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Btcglobefx Review - is it scam or safe?

Btcglobefx review - Is btcglobefx.com scam or good forex broker?

RATING: 1 / 1 REVIEWS ForexBrokerz Btcglobefx
Btcglobefx is an offshore broker. Your money is not safe.

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Btcglobefx is a St. Vincent and the Grenadines based forex and CFD broker offering four account types on the MetaTarder4 platform and leverage of up to 1:200. Unfortunately, recently Btcglobefx has been blacklisted by the Italian Commissione Nazionale per le Società e la Borsa (CONSOB), so if you are considering opening an account with them be sure to read this review first.

 

Account type Min. deposit Max. leverage Spreads
Standard Account $250 1:200 1,6 pips
Classic Account $2500 1:200 n/a
Gold Account $20 000 1:200 n/a
Premium Account $50 000 1:200 n/a

 

Btcglobefx Advantages:

 

68 currency pairs and major crypto CFDs

 

The list of exotic currencies available on Btcglobefx trading platform is impressive - Philippine Peso, Hong Kong Dollar, South African Rand, Turkish Lira, Singapore Dollar, Swedish Krona, Russian Ruble, Polish Zloty, Norwegian Krone, Mexican Peso, Hungarian Forint, Danish Krone and Czech Krona. And there we also found CFDs on spot metals like gold, silver, platinum and palladium, various commodities, indices, stocks, oil, natural gas, and some major crypto coins like Ethereum, Litecoin, Monero, Ripple, Zcahs, Dash, IOTA, Stellar and Bitcoin.

 

But if you are really interested in trading crypto coins, here you may check our list of brokers, also trading with bitcoin CFDs:

 

>>Bitcoin Forex Brokers<<

 

Leverage as high as 1:200

 

Let us start with the fact that professional traders rarely use leverage exceeding 1:100, so basically leverage as high as 1:200 will definitely fit even the most aggressive trading style. Have in mind, however, that as higher leverage significantly increases the trading risk, it has been restricted on many markets, including Europe.

 

Actually Australia remains the last major regulatory hub, where higher leverage is still freely available for retail traders and if you are interested, here you may check our list of brokers, regulated in Australia:

 

>>Brokers regulated in Australia<<

 

You can start trading with 250 USD

 

250 USD is the usual minimum investment required by most brokers and Btcglobefx does not make an exception – they  require  a minimum deposit of 250 USD. Still have in mind that with some big brokers like FBS and IG you can start trading with just 5 USD or so. 

 

MetaTrader4 available

 

Btcglobefx offers MetaTrader4 through a partner company -  West Media Group, which is not a usual practice. Still, we should count the availability of the platform as a positive thing. MT4 is without doubt the most popular trading solution on the market. It features numerous customizable market indicators, advanced charting tools, user friendly interface and the option to run automated trading sessions with the help of the so called Expert Advisor bots, which are also modifiable on the MQL4 scripting language. Besides, here you may also check our list of brokers, offering the MetaTrader4:

 

 >>MT4 Brokers<<

 

You can pay with bitcoins and Neteller

 

You can deposit your funds with Btcglobefx in a variety of ways, including bank cards like VISA and MasterCard, bank wire, bitcoins and e-wallets including Neteller and AstroPay. And yet, in their list of payment methods we do not see Skrill and that is worth noting, because recently Skrill adopted a new anti - scam policy, according which all brokers targeting customers in Europe and using Skrill are required to prove they hold a legit license. Unfortunately Btcglobefx does not have a legit license to provide financial services in Europe.

 

Btcglobefx Disadvantages:

 

Blacklisted by CONSOB

 

That is really a big one. As we noted there is a fresh warning by the Commissione Nazionale per le Società e la Borsa (CONSOB) against Btcglobefx, because they have been targeting customers in Italy and the EU without proper authorization. Along USA, Japan and Australia, EU is one of the most thoroughly regulated forex markets, where all brokers are obliged to hold legit licenses by an official European regulator such as the Financial Conduct Authority in the UK or the Cyprus Securities and Exchange Commission (CySEC).

 

Besides, Btcglobefx is owned and operated by Game Capital Ads Limited. - a  St. Vincent and the Grenadines registered company that actually runs several other, also unregulated brokers, including SmartProFX, FirstFXClub, 360SmartFX, CryptoClubFX and  GameBtcFx, all of which are blacklisted by  CONSOB.

 

Have in mind that the safety of your investment is guaranteed only with properly regulated brokers, precisely because of the strict oversight they are subjected to.

 

Besides, with all EU brokers, like the ones regulated by the CySEC for example, your funds will be insured for at least 20 000 EUR, while with FCA brokers the insurance goes up to 50 000 GBP. Here you may also check our list of FCA regulated brokers:

 

>>FCA Regulated Forex Brokers<<

 

No standard demo account available

 

As we tested the Btcglobefx with a demo account the benchmark EURUSD spread floated around 0,1 pips – 0,2 pips, which is almost too good to be true. On the other hand spreads as advertised on their web site start at 1,6 pips – obviously the demo account does not mirror Btcglobefx Standard Account.

 

And besides, as we already noted MetaTrader4 is offered by another company - West Media Group and that is also unusual. 

 

In any case here you may also want to check our list of brokers, offering tighter spreads:

 

>> Lowest spread forex brokers<<

 

Trading bonuses with unusual withdraw conditions

 

Offering trading bonuses has always been a controversial practice, because such bonuses are always linked to some minimum trade volume requirement, restricting your right to withdraw. 

 

With Btcglobefx, if you accept a trading bonus you will not be allowed to request a withdraw until you trade at least 3,3 lots for every 10 USD bonus you have received. As 1 standard lot is 100 000 USD, if you accept a 300 USD bonus you will have to trade at least 10 000 000 USD before you will be able to withdraw. Needless to say, this is may prove challenging even for professional traders.

 

  

Have in mind as well that trading bonuses are prohibited in Europe and on other regulated markets.

 

Conclusion:

 

Btcglobefx is yet another unregulated, low credibility, offshore broker, that has been blacklisted by  CONSOB, because of its clandestine activities on the European market. As we noted in the lines above, you can feel safe about your investment on the forex market only if you trade with brokers, regulated by reliable financial watchdogs such as FCA in the UK, CySEC in Cyprus or let say the Australian Securities and Investments Commission (ASIC).

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Traders` reviews for Btcglobefx

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