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BetaFX245 Review - is it scam or safe?

BetaFX245 Review - Is betafx245.com scam or good forex broker?

RATING: 1 / 2 REVIEWS BetaFX245
BetaFX245 is an offshore broker. Your money is not safe.

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Trading Accounts & Conditions

 

Account type Minimum deposit Maximum leverage Spread
Micro Unspecified 1:100 Competitive*
Classic Unspecified 1:500 Very Tight*
Elite Unspecified 1:500 The tightest*

*this is the info provided by the broker. We weren’t able to get more accurate data.

 

BetaFX245 is South African forex broker. At the time of writing of our review, a lot of the functionality on their website isn’t working, which leads us to doubt if they are in business. Read on to see what we managed to find out about this broker.

 

BetaFX245 Advantages

 

Some version of MetaTrader supported

Even the positive things about this broker aren’t that clear cut. The website says they offer MT4, while the download link leads to a default version of MT5. Nowadays, there isn’t a huge difference between the two platforms, after the MT5 updated, which removed the mandatory FIFO rule, but it would be nice if the broker was clear on what they are offering. 

 

The fact we got an unbranded version of the newer platform, instead of one which is directly connected to the BetaFX245 servers is one of the factors which leads us to believe this broker isn’t operational.

 

High leverage options

We feel the need to warn against the dangers of trading with high leverage ratios. The maximum of 1:500 offered by this broker sounds good in theory, but may lead to substantial losses. In case you are a newcomer to financial markets, be sure to fully grasp the logic behind such operations before starting out. 

 

Copy trading supported

BetaFX245 allegedly offers an in-house social trading system. That being said, we aren’t certain if this is actually a new product or a massive advertisement of the built-in MetaTrader signal system. The reason why we weren’t able to test will become clear in the upcoming “disadvantages” section.

 

BetaFX245 Disadvantages

 

Lapsed regulation

The BetaFX245 brand is owned by BetaFX245 PTY Limited, a company based in South Africa, which claims to be regulated by the Financial Services Board (FSB). When checking this we found a slightly different picture:

 

The regulatory status of BetaFX245

 

>>Active brokers in South Africa can be found here<<

 

We aren’t certain what this means exactly, but the literal meaning of the word “lapsed” would suggest they are no longer regulated. This is also in unison with the current state of their website and information provided. For the purposes of this review, we have to treat them as an unregulated company.

 

No info on trading conditions

The “account types” specified by BetaFX245 don’t actually reveal much meaningful information. The costs of trading are simply described with the words we put in the table, in the beginning of the review. This isn’t a serious presentation. 

 

>>Verified real-time spreads<<

 

Account creation is problematic

We wanted to actually get a glimpse of BetaFX245’s offer, but didn’t manage to see the demo account. As we mentioned before, when downloading the platform one gets the original version connected to the MetaQuotes (the company behind the platform) servers. When attempting to register an account with this broker, we were rejected for the strangest reason – not being able to create a password, which fits the requirements:

 

 

We tried dozens of combinations, featuring everything you can imagine, from only plain letters, to all kinds of special symbols, with or without capitalization, but still weren’t approved. After half an hour of testing, we simply came to the conclusion this isn’t working on their end.

 

Only Bank Transfer and Credit Card payments

The ways to deposit and withdraw funds to and from this broker are limited to the more traditional ones. This isn’t a major drawback for the vast majority of potential clients (unlike some of the previous points), but will disappoint those who are used to dealing with e-wallets, such as Skrill and Neteller.

 

Conclusion

 

BetaFX245 feels like a beta version of a working forex broker. That being said, their FSB regulation is lapsed, which leads us to believe they were once a legitimately operating company, but have since suffered some changes. Sadly, we aren’t certain if the current iteration of the website is even working, but even if it was, we wouldn’t recommend them.

 

There may be a key difference between having a lapsed license and not having any license at all, but to the best of our knowledge, there isn’t. Dealing with an unregulated company puts your entire trading account at risk, before you even place your first order. 

 

The opposite of this will be doing business with a broker, overseen by a top-tier financial regulator. One of them, which we like to mention is the UK’s Financial Conduct Authority (FCA). Companies registered with them have to file frequent reports, have a fair order execution policy and follow several rules guaranteeing the security of your funds. The latter group are very important and feature, but are not limited to

 

>>Top FCA-regulated brokers<<

 

a) Having segregated accounts, which means clients’ money is kept separate from the broker’s own. Needless to say, this prevents a lot of scammers from signing up.

 

b) Being a part of the Financial Services Compensation Scheme (FSCS), a complicated system, which protects traders in case their broker goes under. Each account is “insured” up to £50,000, against this risk.

 

A summary of our experience with BetaFX245:

 

Pros Cons
Some version of MetaTrader supported Lapsed regulation
High leverage options No info on trading conditions
Copy trading supported Account creation is problematic
  Only Bank Transfer and Credit Card payments

 

 

Latest news about BetaFX245
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Traders` reviews for BetaFX245

Spread

Pros

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Slippage

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Requotes

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Price feed

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Platform

Pros

Cons

 

 

Deposit/Withdraw

Pros

Cons

 

 

Customer service

Pros

Cons

 

 

Summary

Pros

Cons

 

 

BetaFx is a scam

Made $16K from $3K,they froze my account and decided to refund my initial deposit with no profits. The worse broker in the planet don't use this broker. SCAM SCAM SCAM!!

Tinyiko Maboko 09/07/2019

Don't wanna process my withdrawal

I withdrawn my money ,its been a week now all I get is a email saying my withdrawals are been processed .this is a bad broker with no customer service .I don't advise you to join it .

Mpho Msimango 03/06/2019
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