BTrade Review: Is BTrade Safe or a Scam?

btrade review

Learn more about BTrade and discover why we do not recommend the broker in this comprehensive BTrade review. Discover the red flags that you need to know.

Described as a straightforward brokerage with appealing trading terms and substantial leverage, claims it has a huge client base.

However, it’s important to note that the platform operates from an offshore location in Saint Vincent and the Grenadines (SVG) and does not have a valid trading license.

Our BTrade review explores this questionable offshore trading platform, which supports Forex and CFD trading. We will assess the legitimacy of the company and examine its legal standing.

BTrade Overview

what is btrade


WSYM Technologies LLC, the company managing the brokerage, is registered in SVG, known for being an offshore location without proper Forex regulations. Specifically, the local Financial Services Authority only oversees the banking sector, turning SVG into a hub for fraudulent brokers.

Although is not licensed, it offers trading services, which makes it to be included in the blacklist of three European regulators. The Spanish CNMV, in particular, issued a warning against the platform on December 4, 2023.

In addition, Belgium’s FMSA and Italy’s CONSOB also flagged the website as suspicious. Since all three regulators operate within the European Economic Area (EEA), they adhere to common European Securities and Markets Authority (ESMA) regulations.

For a broker to operate legally across the EEA, it must obtain a MiFID passport from ESMA.

To ensure the safety of your investments, it is recommended to choose regulated providers operating under the supervision of reputable financial authorities like the FCA (UK), CFTC & NFA (US), ASIC (Australia), IIROC (Canada), BaFin (Germany), JFSA (Japan), MAS (Singapore), and others.’s Targets

Based on information from, the website domain was registered on June 27, 2021. Since its creation, this fraudulent scheme has been specifically targeting unsuspecting traders, primarily in Spain, Finland, and Canada.

These countries have stringent regulations and laws in place to protect their local markets and prevent unauthorized individuals from scamming traders and investors. One crucial regulation requires every participant in the financial market to obtain the necessary permit.

The broker is in direct violation of European regulations by providing users with leverage higher than what is allowed for retail clients (1:30).

Minimum Deposit

BTrade’s account tiers have relatively high minimum deposit requirements, especially when compared to what is common in the industry.

The least expensive option, the Classic account, demands a significant minimum deposit of $5,000. This amount is notably higher than the standard entry-level accounts provided by many other brokers, where minimum deposits can be as low as $250.

Moreover, the higher account tiers necessitate even larger deposits: $25,000 for a Gold account, $100,000 for a Platinum account, and a substantial $250,000 for a Diamond account.

Payment Methods

The fact that BTrade exclusively accommodates Credit/Debit card transactions as its sole payment method implies a restriction in its financial services.

In today’s financial environment, especially in forex trading, it is essential to provide different payment options. This is important to meet the needs of a diverse global clientele with different preferences and requirements.

Customer Service

When dealing with scammers, it’s crucial to evaluate their customer service based on how they handle your concerns. Initially, scammers often maintain high accessibility. Their representatives will persistently reach out to you, portraying friendliness to establish trust and make you feel valued.

This friendly approach is a strategy to gain your confidence, knowing that building a rapport is essential to persuade you to invest a significant amount.

However, when you want to withdraw your invested money, their customer support suddenly becomes hard to reach. Their contact numbers may stop responding or become unavailable.

Despite initial accessibility, they might still be reachable to encourage additional investments and could offer excuses for delayed payments.

Unfortunately, as you encounter issues and attempt to resolve them, their customer support becomes increasingly unavailable. This pattern raises red flags about the legitimacy of their operations.

No MT5 Available

If a company is dishonest, it is a valid reason to steer clear of it. BTrade, for example, claims to offer the MT5 trading platform for financial market trading, which is renowned for its excellence in the industry and has won awards for providing a top-notch trading experience.

However, upon visiting the BTrade website, there is no apparent link to download the MT5 platform. Instead, you are directed to a subpar web-based platform that falls short of the MT5 standards.

This basic platform lacks essential tools and features, offering nothing remarkable.

