This comprehensive BTrade review will explore how you can get your money back from BTrade.
You will also discover reasons why we do not recommend BTrade for trading.
What is BTrade?
BTrade has a huge client base and it’s positioned as a brokerage featuring appealing trading conditions and substantial leverage.
However, the platform operates offshore in Saint Vincent and the Grenadines (SVG) and does not have any license. Upon reviewing their website, it becomes apparent that they do not fall under the jurisdiction of any regulatory agency
This raises a significant concern, serving as a clear warning sign. This information should discourage potential investors from engaging with them.
In addition, the platform collaborates with websites promoting “Automated trading software,” thereby making them more suspicious. Such websites are often associated with fraudulent activities.
In essence, BTrade is an unregulated forex broker. This implies that customers are not protected, significantly increasing the risk of potential loss of funds without recourse to regulatory oversight.
How BTrade Works
Unregulated forex brokers work by calling their potential victims and trying to convince them to deposit an initial minimum deposit. They use different methods to achieve this goal.
These brokers often present enticing offers that may seem too good to be true, such as promising to double the initial deposit or guaranteeing easy daily earnings of $100. Do not be deceived by these claims, as they are signs of a scam.
Once the victim deposits, they are usually directed to a “retention agent” (a more sophisticated scammer). The goal of this agent is to extract more money from the victim.
Is BTrade.net Regulated?
WSYM Technologies LLC, the firm managing the brokerage, is registered in SVG, a widely recognized offshore jurisdiction that does not have Forex regulations. The local Financial Services Authority oversees only the banking sector, making SVG a known hub for fraudulent brokers.
Despite lacking a license, BTrade.net offers trading services, leading to the website being blacklisted by three European regulators. One of the warnings is the one issued by the Spanish CNMV against the platform on December 4, 2023.
Belgium’s FMSA and Italy’s CONSOB have also included the illegitimate website in their alert lists. As all three regulators operate within the European Economic Area (EEA), they uphold common European Securities and Markets Authority (ESMA) regulations. Compliance requires each broker to secure a MiFID passport from ESMA to operate legally across the EEA.
Rather than relying on unlicensed platforms, ensure you choose regulated providers operating under the supervision of reputable financial authorities such as the FCA (UK), CFTC & NFA (US), ASIC (Australia), IIROC (Canada), BaFin (Germany), JFSA (Japan), MAS (Singapore), and others.
BTrade’s Targets
As per the information available on godaddy.com/whois, the domain for the btrade.net website was registered on June 27, 2021. Since its creation, the fraudulent activities associated with this website have primarily targeted unsuspecting traders in specific countries, including Spain, Finland, and Canada.
These countries have stringent regulations and active laws aimed at preventing unauthorized individuals from engaging in scams and fraudulent activities within their respective financial markets. One key requirement is that all participants in the financial markets must acquire the necessary permits.
In a nutshell, the BTrade.net scheme has been scrutinized by three European regulatory bodies. Among them, the Spanish CNMV has issued a warning against the platform. The broker is in direct violation of European regulations by providing users with leverage exceeding the permitted limit for retail clients (i.e., 1:30).
How to Deposit and Withdraw Funds on BTrade
The website offers different payment options available for funding live trading accounts and withdrawing profits, including credit/debit cards (specifically MasterCard), wire transfers, and e-wallets.
The minimum deposit required by BTrade.net is 5,000 USD, which is comparatively higher than what legitimate brokers typically charge. Due to the provider’s questionable background, relying on BTrade.net’s customer service for withdrawal issues may not be advisable.
For those who made deposits using MasterCard or VISA credit/debit cards, it is possible to initiate a chargeback through the issuing bank within a 540-day timeframe to reverse the transaction.
Wire transfers can be recalled, but this method is effective only for transactions that are yet to be completed.
Key Things to Know About BTrade
As discussed earlier, BTrade.net is an offshore trading scheme with its main focus on users from Spain, Canada, and Finland. Regulatory bodies such as the Spanish CNMV, Italian CONSOB, and Belgian FSMA have blacklisted this platform.
We advise against engaging with this firm due to its lack of regulation. If you have experienced financial losses as a result of the BTrade.net scam, we encourage you to consider seeking our professional fund recovery solution for fund recovery.
Feel free to contact us via info@6dlab.com. Share the details of your case with us, and our team will be dedicated to guiding you through the fund recovery process, providing support at every stage.
How 6Dlab Can Help You Get Your Money Back from BTrade
6Dlab specializes in assisting individuals who have fallen victim to scams and financial fraud in recovering their lost funds. We work with experts who are knowledgeable in finance, law, and investigation to navigate the complexities associated with fraudulent activities.
Here’s we they can help you get your money back from BTrade:
Expertise in financial fraud
6Dlab has professionals who understand the intricacies of various types of scams, including online scams, investment fraud, and cryptocurrency fraud.
Our expertise allows us to assess the situation, identify the fraudulent activities, and develop strategies for fund recovery.
Investigation and tracing
We conduct thorough investigations to trace the flow of funds from the victim to the scammer. This involves analyzing financial transactions and other relevant data to identify the culprits and locate the funds.
Legal assistance
We also work with legal experts who are familiar with the laws and regulations surrounding financial fraud. They can advise victims on the best course of legal action, assist in filing complaints with relevant authorities, and pursue legal measures to recover funds.
Communication with authorities
6Dlab has established relationships with law enforcement agencies, financial institutions, and regulatory bodies.
We can liaise with these entities on your behalf to provide evidence, share information, and facilitate cooperation in the investigation and recovery process.
Negotiation with financial institutions
We can negotiate with banks and other financial institutions to freeze or recover funds. Our work is aimed at reversing unauthorized transactions, especially if you report the fraud promptly.
Conclusion
This BTrade review has comprehensively explored how professional fund recovery agencies like 6Dlab can help you get your money back from BTrade.
It is advisable to thoroughly assess all Forex companies and any other platforms before transacting with them. Should you have inquiries or require advice regarding the fund recovery process, reach out to us at info@6dlab.com.
