Bgt-Xchange Review: Stay Away from Bgt-Xchange.Com Broker
Bgt-Xchange is a brokerage company owned by the notorious P24O, known for its lack of regulations and running an illegal business. Bgt-Xchange claims to be licensed by MFSA, FCA, BaFin, AMF, and CONSOB.
The site also claims to comply with MiFID rules. All this would make the company except if it was true. Alas, P24O is not licensed at all and runs more than one brokerage site. MFSA has even issued a warning against this company.
The warning states that P24O Ltd is not a Maltese-registered company or licensed by the MFSA as it claims to be.
Bgt-Xchange is an unlicensed broker offering good trading options. Traders can choose between a few different account types. Investors can allegedly trade more than 70 assets with a leverage of up to 1:100.
Attop from that, negative balance protection and safety of funds are also provided. However, coming from an unregulated broker, this information cannot be taken as factual.
|Address||31 Beeston Road, Nottingham|
License and Regulations of Bgt-Xchange
Bgt-Xchange claims to be licensed by MFSA, FCA, BaFin, AMF, and CONSOB. To confirm this, we have gone through the registers of the mentioned regulators. We couldn’t verify this statement after not finding Bgt-Xchange in any of the registers.
By claiming to be complying with MiFID rules, Bgt-Xchange would have to be respecting strict standards of customer protection, the safety of funds, and transparency of transactions in the European Economic Area (EEA).
Unregulated brokers are not able to provide enhanced user protection and secure clients’ funds. They operate out of the legal framework that dictates the way every licensed broker operates.
Apart from operating without a license, Malta Financial Services Authority (MFSA) has blacklisted Bgt-Xchange as a phony.
Trading Platform Available at Bgt-Xchange
Bgt-Xchange confidently claims to offer access to the most popular and by far most reliable trading platform today -MT5. There are no functional download links for the platform.
The only way to access the trading area is by making an account. After joining the site, users are taken to a trading terminal that doesn’t resemble MT5 in any way whatsoever. There are some basic options and customizing tools but that is all.
After all, if a brokerage firm cannot lay out a functional trading platform, it is clear they cannot be trusted. Manipulative usage of trading terminals is a famous scammer strategy.
Deposit and Withdrawal Methods
Payment methods displayed are:
- Bank Transfer
- Credit/Debit Cards
Except for bank transfers, all other depositing methods are said to be instantaneous. The site can be joined without making a deposit but upon choosing the account type, users have to make an initial deposit of at least $500 in order to trade.
Withdrawal is promised to be efficient and processed in one business day at most. The broker notes that all deposit activity is secure and trackable so withdrawal is made easier. Processing of the withdrawal request is done without fees, however, coming from an unregulated broker, the truth could be different.
Bgt-Xchange Offers Bonuses and Deposit
Weekly account funding plans offer deposit bonuses of 10% for the Starter account types. There are several more weekly subscription plans up to Premium that offers a 50% deposit bonus for the amount of at least $25 000.
By choosing a monthly subscription plan, users can become eligible for even higher deposit bonuses. These bonuses go from 75% for a Luxury subscription to a 250% deposit bonus for Gold Luxury Platinum. Subscription plans are extremely expensive, ranging from $50 000 to $1 000 000.
Offshore Brokers Fraudulent Tactics
Universally known methods used by unscrupulous brokers are promises of easy money and extremely attractive trading conditions. Aimed at novice traders with less knowledge of trading, they capture their attention easily.
When contact starts, it goes on over the boundaries of pestering, just to make the victim invest. The unsuspecting party keeps depositing in the belief of a profitable outcome. When the desired conclusion isn’t met, victims fruitlessly try to withdraw their funds.
Bgt-Xchange is just another unregulated broker in the sea of frauds. While offering profit-making conditions, they do not actually deliver. Unlicensed brokers resort to lying and deception in order to attract customers.
Getting dragged into a sophisticated scam is easy if you’re looking for a fast profit. Yet, if you are a beginner trader, you should be aware of the risks online trading brings.
The least you can do to stop a scammer from turning you into a victim of cyber theft is always double-check a broker before investing.
FAQs About Bgt-Xchange Broker
Is Bgt-Xchange Regulated?
No, Bgt-Xchange is an unregulated and unlicensed brokerage company.
What is The Minimum Deposit for Bgt-Xchange?
The minimum deposit on Bgt-Xchange is $500.
Is Bgt-Xchange a Trustworthy Broker?
No, unlicensed brokers cannot offer the trading conditions and safety of funds like legitimate brokers can.