In the first place, the company doesn’t share any ownership information. Knowing this, you know there is something hidden behind it. Most likely the real address of the company.
But all that would be nice and shiny if the broker is regulated. Thus, what facts don’t add up, you can find in this detailed BTCNation Review.
Scam brokers pretend to look legit in multiple ways. They are primarily selling you quick-money dreams. Whether through the marketing campaign, boiler rooms or Telegram. Once they got your contact details, your nightmare starts. They will do anything to persuade you into depositing money. But once you deposit they give you many more reasons to deposit more and more.
They are even eager to use remote control apps like AnyDesk and TeamViewer. In fact, that’s how people’s money gets stolen. Avoid providing your personal details to unknown companies. But if you already did, contact our specialized team as soon as possible!
Since 2022 when the company started, they were operating mainly in Europe. Luckily, less than a year into business, they are exposed as a scam. Mostly targeted countries for their scamming activities are:
If you are coming from this or any other country with a bad experience, feel free to share your story with us. Our team might have a solution for you.
Instead of reliable MT4/MT5 or cTrader, you can only use the company’s web-based platform. Thus, the company doesn’t offer any advanced trading features. Neither copy and social trading nor EA features.
Another key fact is missing mobile apps. In general, traders prefer to trade on the go with trusted apps. However, your account with BTCNation can only be accessed through the browser.
Generally speaking, having multiple investment options is a positive thing. This way you can diversify your portfolio. However, if the data about the assets is manipulated you are in a big problem. Yet, that’s exactly what happens with non-licensed brokers with shady software. Anyway, you can trade with:
With BTCNation broker you can choose between 4 live account types. Important to realize is that the broker forces you practically to deposit more money. Firstly with instruments available for certain accounts. Secondly with expensive trading conditions. Anyway, the options are:
Unfortunately, no. The company doesn’t offer transparent insight into its platform and its features. This just adds more suspicion to their activities.
The first issue with BTCNation broker is their leverage. It goes up to 1:500 while IIROC allows a maximum of 1:50. Starting spread that the broker advertises goes from 0.4 pips to 2.5 pips. Yet, it can be much higher. Thus, the broker claims that they don’t have commission and withdrawal fees. Same as they claim to be Canadian broker.
BTCNation broker offers 3 different bonuses. There is a welcome bonus, bonus per position and referral bonus. The need for so many rewards comes from their scamming withdrawal policy. In fact, to get any withdrawal you need to meet trading volume 30 times higher than the amount of bonus and deposit combined.
BTCNation payout is another important topic. Without regulations and a shady withdrawal policy, most likely you will face some issues. In the end, the warnings are not issued without a reason.
To complete the BTCNation withdrawal, you need to use the same method you have used for the deposit. Even though the company claims that withdrawal processing time is 2-5 working days, it might differ. Whether because of account verification, BTCNation’s non-existent withdrawal fees or anything else. After all, BTCNation scam broker can make up any reason they want.
Primarily, all the irregularities should be reported to regulators. But also on user-experience platforms. Because that way you can help other traders to avoid scams. You are neither the first nor the last who got scammed. But it’s important to learn the warning signs and know the ways to recover the money.
In some cases you can use simple chargeback, but n others bit more advanced technology is required. For both options, you can consult with our experts and find suitable solutions. The first consultation is completely free. Book yours now!
No. The company is not in the IIROC register and Canadian institutions issued a warning against them.
The company offers investments in Forex and CFDs on their shady web-based platform without dedicated mobile apps.
Most likely no. The company has a malicious withdrawal policy whereas accepting the bonus will result in withdrawal difficulties.
The company claims not to charge any withdrawal fees. But if you face some, feel free to contact regulators or our specialized team to assist you with the refund.
The post BTCNation Review – Key Features Are Making Them Suspicious appeared first on Global Fraud Protection.