Note: BT Markets official site - https://btmarkets.io/ is currently not functional. Therefore, we could only gather relevant information from the Internet to present a rough picture of this broker.
What is BT Markets？
BT Market is a Malaysia-based broker offering a diverse range of financial instruments, including Forex, Precious metals, Commodities, Index, CFDs, Crypto, Stock. However, concerns arise due to its suspicious CYSEC and LFSA clone status, along with a non-functional website, posing reliability and credibility issues, thus increasing investment risks.
In our upcoming article, we will present a comprehensive and well-structured evaluation of the broker's services and offerings. We encourage interested readers to delve further into the article for valuable insights. At the end of the article, we will provide a concise summary that highlights the distinct characteristics of the broker for a clear understanding.
Pros & Cons
Pros:
MT4 trading platform: Renowned for its advanced features, charting capabilities, and user-friendly interface, facilitating efficient trading.
Tight starting spreads: With floating spread structure, the broker offers tight starting spreads starting from 0.0 pips, which reduces costs for customers.
Tiered accounts: BT Markets caters to different experience levels with BT-ADVANCED, BT-ECN, BT-PRO and BT-STANDARD, offering a suitable option for beginners and advanced traders alike.
Cons:
Suspicious CYSEC and LFSA clone: Raises significant regulatory concerns, potentially indicating fraudulent activity.
Website unavailable: Limits access to essential information and services, hindering user experience and transparency.
Lack of transparency: Diminishes trust and confidence in the broker's operations and integrity.
Negative reports on WikiFX: Suggest potential issues with reliability and customer satisfaction, warranting caution for interested traders.
High minimum deposit: Minimum deposit from USD1350 is relatively higher than most brokers, hindering those with smaller initial capitals.
Is BT Markets Safe or Scam？
When considering the safety of a brokerage like BT Markets or any other platform, it's important to conduct thorough research and consider various factors.
Regulatory sight: The broker's CYSEC (Cyprus Securities and Exchange Commission) license, numbered 338/17, and LFSA (Labuan Financial Services Authority) license, numbered MB/20/0050, are viewed with suspicion, casting doubts on its regulatory adherence and commitment to customer protection. The situation is compounded by an inaccessible website. Thorough research is quite necessary when engaging with financial entities, particularly when encountering such cautionary indicators
User feedback: There's a report on WikiFX about withdrawal issues that should be considered a notable red flag for BT Markets, urging traders to be cautious and undertake researches before considering any engagement with the broker.
Security measures: So far we have not found any security measures over internet for this broker.
In the end, choosing whether or not to engage in trading with BT Markets is an individual decision. It is advised that you carefully balance the risks and returns before committing to any actual trading activities.
Market Instruments
BT Markets caters to a wide range of investors by offering a diverse selection of tradable instruments.
Forex: Dive into the world's most liquid market by trading major, minor, and even exotic currency pairs. Speculate on exchange rate movements influenced by global events, interest rates, and geopolitical situations.
Precious Metals: Gain exposure to traditional safe-haven assets like gold and silver, often sought after during market volatility. BT Markets allows you to trade these precious metals, offering a way to hedge against market downturns.
Commodities: Expand your portfolio with commodities like oil and natural gas, which play a crucial role in global industries and consumer goods. Capitalize on price fluctuations based on supply and demand dynamics.
Indices: Track the performance of entire stock markets or specific sectors by trading CFDs (Contracts for Difference) on popular indices. This allows you to participate in broad market movements without the need to buy individual stocks.
Cryptocurrencies: Embrace the digital asset revolution by trading CFDs on popular cryptocurrencies like Bitcoin and Ethereum. BT Markets provides a platform to participate in the dynamic world of crypto, potentially allowing you to capitalize on price movements based on market sentiment and technological advancements.
Stocks : BT Markets offers the ability to trade individual company stocks, allowing you to invest directly in their growth potential.
Account Types
BT Markets caters to traders with varying experience levels and account sizes by offering tiered accounts with different minimum deposit requirements.
BT-Standard: This entry-level option suits beginners with a 1,350 USD minimum deposit. It provides a basic setup for exploring the markets without a significant initial investment.
BT-Advanced: Offering a slightly higher minimum deposit of 1,550 USD, this account could be suitable for traders looking for more features or functionality compared to the standard option.
BT-ECN (Electronic Communication Network): This account type, typically appealing to more experienced traders but require a minimum deposit of 2,000 USD. ECN accounts often boast tighter spreads and greater transparency into order execution, but also involve higher commissions per trade.
BT-Pro: The most advanced option appears to be the BT-Pro account, with a 5,000 USD minimum deposit. This account type gears towards professional traders or those with substantial capital, offering premium features and benefits.
