Consider trading with UKBTC forex broker? Why UKBTC.com is a scam! Read UKBTC review to know about this forex broker.
This content promises to share helpful review to support clients/traders in making the right decision.
UKBTC FX also known as UKBTC.com is an offshore brokerage company with a lot of promises for forex traders. The broker claims official United Kingdom, trading market. Interestingly, the broker claims membership of National Futures Association (NFA). This, you will find out.
What is more, there are 4 different account packages offered by the platform namely, Ordinary, Elementary, Intermediate and Senior.
Additionally, the platform offers different instruments like forex, stocks, commodities, crypto, bonds and indices. Also, it presents a zero spread difference in Buy/Sell.
See section below
Deposit and Withdrawal
UKBTC Minimum Deposit:
UKBTC fx deposit is not clearly indicated as the broker made mention of its account type, but nothing useful could be extracted. The good thing about a licensed FX broker is that minimum deposit is made known to traders, and clients can start trading as low as $100 .
As for the payment methods, the brokerage shows us no payment options on the website. The thing about hidden deposit option is that, clients will be made to deposit via e-wallets.
Just so you know, offshore brokers are commonly known for accepting crypto currencies. For this purpose, payments made through this method are anonymous and can only be traced to a wallet address and not to a specific person. So beware!
UKBTC withdrawal leaves us with no specific information on withdrawal fee nor processing days on withdrawal request. The broker provides no clear description on trade requirements that must be met before a withdrawal.
UKBTC platform only offers app both on mobile and desktop with no mention of MT4 or MT5 (Industry standard trading platforms). Clicking on the link provided on its desktop version, we were redirected to a completely different website.
Why use advanced trader such as MT4/MT5? You are certain to have the best features of real-time quotes, financial news and various FX and stock charts, as well as algorithmic trading sessions with the help of specially designed trading bots, called Expert Advisors.
UKBTC leverage is not known. Truly, we say don’t consider doing that with an unregulated forex broker like this one because you stand the chance of losing your money.
Why UKBTC.com Is A Suspicious Forex Broker
First of, UKBTC.com has no financial authority overseeing its financial services. As far as we’re concerned, this is the one of the most ambiguous yet common remarks made by scammer entities, helping them become as vague as possible but yet retaining the illusion of being legit.
To start with, the local FCA,UK does not regulate this broker despite claim of official UK Trading Market, and there is no record of the brokerage on Financial Conduct Authority, UK database. See yourelf-
More so, the claim to be a member of NFA, renowned financial authority in the US. Thus, when we searched the registers of NFA just to find out that UKBTC is not a member.
In addition, the platform does not offer money back guarantee which means trading on such platform is clearly a risk as your money cannot be refunded.
These are drawbacks for forex traders to avoid losing money with this scam broker. It is always advisable you check for regulated and licensed broker on financial authorities websites before depositing fund for trading.
UKBTC Licensing and Regulation
It is not far from believing that this broker is not a licensed brokerage firm. It is not under any financial regulation which means wiring your money for trading is risky. Its unlicensed and unregulated activities are truly a red flag and must be avoided.
COMPARE WITH A TRUSTED BROKER
Fortrade is a UK-based broker with address at Michelin House, 81 Fulham Road London, SW3 6RD, United Kingdom. They are among the best brokers in the industry offering trades in numerous assets including stocks, commodities, currencies, indices, and cryptocurrencies. Fortrade is regulated and licensed by the FCA(Financial Conduct Authority) in the UK well as ASIC in Australia which makes client funds safe. They accept traders worldwide..visit their official website
UKBTC located at UKBTC.com claims to be a genuine trading broker, howbeit, that is not completely true. From indications, we would advise traders to steer clear from this broker as it likely a platform run by scammers. Therefore, we urge our readers to rely on regulated brokers like this or any licensed entity.
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Read earlier reviews on Fxglobe-china , Forextimeprime