Betafinance Review: Learn Why This Broker Is a Bad Choice
Betafinance at first glance seems like a legitimate brokerage company. Offering fair trading conditions, lucrative return and MetarTrader 4, the broker might attract newcomers easily. However, after a thorough checkout, you will start to notice something is disturbingly wrong about this entire site.
First off, Betafinance gives several names as owning companies. Whether they’re all conducting business under the same roof or have partnered up, none of them has a permit from Marshall’s regulator – GLOFSA. Or any other licensing entity for that matter. Betafinance is running an illegal online trading business.
We’ll be investigating the issue of this scammer further. So stick to our Betafinance review if you want to learn to recognize and avoid similar frauds.
|Company||Betafinancemarket Markets LTD/ Grand Investing Ltd|
|Website||http://betafinancemarket.com/ – inactive|
|Spreads||From 0.4 pips|
Betafinance Funds Security and Regulation
GLOFSA, the leading financial authority in Marshall Islands may not be a tier 1 regulator. Their licensing standards and criteria are much more loose compared to FCA and other most influential institutions of this type. However, GLOFSA does license and oversee the brokerage activities in the area.
Since Betafinance claims their main office to be in the Marshalls, we first checked with GLOFSA if this broker has a permit to operate. It turns out that GLOFSA doesn’t have a record of Betafinance ever earning their license for performing transactions and selling online financial services.
Offering services and financial products to UK and EEA citizens would mean Betafinance has to provide segregated bank accounts for investments. Reducing the risk of loss brokers achieve by limiting the leverage to 1:30 and implementing negative balance protection. Bonuses are banned and reports of all transactions have to be sent to managing authorities in due time.
Betafinance allows leverage of up to 1:1000 and offers bonuses. What does that tell you? There’s only one answer. Betafinance is operating without a license!
The Trading Platform Used on Their Website
We’ve already established that success in Forex trading is based on a fully functional trading software. Betafinance pins ads about using MT4 all over the website. Clicking the download link won’t take you anywhere as all buttons are inactive. Although registering takes you to some form of client area, what you find there doesn’t even resemble the glorious MT4.
Maybe designed just as a preview, Betafinance software is an unresponsive combination of confusion and disappointment. You can’t place any trades but you can certainly make a deposit. After all, that’s all that matters to Betafinance – your investment.
Deposit and Withdrawal at Betafinance
Betafinance does somewhat make you feel like you can perform safe transfers through credit/debit cards, bank wire and E-wallets, especially Skrill and Neteller. User panel quickly reveals that the only funding method is crypto currencies – Bitcoin, Cardano, Ethereum, Litecoin and Ripple.
No other way of investing provides scammers the anonymity that digital currencies do. Maintaining the incognito status helps frauds avoid legal consequences of their scamming activities. Backtracking the process is sometimes next to impossible, giving the scammers just enough space to move on.
The only relieving circumstance is that becoming an owner of a live trading account at Betafinance requires paying a $5 fee. That’s the minimum deposit amount the site asks for. It might seem attractive at first, but don’t be fooled. It could be another trap that Betafinance promotes to drag you into more investing and debts.
As per usual, Betafinance didn’t publish any Withdrawal Policy that explains how taking your profit works. Processing time and possible fees are a secret we couldn’t solve.
Betafinance Offers Bonuses and Promotions
Reputable brokerage houses don’t have the permission to offer bonuses. FCA and all EEA regulatory authorities have banned bonuses because they are very often misused. That’s exactly the intention of Betafinance. The site promotes deposit bonuses and additional undefined promotions and rewards.
As alluring as free money may seem, be aware that scammers won’t let you withdraw it. It’s just a bait that comes with ridiculous fees, unreasonable trading volume requirements and withdrawal charges.
How Did This Broker Carry Out The Scam?
Betafinance may seem like an obvious scam to an experienced eye. We can’t say the same about novice traders who approach their offers optimistically and ready to invest. That’s exactly who Betafinance targets anyway. If you’re a less experienced trader or just getting into the whole Forex trading world, read the next few lines of this review carefully.
Financial swindlers like Betafinance always offer unrealistically good trading conditions and tremendous returns. Online buying and selling of financial products with cons is a huge risk. It inevitably ends with you losing your entire investment, life savings or whatever amount you put on the line.
To push you into the imprisonment of constant investing while hoping for a return, Betafinance will offer bonuses. Free money? You’d think why not. Here’s the catch though. To gain the privilege of withdrawing it, you’ll have to pay ridiculous fees. Before that, you’ll have to reach an impossible trading volume. See how your chances of actually winning anything and withdrawing it significantly decreases?
Betafinance is now an inactive website of an unscrupulous Marshall Islands company. While we’re happy to see them temporarily down, nothing guarantees they won’t soon resurface with a similar name and domain. They may as well take on a whole new identity. It’s what fake broker dealers do best anyway.
Take this Betafinance review as a warning and a guide to your safe Forex investing while avoiding online robbery at the same time. You may run into a similar-functioning firm with just as irrational offers and fees. Stay away and remember to always check the company for regulations and licenses before you devote your cash to trading with them!
FAQs About Betafinance Broker
Is My Money Safe With Betafinance?
Betafinance is not a legitimate broker with necessary licenses to be able to guarantee you safety of funds.
Does Betafinance Offer Demo Account?
Unfortunately, the only account type at Betafinance is a live trading account.
What Is The Minimum Deposit for Betafinance?
Opening the aforementioned live account with Betafinance costs $5.