Since minimum deposits are relatively high for this broker comparing to most brokers, thus it is essential for you to be carefully considering your experience level, trading goals, and available capital before choosing the BT Markets account that best aligns with your needs. It's always wise to start with a lower deposit until you become comfortable with the platform and trading in general.
Leverage
BT Markets provides its clients with the opportunity to amplify their trading positions through leverage, offering ratios of up to 1:500. Leverage allows traders to control larger positions in the market with a smaller amount of capital, thereby potentially increasing both profits and losses. With leverage of 1:500, traders can control a position size 100 times greater than their initial investment.
While high leverage can enhance potential returns, it also escalates risk, as even small market movements can lead to significant gains or losses. Therefore, you should be cautious and employ risk management strategies when trading with leverage. It's crucial to understand the implications of leverage on your trading account and to only utilize leverage levels that align with your risk tolerance and trading objectives.
Trading Platofrm
BT Markets offers the industry-standard MetaTrader 4 (MT4) platform for conducting your trades. This widely recognized platform boasts a user-friendly interface, a vast array of technical indicators for market analysis, and the ability to automate trading strategies through Expert Advisors (EAs). Whether you're a seasoned trader or just starting out, MT4 provides a familiar and versatile platform to execute your trading strategies.
Spreads & Commissions
BT Markets offers varying spreads across their account tiers, but information on commissions is currently unavailable. The broker utilizes a floating spread system, meaning the spread can fluctuate based on market conditions.
BT-Standard: This beginner-friendly account comes with a wider spread from 2.0 pips.
BT-Advanced: Offers a slightly tighter spread from 1.5 pips, appealing to traders seeking improved efficiency.
BT-ECN & BT-Pro: Both the BT-ECN (Electronic Communication Network) and BT-Pro accounts boast the tightest spreads from 0.0 pips.
Commission Information Missing: While BT Markets clearly outlines their spread structure, details regarding commissions are currently unavailable. Commissions are fees charged per trade, on top of the spread. Knowing the commission structure is crucial for understanding the total cost of trading with BT Markets.
Before opening an account, it's vital to contact BT Markets and inquire about their commission structure for each account type. This information is essential for calculating your true trading costs and selecting the most suitable account for your needs.
Deposit & Withdrawal
BT Markets provides a convenient selection of deposit and withdrawal methods to cater to a global audience.
Traditional Payment Methods: For those comfortable with familiar options, BT Markets accepts credit/debit cards like Visa and Mastercard, alongside bank wire transfers.
E-wallets: If you prefer the speed and convenience of e-wallets, popular choices like Neteller, Skrill, and PayPal are supported.
China Specific: For users in China, BT Markets acknowledges the acceptance of China Union Pay, a widely used payment method in the region.
Cryptocurrency: Embracing the digital asset revolution, BT Markets allows deposits and withdrawals using Bitcoin.
You can choose the method that best suits your preferences and geographic location.
User Exposure on WikiFX
The presence of a report on WikiFX concerning withdrawal issues serves as a significant red flag. We strongly urge all traders to conduct thorough research and meticulously analyze available information before engaging in any trading activities.
Our platform is committed to serving as a comprehensive tool to assist traders in making informed decisions. If you've experienced financial fraud or encountered similar issues, we encourage you to share your experiences in our 'Exposure' section. Your contribution is invaluable, and rest assured, our dedicated team is steadfast in addressing challenges and continually seeks effective solutions for complex situations.
Customer Service
BT Markets' customer support options are limited to email and a physical address. This lack of live chat or phone support makes it challenging to get quick assistance if needed.
Address: 1-23A, 1st Floor, Paragon, Jalan Mustapha, 87000 Labuan F. T.
Email: support@btmarkets.io.
Conclusion
In summary, BT Markets, headquartered in Malaysia, provides online trading services spanning Forex, Precious metals, Commodities, Index, CFDs, Crypto, Stock. However, its suspicious CYSEC and LFSA clone status, coupled with persistent website accessibility issues, cast doubts on its operations. Additionally, there's a report about withdrawal issues reported on WikiFX exacerbating these concerns.
In light of these issues, we advise you to explore brokers that prioritize transparency, regulatory compliance, and exemplary customer service.
Frequently Asked Questions (FAQs)
Risk Warning
Online trading involves significant risk, and you may lose all of your invested capital. It is not suitable for all traders or investors. Please ensure that you understand the risks involved and note that the information provided in this review may be subject to change due to the constant updating of the company's services and policies.
In addition, the date on which this review was generated may also be an important factor to consider, as information may have changed since then. Therefore, readers are advised to always verify updated information directly with the company before making any decision or taking any action. Responsibility for the use of the information provided in this review rests solely with the reader.
2023-12-20 21:02
