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BlockchainEtrader Review - is it scam or safe?

BlockchainEtrader Review - is blockchainetrader.com scam or good forex broker?

RATING: 1 / 0 REVIEWS BlockchainEtrader
BlockchainEtrader is an offshore broker. Your money is not safe.

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Trading Accounts and Conditions

 

Trading account  Min. deposit Min bet size Payout
Beginner  $500 $25 Up to 81%
Intermediate  $10,000 $25 Up to 81%
Pro  $25,000 $25 Up to 81%
Expert  $50,000 $25 Up to 81%

  

BlockchainEtrader says to offer trading on “45+ of the most popular exchanges from one secure account“. Its clients can allegedly exchange Bitcoin, Ethereum, or Litecoin for fiat or vice versa after activating some automated trading software.

 

Unfortunately, a number of things are not clear and not right with BlockchainEtrader. Most importantly, the broker is actually anonymous and not legitimate.

 

 

BlockchainEtrader Advantages

 

None.

 

BlockchainEtrader Disadvantages

 

No company name, no regulation

The blockchainetrader.com website does not feature much information about the entity behind the brand – there isn’t any company name mentioned, only an address in Switzerland (which seems to be fake), while the Terms and Conditions refer to, UK in relation to governing law. The links to Facebook and Telegram are not working either.

 

 

So, we may safely conclude that BlockchainEtrader is an anonymous unregulated brokerage, which is one of the worst scenarios in the online trading world. Clients that have fallen victim to a scam perpetrated by an anonymous broker have very limited legal options afterwards. 

 

Zero clarity on trading services & conditions

As we mentioned in the beginning, BlockchainEtrader claims to offer some sort of automated software for trading in three of the most popular digital assets - Bitcoin, Ethereum, or Litecoin. However, the broker has not disclosed any trading conditions, such as spreads, leverage levels provided, minimum investment required, etc. This is very typical of scam brokers out there.

 

 

Fuerthermore, after signing up with this broker, we were offered a choice of four accounts, which obviously involve trading in binary options, while the platform provides margin trading in Bitcoin in the form of CFD with leverage up to 1:5.

 

So, we are quite confused about the nature of this broker’s services.

 

Urges clients to install Anydesk

Another red flag regarding BlockchainEtrader is the fact that the broker urges clients to install and use Anydesk.

 

Click on the image to view full size.

 

Be warned that if an unregulated broker asks you to install AnyDesk (or TeamViewer) and you give them log in details, consider yourself very open to substantial risk. Simply put, all your online accounts could be drained. AnyDesk allows anyone to access your PC from another station, essentially taking as another user, which can be devastating to your private information like bank account passwords, credit card information etc. Note that these software is 100% legal meaning that it can only be used following your approval.

 

Minimum withdrawal and deposit, fees

First, we have to say that an initial deposit of $500 is quite excessive. Most brokers, including reliable and regulated ones, require n initial investment of $100 - $200 or even less.

 

Second, according to the information in BlockchainEtrader’s Terms and Conditions, the minimum withdrawal amount for wire transfers is $250 and for any other method is $100, which means that if you have less in in your account, you cannot access them. Basically, when trading with an anonymous unregulated broker, your entire investment is at risk and it is very likely that you won’t be able to withdraw anything.

 

Third, the broker has included a levy of 10% on withdrawals for all clients who have not executed more than 200 in turnover and/or from accounts that have not been verified. Usually, brokerages apply such trading volume conditions only to withdrawals of non-deposited funds, such as trading bonuses.

 

Furthermore, the broker’s transaction fees seem quite salty transaction fees:
$50 for wire transfers; $25 for credit cards plus a processing fee of $10; $25 for ePayments.

 

No demo accounts, unproven oversimplified platform

BlockchainEtrader doesn’t offer free testing service, which is always a worrisome sign. Se, we had to open a real account (without investing any money), in order to sneak-peek into its platform. Here is a preview:

 

 

This trading software is oversimplified, there are no technical analysis indicators and the charting is pretty basic. It cannot be compared to the good old MetaTrader4 (MT4), nor to Leverate’s Sirix.

 

 

>> Check put the top-rated MT4 brokers <<

 

 

Conclusion

 

BlockchainEtrader presents itself as some sort of cryptocurrency broker, but the nature of its services remains largely unclear. What is worse, the broker is anonymous and clearly not legitimate. With no regulatory oversight we can’t be certain about the company behind the broker and whether it will fulfill its obligation towards clients. Furthermore, there is not authority to turn to in case clients fall victim to a scam.

 

If you are keen on trading the cryptocurrency markets, we have drawn up a list of some brokers offering Bitcoin CFDs which are reliable and recommended.

 

 

>> Trade cryptocurrencies with a regulated forex broker <<

 

 

And finally, here are the highlights of the present review of BlockchainEtrader:

 

Pros Cons
None No company name, no regulation
  Zero clarity on trading conditions
  Urges clients to install Anydesk
  Deposit and withdrawal issues
  No demo accounts, unproven oversimplified platform

 

Latest news about BlockchainEtrader
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Traders` reviews for BlockchainEtrader

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