High Spreads and Leverage

As you explore BTrade further, you’ll discover numerous reasons to steer clear of this broker altogether.

One notable concern is the unfavorable trading conditions that the platform provides. With spreads as wide as 3 pips, it falls significantly short of being advantageous for traders.

Competitive brokers, on the other hand, offer much tighter spreads, sometimes as low as 0.3 pips, making BTrade’s spreads appear excessively high.

Moreover, BTrade supports remarkably high leverage ratios on its platform. While some may view this as beneficial for increased trading flexibility, it’s crucial to recognize that leverage acts as a double-edged sword. While it can amplify profits, it can also magnify losses if a trade goes against you.

Consequently, regulatory authorities in various jurisdictions restrict brokers from offering excessively high leverage to protect traders from significant risks.

Withdrawal Requirements

BTrade doesn’t have any unusual conditions for withdrawing your funds. However, it’s important to be cautious of scams that might surprise you with hidden fees and tricks, making it difficult to get your money back.

The only clear information provided is about the inactive account fee, which is quite steep at 5% of the account balance each month.

BTrade Reviews

It’s important to be aware that some dishonest individuals often buy fake reviews. Obtaining these deceptive reviews has become quite effortless, creating a booming industry worth millions of dollars.

Scammers, such as Btrade, frequently resort to buying fake reviews to enhance their online reputation and appear more trustworthy.

TIME Magazine investigated the fake review industry and estimated its value to exceed $150 million. Many scammers aim to project legitimacy, and using fake reviews is a highly effective method for them.

Therefore, it is advisable not to trust BTrade reviews. Identifying fake reviews is relatively straightforward. Keep an eye out for 5-star ratings posted by temporary accounts, which are profiles that have only contributed 1 or 2 reviews on the platform.

In addition, scrutinize whether positive reviews provide specific details about the reviewer’s experience with the company.

In the case of BTrade, finding authentic reviews may be challenging. Scammers, like BTrade, further boost their credibility by drowning out negative reviews and complaints amid a sea of fake positive reviews.

This strategy makes it difficult for consumers to come across complaints when searching for “Btrade reviews,” as they might be overshadowed by numerous glowing reviews.

It is crucial to be vigilant for consumer complaints. Common issues with Btrade include poor customer support, payment delays, high fees, a lack of transparency regarding their leadership team, and aggressive sales tactics.

Warnings By Regulators

The Spanish regulatory body, Comisión Nacional del Mercado de Valores, has raised concerns about BTrade and issued a warning.

The main issue highlighted in the alert is the absence of proper regulation. This lack of oversight suggests that BTrade may be involved in fraudulent activities and could be operating illegally.

btrade cnmv warning

Source: CNMV

The situation for BTrade goes beyond just being unlicensed and unregulated; it has also been blacklisted by a regulatory authority. The Companies and Exchange Commission (CONSOB) in Italy has flagged BTrade for potential illegal operations within the country, thereby adding another layer of concern.

According to the warning from CONSOB, BTrade lacks the necessary license to operate in Italy. Despite this, it continues to offer its services to traders in the country, indicating that it is a scam and not a trustworthy entity.

Traders are advised to exercise caution and avoid engaging with BTrade due to these regulatory red flags.

Conclusion: Is BTrade Legit or a Scam?

BTrade operates without proper regulation, and although it may be overseen by a regulatory body, it lacks the necessary license to provide financial services to the public.

The absence of a license means that they are not held accountable by any regulatory authority. This lack of oversight poses a risk, as those managing BTrade could potentially disappear with your funds without warning. It is crucial to be cautious when engaging with an unregulated service provider.

Furthermore, the absence of regulatory supervision means that there is no avenue to report any issues or complaints. Without specific regulations in place, there is also no safeguard to protect you in case BTrade faces insolvency.

If the company goes bankrupt, you may find yourself unable to take any recourse. It is important to consider these factors before engaging with an unregulated entity like BTrade.

If you have any information about BTrade, its administrators, or its facilitators, please reach out to us.


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