BeTheBank Review: Shady Platform, Conditions and Promised Profits
BeTheBank company claims to be under the ownership of Be The Bank LTD. This firm should be in the UK register. However, the reference number provided is not matching. That was already the first sign requiring a detailed investigation of this firm.
Through the research, we have discovered some shocking facts. You better keep reading our BeTheBank review if you want to keep your funds safe.
|Active Forex and CFD trading scam
|BE THE BANK LTD
|https://bethebank.inc/; https://btb.inc/ (inactive);
|Financial Authorities Warnings
|If a withdrawal is possible
|If Active on Social Media:
|Canada, United States, United Kingdom, India, Philippines
|Unregulated company; warnings from the FCA; guaranteed profits;
Is The BeTheBank Broker Regulated?
Since the company claims to be registered in the UK, checking the FCA database is the easiest way to discover the truth. Once we searched for the domain and legal name, we just came up with the warning. Apparently, the company has been providing services to UK citizens without authorization.
On top of that, the company claims not to provide services in jurisdictions where their services cannot be provided under applicable law. But clearly, they are violating their own disclaimers. None of the countries where they mainly operate issued them a valid trading license. Starting with the US and Canada.
User Reviews Revealing The Truth
If you haven’t realized already, the BeTheBank reviews will help you make a decision. Only on Trustpilot can we already see 41 comments, more than 60% of which are negative. That definitely tells you there’s something wrong with this company.
The main problems occur when traders are looking for their withdrawals. Once they submit the request, various problems pop up, such as non-existent fees, taxes, AML laws, and verification problems.
Trading Accounts Avaialble
Since the company doesn’t offer a demo or micro accounts, you just have live account options. Fairly, quite expensive ones for an unregulated company. In our BTB review, we will go through all the features. But first, let’s see all the account types and minimum deposit requirements. The options are:
- Starting – $2.500
- Basic – $10.000
- Standard – $50.000
- Bronze – $175.000
- Silver – $600.000
- Gold – $1.000.000
What Risks and Conditions Do These Accounts Bring?
First and foremost, the company doesn’t reveal any trading costs. Spreads, commissions, overnight fees, and leverage remain unknown. But we all know that maximum leverage in Europe should be 1:30. Anyway, the company offers various support options, risk-free trades, and different strategies and features.
However, the key things that should concern every trader are the bonuses and guaranteed returns. Firstly, in Europe, bonuses are banned due to manipulations. Even here, you can see a bonus policy that will clearly prevent traders from withdrawing the funds. In addition to that, the company guarantees returns of up to 33%. If that’s not a scam, nothing is.
Is Meta Trader 5 Available or Not?
As can be seen, the company is advertising the highly popular MT5 platform. On their website, you can also see download options for Windows, Mac, and Android devices. Yet, none of these work if you are not a registered user.
This tells you this is most likely another lie and that they, in the end, use web trader. Generally, if companies are not using third-party software, you should avoid them. After all, you risk all the funds on the platform that is easily manipulated. Of course, to prevent you from seeing their flaws, they require registration for every sensitive information.
But for some other tips on how to research the company, check our InfinityFutures review. Also, keep in mind that trusted software doesn’t make the company trusted as well.
Additional Features and Education
Education with the BTB scam broker is divided into three levels. You can choose beginners, advanced, and crypto educational programs. Thus, these programs just include general video resources without any live sessions or similar benefits.
One of the key details about this firm is that it promotes remote-controlling apps, such as TeamViewer, Screenleap, Jitbit, and AnyDesk. This is a clear sign that, at some point, they will make it look like they are helping you for some reason. However, that’s just an entry point for your banking and other personal details. Be aware of that, and don’t give access to your devices to anybody.
Customer Support Availability
As can be seen, the company offers e-mail and a phone line. However, with the FCA warning, you can’t expect the number to be legitimate. Instead, with all the scam warnings, you can expect it to be a VOIP service.
Anyway, the BeTheBank scam is also using encrypted channels like WhatsApp and Telegram. This way, the company makes sure to protect its identity and location. But if you read our Maven Trading review, you will see why transparent customer support plays the key role.
How Can I Make Money While Trading Online?
Overall, trading with unregulated firms is definitely not the way to make money, as you can see from this perfect example in our BeTheBank review. Instead, traders should opt for licensed firms and start using trusted tools. In fact, many traders are testing out AI tools as well.
Therefore, we encourage you to try out the AI Analysis Tool. It helps traders combine historical data, trading patterns, indicators, and live pricing to form a precise market forecast. Most importantly, traders are still the decision-makers. With this in mind, you can forget about pressure from agents and shady scamming tactics from agents.
Take your future into your own hands with licensed brokerages and the assistance of AI Analysis Tool today! Get in touch today and find out all you need to know about safe and successful trading!
What is BTB.inc?
The btb.inc or bethebank.inc is an FX and CFD brokerage operating allegedly from the United Kingdom since 2023.
Is BeTheBank a Legit Broker?
Definitely not. Without transparent legal and registration details, they can’t be trusted at all. On top of that, there’s a warning from the FCA.
Is BeTheBank Regulated?
Not at all. The company is primarily missing licenses from the UK. But they don’t even have any other regulations. Especially not the Tier 1 ones.