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Is BTSAVE a scam broker?
BTSave is an offshore forex broker brand name of EZ2GO LTD. It provides trading in major commodities, foreign exchange, stocks, several indices and also cryptocurrencies. The whereabouts of BTSave and EZ2GO LTD are completely missing from the website. The customer support number provided on the website is from the Netherlands. Let’s analyze what this broker has to offer and its genuineness.
About the BTSave:
BTSave’s offers are quite attractive and have an array of CFDs. It features seven trading account types namely Basic, Bronze, Silver, Gold, Platinum, Diamond, and Black. The minimum deposit for each account in the given order is $250, $1000, $3000, $7000, $15000, $25000, and $50000. These minimum deposits are comparatively high than market standards.
Customers of BTSave are provided with the industry leader MetaTrader4 platform. As we have mentioned several times in our previous reviews there are several benefits are associated with the MetaTrader like charts, different analyzing tools, etc. By checking traffic conditions of BTSave’s website we see that the traffic is majorly coming from Dominica. So we can say EZ2GO LTD is based in Dominica. Such firms that are doing financial business outside Dominica have to follow strict rules and regulations imposed by international bodies. No authority on earth says BTSave is registered with them. Hence, this broker is unregulated and unlicensed. Also, it is restricted to do any financial activities in regulated trading markets. Your funds are unprotected and are at high risk of loss.
As it is the practice of all the scam brokers the information on the trading environment is missing. Also, the lack of a free demo account makes it worse. On opening a real account we can see the values of leverage, spreads, trading cost, etc. The basic account is provided by BTSave offers 3 pips spread on EUR/USD pair and is quite unattractive. There is no information available about the payment and withdrawal method. Also, no bonuses are provided to the traders.
Is BTSave Scam or legit?
In conclusion, we can firmly say that BTSave is a scam broker on the evidence of unregulated and unlicensed nature. MetaTrader platform does not guarantee the safety and security of the trader’s funds. This scam broker has spun the web of lucrative offering so the traders can be caught in the trap of their Ponzi scheme. The opaque trading conditions are a nightmare for the traders. That being said the BTSave is a real scam broker.