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BTC Kingdom Review - is it scam or safe?

BTC Kingdom review - Is btckingdom.com scam or good forex broker?

RATING: 1 / 5 REVIEWS BTC Kingdom
BTC Kingdom is an offshore broker. Your money is not safe.

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BTC Kingdom is a unregulated CFD broker focused on the crypto market about which there is a recent warning, issued by the Belgium Financial Services and Markets Authority (FSMA) for targeting customers without authorization and possible scam activities. So if you are thinking about trading with them be sure to read this review first.

 

Account type Min. deposit Max. leverage Spreads
Classic Account 250 EUR 1:5 n/a

 

BTC Kingdom Advantages:

 

A selection of crypto CFDs

 

We are supposed to start our review with some advantages about the broker. Honestly this is a hard task with BTC Kingdom, but still let us credit them with the selection of crypto CFDs we found on their web based trading platform – 95 in all, with plenty of coins, namely Bitcoin, Bitcoin Cash, Bitcoin Gold, Litecoin, Dodgecoin, Ethereum, Bytecoin, Dashcoin, Monero, NEO, Ripple, Emercoin, Fantomcoin, Nxt, Steem Dollars, DigitalNote, NEM and EOS. Still if you like the idea of trading crypto assets, here you may also check our list of broker offering Bitcoin CFDs:

 

>>Bitcoin Forex Brokers<<

 

Acceptable minimum deposit requirement 

 

Well, that should be another positive point. The minimum deposit requirement to start trading with BTC Kingdom is set at 250 EUR and that is more or less in line with what most brokers would ask you as an initial investment. Still bear in mind that some big well respected brokers like FBS and IG do not ask for a minimum deposit at all.

 

BTC Kingdom  Disadvantages:

 

No license, blacklisted in EU

 

BTC Kingdom is owned and operated by the Bulgaria based Home Market Ltd., which as we already noted is blacklisted by the Financial Services and Markets Authority (FSMA) in Belgium. 

 

Bear in mind that trading with unregulated brokers has always been extremely risky as such companies are completely unaccountable for the way they handle your money. Moreover too often such brokers are run by scammers, so we strongly advise you to deal only with legit brokers, regulated by well respected financial institutions such as the Financial Conduct Authority (FCA) in the UK, the Australian Securities and Investments Commission (ASIC) or the Cyprus Securities and Exchange Commission (CySEC). 

 

What is more, among other benefits, with all brokers regulated by the FCA you will get an insurance covering up to 50 000 GBP of your funds, so here you may also check our list of FCA brokers:

 

>>FCA Regulated Forex Brokers<<

 

Unusual withdraw fees

 

BTC Kingdom has unusual fees and commissions, some of which are not even specified. You can see for your self: 

 

 

For example if you want to withdraw before you have reached a certain minimum trade volume req1u1irement BTC Kingdom will take at least 4,5% of the requested amount. In the example in their Terms and Conditions we see that with a deposit of 10 000 USD, if you wish to withdraw without a penalty charge, you will have to trade at least 100 lots or 10 million USD and that is highly unusual.

 

Managed accounts

 

On the screenshot below you can see that BTC Kingdom offers something they call PAMM Accounts, which are basically managed accounts.

 

 

The problem with all managed accounts is that if the broker is a market maker, and manages your account, your designated “account manager” will have the incentive to mismanage your money and “lose them” to the broker. Bear in mind that a market maker profits, when traders lose their money and vise versa. That is why no legit broker will ever offer you a managed account.

 

No negative balance protection

 

BTC Kingdom obviously does not offer its clients a negative balance protection, which means a trader can lose more money than he or she had deposited. That is unusual, as the negative balance protection clause is standard with all EU regulated brokers, as well as with all legit brokers operating in the US, Canada, Australia or Japan.

 

Skrill not accepted as payment method.

 

In its presentation BTC Kingdom says to accept payments with major credit cards like VISA and MasterCard, bank wire, e-wallets including NetellerSkrill, CaroPay, QIWI Wallet  and WebMoney.

 

In reality, when we opened an account with the broker, the only payment methods available were credit card payments, bank wire transfers and payments with some crypto coins including bitcoins, Ethereum, Bitcoin Cash, Litecoin and Dash. 

 

The only e-wallet accepted turned out to be BPay, which can be used only in Australia. Skrill, however, was not in the list and that is notable, because of the new anti scam policy, recently adopted by the company, according which Skrill can be offered only by brokers with legit licenses. As we noted,  BTC Kingdom is a unregulated website.

 

MetaTrader4 not supported

 

BTC Kingdom offers an overly simplified, web based trading platform, which lacks many features, standard with well known trading solutions like the MetaTrader4.

 

 

For example, we miss the advanced charting tools and the option to run automated trading sessions, so here you may also check our list of brokers, supporting the MetaTrader4:

 

>>MT4 Brokers<<

 

Conclusion:

 

BTC Kingdom is a low credibility unregulated website, which currently is in the focus of an ongoing investigation by the FSMA in Belgium. So here we will repeat our general advise to deal only with brokers certified by respectable institutions such as the FCA in the UK, ASIC in Australia and CySEC in Cyprus. 

Latest news about BTC Kingdom
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Traders` reviews for BTC Kingdom

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Slippage

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Price feed

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Platform

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Deposit/Withdraw

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Summary

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Scam

Invested minimum 250 euros to test water, much like other investors initially displayed good return whilst phone calls and emails receiving from a person calling himself Zac Brown continually suggesting managed account with minimum investment 5000 euros, account went up to 381 euros, when bitcoin fell by 25% BTC Kingdom took opportunity to reduce account to 5 euros totally out of line with small trades and algorithms , If you have nothing better to do with your money give it to charity

Steve Williams 07/22/2019

BTC Kingdom scam

It looks like I have been scammed too, trying to get my money out, I can see below the name Dean Coleman who I have been told is my account manager. Dean please get in touch if they are using you name without you knowing. I was dealing with a man called Zac Brown. I suppose he doesn’t exist...

Adrian ladd 06/20/2019

BTC kingdom scammmm

BTCK is working under another name and which is UM Capital. I’m telling you this because i work for them. Be careful is they called you, they will steel your money

Dean Colman 06/06/2019

Con

Took my money and tried to get another 3k. Lost it on the first 2 days after trying to cancel my account with no joy.Could not withdraw my money!!

roy simpson 05/27/2019

BTC Kingdom is a SCAM

BTC Kingdom is a real SCAM, they steel people's money. Once you transfer your money to your "trading account" you'll never get them back. The withdraw is disabled every time you try. The money goes to an account in RUSSIA.

Michael Grey 04/12/2019
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