Beta-Tech Review: Whatever They are Selling is Illegal

One of the main tactics fraudsters use to get you is to create the best first impression they can. The website of this would-be broker certainly looks aesthetically pleasing, and seems to belong to a profitable online startup.

The truth is not revealed until you start meticulously looking into minute details. Follow us on our journey down the rabbit hole as we examine another fraudulent business in our Beta-Tech review.

Anonymous Conduct Gets Blacklisted

Examining the legal information about this company is like trying to find a needle in a warehouse that doesn’t contain any needles. It is tedious, time consuming, and perfect to forward the Beta-Tech scam strategy.

Homepage of the beta-tech.io website gives us a starting piece of information in the form of an alleged physical address in Malmo, Sweden. As a broker, the company should be thus authorized by the Swedish main financial regulator, FI, but this is not the case.

Another page of the site, however, claims that the company is regulated by the AFM. This made no sense, since the agency in question is the Dutch regulatory authority. Either way, the firm is not, in fact, authorized by this regulator either, which you may check in the AFM registry.

Since we’ve established that the company’s nonsensical claims are, well, nonsense, we started inquiring with other regulators for any clues. Before long, we’ve stumbled across an FCA warning, which confirms that this broker is a completely illegal venue.

Lack of Reviews and Online Presence

As a startup, if you can use that name to describe this blatant ripoff scheme, the company is trying to quickly boost their online presence. The firm may be found on X, Pinterest, YouTube and Medium, but with a tiny number of followers, with the Reddit account being completely empty at this time.

With the company struggling to attract clients, it has started paying for news articles coverage. Majority of publishers have seen through the ruse and taken down the articles, although some remain.

Still unwilling to give up on the setup, whoever is behind the firm started flooding TrustPilot with Beta-Tech reviews. They were somewhat successful, with the firm currently boasting a decent rating score. Don’t let this fool you, though, since we know that we’re dealing with a blacklisted business and not a regulated firm like Finansero.

Trading Software Issues

This firm is all about software. Their motto is creating “The New Status Quo”, starting with AI integration into securities trading. Any software that has been developed, however, is only briefly mentioned on the site.

The actual Beta-Tech platform is completely inaccessible. Fraudsters will often make empty promises about incredible apps, which turn out to be just a piece of vaporware in the end.

Questionable Smart Portfolios

There isn’t a significant number of tradable assets shown on the site. There’s a mention about several groups of instruments being available, but concrete information, including examples, isn’t given. Considering the fact that there’s no software in sight, it is very possible that no Beta-Tech trading happens at all. 

Anyhow, here’s some financial products mentioned on the web presentation:

• Stocks – IBM, 3M, Nvidia
• ETFs – QQQ, SPY
• Commodities – Cotton, Sugar, Gold
• Cryptocurrencies – BTC, LTC, XRP
• Forex – EUR/USD, EUR/CHF, USD/CAD

Can’t Create an Account

The company advertises a Beta-Tech managed account, which should in theory combine human expertise with machine precision to build your wealth on your behalf. Sounds like a dream come true, especially since you don’t need to do anything but invest.

Nothing is said about how the accounts work, and creating an actual trading account is not possible. There is also an ad about an unlimited free demo, which turned out to be a farce as well.

Any firm, even a less reputable one like RaiseMyFunds, allows swift registration in order to motivate clients to invest. Making clients go through the trouble of applying for membership first is unappealing.

Unflattering Pricing Model

As with many other aspects of business, the service isn’t exact or specific about the majority of trading costs. First, the broker claims to charge no commissions or hidden fees, only a performance fee and only on generated profits.

This is directly contradicted in the Terms and Conditions document. There, you may see that both deposit and withdrawal fees apply for Beta-Tech AI clients. Payouts via credit card or wire are charged 50€, while Crypto transactions incur a 0.0005 BTC fee.

The performance fee is neither fixed nor specified, which constitutes the main method by which the company justifies their thievery. Spreads, swaps or leverage are never mentioned.

Funding Methods Unrevealed

Due to not being able to access the user panel inside the trading area, we couldn’t find out what transaction channels were supported. There isn’t a single piece of information pertaining to the particularities of the Beta-Tech withdrawal procedure. Therefore, all details related to payout methods, and processing time, are hidden. 

Besides the mentioned deposit and withdrawal taxes, we’re sure more advance fees await for potential targets to request their payout. When transparency around costs isn’t practiced, you should immediately break off communication with such Forex dealers.

Final Thoughts on Beta-Tech Broker

Buggy website, no trading technology provided and suspicious costs and charges all cast doubt on this firm’s performance and legitimacy. Any Forex provider needs a solid license from a reputable regulatory body in order to be qualified to provide the promised world-class service. 

This platform is not just unlicensed – they’re blacklisted and labeled as a scam business by the very regulator they claim to be licensed by. Therefore, we suggest you find a properly established and supervised firm to invest with.

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