FXBTG Review – Deregistered In NZ After FMA Court Appeal
FXBTG is an illicit brokerage brand owned by the notorious FXBTG Financial Limited, originally registered in New Zealand in 2018. After a court appeal by the jurisdictional regulator – FMA, FXBTG has been deregistered.
In the meantime, quite a few financial authorities have blacklisted this broker dealer for operating in their jurisdictions without being properly licensed. What really went down and why things ended the way they did for this broker, is what our FXBTG review investigates.
|Regulated by:||Unregulated Broker|
|Is This Company Safe?||No, financial regulators have confirmed this broker is unsafe!|
|Have Warnings from:||AFM, CNMV, FINANSTILSYNET, CBI, SFC, FI, DFSA|
|Registered in:||New Zealand (former) SVG (present)|
|Trading Platforms:||MT4, FXBTG app|
|Deposit Bonus:||Yes, various kinds|
|Trading Assets:||Forex, Crypto and CFDs on Indices, Futures, Metals, Commodities|
|Free Demo Account:||Available|
|How to Withdraw from This Company?||For safe withdrawals, we advise you to get legal help that our recovery experts can provide!|
Operating Illegally Since Day One
FXBTG Financial Limited was first registered in New Zealand. After a careful investigation, conducted by FMA, it was determined that the entire company was one man operating their computer somewhere in NZ.
FXBTG was not providing financial services in the country, but were targeting other areas and traders, especially in South-East Asia, while misusing the NZ registration as a reputation boost.
Soon after the deregistration from the FSPR (NZ) database, several financial authorities have posted warnings on this firm operating without a license in their jurisdictions. This includes DFSA, FI, SFC, CBI, FINANSTILSYNET, CNMV and AFM.
Today, this broker operates out of SVG, and is only registered with SVGFSA, but is still unlicensed, considering that this regulator doesn’t supervise the brokerage activities.
In conclusion, FXBTG is a dangerous entity targeting traders all across the world. The company doesn’t provide segregated bank accounts, negative balance protection or compensation funds. You are in no way protected when investing here!
Targeted Areas and Strategies Employed
FXBTG has stayed in the business over the course of 5 years because they do efficient advertising via social networks. The firm also engages a number of phone call spammers that sell these glorified services that do not perform so well in practice.
However, that matters less. What is primarily the goal of all boiler room agents is to get your interest sparked and then you’ll just make one deposit after another.
Beware of all their plans and propositions that sound too good. Less than one in a million investors get so lucky. And you certainly won’t with a fraudulent brokerage that only aims to pocket all your capital.
We’d like to warn investors from these countries to be particularly vigilant of the threat that FXBTG imposes:
- United States
What Traders Think of FXBTG
If you’d like to get insight into what consumers and users think of a specific company, we always recommend going to their Trustpilot page, as we did for FXBTG.
Judging from the overall rating of 2.5 out of 5, it doesn’t seem like anyone is pleased by the FXBTG quality of service. Please read some of the most detailed testimonies posted by their ex customers and consider advising us if you have funds stuck with these scoundrels:
“Beware of the so-called free $3000 bonus campaign..! It ‘s all fake. Belive me as I was refused to get the commissions for lot placements that were required. The y changed their terms and conditions of the bonus without notice to their own policy and discretion when I tried to claim for the commissions I deserved for completing the lots requirements. FAKE $3000 campaign,,,! You will never be able to get the commissions…”
Trading Conditions and Suspicious Pricing
Opening a FXBTG account is relatively cheap – it takes only a deposit of $100 to complete registration of the cheapest live account type. However, nothing this broker sells is anyhow lucrative. Firstly, the trading conditions here are extremely risky, and the trading parameters scream scam.
The maximum achievable leverage is 1:400, which easily has your trades end in loss. What’s more attractive are the fake spreads that start from 0.0 pips on EUR/USD. This is complete disinformation, considering that the fees page shows the starting EUR/USD spreads are set at insane 9 pips!
