Betal Trade Review(2020): Is betaltrade.com a Scam Broker?
Betaltrade.com is a false broker website that makes promises it might not even know how to keep. After going through their website, we have reason to believe they aren’t what they say they are. We urge you to read this review before making any form of investment with Betal Trade.
Everyone who goes into forex does so with the intention of making real profit. To do this, you have to entrust your forex trading to the right forex brokers. Our job here is to review various websites that all claim to be forex brokers, then help you tell which is real or not. The following review will tell you all you need to know about Betal Trade Brokers.
About Betal Trade Brokers
Betaltrade.com is a brokerage company with little or no information to offer intending clients about themselves. Not until we checked the terms and conditions section, did we find the following info, linking them to Samoa and to Malta.
In the Technical Support section, there are also claims that Betal Trade broker has offices in Australia, America and Iraq. The parent company of this broker is known Betal Trade FX Ltd. Betaltrade.com supports two languages; English and Arabic. They also claim to be guided strictly by Islamic laws and hence, conform their terms to such standards.
Why You Should Be Wary of betaltrade.com
At first glance, Betal Trade looks complete harmless. After a deep look at betaltrade.com however, here is why we think otherwise.
Betal Trade Withdrawal and Deposit Information
One thing we noticed about the terms and conditions of betaltrade.com is how unusually brief it was. It also didn’t contain much about the withdrawal and deposit policies.
At first, we would randomly assume this was because the Betal Trade website has a section dedicated to deposits and withdrawals. With this, we headed there only to find out it didn’t contain any useful information except for the fact that we could make deposits via direct payment or debit/credit cards.
What the terms and conditions do tell us is that you’re liable to be charged $40 after your first withdrawal per month and $50 if you transfer funds to another broker. Worst of all, if you request a withdrawal less than $100, you will be charged an extra $25. We find all of this outrageous and advise you to find a broker whose terms doesn’t guarantee them about half your profit.
Betal Trade Trading Platform
The trading platform offered by betaltrade.com is the MetaTrader 4. This is obviously one positive thing about the website as we always advise our readers to trade with brokers who use the MetaTrader 4 or MetaTrader 5. Do not let it distract you, however from the fact that this broker itself are a scam.
Betaltrade.com offers two account types; the demo account and the real (referred to in some parts of the website as islamic) account. However, no mention is made whatsoever about the minimum deposit amount. This would be perfectly normal if we didn’t already know that any legit broker would have this information well outlined on the website.
Betal Trade Licensing and Regulation
Betaltrade.com claims it is authorised as a brokerage company in Samoa and authorised by has a category 3 license in Malta to provide investment services there. There are two worrisome things about this.
Firstly, Samoa is an offshore region as long as forex trading is concerned. This is because the regulations guiding forex brokers is that region are not nearly as strict as they should be. This makes samoa a breeding ground for shady brokers. So if what betaltrade.com says can be believed, they already classified themselves as an offshore broker.
The second worrisome thing about Betal Trade’s licensing claims is that when we did check with the MFSA (the Financial regulatory body in Malta), BetalTrade FX did not exist in their registry. What does it mean? Betaltrade.com is an unlicensed broker. They are illegal and should not exist.
Betal Trade Review Conclusion: Is betaltrade.com Legit?
No. Betaltrade.com is not licensed to operate as a broker. On top of that, they do not reveal as much information as the should to help us trust them. We cannot recommend them to you, and we advise you deal with a transparent broker who’s licensed by a reputable agency.
Our Recommendation For You
You can make money online by trading with reputable, reliable and trustworthy brokers. We’ve been trading with the Fortrade broker below for sometime now and we have no regrets!
FORTRADE- One of the Top rated brokers and a good choice for new traders. This broker is Licensed in UK(FCA), Australia(ASIC) and Belarus(NBRB). Guess what? you can trade from any part of the world as it accepts Traders Worldwide. Interested in trading with one of the best Forex brokers? Head Over to Fortrade and start trading!
