Bytrend has all the hallmarks of a good and reliable broker, or at least it seems so. The scammers have really given a good thought when designing this website. It contains a Risk Disclaimer, as well as a Company Registry and License Information… Too bad it’s all fake.
You will see later in our Bytrend Review how none of the company credentials check out. You will also learn the real reason why this old company has changed their domain name. Stick around, as we put Bytrend Scam under the microscope, and pick out the telltale signs of a fraud one at a time.
The website contains legal information about a parent company of Bytrend brokerage platform. It’s name is By Trend LLC, operating from St. Vincent and the Grenadines. Their alleged address is Suite 305, Griffith Corporate Centre, Kingstown. All this information is completely fictitious, unfortunately.
The SVG’s main financial regulator is an entity named FSA. When we checked the company registrar for a firm named By Trend LLC, the search yielded no results. This means that Bytrend is not actually registered anywhere, and they think nobody would bother to check the regulations on the small island of SVG… But in the interest of our readers, we did bother.
That is not the whole issue, as the FSA no longer licenses or authorizes VASPs in their jurisdiction, because of the economic constraints. What this means to us is that even if the broker was legally registered in SVG, it needs to hold a license elsewhere. Many legitimate brokers do exactly that, but that’s not something we can say about Bytrend.
The firmest regulatory standards are enforced by the so-called Tier-1 regulators. In America, regulation is primarily enforced by CFTC and NFA in the US, and the New SRO in Canada. Brokers operating in the US and Canada must provide Full Financial Transparency, and Segregated Bank Accounts for the clients.
Minimum starting capital in the US is US$20 000 000, while it’s CA$1 000 000 in Canada. The Maximum allowed leverage is 1:50 on Securities, and 1:5 for Cryptocurrencies. Unlike the US, Canada does require a Compensation Scheme. Both of these regulators allow bonuses to be offered to their clients.
We have, of course, searched the registries of both the NFA and New SRO for any information on Bytrend. We found no information, so we expanded our search to include other regulators, namely FCA, BaFIN, CySEC, FINMA, FMA, CBR and ASIC… And still there were no results, which means that Bytrend is an unregulated broker.
Bytrend has been swindling people for a very long time. It’s no secret that most scam brokers target people from nations with strong economies, and Bytrend was no different. Here are the countries that have been most affected by the Bytrend Scam:
Originally, this fraudulent company operated from a website domain bytrend.com, which was created in 2011. Since Bytrend got onto the CBR’s blacklist, they have changed the domain name to by-trend.com sometime in early 2023… But that didn’t help them much, as these blacklists are regularly updated, and the CBR warning now contains both of these domains.
With the changed domain name, the swindlers attempted to cover their presence. The logic behind this action is that when you search for “by” and “trend” as separate words, your search results will be expanded to include a mind-boggling number of websites about technology, fashion, politics…
But we know who these people are, and what intentions they have. If you believe that you have become a victim of the Bytrend Scam, feel free to contact our professional staff. We’d like to hear about your experience, and we offer help in asset recovery.
Bytrend employs so-called Boiler Room Agents to do much of the work. These people work much like telemarketers, calling people one number at the time. The Boiler Room Agents are much more persistent, and will not stop calling and pestering you until you crack and give them your money.
Regulated brokers never call people randomly to advertise their services. If you receive a call from any stranger who presents themself as an “Account Manager” or a “Financial Analyst”, we advise you to just hang up. Consider contacting local authorities, or seeking legal help online if you have been pestered by these people in the past, or have invested with a company you believe to be fraudulent.
Baytrend didn’t really splurge when they went shopping for a Trading Platform. What they offer their clients is the Web Trader. It’s the most basic of all trading programs, but offers a unique advantage in that you don’t need to install or download anything.
This makes the client lose the money rapidly, and the so-called Account Managers pick up the phone again. They quickly start calling the client again with the same promises of incredible financial gains, and the cycle continues.
The Web Trader can be accessed through any Web Browser, even the ones on mobile applications. Scammers do their homework, they know you can’t carry your computer around all day and look at the screen, but a mobile phone is another story… With a mobile device you can speculate any time, anywhere. And for the scammers it means you can keep losing money all day long.