FXBTG offers a variety of bonuses. The plan behind them is to attract victims and then use malicious bonus clauses to prevent investors from withdrawing. In that sense, the broker offers:
- Deposit Bonus of 50%
- Starter Bonus of $50
- $100 Bonus on your birthday
- Cash rewards on number of lots traded
Defunct Trading Tools
At first, the FXBTG offer seems great and beyond profitable. The trading platform offered is MT4 and there’s a number of tradable asset groups and accounts to choose from.
However, the truth is far uglier. MT4 is downloaded directly from MetaQuotes site, which means the broker doesn’t have their own trading server. Another option is their proprietary app in Chinese only. Furthermore, all accounts apart from the starter package are insanely expensive and completely not worth it! RealFXPro is another SVG broker with trading features useful to no one.
MT4 and FXBTG App
Providing MT4 is always a plus for the broker dealer. The downside in this case is that you can only download this software from the developers own store. FXBTG itself doesn’t have their proprietary trading server up and running.
There’s also a possibility to download the FXBTG app, which is in Chinese only, so English-speaking users can find zero use in it.
Financial Instruments Provided
When the platform fails to deliver, the rest of the services and features cease to matter. FXBTG still claims to offer over 10,000 products for trading. They’re divided into the following groups:
- Forex (EUR/USD, EUR/GBP, USD/AUD, USD/JPY)
- CFDs on Metals (Silver, Gold, Platinum)
- CFDs on Futures (Crude Oil Futures, Natural Gas Futures)
- CFDs on Indices (AUS200, EU50, FRA40, GER30, HK50)
- CFDs on Commodities (Cocoa, Coffee, Cotton, Sugar)
- Crypto (BTC, ETH, LTC, XRP)
Several Account Types
The promising FXBTG packages demand quite the price to be paid in order to buy and then use them. Besides the initial deposit requirement, which is the account price, the minimum deposits every time you want to refill your balance also have a minimum sum.
The worst part is that none of these accounts doesn’t provide any magnificent features. Even the advertised ones are questionable, considering a fake broker is vouching for them.
These are the prices:
- Mini Account – $100
- STD Account – $2,000
- VIP Account – $5,000
- PRO Account – $20,000
- Trader Account – $5,000
Seeing that trial trading was an option, we decided to try and open a Demo account. However, FXBTG for some reason demands that you go through KYC procedure and also share your payment info. This is a condition to account opening even if you choose to trade on Demo! There’s no reason for you to share your sensitive information with an unscrupulous website with a reputation as bad as FXBTG has.
Dealing with fraudulent brokers is always risky and never recommended. The biggest issue all FXBTG victims have faced are the payout obstacles. As it appears, FXBTG is prone to asking for withdrawal fees to be paid up front while giving no guarantee that they’ll allow withdrawals at some point.
Also, the horrible bonus clauses that not many rookies pay attention to can also do significant damage to your ability to cash out profits. Beware of companies that promise a lot – they give nothing in actuality. Just like Roldex Pro, FXBTG uses lies and deception to acquire profit.
Attempting Contact is Futile
FXBTG at first seems open to customer complaints and very dedicated to respond to all the potential inquiries. That is, only in the advertisements. While attempting to contact the customer’s support, emails remain ignored and phone calls unanswered. Besides these useless communication channels, the online chat support is only in Chinese and it’s not an agent you’re connected to, but an automated chat bot.
Contact Us For Help
Finding yourself trying to get your deposit back from FXBTG is not a pleasant situation. However, there’s a way to fight these notorious criminals. Besides contacting the authorities to take legal action and prosecute them, you can also contact our legal support team to help you restore your investment.
The best way to get in touch quickly is by using our Online Chat feature. And do not forget – your first consultation is completely free of charge!
What is FXBTG?
FXBTG is a fraudulent broker from SVG that was previously registered in New Zealand.
Is FXBTG Legit or Scam?
This broker is a complete scam, as it was confirmed by multiple financial authorities all over the world. Please contact us for help if you have troubles withdrawing funds from this site.
Where Is FXBTG Located?
The company is now located in Saint Vincent and the Grenadines, but was originally registered in New Zealand until FMA asked for them to be deregistered because of the abuse of their registration.