets for potential investors to understand and get an insight. Hence, they can choose whatever pleases them.
The company does not provide adequate data regarding their withdrawal and deposit requirements. They live it for the investors to gather the information themselves. At the footer of their website, however, they have images on the payment method. We take the method available to deposit.
The options include MasterCard, Visa, Neteller, Maestro, and AstroPay. However, this is guesswork since the company itself does not see the need of availing the info. It isn’t easy knowing if they impulse any hidden charges to traders.
The withdrawal requirements of First BTC FX is not openly shown. We do not know how long it takes to process your withdrawal, or the method available for cashing out.
The company offers a leverage of 1:200 we take that this is the leverage for all their accounts since they have not indicated any other ration. You can select the leverage that when signing up in their platform. We do not know if you can change it in the future. However, First BTC FX does not authorize users to interfere with the leverage that they are receiving.
The trade size of the company starts at 0.1 lots. The firm does not disclose the open trade maximum number or the trade size maximum amount that the investors have. The company, moreover, does not state if they charge their clients any commission.
Nonetheless, the platform does charge swap fee for traders who trade overnight. You can check the charges at their MT4 account. First, BTC FX provides insufficient information on their spreads. They only show the spread you will get when you trade EUR/USD, which is 1.6 pips. The firm does not show mention they spread the offer on their other currencies pair.
First, BTC FX has four investment plans that they offer to their clients. There is a slight difference that distinguishes the various accounts. The first investment plan of this platform is the standard account.
It requires investors to deposit funds worth $500, and it has no additional features for starters that is much than the average pricing in the market. There are better Forex brokerages that accept as low as $250. The second plan is classic; it comes along with access to all features in their platform, including online chat, and you can also trade indices. The amount that you can cash in is $2,500.
The third investment plan is the Gold account. You will have to deposit an amount of $20,000 for you to enjoy features like; VIP manager, ability to use autochartist SMS signals, indices, and a separate direct telephone line.
The premium account, which is the premium, has numerous benefits, but it is expensive. You must cash in at least $50,000. You will have the benefit similar to their gold account and other additional features like promotional on their virtual training services as well as receiving individual reports of the stock market.
The official domain name of this platform is Firstbtcfx.com. It was registered in June 2018 and will expire in the same month the year. The company is registered anonymously, and we cannot tell who its owner is.
The company claims to have top-notch features that they offer to their traders. Unfortunately, all their claims are false, and this is a pyramid scheme that is only after your money. They are not regulated by any financial authority.
You should invest with legit Forex companies that will help you attain your goals. The platform is still running despite them being fraudsters. Beware!
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