BXTMarkets Review – Seeing Through the False Promises

BXTMarkets Review

Who hasn’t heard of online scams? Unless you have been living under a rock for the past few decades, you know what the internet is and that online frauds are rampant. Hence, you need to take everything you come across online with a grain of salt because being too trusting can get you in trouble.

Of course, no one wants to be conned and yet brokerage frauds and scams continue to be just as rampant as they were in the beginning. Why? This is because these fraudsters and criminals have gotten very good at what they do and this BXTMarkets is an excellent example of their handiwork.

Anyone who decides to dip their toes in the online trading world should be aware that not all online brokers are up and up.

Portraying themselves as legitimate and professional brokers is one of the favorite tactics of scammers because it allows them to attract a huge number of potential victims. There is no shortage of stories of people who have been defrauded by these ‘brokers’ and you do not want to become yet another story.

But, how does it continue to happen when people are aware that these frauds exist? As mentioned earlier, these scammers have gotten better at what they do because they have access to great tools and software that can help them. These days, it is extremely easy to set up a professional website and this is exactly what they do.

Plus, they also know what bells and whistles to add that people will find hard to resist and they take great caution in avoiding the common signs of scams.

Therefore, most people don’t realize until it is too late that they have been trapped. The same is the came with BXTMarkets that promises everything a trader could ever want. They promise spreads starting from zero, ultra-fast order execution and leverage that goes as high as 1:500.

Their trading bonuses appear to be downright lucrative and their offer is very generous. Sounds too good to be true? This is because it really is. BXTMarkets is making false promises and you can see through them below.

Regulatory status

Checking the regulatory status of an online broker should be your first priority, regardless of how tempting their offer may be. None of it is going to matter if you are dealing with an unregulated brokerage because this will leave you unprotected and exposed to scams and fraud.

Unlicensed entities are usually behind such incidents, so it is best to steer clear of them. Licensed ones, on the other hand, can offer fair, transparent, competitive, secure and quality trading services.

The problem with BXTMarkets is that you will quickly discover that their website is virtually anonymous. There is absolutely no corporate background available, except the company name i.e. BM Pte Ltd.

They do not even share a corporate address, so you do not know where they are based and there is no phone number available either. All you will find is an obscure email address that does not add to their credibility at all.

As for regulation, when you go through the Frequently Asked Questions (FAQs) on the BXTMarkets website, you will find that the broker claims to be following the regulatory requirements of the European Union.

This is because it states that it is licensed by the Cyprus Securities and Exchange Commission (CySEC), along with the Monetary Authority of Singapore (MAS). Furthermore, it also claims to have a capital markets services license.

None of these details are true because when you check the online registers of these regulatory bodies for BXTMarkets and its parent company, you will not find any of them listed.

Trading platform

It is a must to know what trading platform you will be provided by a broker because you want a quality solution for your trading needs. Different platforms exist in the market and it is up to the broker to decide which one they wish to offer.

A look at BXTMarkets shows that it is promising some powerful trading terminals, but there is no mention of the name and no other details have been provided.

This is also shady because a professional and genuine broker would usually provide details about their offering. They usually offer the top trading platform in the market, such as the MT5, but you will not find this option available at BXTMarkets.

Trading conditions

As they will determine the profits you make at the end of the day, it is necessary to go through the trading conditions that an online broker offers. You want competitive ones that can help you make the most profits and BXTMarkets promises to deliver. While they do offer raw spreads starting from zero, you cannot confirm this.

It is highly unlikely that these spreads are available because the leverage that BXTMarkets offers makes it evident that it does not have your best interests at heart.

The ratio goes as high as 1:500, which is forbidden by the CySEC, the regulatory body that BTXMarkets has claimed to be licensed from. High leverage may give high profits, but can also result in hefty losses, due to which such ratios are not allowed.

Payment options

The deposit policies of an online broker can give an insight into the kind of brokerage you are dealing with. A look at BTXMarkets’ payment options is just another indication that you are dealing with a scam website. This is because they only support deposits in bitcoin, ethereum and litecoin, which are preferred by fraudsters.

This is due to the fact that crypto payments are final and also anonymous. You cannot file for a chargeback and get your money back after you have deposited with BTXmarkets because thy will take only crypto deposits.

Genuine platforms will usually offer several options to their clients, including credit cards and more that are eligible for chargeback.

Final Word

Once you see through the false promises that BTXMarkets makes, you can decide to skip this brokerage and look for a different one.