Thinking of getting into business with By Trend? Here is what you must know about this broker. Carefully read this review to find out if bytrend.com is the trading platform you will want to trade with.
Table of Contents
About By Trend Broker
By Trend is an offshore brokerage company with a lot of offers for traders. The location of this broker shows it is from Saint Vincent and Grenadine. It claims to be under the control of By Trend LLC, a Business Company.
Do You Know You Could Get Back Your Money If You Have Been Scammed? Great News! Click HERE to Get Started
By Trend presents different account types such as Mini, Midi and Maxi. See below.
In spite the trading instruments By Trend claims to offer, traders must know they are dealing with an unknown broker whose regulation claims are false.
bytrend.com: Reasons to Avoid This Broker
bytrend.com is a platform with no financial authority overseeing its financial services. Its regulation claims are not legit as none of the financial authorities recognize this broker.
Another red flag we noticed in bytrend.com is that there is no demo account for traders. If traders can’t test By Trend broker on a free account, how then can we know its viability in the forex market.
bytrend.com is a clear scam whose presentation of regulation cannot be proved. We know SVG financial authority is not known for regulating forex brokers. This is a big warning for traders to avoid losing money with this broker.
By Trend’s demand for phone number before opening a trading account is a flag. Legit brokers don’t make such demanding request that leaves forex traders in doubt.
Withdrawal and Deposit
Withdrawal process
Forex traders can make a withdrawal request which will be processed in 10 working days. By Trend reserved the right to extend a request to 90 days. See below.
This is just a way to reap you of your money and also frustrate the withdrawal process.
Minimum Deposit
By Trend minimum deposit varies based on the various account types. Even though this broker shows what amount to deposit, that doesn’t make it legit for traders. Any broker can likely do the same.
By Trend presents no payment methods for forex traders. You should not consider making any payment with this broker in the first place because it is a risk. So beware!
By Trend Platform
By Trend operates as a web trader. The refusal to use the industry standard like MT4 or MT5 leaves us in doubt that this broker is not trustworthy and reliable.
By Trend leverage is not mentioned. Even though there is no information on it, broker like this one is good at using a high leverage, so it is advisable you don’t consider doing that.
In spite the offers By Trend broker presents, we can’t find a free account for traders to test the platform before considering a deposit.
By Trend Licensing and Regulation
It is not far from believing that this broker is not a licensed brokerage firm. It is not under any financial regulation that means your money is at risk. Its licensed and regulation claims are false and must be avoided.
Trade with TOP RATED BROKERS Instead
Accounts
Free Trial
Projects
SSL
S
Licensed in UK(FCA), Dubai(DFSA), St Vincent and the Grenadines, Cyprus(Cysec) and Cayman Islands
Accepts Traders Worldwide
Minimum Trade Deposit $100
Maximum Leverage
1:500
TOP CHOICE BY TRADERS
Licensed in UK(FCA), Australia(ASIC), Belarus(NBRB) and Canada(IIROC)
Accepts Traders Worldwide
Minimum Trade Deposit $100
Maximum Leverage
1:300
BEGINNER FRIENDLY
Licensed in Australia(ASIC) and Cyprus(Cysec)
Accepts Traders Worldwide
Minimum Trade Deposit $100
Maximum Leverage
1:500
Conclusion: Is bytrend.com a Legit Broker?
No, bytrend.com is not a legit broker for traders and because of that, you are advised to stay away from this broker.
The scam is on the wall for forex traders to avoid crossing path with bytrend.com because its claimed license and lack of transparency are red flags.
Therefore, we do not recommend this broker for trading.
Kindly share your comment about this broker in the comment section.