Bytrend offers a large selection of different tradable financial assets. They include the most popular types, and a relatively wide variety among the individual Trading Instruments. We remind our readers that speculating with any unlicensed brokerage like Bytrend carries far greater risks than dealing with regulated brokers.
Without further ado, here are the different Instrument Types:
Bytrend tries to copy their legitimate competition by offering only 3 different trading accounts. These have the same names that many different brokerages already use. The trading conditions, bonuses and fees are quite in line with what an authorized broker would offer.
Let’s compare the costs of different account types at Bytrend now:
These accounts don’t cost very much to fund, especially compared to other scam brokers out there. On the other hand, they are quite pricey when you compare them to what a regulated broker offers. With many regulated brokers you can fund a Mini account with less than $10. Many authorized brokerages today also offer a Micro account where you can speculate with as little as $1 !
There is a Demo Account available on Bytrend. It comes with a fixed sum of $10 000 in virtual assets. This is not so bad, especially considering that scam brokers don’t usually have a Demo on theri Platform. With Bytrend, you can at least try out the features before you commit funds.
That said, scam brokers’ demo accounts seldom reflect the actual market information. They make it seem as though online finance is a simple line of work, only to attract more people. When you deposit actual money and start trading, you will see that the reality is much different.
There isn’t much to say about Bytrend Trading Conditions. All the prices are similar to what a regulated broker might charge, but somewhat more expensive. In the end, this is the part that is the real deal breaker. With commissions so expensive, and Spreads so loose, you’re gonna undermine your profit potential significantly.
Minimum trading volume depends on the Account Type, with the smallest being 0.01 Lots. Spreads for select currency pairs start at 3 Pips, which is quite expensive. The problem is in the leverage – there is no information on it anywhere! Not in the account comparisons page, nor in the Web Trader propper.
It is highly unusual for a broker to hide such an important aspect of trading. Then again, Bytrend is no broker, they are thieves and nothing more.
There isn’t any information on Bytrend withdrawals, not on their website nor in the Trading Application they provide. You may only “Make a Request”, by filling out a contact form on a dedicated web page. It is unclear whether this is a request for Bytrend Support, deposits, withdrawals, or for the broker to go and buy some bread and milk for you in the supermarket.
Unfortunately, this is no joking matter. Many people have already asked us for help in withdrawing money from the Bytrend Scam. If your assets have been stuck with these swindlers, consider giving us a call as well.
Bytrend is a very sneaky online Forex trading scam. They lie about their company credentials, believing that nobody would be clever enough to call them out on the lie. The scammers behind Bytrend have attempted to evade the authorities by changing their domain name, but to no avail.
If you have deposited money with this fraudulent entity, you should seek professional help as soon as possible. Recovering your assets is possible, but time is of the essence. We have implemented a Live Chat option on our website so that you can contact our team of legal experts in the shortest possible time. Don’t give up the fight – book a free consultation with our recovery experts immediately!
Bytrend is a known offshore Forex trading scam. There is a Scam Warning about this entity posted in the CBR’s main database. We don’t recommend investing any money with this company. In the case you have already deposited funds with the scammers, consider contacting us for legal aid.
Bytrend minimum deposit is set at $500, for their cheapest, “Mini” account. This may not seem like much, but remember that regulated brokers allow trading with deposits as little as $10.
Bytrend does provide many different trading instruments for trade. These do include CFDs, Forex and Cryptocurrencies, but considering the fraudulent nature of this broker, we do not recommend trading through their services.
Bytrend is a known offshore Forex trading scam. There is a Scam Warning about this entity posted in the CBR’s main database. We don’t recommend investing any money with this company. In the case you have already deposited funds with the scammers, consider contacting us for legal aid.
Bytrend minimum deposit is set at $500, for their cheapest, “Mini” account. This may not seem like much, but remember that regulated brokers allow trading with deposits as little as $10.
Bytrend does provide many different trading instruments for trade. These do include CFDs, Forex and Cryptocurrencies, but considering the fraudulent nature of this broker, we do not recommend trading through their services.
The post Bytrend Review – Scammers Think Changing Domain Name Makes Them Invisible appeared first on Global Fraud Protection.
