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BTS Markets Review - is it scam or safe?

BTS Markets Review - is btsmarkets.com scam or good forex broker?

RATING: 1.2 / 1 REVIEWS ForexBrokerz BTS Markets
BTS Markets 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  $100 1:100 N/A

  

BTS Markets is a MT5 forex broker that says to be based in New Zealand. Contrary to one might think, they have nothing to do with BitShares (BTS), nor offer trading in such.

 

As a matter of fact, the broker’s offer isn’t very clear, as the website doesn’t mention whether there are different account types, what are the spreads, etc. Yet, our main concern with BTS Markets is of different nature – they’re not regulated. Read on to get all the details.

 

 

BTS Markets Advantages

 

Trading on the MT5

As was mentioned above, this broker offers access to the forex market via the latest MetaQuotes’ platform, MetaTrader 5 (MT5), which we always view as an advantage. The MT5 has Intuitive trading interface, top-notch charting, supports automated trading via Expert Advisors, and on top of that allows trading in exchange-traded stocks. 

 

 

>> Check out the best MT5 brokers <<

 

 

BTS Markets Disadvantages

 

Unclear company situation. No legit license      

The broker says to be a trademark of BTS limited, a company allegedly registered in New Zealand.

 

 

However, on the Contact us page we find an address in London, UK. Furthermore, there is no contact number, nor any mention of license or regulation.

 

 

Yet, going through the respective registers of financial services providers licensed in the UK and New Zealand and we found no mention of BTS Markets. This straight out is a warning sign and inclines us to question the broker’s legitimacy.

 

With no regulatory oversight we can’t be certain about the company behind the operation and whether it will fulfill its obligation towards clients. So, clients of BTS Markets are open to all kind of risks, the most common of which is they might never get to withdraw any money.

 

No information on spreads, account types

Furthermore, the broker’s website lacks essential information on trading costs – there are no reference spreads revealed, nor transfer and commission fees. Such lack of transparency on a broker’s pricing always raises concerns.

 

Unrealistic demo spreads

So, e proceeded to open a demo account with BTS Markets. When we tested its MT5, we found the benchmark EUR/USD spread was as low as 0.0 – 0.1 pips on EUR/USD, and no commission fee applied.

 

Click on the image to view larger.

 

If trading costs are the same in live trading environment with real money involved, there is no way for the broker to be profitable. That is why, we assume that the lack of commission fees and the tight spreads on demo accounts are just a trick to attract new clients.




>> Check out the spreads of the top-tier forex brokers <<

 

 

No CFDs on stocks (on demo), platform provided by a third party

When we tested the broker’s MT5 in demo mode, we also noted that some popular instruments are not present in its product portfolio. More specifically, the broker offers trading in Forex, as well as CFDs on gold, silver, some indices and Bitcoin. Yet, CFDs on exchange-traded stocks, for which the MT5 is especially popular, are not available. This is not a major flaw, but we decided to mention it nonetheless.

 

We should also note that the broker’s MT5 is actually provided by a third party, Vow Group ltd. – a company associated with shady anonymous brokers VowFX and Vow Markets.

 

 

Conclusion

 

BTS Markets is an unregulated brokerage that seems to target mainly Chinese investors, given the main language of its website. Taking into account all the things we have listed above, this forex provider will probably rip you off, if you make the mistake of investing money.

 

That said, we suggest that you select a forex broker regulated by a reputable financial agency, such as the Australian Securities and Exchange Commission (ASIC), or the Financial Conduct Authority in the UK, for example.

 


 >> Trade with a broker regulated in Australia <<

 

 

Here are, once again, the highlights of our review of BTS Markets:

 

Pros

Cons

Access to the MT5

Unclear company situation. No legit license

 

No information on spreads, account types

 

Unrealistic demo spreads

 

MT5 provided by a third party, no stocks CFDs

 

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Traders` reviews for BTS Markets

Spread

Pros

Cons

 

 

Slippage

Pros

Cons

 

 

Requotes

Pros

Cons

 

 

Price feed

Pros

Cons

 

 

Platform

Pros

Cons

 

 

Deposit/Withdraw

Pros

Cons

 

 

Customer service

Pros

Cons

 

 

Summary

Pros

Cons

 

 

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