Betabanko Review – Is this a Scam?

Betabanko Review

The topmost priority of every trader is to find an authentic and dependable brokerage that can open the doors of the financial markets for them. These markets have become quite well-known for the lucrative money-making opportunities they have to offer and everyone wants to take advantage of as many of them as possible. You need a brokerage to do so because they provide you with all the tools and features that are essential ingredients for this recipe. The only problem is that there are scam companies operating in the space as well, as this Betabanko review will show you.

Therefore, this decision cannot be made without careful consideration and before doing thorough research. Even a slight miscalculation can have long-term consequences that most people want to avoid. No one wants to find that their money has been stolen, especially when their aim is to make as much profits as possible. You can prevent this from happening when you take the time to check a brokerage thoroughly before you decide to open an account with them. This is not a choice you should ever make in a hurry because it is exactly what scammers count on.

Furthermore, you should bear in mind that there will not be any obvious signs that you are dealing with a fraudulent platform because they create a good cover to keep their actual purpose hidden. You have to take the cover off and look beneath to learn the truth and once you make that effort, it can save you a lot of hassle and headache in the future. This strategy is also applicable in the case of Betabanko, which has presented itself as one of the most innovative and powerful forex brokerages in the world. They claim to be a market leader with a solid reputation and that they have experienced professionals for assisting their clients in investing in a regulated and safe environment.

Of course, this makes it sound like just the broker everyone wants and under normal circumstances, people would want to sign up with Betabanko right away. However, since we know that scammers are quite active in the market, you need to dig a little and it is a good thing that you decide to do so because it becomes obvious that this brokerage is not what it purports to be. What makes it a scam? Check out the signs below:

It has no license

When you do not want to be scammed, you should focus on finding a licensed and regulated brokerage. These are companies that are under the oversight of third-party regulatory bodies and have to comply with a strict set of rules and standards. They can also offer you protections that you cannot get from unregulated and unlicensed companies. So, it is a sure-fire way of avoiding a trap and finding a good brokerage. Unfortunately, Betabanko does not have a license to provide its services either.

The presentation on their website shows that Betabanko has its offices in London as well as Paris, which sounds quite impressive. But, it should be noted that in order to have offices in these locations, the brokerage would need to be licensed from the regulatory authorities of these jurisdictions. However, if you check the online register of the Financial Conduct Authority (FCA), which is the regulatory body for the UK, or the Autorité des Marchés Financiers (AMF), which is the regulatory body of France, you will not find the broker listed in either.

Essentially, this means that you are dealing with a virtually anonymous broker when it comes to Betabanko and you cannot believe anything they claim, including the addresses they have provided on their website.

It has a malicious bonus policy

One of the common tactics of scam brokerages is offering trading bonuses that come with strings attached. Genuine and authentic brokers do not do so anymore because these have been banned by regulatory bodies in most jurisdictions, such as the FCA. This is because the conditions associated with these bonuses were found to be exploitative and this is obvious when you check out Betabanko’s bonus policy.

You will find that Betabanko is offering a generous bonus to its clients; a $1,000 deposit will get you a $1,000 bonus. But, in order to be able to make a withdrawal, you first have to achieve a minimum trading volume requirement. The requirement is already set so high that it is nearly impossible for anyone to achieve, yet Betabanko still ensures that you cannot ever reach it. How? This is because their bonus policy can be changed at any time. Thus, if you do manage to come close to achieving their requirement, they will just change it so you cannot withdraw.

It does not have a good trading platform

The trading platform that a broker offers can make or break your experience, so you would obviously want a good and powerful one to get you going. The trading platform that Betabanko is offering does not meet that criteria because it is a basic web trading platform that does not have any such features and functionalities. It does not even come close to the tools that you can find on professional trading platforms, such as the MT4 and the MT5, which is what most legitimate and reliable brokerages will offer to you.

It has excessive leverage

Another problem that you will come across at Betabanko is the excessive amount of leverage it is offering. Yes, leverage is an important part of trading and gives you flexibility, but you should bear in mind that it also comes with a lot of risks. This is why regulatory bodies have imposed a cap on the amount of leverage that can be offered and this is applicable in numerous jurisdictions, including the UK, where Betabanko claims to have an office. Hence, it should not be offering such high levels of leverage at all.

Ending Thoughts

The fact that you are dealing with an unlicensed firm that is breaking the rules of the jurisdictions it claims to be based in shows that Betabanko is a scam brokerage to be avoided.