Beltrades.com Review: this is the name of a Forex and Binary broker that claims to be based in the United States. Is Beltrades a legit broker or is it a scam? It is important to find out more about a broker before investing with them. Read this review to find more details.
The most vital part of our reviews is the uncovering of if a company or Forex broker is properly licensed or not. To do this, we first establish the location or region where it claims to be based. Then we check with the commission or authority regulating trade there whether it is listed among regulated companies or not.
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Beltrades mentions that it is a broker that has its headquarters in the United States of America. Trades in this region are regulated by the Securities and Exchange Commission (SEC). However, it also mentions that it is registered in Cyprus under the CySEC. But, none of these commissions licenses this broker.
Unlicensed brokerages are not under any rules of traders and this puts traders in more risk than they will be in if they had chosen properly licensed ones.
Advantages of Beltrades
The page mentions that trading with this company is “simple, secured and reliable”. Further, they offer security, market analysis and many trading options. Their trading platform is also top-notch and allows use of robots.
It is common for Forex brokers to start out with claims of making clients richer. This is because everyone seeking out easier ways to trade effectively does so to make more profit.
However, traders need to be careful about believing everything they encounter in the business sphere. Some are geared to just deceive and steal their funds. Considering what is offered and proofs are effective means of discovering fraud as well as reading our reviews and comparing the offers to those of other legit brokers at the bottom of this article.
Beltrades Trading Platform
Beltrades does not offer clients the popular MetaTrader 4 or 5. We advise readers and traders to always look out for the MT4 or MT5 platforms. The MetaTrader platforms are commonly used because they allow the use of trading robots.
Legit brokers are known to offer at least the popular MetaTrader 4 or 5 trading platform.
These platforms are very good signs as they have become some of the most widely used by experienced traders. They are found to be compatible with various devices’ operating system. All can be used on desktops, Linus, windows, iOS and Android.
Tools that comes with these trading platforms are also found to be useful for traders. It has proven to be user friendly as well and helps traders in analyzing the market easily.
Trading instruments offered to traders are: Forex, cryptocurrencies, shares, and stocks. We know that legit brokers offer currency pairs, indices, CFDs on many commodities and cryptocurrencies. It is important to let traders know the options open to them.
Maximum leverage offered to clients is not revealed. Neither do we find any mention of spreads. Monthly profit ranges from 50% to 100% depending on the investment plan chosen.
Spreads of 1.5 pips or below are what is obtainable in the forex industry and traders are asked to look out for this. Leverages of between 1:30, 1:50 and 1:25 are also common among regulated brokers.
Deposit and Withdrawal methods on Beltrades
The means that traders are to use to make deposits and withdrawals are: VISA, MasterCard and Bank Wire. There is no mention of e-wallet options and this is discouraging.
This is because standard and legit brokers make deposit and withdrawals available via Visa, MasterCard and Wire Transfer. Many offer e-wallets like: Skrill, Neteller, UnionPay, FasaPay, and so on.
Minimum deposit required is $1000 and this is much higher than the average of between $100 to $250. Withdrawal fees are not mentioned and this may be because they do not apply. However, we will appreciate it if this is stated.
This information is important so that clients can invest any little amount they can spare. In order to be able to first watch the working of the brokerage. If then they are satisfied with what they see, they can determine when to withdraw their money.
We want to also inform our readers that the profit margin offered by this broker is high and ridiculous. The Forex market is unpredictable and a return of up to 100% is unrealistic.
Is Beltrades Licensed?
No. Beltrades is not licensed but falsely claims to be. This is unacceptable as it is a tactic to mislead readers and traders. Since this is an unlicensed broker, we want readers to know about this lack of licensing.
Regulated Forex brokers in Europe, America, Africa, Australia, and Asia are under many strict rules. The regulatory bodies like the FCA, FSCA, CySEC, AISC, NFA and many others have regulations protecting Forex traders from unfair brokers. This is why they come top as recommended Forex brokers.
Blacklisted by The SEC
When we searched the name of the company online, we found a warning from the regulatory commission. It mentions that Beltrades is operating from a false address and that it is not authorized by them.
To get in touch with the broker or contact the customer care, dial: +1-305-851-7198 or email at: email@example.com.
Beltrades is not licensed and it is why we will give it a low rating. Traders should also be aware that most of the profit it offers are likely to be false. Finally, there exists a warning from a top commission advising traders to stay away from it. If you have anything to say about this broker, do so in the comment section.
COMPARE WITH A TRUSTED BROKER
Fortrade is a UK-based broker with address at Michelin House, 81 Fulham Road London, SW3 6RD, United Kingdom. They are among the best brokers in the industry offering trades in numerous assets including stocks, commodities, currencies, indices and cryptocurrencies. Fortrade is regulated and licensed by the FCA(Financial Conduct Authority) in the UK well as ASIC in Australia which makes client funds safe. They accept traders worldwide..visit their official website