BTCADA Review: Unraveling the Crypto Puzzle
Glancing at the BTCADA Global website will give you a feeling you’re dealing with the best broker out there. However, the sad truth is that reality is a bit different. This company is everything but not a legit and regulated broker.
Let’s start our BTCADA review and see everything.
|Regulated by:||Unlicensed brokerage|
|Owned by:||BTCADA Global Markets Limited|
|Types of Assets:||FX, commodities, stocks|
|Free Demo Account:||No|
|Accepts US clients:||No|
BTCADA Regulation and Security
According to the broker’s website, BTCADA is a brand of BTCADA Global Markets Limited based in the UK and Canada. However, once we’ve checked this information, we’ve discovered it’s fake.
In the UK, there is a company under the name BTCADA Global Limited. Still, the company is registered for IT and consulting services and has an entirely different address than the one provided on the broker’s website.
On the other hand, we got some FINTRAC regulation numbers from Canada, allegedly belonging to BTCADA broker. According to FINTRAC, this number belongs to REDSTONE MARKETS LIMITED, a company with no connections to the BTCADA scam.
All of this led us to conclude BTCADA is most likely an offshore scam. There’s a statement on the website that the funds are held in the bank regulated by CIMA, a regulator of the Cayman Islands. Precisely this may be the actual headquarters of a fraudulent broker.
Fund Withdrawal Issues
Since the broker provided us with a fake regulation and didn’t provide even the most basic trading conditions, such as minimum deposit, we were not surprised to read about withdrawal issues. According to BTCADA reviews, the company is helping clients invest, leading them towards high amounts. Since they faked FINTRAC regulation and a UK headquarters, these two countries are the primary target.
Once the deposit is made, the broker extorts more and more money until there’s nothing left. When it comes to withdrawals, clients that insist too much are being blocked from the platform and cannot reaccess their account.
If you experience something similar with the BTCADA broker, let us know.
As anticipated, traders do not have a good opinion about BTCADA. Upon checking some of the reviews, such as on Trustpilot, we’ve seen that the broker is not just refusing to give clients money back but giving lousy support. Since MT5 is the only available platform, it comes as a web trader and has many lags. And as you know, every slight lag on the financial market can cost you profit. Stop Loss and Take Profit do not function as per reviews, meaning if you do not monitor your account constantly, your money is in danger.
How Does Online Trading Scam Work?
Applying for a trading ad is just the first step before you fall into the trap. Once you deposit the money, the real struggle starts. At first, you’re assigned to a financial adviser that will do his best to befriend you and build trust. Once you expose your financial situation and potentially agree to invest more money, it will go on until you have nothing left. As explained, once the money is gone and you want a payout, your account will be suspended.
Beware of offshore fraud such as BTCADA.
Scammed by BTCADA?
If you were scammed by BTCADA or any other illicit operation, make sure to report it immediately. You can always file a dispute and request a chargeback.
But what is a chargeback?
It’s a way to refund your card in case you were scammed online. Contact our support via online chat and you will get all the details regarding the process. Let’s get your money back now!
What is BTCADA?
BTCADA is an online trading brokerage without a license, pretending to be UK-based.
Is BTCADA a scam?
BTCADA is a fraudulent broker pretending to have FINTRAC regulation.
Is BTCADA regulated?
BTCADA is not a regulated brokerage, despite false claims to be FINTRAC licensed.