Legit Broker Or Offshore Trading Scam?

Presented as a pure brokerage with attractive trading conditions and high leverage, BTrade.net claims it has a large client base. Yet, the platform is based offshore in Saint Vincent and the Grenadines (SVG), meaning that BTrade.net has no trading license.

Our BTrade.net Review analyzes the dubious offshore trading platform that offers Forex and CFD trading. The main focus is on the legitimacy of this firm and its legal background. We will also take into account the feedback the broker received from traders as well as the regulatory warnings. 

Legal Info: Is BTrade.net Regulated?

WSYM Technologies LLC, the company behind the brokerage, is registered in SVG, a notorious offshore jurisdiction with no Forex regulations. That’s right, the local Financial Services Authority oversees only the banking sector. Hence, SVG has become a nest of scam brokers, such as AutoFX Broker.

Despite being unlicensed, BTrade.net provides trading services, resulting in the website getting blacklisted by three European regulators. Most notably, the Spanish CNMV issued a warning against the platform on December 4, 2023.

Belgium’s FMSA and Italy’s CONSOB also added the bogus website to their alert lists. Since all three operate in the European Economic Area (EEA), they enforce common European Securities and Markets Authority (ESMA) regulations. Each broker must obtain a MiFID passport from ESMA to legally operate across the EEA.

Instead of trusting unlicensed imposters, you should stick to regulated providers operating under the watchful eyes of renowned financial authorities such as the FCA (UK), CFTC & NFA (US), ASIC (Australia), IIROC (Canada), BaFin (Germany), JFSA (Japan), MAS (Singapore), etc.

Who Are BTrade.net’s Targets?

According to godaddy.com/whois, the btrade.net website domain was created on June 27, 2021. Since then, the financial swindler has been targeting primarily unsuspecting traders who reside in the following countries:

All these countries have heavy regulations for their respective markets and laws in force to prevent unauthorized imposters from scamming local traders and investors. One common rule stipulates that each financial market participant must obtain a necessary permit.

To reiterate, the BTrade.net scheme has been exposed by three European watchdogs. From the list, the Spanish CNMV issued a warning against the platform. The broker directly violates  European regulations by offering users leverage higher than allowed for retail clients (1:30). 

Trader Reviews – Sharing Experiences

BTrade.net reviews on trustpilot.com are mixed, albeit scarce. There were only 11 at the time of this writing. On personal-reviews.com, on the other hand, we found three lengthy and detailed complaints against the platform.  

“They told me I was making profits but then told me that an automated trade had taken place, that my margin had fallen below 100% and I must therefore invest another £12,000 to save the trade…”

one unfortunate victim said, adding that the fraudsters

“only want one thing – your hard-earned cash and will use every possible means to extract it from you.”

We recommend you always read what users say about a certain provider to learn which methods the con artists use to fool traders and how their despicable schemes work.

Which Trading Platform Is Available?

The BTrade.net platform seems to be a simple web trading terminal that supports popular trading instruments such as Forex currency pairs, indices, commodities, stocks, ETFs, and cryptocurrencies.

The platform seems rudimental, lackluster, and ineffective, offering no sophisticated and advanced tools whatsoever. It predominantly relies on TradingView-enabled charts, which lack support for actual trading activities.

If you want a pure trading experience, you should stick to licensed providers that support recognized third-party software such as MetaTrader 4, MetaTrader 5, or cTrader. 

MT platforms are arguably the best in the industry, enabling traders to utilize cutting-edge tools such as automated & algorithmic trading, advanced charting, live market reports, API integration, 20+ timeframes, EAs, lightning-fast order execution, etc.

BTrade.net account types

Leverage, Spreads, Commissions, Demo Account

The maximum leverage that BTrade.net offers is capped at 1:500, which, as mentioned, is significantly higher than the legal limit for retail clients in Europe (1:30). High-leverage trading is a double-edged sword. It can amplify potential profits but also lead to unbearable losses. Unreliable brokers such as Inveslo are known for exposing users to such risks. 

As for the trading costs, i.e. spreads and commissions, the broker did not disclose any specific values or numbers, which raises concern. 

Another big red flag is that there is no demo account. If you are a beginner, you should not be risking real money without practicing with virtual funds first. 

Deposit and Withdrawal Process

The website listed several payment methods that can be used to fund live trading accounts and withdraw available profits:

• Credit/debit cards (MasterCard);
• Wire transfers;
• E-wallets.

The BTrade.net minimum deposit is 5,000 USD. Legit brokers would charge you much less. Given the provider’s suspicious background, you cannot count on the BTrade.net customer service in case of withdrawal issues.

If you deposited funds via MasterCard or VISA credit/debit cards, you can request a chargeback at the issuing bank within 540 days and reverse the transaction. Wires can be reversed via a recall but this action can only work for transactions yet to be completed.

Key Facts To Consider About BTrade.net

BTrade.net is an offshore trading scheme mainly targeting users from Spain, Canada, and Finland. The platform has been blacklisted by the Spanish CNMV, Italian CONSOB, and Belgian FSMA.

We do not recommend the firm because it is unregulated. In case you’ve lost money to the BTrade.net scam, you must seek our professional help to recover your funds!

Use the form below to book your free consultation with Scam Brokers Reviews and tell us more about your case. Our team will gladly guide you through the fund recovery process and assist you every step of the way.

Book your free consultation here and start the chargeback process.

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