Updated on March 12, 2024
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In our rigorous review process, a team of seasoned financial specialists, boasting more than 20 years of experience in Forex trading, carries out an exhaustive evaluation of various trading services. Our team delves deep into the investigation of fees, assesses the trading platforms, and verifies adherence to regulatory standards. We also interact directly with customer support and conduct actual trades to gain a real-world understanding of the trading conditions. This comprehensive approach enables us to provide informed insights and advice on why we recommend avoiding FXBTG due to the issues we've identified.
Is FXBTG a scam or a safe Broker? ▲
FXBTG, a firm claiming roots in Auckland, New Zealand, raises serious security concerns, primarily because it lacks the necessary regulatory oversight to operate within the country. Our research concludes that FXBTG does not constitute a safe trading partner. Compounding these concerns is the alarming fact that FXBTG has found itself on the blacklist of The Central Bank of Ireland as of October 2018. The specific announcement from the Central Bank of Ireland reads:
"The Central Bank of Ireland today 8 October 2018 published the name of an unauthorized investment firm, FXBTG Financial Ltd (Ireland and New Zealand). FXBTG Financial Ltd (Ireland and New Zealand) is not authorised by the Central Bank as an investment firm, investment business firm, or to provide investment advice."
Registration and Licensing:
Registered in: No Registration
Type of License: No License
Is FXBTG safe to trade: No
Recommendations for Safe Trading:
Recommended Licenses: FCA in UK & ASIC in Australia
FXBTG operates under the ownership of FXBTG Financial Limited, positioning itself as a Forex broker. However, an in-depth look reveals a concerning lack of transparency regarding its trading conditions. It does not present itself as a typical trading platform but rather a vague entity purporting to offer trading instruments across global financial markets, including currencies, precious metals, and crude oil.
The cornerstone of a reliable Forex trading experience hinges on the regulation and oversight provided by reputable financial authorities, such as the Financial Conduct Authority (FCA) in the UK and the Australian Securities and Investments Commission (ASIC). These entities play a critical role in safeguarding trader funds and ensuring fair trading conditions. Given FXBTG's lack of regulatory compliance and the glaring red flags raised by the Central Bank of Ireland, it is our strong recommendation to seek alternative, fully licensed brokers. This advice is anchored in the principle that the safety of your investments must always take precedence.
Continued scrutiny into FXBTG's operations has led to the discovery that the FXBTG website is currently non-operational. This raises further doubts regarding the broker's legitimacy and ongoing business activities. The ambiguity surrounding the broker's current status—whether it has rebranded to continue questionable operations under a new guise or ceased operations altogether—only adds to our initial concerns. Given the paramount importance of financial security, we strongly advise against engaging with any unregulated entities and suggest that traders prioritize partnerships with fully regulated brokers to ensure the safety of their investments.
When considering alternatives, brokers like Interactive Brokers, City Index, and AvaTrade stand out. They not only offer the security of stringent regulation but also bring to the table comprehensive trading solutions that can meet the needs of both novice and seasoned traders.
FXBTG Review 2024
