BTC Marketz Review: BTCMarketz Forex broker is another case of an unlicensed broker giving a slew of big promises and boasts. As usual, our review takes an in-depth look at the features the broker (btcmarketz.com) allegedly offers. The review covers aspects of its licensing, its account types, its leverages, its withdrawal and deposit methods. Read through our BTCMarkets review to see what we and other experts have to say about BTCMarketz.
Table of Contents
BTCMarketz Trading Platform
After registration, which didn’t take us that long, we found out that this broker doesn’t supports the MT4 trading platform instead uses a watered-down platform with leverages capped at 1:400.
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High leverages are a double-edged sword in the sense that a trader can make a huge profit if the trade falls in the right place, but that also means that the trader can also lose a huge sum if the reverse is the case. Regulatory bodies have put a cap on leverages for brokers. But unregulated brokers lack this Capped leverage. We do advise restraint if you ever come upon a broker with leverage exceeding 1:30, especially if you are new to the market.
BTCMarketz Account Types
In this portion of the review, we aim to explore the account types a broker might have. We check the account with its corresponding deposit and leverage. Doing this gives a clearer idea how a broker might work.
After checking, we discovered that this broker has five account types.
BTCMarketz Deposit and Withdrawal Methods
Deposit and withdrawals are the two most important transactions for us because the end goal of trading is making a profit. In this section, we look at these methods to make sure everything is okay with it.
Cryptocurriences, we do not advise you to send them any, as such transactions can be hard to reverse or refund.
Another thing to keep in mind is that there might also be withdrawal conditions concerning accounts that take advantage of the bonus promotion. Some fraudulent brokers stipulate that a trader must achieve a certain trading volume to be eligible for withdrawal. They do this to stop traders from making a withdrawal.
Is BTCMarketz Licensed?
Licensing is another important part because we can trust a regulated broker to some extent not to do anything fraudulent. We do this part of the review by first checking the name of the company attached to the broker. Then we run that name through various regulatory bodies to discover if it regulates said brokerage.
Aside from the fact that btcmarketz.com doesn’t give any licensing information, we cannot ignore the fact that this Broker resides in the Dominican republic. Dominican republic is a place that attracts shady brokers because of their lack of proper licensing laws and a regulatory body
To get a better understanding of how brokers(both licensed and unlicensed) work, read our review on GrandeFX Trading,Cache Coin, AximTrade, MskFinance.
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Minimum Trade Deposit $100
Maximum Leverage
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Minimum Trade Deposit $100
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Licensed in Australia(ASIC) and Cyprus(Cysec)
Accepts Traders Worldwide
Minimum Trade Deposit $100
Maximum Leverage
1:500
Conclusion
In fact checking this broker, we found that many of its claims were false or unverifiable. We can’t confirm their location, and also, there is a lack of transparency in depositing funds and even a foggier and non-explained process of withdrawing. We don’t advise you to invest with this broker, any attempts to do so we lead to loss of your funds.