Betafinancemarket Review – What Makes this a Scam?

Betafinancemarket Review

When you want to make your foray into the financial markets, you will need the services of an online broker and there are thousands of firms that have set up their shops over the internet to cater to you and others. But, just because a company has a website does not mean they know what they are doing.

There have been a number of incidences where people signed up with a company, only to find out that it was just a scam. You do not want to make the same mistake, so you have to know what makes a broker a scam. This Betafinancemarket review is meant to help you do so.

It is easy to be misled by what you see because these criminals know every trick in the book that can convince people to open an account with them. Their claims and promises are quite impressive and those who are new to this world are eager to begin, so they are likely to consider signing up with them.

It can come as a shock to find out that it was nothing more than a sham because they look very realistic, just like legitimate brokerages would. This is the real secret of scammers; they know just how to lure people in and steal their money.

Unless you want to face the same situation, it is best for you to be on your guard and assess a brokerage carefully before you decide to use their services. Doing so can help you avoid shady and fraudulent brokerages that are trying to pocket you money because you will find one that can offer you the best trading experience.

You should be ready to assess Betamarketfinance when you first come across it. This is because the brokerage appears to be very lucrative and perfectly legitimate at first glance.

But, first impressions should not be used for making decisions because they can be deceiving in the online world. This also applies in the case of Betamarketfinance as you will find that it is certainly not what it seems. Assessing this broker will show you several signs that it is a scam and some of them are listed below:

No regulation

Opting for a regulated and licensed brokerage should be your priority because this can ensure that you are dealing with a professional company. A license is only issued to brokerages when they are able to fulfill certain requirements and follow some rules.

Such companies will be able to provide quality trading services to their clients because they are transparent and secure. Their activities are monitored by regulatory authorities, so their chances of being a scam are very low.

Therefore, the fact that Betamarketfinance is unregulated and unlicensed should be reason enough to make you reconsider your decision of opening an account with it.

The problem with this brokerage is that it is completely anonymous and trusting a company you know nothing about would be a big mistake. In fact, it seems that the brokerage itself is unsure of which company owns and operates it because it mentions two names; GRAND INVESTING LTD and Betafinancemarkets Ltd.

However, they have not given any other corporate background, or address provided. The only detail mentioned is that it is registered in the Marshall Islands.

The problem here is that this is an offshore territory that has become notorious for being a scam haven because the local authorities do not regulate the forex industry. Hence, the fact that Betamarketfinance is operating from there does not really offer it any credibility.

Lack of trading platform

When you are assessing a brokerage, you should definitely take a look at its trading platform because you have to use it for executing your trades in the market.

As you have to spend most of your time using the platform for trading purposes, you want a powerful and advanced one that can help you make the most of the opportunities in the market. The fact that Betamarketfinance is promising you access to the MetaTrader 4 platform is definitely worth noting.

After all, the MT4 is known as one of the top trading platforms in the market, as it is equipped with innovative tools and functionalities. But, when you register an account with Betamarketfinance and try to download the platform, you will not find it anywhere.

Instead, what the broker offers to you is a funny looking dashboard that is designed to resemble a platform. This is because it does not have a trading option at all.

The only option that the trading platform at Betamarketfinance offers is that of making a deposit, which makes the intentions of the brokerage quite evident.

High leverage

One of the key trading conditions that an online broker offers to traders is leverage. It provides flexibility during trading, due to which it plays an important role.

But, leverage can also be very dangerous and this is something that traders have to bear in mind. It is because of this risk that regulatory authorities have limited the amount of leverage that can be offered to retail traders.

However, when you check out the leverage ratios supported at Betamarketfinance, you will come to know that it offers levels as high as 1:1000, which are considered excessive. Legitimate companies will not put their clients at risk in this way.

Only crypto payments

Assessing the payment methods offered by a brokerage is also essential and you will be impressed with the list that Betamarketfinance boasts on its website. It claims to support payments via Skrill, Neteller, bank wire transfers, QIWI Wallet and We Money. But, when you actually try to make a deposit, you will not find any of these methods available.

The only payment method that Betamarketfinance supports is crypto coins, such as Bitcoin, Cardano, Ethereum, Stellar and Ripple. The problem is that crypto payments cannot be reversed and are also anonymous, which is exactly what scammers intend to do.

Conclusion

All of these signs make it apparent that Betamarketfinance is a scam brokerage and you should not fall for its tricks.