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BTSave Review - is it scam or safe?

BTSave Review - is btsave.net scam or good forex broker?

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

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Trading Accounts and Conditions

 

Trading account

Min. deposit 

Max. leverage

Spread

Basic 

$1 000

N/A

3 pips, fixed

Silver 

$3 000

N/A

N/A

Gold 

$7 000

N/A

N/A

  

BTSave is a MT4 forex broker registered in Dominica. As you can probably guess by the gaps in the table above, there are a lot of uncertainties regarding their trading conditions. Yet, our main concern with BTSave is that it is not regulated.

 

Despite the bad signs that we see on this broker’s website, there are still a few supposed benefits that this broker is promising traders. We will start off with those.

 

 

BTSave Advantages

 

Access to the MT4

Clients of BTSave are offered access to the industry leading MetaTrader4 (MT4) platform. One of the key benefits of trading with MT4 is the great charting environment. It is further reiterated by the plethora of custom technical indicators and automated trading bots available via the MQL marketplace – a broker independent online store where people can test, buy, sell or lease newly developed tools.

 

 

>> Check out the best MT4 brokers <<

 

 

Various CFDs

There is also good selection of tradeable assets at BTSave, which is also an advantage for traders. The broker’s product portfolio includes many currency pairs, CFDs on indices, commodities, precious metals, stocks and some of the most popular cryptocurrencies – Bitcoin, Ethereum, Ripple, Dash, etc.  Yet, if you are keen on trading Bitcoin and other digital assets, it is best to choose among reliable and licensed brokers.

 

 

>> Our list of reliable brokers offering Bitcoin trading <<

 

 

BTSave Disadvantages

 

Not regulated

BTSave is allegedly owned and operated by EZ2GO Ltd., a company presumably based and registered in the Commonwealth of Dominica, which is related to another brokerage brand - ForTraders. Brokerages operating out of Dominica are bound by certain international banking regulations, however, forex businesses are not regulated at this time.

 

 

This means that the broker BTSave does not have a legit license to operate on regulated markets like the US, the European Union, Australia or Japan, so basically if it targets customers on those markets, they are doing this illegally.

 

Also, do have in mind that if you choose to invest in this broker, your interests are not protected and your money is not safe – unregulated brokers are pretty much free to business as they see fit.

 

Trading conditions not disclosed, no demo accounts

BTSave’ website lacks information on the most important details of its offer, such as the typical spreads, maximum leverage levels provided, transfer fees, and more. What is worse, the broker doesn’t offer free testing service. Such lack of clarity on trading costs and conditions, combined with the lack of legit license makes this financial services provider seem utterly unreliable. 

 

We had to open a live trading account (without depositing) in order to sneak peek into its platform, which leads us to the next point.  

 

High initial deposit and spreads

When we logged into BTSave’ MT4, we found the benchmark EUR/USD spread fixed at 3 pips, which is by no means an attractive pricing.

 

 

BTSave’ MT4 platform. Click on the image to view full size.

 

That being said variable spreads are generally lower than fixed ones. Feel free to check our spread comparison page,

 

 

>> Compare the real-time spreads of top brokers <<

 

 

 

On top of all the disadvantages listed above, BTSave requires and initial deposit $1000 for its most basic account type. This is a very high entry threshold. Most brokerages ask for $100 - $250 as a start.

 

 

Conclusion

 

While we listed a couple of potential benefits of BTSave, that was only for the sake of unbiasedness. The broker doesn’t hold a valid forex broker license, nor is transparent with its services and pricing, which makes it utterly unreliable.  

               

It’s best to deal with entities authorized to provide financial services by 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 <<

 

 

To sum up the strong and weak sides of BTSave:

 

Pros

Cons

Access to the MT4

No regulatory oversight

Huge selection of assets

Trading conditions not disclosed, no demo accounts

 

High spreads

 

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Traders` reviews for BTSave

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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