Battle Trade Review: Trading with BattleTrade.Co Is Risky
Battle Trade, run by Tetris Group Ltd from the Commonwealth of Dominica, is not your friendly and reliable broker. On the contrary, its sole intention is to draw you in using sweet talk and defraud you.
For us running in offshore broker circles, the name Tetris Group LTD rang some bells. Upon checking our archives, we discovered that the firm owns two brands besides Battle Trade – ClydeTrade and UpperTrade.
The first found its place on the regulatory warning lists of Luxembourg, Spain, and Italy, while Italian and Romanian regulators banned the second. Thus, you can already see the direction of this Battle Trade broker review regarding this investment scam.
Furthermore, we highly recommend that you avoid the scam brokers MondialFx and XpresTrade.
|Company||Tetris Group LTD|
|Address||Commonwealth of Dominica|
|Warning||CONSOB, CNMV, FSMA, ASF, AFM, NSSMC, FI|
Battle Trade Reliability – License and Fund Security
Battle Trade is essentially an offshore investment scam. We couldn’t find any data on Tetris Group Limited or Battle Trade broker on the website of Dominica’s regulator, the FSU. There’s no Battle Trade regulation.
The company isn’t even registered. That makes any business potentially dangerous. Without a regulator to oversee things, the broker could disappear with your funds and leave you without compensation. You cannot count on the ombudsman’s help either.
It’s better to trust Tier 1-licensed brokers that operate onshore under the jurisdiction of the UK’s FCA, Australia’s ASIC, or the European Securities and Markets Authority (ESMA).
Battle Trade is an unregulated offshore broker, supposedly from the Commonwealth of Dominica, that’s been deceiving traders from the United Kingdom, the United States, Canada, Australia, and Germany since September 10, 2021. And that’s why they have earned official warnings from CONSOB, FSMA, CNMV, ASF, AFM, NSSMC, and FI.
The Battle Trade trading platform is Battler Trader, which is basically a browser-based terminal with limited features and no advanced tools such as automated trading.
Traders have elementary charts and graphs at their disposal. Trading itself is very rudimental. Battle Trade doesn’t support any third-party platform such as MT4, MT5, or cTrader. The website is misleading. The BattleTrader platform is accessed via a browser. Thus, it doesn’t require downloading.
Account Types Available
Here are the Battle Trade trading accounts:
- Mini – $500
- Standard – $3,000
- VIP – $10,000
Once the scammer gets that initial deposit, you may as well say goodbye to your funds. The $500 minimum deposit is too much. You can find licensed brokers that require just $10 to get you started with a micro-account.
We checked the website and found no demo account option. This means you have to open a live account straight away to trade.
That’s where the situation gets worse. Opening a live account puts all your funds at risk. This is especially dangerous for beginners.
|Broker||Battle Trade||FXTM||OctaFX||FPMarkets||XM Broker||HFM||FBS Broker|
Deposits and Withdrawals
The only two ways to deposit and withdraw funds from Battle Trade are:
- Visa or Master credit or debit card
The problem is that all payments go through a shady third-party processor called abncbp.com. We don’t think the Battle Trade withdrawal policy is true. Judging by the reviews, Battle Trade doesn’t allow withdrawals.
Using a third-party payment provider reduces your funds’ safety since your details are exposed to them. It would be fine if this payment provider were reputable. However, there is a website under the domain abncbp.com that we have never heard of. Thus, safety is relatively low.
How is the Scam Performed?
These fraudsters pose as brokers to take advantage of the general public’s lack of knowledge of trading. And the agents calling are professionals who have many ways to get you on board with making an investment.
Ads that can be found online are full of fake stories promising easy earnings. Once you decide to leave your personal information in order to find out more about this, the agents will call you daily to try and convince you that what they are offering is a legit thing.
So, in case you have ever been scammed by this broker, remember that getting your money back is possible but it just takes time. We would be thankful if you can share your experience with us since we can help you report your scammers to the authorities.
Highly Suggested Forex Broker
This scam broker is definitely not a good option for your trading business, there are many reliable ones you can choose from. Deciding to invest with a broker who hasn’t violated any terms and conditions will ensure your money won’t be stolen and you will be able to make some profit.
Here we will give you a table with some of the necessary information one may need when it comes to picking the right broker to invest with. These brokers we are recommending in the table are not only regulated but also user-recommended.
|FXTM Broker||Cyprus, UK, Mauritius||4.5||$10||Forextime.Com|
|OctaFX Broker||Cyprus, SVG||4.4||$100||OctaFX.Com|
|FP Markets Broker||Australia, Cyprus||4.7||$100||FpMarkets.Com|
|XM Broker||Cyprus, Belize, Australia||4.7||$5||XM.Com|
|HFM HF Markets Broker||Cyprus, UK, South Africa, UAE, Kenya||4.3||$5||HFM.Com|
|FBS Broker||Cyprus, Belize, Marshall Islands||4.85||$100||FBS.Com|
Battle Trade Summary
In this broker review, we tried to warn you about this online trading scam and the many tactics they use to deceive people. Battle Trade allegedly gives its clients the opportunity to invest in forex, CFD, and much more but in reality, they are just stealing their hard-earned money.
In addition to this, Battle Trade has also been issued a warning by CNMV which is a Spanish regulatory body and as well from CONSOB, FSMA, ASF and more. These warnings should always be taken seriously and never overlooked as they often indicate that the broker is no more than a cheap scam.
Be sure to always do proper research on the broker you want to work with so you know what you are getting yourself into. Online reviews could also help you get a clearer picture.
In case you had any negative experience with this or any other fraudulent broker, we would greatly appreciate it if you could share it with us as we can assist you by reporting your scammer
FAQs About Battle Trade Broker
What Kinds of Accounts Does Battle Trade Have?
Battle Trade has three different account types which are Mini, Standard, and VIP.
How is My Security Ensured When Using Battle Trade?
Your security isn’t at all ensured while working with Battle Trade, so we advise you to stay away.
What Funding Methods Are Accepted at Battle Trade?
Funding methods accepted by Battle Trade are Visa/Master cards and cryptocurrencies.