BTSave – Is This Broker... - ChainBits

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BTSave – Is This Broker... - ChainBits

BTSave – Is This Broker... - ChainBits

Posted: 25 Dec 2019 09:08 PM PST

Website URL: http://btsave.net/

Founded: 2019

Regulations: Unregulated

Languages: English

Deposit Methods: Credit/Debit Cards, Bank Transfers, BBVA, Jenga

Minimum Deposit: $250

Free Demo Account: No

Number of Assets: N/A

Types of Assets: Currency Pairs, CFDs on commodities, indices, stocks, precious metals, cryptocurrencies such as Bitcoin, Ripple, Ethereum, Dash, etc.

Trading Accounts and Conditions

BTSave is a Forex broker that is registered in Dominica and it uses an MT4 (MetaTrader 4) platform for its trading. All we can make out from the broker's site is that is has three different types of trading accounts, but the details about those accounts are missing.

The three types of accounts are: Basic (which has a minimum deposit of $1,000), the Silver (with a minimum required deposit of $3,000) and the Gold (with a minimum deposit requirement of $7,000). The Basic account has a fixed spread of 3 pips.

Added to that, trading conditions are vague and couched in general terms.

BTSave – Advantages

Despite the fact that there are so many red flags about this site, there are a few pros that can be highlighted. Here they are:

  • MT4 Trading Platform

This site uses the MT4 trading platform. The MetaTrader 4 platform is one of the most popular in the world of trading because of how easy it is to use for both beginners as well as pros. It also has tools to help with trading, such as automated trading bots, charting options, market analysis tools, and so on.

  • Range of CFDs

BTSave offers traders on its platform a wide range of CFDs as well as currency pairs. CFDs include precious metals, commodities, indices, stocks and the post popular cryptocurrencies such as BTC, ETH, XRP, DASH and so on.

BTSave – Disadvantages

Like we said, the disadvantages of using BTSave as a trading point are just too many to ignore. Here is the list:

  • Not Regulated

BTSave claims that it is owned as well as operated by a company called EZ2GO Ltd. This company has been registered in the Commonwealth of Dominica. Interestingly, this company seems to be related to multiple Forex trading brands, including ForTraders.

The reason why we believe that BTSave is not regulated is because while Dominica does have regulations for certain types of international banking related operations, the government does not have regulations in place for Forex trading.

And since BTSave is a Forex trader, it does not come under the oversight of the Dominican government. The website also does not mention any other licenses or regulatory bodies it is associated with.

What this means is that BTSave cannot operate in regulated markets such as Australia, the EU, the UK, the US or even Japan, to name a few. And if does try to target clients from regulated markets, it will be operating illegally.

$100
Minimum Deposit

The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.

$100
Minimum Deposit

76.4% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money

  • No Trading Conditions

There is no information on the trading conditions for this broker. Details that are critical to making trading decisions are unavailable – leverage levels, spread, deposit, transfer and withdrawal fees, and other terms and conditions of service.

If you want to know these details, the only way to do so is by registering a live trading account.

  • No Demo Account

BTSave does not allow you to test the waters before you invest your money on their platform. The only way you can use BTSave is by creating a live trading account.

This means that you go in blind – you do not know what the spreads are, you don't know anything on the levels of leverage, and so on. This is a tactic that is commonly employed by scam sites to lure customers into investing their hard-earned money into their platforms.

  • High Deposits

Unlike other brokers, BTSave has extremely high minimum deposit requirements. As we have listed earlier, to open just a Basic account, you need to put in $1,000 dollars. The industry norm for basic accounts is just $250 dollars, so this is four times that amount.

  • High Spreads

Not only are the deposits very high, but the spreads are also unreasonably high. Once we created a live account, we were able to access the MT4 trading platform. On doing so, we saw that the EURUSD pair (which is the industry benchmark) had a fixed spread of 3 pips, which is two times the industry average.

Such a high spread is focused on giving the broker benefits rather than the trader. You would end up losing a lot of money with this kind of a spread.

  • Withdrawal Methods and Fees

Thanks to the fact that there is very little clarity in the terms and conditions on this site, all we know about the withdrawal as well as deposit commissions is that there are fees attached to these transactions. However, beyond that there are no details.

This means that you have no idea about how much you will have to pay to BTSave to deposit or to withdraw money from your trading account.

Upon going through online user feedback, we have been able to surmise that you can withdraw a minimum of $50 dollars at a time, but you will have to pay a $30 withdrawal fee for the transaction.

Conclusion

At the end of the day, we would strongly recommend that you avoid trading on BTSave. This broker carries all the hallmarks of a scammer. It is not regulated, it has not clear corporate information, or, for that matter, terms and conditions.

Added to that, its minimum required deposit amounts are too high, as are its spreads. All of these indicate that the entire site is designed around ensuring that the broker benefits from your investments the most.

Your money is not safe with BTSave.

BTSave

BTSave

User Experience

2.8/10

Payment Options

3.0/10

Security

2.0/10

Support

2.8/10

Reputation

3.1/10

Pros

  • MT4 Trading Platform
  • Range of Trading Instruments on Offer

Cons

  • Not Regulated
  • No Clear Trading Terms and Conditions
  • No Demo Account
  • High Minimum Deposits
  • Withdrawal Methods and Fees

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