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Btcoinpro Review - is it scam or safe?

Btcoinpro Review - is btcoinpro.com scam or good forex broker?

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

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Trading Accounts and Conditions

 

Trading account Min. deposit Max. leverage Spread
Standard  €350 1:5 1:5 ~$42 on BTC/USDT

 

Btcoinpro is an unregulated forex and CFD broker that focuses on cryptocurrency trading. It claims to offer three account types, but has not made clear whether and how the trading conditions on these account types differ. So, if you are thinking about trading with Btcoinpro , be sure to read this review first.

 

 

Btcoinpro Advantages

 

Diversified product portfolio, many coins available

We are supposed to start our review with some advantages about the broker. Honestly, this is a hard task with Btcoinpro. The only strong side of this broker we could think of is its rich product portfolio. Btcoinpro offers a trading in wide range of CFDs – on cryptocurrencies, precious metals, commodities, stocks and indices. The main asset class in its portfolio, is cryptocurrency, and includes Bitcoin, Ethereum, Ethereum Classic, Litecoin, Bitcoin Gold, Dash, EOS, IOTA, NEO, Qtum, Tron, Monero, Stellar Lumens, Zcash, Ada. Sadly, Btcoinpro does not offer any forex trades.

 

Anyway, some major forex brokers also offer solid choice of cryptocurrency CFDs.

 

 

>> Trade cryptocurrencies with a regulated forex broker <<

 

 

Btcoinpro Disadvantages

 

Not licensed

Btcoinpro is operated by Facilities International Group LTD, a Bulgarian company. Although the broker’s website features some Regulation Number, our check revealed that Btcoinpro is not regulated by the local Financial Supervision Commission, nor by any other authority. This is a very serious issue. Brokers operating without a legit license are basically free to do whatever they like with their clients’ accounts and money, and most of them are involved in some sort of investment scams.

 

By comparison, legit brokers with licenses from respected financial authorities, such as the Financial Conduct Authority (FCA) in the UK, the Australian Securities and Investments Commission (ASIC) or the Cyprus Securities and Exchange Commission (CySECq) have to abide by strict financial and ethical rules, which provides significant assurance for the security of clients’ funds. 

 

MetaTrader not supported

Like most cryptocurrency CFD brokers, Btcoinpro offers an overly simplified, web-based trading platform, which lacks many of the advanced features of the good old MetaTrader 4 (MT4). Here is a snapshot:

 

 

Click on the image to zoom in.

 

By comparison, the MT4 offers numerous features and options, with great charting and useful analysis tools. Besides, it is very popular for its auto trading bots, called Expert Advisors.

 


>> Prefer trading with a MT4 broker? <<

 

 

Spreads not specified, no demo accounts

As we mentioned in the beginning, Btcoinpro has not mentioned any reference spreads, nor offers free testing service. Lack of such key information such as the cost of trading in a broker’s website is always a worrisome sign. Most scammers would not share such information, because some inconsistencies and irregularities might show up and expose the whole set-up.

 

Relatively high initial deposit, withdrawal fees

While most reliable and well-regulated brokers usually ask for an initial deposit within the range of $100 - $250, Btcoinpro requires 350 EUR from clients to open the most basic account type.

 

Besides, this broker charges pretty salty withdrawal fees: 50 EUR or USD for wire transfers, 25 EUR or USD for credit cards plus a processing fee of 10.00 USD/7.00 EUR. Note that these charges exclude the transaction fee imposed; for instance, if a minimum of $250 is to be withdrawn by bank wire transfer, a transaction fee of $50 will be charged.

 

No forex trading

While Btcoinpro offers wide range of CFDs, its product portfolio does not include any forex pairs, even the most popular ones such as EUR/USD or EUR/BTC.

 

 

Conclusion

 

Btcoinpro is a Bulgarian cryptocurrency CFD broker with very limited credibility. It has not disclosed essential trading conditions, does not support any proven trading platform, and appears to charge hefty withdrawal fees, Yet, the main problem with Btcoinpro is the lack of legit license.

 

The forex and cryptocurrency markets are unfortunately plagued with con-artists, so the only way to trade safely is to only deal with entities holding licenses from reputable financial regulators like UK’s FCA, or Cyprus’ CySEC (in Europe). These regulatory agencies require compliance with a number of strict rules that give significant assurance for the security of the clients funds.

 

 

>> Trade with a CySEC regulated broker <<

 

 

Here are the highlights of our review on Btcoinpro:

 

Pros Cons
Diversified product portfolio, many coins available Not licensed
  MT4 not supported, no forex trades
  No info on spreads, no demo accounts
  Relatively high initial deposit, withdrawal fees

 

Latest news about Btcoinpro
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Traders` reviews for Btcoinpro

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Price feed

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Deposit/Withdraw

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