Bitcoin Trade Pro Review – A Look at the Warning Signs

Bitcoin Trade Pro Review

Online brokers are the key that unlock the world of trading in the financial markets. All you have to do is run a search on Google and you will find a long list of these companies offering their services. But, like every other space, you have to remember that no two platforms are the same. Sure, they may have similar offerings and services, but their quality and features can be drastically different. Therefore, you have to do your due diligence to ensure you find the best fit for your needs. This Bitcoin Trade Pro review is meant to help you do so.

But, there is another reason for you to be diligent when it comes to online brokers. The internet is a hotbed for scams and they have also become very active in the trading space, considering the sums of money involved. There are countless brokerages that are actually frauds and scams and are only looking to exploit and con people. This means that you have to be extremely careful if you do not want to fall in any trap.

It should be noted that these scams do not come with any clear indicators of their true nature and you have to find the issues yourself to know what you are dealing with. If the online broker is a fraud, you will be able to find the warning signs, but in order to do so you have to be diligent. Yes, there will be warning signs because no matter how much they pretend to be, a fraudulent brokerage can never be the same as a legitimate one.

You just have to know what to look for and this can help you avoid disaster. The same approach should be taken in the case of Bitcoin Trade Pro and it will help you make the right decision. While its name indicates that it only operates in the crypto space, you will find that it is offering access to a number of markets, including indices, forex, metals, futures and equities. But, are there any warning signs? You can find out here.

False licensing and regulation claims

The biggest sign of a legitimate brokerage is that it is licensed and regulated. With more and more people becoming aware of this fact, scammers have been forced to up their game. After all, a lot of potential victims will not choose their platform once they learn that they are not licensed and regulated. Therefore, they pretend to have a license in order to fool people. This means that you need to verify the claims of a broker when it says that it has a license.

This applies to Bitcoin Trade Pro as well. First off, you will find that it claims to be based in the United Kingdom, which means it should have a license from the Financial Conduct Authority (FCA). This is the licensing body for the UK, but you will not find Bitcoin Trade Pro listed in the online register of the regulatory body. This means that it is clearly lying about its location, which is a warning sign.

When you dig in, you will find that Bitcoin Trade Pro claims to be licensed by other regulatory authorities. It says it is regulated by the Cyprus Securities and Exchange Commission (CySEC), the Financial Sector Conduct Authority (FSCA) in South Africa and the Vanuatu Financial Services Commission (VFSC).

The latter is an offshore regulator, so it is not exactly reputable, but the other two are certainly well-known and respected. But, when you check their online registers for Bitcoin Trade Pro, you will not find the broker listed.

The FSCA’s online register has a different company listed under the license number offered by Bitcoin Trade Pro and its license is also expired. This only proves that you are dealing with a shady company.

No trading software available

What is the primary feature that an online broker offers? It is their trading platform, which connects you to the financial markets and allows you to execute your trades. You want a capable and cutting edge trading platform that can offer you the best technology and tools for making optimal trades. This is what Bitcoin Trade Pro promises with its web-based trading platform.

However, this is where you will find another warning sign because as it turns out, Bitcoin Trade Pro does not have any trading software at all. What they offer is a chart that tracks market, but it does not give you an option to execute trades. This means that you will not be able to do any trading when you sign up with Bitcoin Trade Pro and it is not a genuine broker at all.

High minimum deposit

You will discover that Bitcoin Trade Pro is offering two account types to its clients when they want to sign up on its platform. The problem is that there are not much details provided by the broker in terms of the features to expect from the accounts and what makes them different.

But, one thing you do learn about Bitcoin Trade Pro is that it is asking for a minimum deposit of $500 for one of these accounts and this is a bit too high. Most brokerages are permitting their clients to open micro accounts for as low as $10 these days, which makes this quite high. Even if the standard amount is followed, it should not be more than $250 and this is twice that.

No chargeback possible

The fact that you can only make deposits in cryptocurrencies with Bitcoin Trade Pro should also be a warning sign because it means that you cannot file for a chargeback. This is only possible when you use credit cards like VISA and MasterCard, but shady brokers deliberately don’t support this method because they do not want to issue a refund. They favor crypto because these payments are final.

Conclusion

Put all of these warning signs together and it is evident that Bitcoin Trade Pro is just a well-designed scam that you need to avoid.