Polarbtc Review: Another Offshore Scam Broker
Polarbtc broker is just another shady crypto broker pretending to be legitimate. They operate since 2022 from the UK allegedly. However, no ownership information is disclosed on the broker’s website. Even though they provide different instrument classes they mainly focus on crypto trading. Important to realize is that CFD crypto trading is banned from the 6th of January 2021 in the UK.
All flaws and irregularities about this broker you can find in this detailed Polarbtc review. Read carefully!
|Unlicensed Scam Brokerage
|Blacklisted as a Scam by:
|Yes – BTC, BNB, XRM
|Types of Assets:
|Forex, Indices, Shares, Cryptocurrencies
|Free Demo Account:
|Accepts US clients:
Is Polarbtc a Scam Broker Without License?
As mentioned, FCA banned all CFD crypto trading in early 2021. Therefore, this broker can’t have regulation by any other authority in the UK. However, they claim to be licensed but not regulated by Crypto Conduct Authority. Yet, once you check the register of the UK companies, at the given address you can’t find CCA.
Not to mention that they are not regulated by any Tier 1 regulator. Such regulators are FCA, BaFin, and ASIC. But their register brings us no results upon the research of Polarbtc trading company.
Non-existent ownership information. They don’t provide a trusted trading platform. Moreover, Polarbtc reviews are concerning. Not to mention that they are not regulated at all.
Broker About Waiting For License
Another key point is the statement from the broker regarding the regulation process. That’s often used tactic by shady brokers to avoid saying that they are not regulated. The requirements for getting a license are quite clear. Therefore, there is no need to wait for so long to get it. Of course, if you comply with all requirements.
Must be remembered that crypto� CFD trading is banned in the UK. Therefore, you might wait forever until this broker gets regulation. Until then, they will extort as much as they can and possibly disappear.
What Traders Are Saying About Polarbtc
Even though Trustpilot they have an average rating of 4.0, we wouldn’t trust it much. Out of 58 reviews, almost 15% are 1-star rated. Traders were experiencing issues during withdrawal procedures. Not to mention that some traders experienced losses even through third-party crypto wallets.
Differentiating Polarbtc Platforms – A Software Comparison
If you look at any Polarbtc review, you realize that they offer only a web-based platform. But registering an account with Polarbtc is quite a mystery. The broker requires additional verification, therefore we backed out. The most probable reason is that traders can’t find all flaws that this broker has. No licensed broker requires from you verification steps before you make a deposit.
Not to mention that brokers often manipulate market information on web-based platforms. Not only market data, but also trading balance. Which makes traders believe in success. Or on the contrary, loses. Where in the end they just sent money directly to this scammer’s pockets.
Polarbtc’s Trading Assets and Instruments
As mentioned, they offer CFD trading services. Assets available with this broker are divided into 4 groups. Those are:
- Forex – EUR/GBP, AUD/NZD, USD/JPY� � � �
- Indices – BE 20, AU 200, UK 100
- Shares – Amazon, Tesla, IBM
- Cryptocurrencies – LTC, XRM, ADA
One of the most important classes is missing. Those are commodities and most fundamentally trader assets.
Polarbtc Countries Of Service
What we can find in Polarbtc reviews are countries where they operate. They are mainly scamming traders from:
- United Kingdom
Wherever traders come from, they should check their domestic jurisdictions first. This way they can make an informed decision and not jump right into a scam.
What Are The Different Polarbtc Account Types?
One of the most bizarre things about this broker is its account types. Shamelessly high requirements with minimum protection and security are not even funny. Not to mention that the only benefit of a higher deposit is regarding the education that you get. Those accounts are:
- Bronze – $10.000
- Silver – $25.000
- Gold – $50.000
- Platinum – $100.000
- Diamond – $250.000
- Premium – $500.000
- VIP – $1.000.000
Can a Trader Use a Demo Account?
If you don’t make this insanely high deposit, you can’t get access to the trading platform. This broker doesn’t provide a demo account version. Therefore, we would run away from this broker as quickly as possible. Important to realize is that most Top Tier licensed brokers offer micro accounts starting at $10.
Terms and Conditions for Polarbtc – What You Should Know
Another key point is funding methods. This broker doesn’t reveal any of this key information. Therefore, you can just wonder. But most likely they only accept crypto transfers, because those are hardly traceable. Indeed in some Polarbtc reviews, we can see complaints from traders regarding withdrawals. Where they were scammed through a third-party crypto wallet.
All T&Cs presented by this broker are fictive because no regulation has control over it.
Leverage, Spreads, and Fees
Nowhere on the website traders can find information about trading conditions. But through the FAQ section, we dug out information about leverage that goes up to 1:100. If we are going to trust it. However, all spreads and fees remain a mystery with this broker. You better start looking for another broker. Before you get ripped off here.
Scammed by a Polarbtc Broker? – We Want To Hear Your Story.
It’s not embarrassing to share your story. It can happen to anyone. It’s important to prevent other traders from getting the same experience. Let us know about yours! In the end, our fund recovery team can assist you with a chargeback process. Get your free consultation now!
What Is the Chargeback Procedure?
This is a process of transaction reversal. Often done by the cardholder, but a merchant can start it as well. The idea is to cancel a transaction that is not genuine. However, crypto transactions are hardly traceable, but our team has access to CipherTrace software to trace even those. After that, you can file again for a chargeback process. Don’t waste time and get in touch today!
What Is Polarbtc?
It’s just another shady broker providing trading services from the UK allegedly.
Is Polarbtc a Scam Broker?
There are no regulations to confirm their legitimacy. In addition to that, many negative reviews confirm that this is nothing but a scam!
Is Polarbtc Available in the United States or the UK?
Polarbtc broker claims to offer services to UK clients but not US. However, UK’s FCA has banned those services in 2021.
Does Polarbtc Offer a Demo Account?
No. They only offer shamelessly high requirements for live trading accounts.