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Beta FX Trade Review
The services of a broker are essential to start trading in the financial markets online. Without them, you will not be able to do anything because they connect you to the markets and provide all the ingredients you require. A Google search will tell you that the number of brokerages in the market are constantly increasing and a quick look at some of them shows that they are promising you the best quality services. But, you have to remember that you cannot believe everything you read over the internet, as it may not be true. This Beta FX Trade review is a perfect example.
Even if you don’t use the internet that much, you have probably heard about online scams happening and the financial markets is a hotspot for them because of the large amounts of money involved. Many scammers portray themselves as online brokerages to lure in victims and then steal their deposits and sensitive information. Countless people around the world have fallen victim to this kind of scam and have lost their hard-earned money. It is understood that you want to avoid this situation and it is only possible when you do your homework and check a brokerage thoroughly.
This means not letting yourself be blinded by their amazing offerings and looking beneath the surface to ensure they are what they claim to be. This applies to Beta FX Trade as well, which purports to be a multi-regulated forex and CFD brokerage. According to the company, they have thousands of satisfied clients all over the world and this will undoubtedly intrigue you. However, as mentioned earlier, you have to avoid falling for the trappings and look underneath to ensure it is what it claims to be. Doing so in this case comes in handy because you get to see exactly what is wrong. Let’s take a look:
False regulation claims
As mentioned above, one of the most impressive claims of Beta FX Trade is that it is regulated in multiple jurisdiction. This would definitely impress anyone because regulated brokers are those that have a proper license to offer their trading services and comply with professional standards. There is also accountability in such cases, which is reassuring for traders. The problem is that claiming to be regulated is one thing, but actually being regulated is entirely different. In which category does Beta FX Trade fall?
You will learn quickly enough that Beta FX Trade is only making false claims of regulation. It claims that it is regulated by some of the most reputable regulatory organizations in the world, such as the Financial Conduct Authority (FCA) in the United Kingdom, the Financial Sector Conduct Authority (FSCA) of South Africa and the Australian Securities and Exchange Commission (ASIC).
But, when you check the online registers of these regulatory authorities for Beta FX Trade, you will not find the broker listed in any of them. This is all the confirmation needed about the false regulation claims.
Blacklisted by the FCA
The fact that Beta FX Trade has lied about its regulatory status is enough for you to determine that it is not a broker you can trust. But, if you need more proof, then the warning issued by the FCA is enough. The Financial Conduct Authority (FCA) is the regulatory authority of the United Kingdom and is recognized as one of the leading institutions in the world due to the high standards it upholds.
Therefore, a license issued by the FCA is considered very valuable and the fact that Beta FX Trade has been blacklisted by such an authority is confirmation that you are not dealing with a reliable brokerage at all. It appears to be operating illegally in the UK, which has prompted the regulator to give a warning about it, as it is a scam.
The problems continue to get worse when you take a closer look at Beta FX Trade, as evident from the investment plans it is offering. You will notice that in each account on the broker’s website, traders are promised guaranteed profits. For instance, the Start plan requires an investment of $500 and claims to offer you returns of $1400, which makes it a profit of 200%.
Of course, such returns can be hard to resist, but you have to bear in mind that this is just too good to be true. For one, no brokerage, whether it is Beta FX Trade or any other, can promise you returns in the financial markets, which are known for their volatility and unpredictability. Even Warren Buffet, a renowned investor, has not managed to make such returns.
Most importantly, brokerages by their very nature cannot offer to make profits on your behalf and if Beta FX Trade is offering to do that, then it is a conflict of interest. Every time a trader profits, the brokerages lose, so it is a given that they would not want their clients to make profits. It appears that the brokerage is running a Ponzi scheme where it convinces people to invest money in return of obscene returns that don’t materialize. It is similar to a high-yield investment program (HYIP) scam, where they take money from one investor to pay off another and on and on it goes until they stop and disappear.
No trading software
If you are looking for further confirmation that Beta FX Trade is not an authentic brokerage, then all you need to do is look at their trading software. This is considered the most crucial tool of a broker because it is used for doing the actual trading. Therefore, when you discover that there is no trading software available at all, it is evident that this is only a HYIP scheme and nothing more. All you will find on their website is a lousy dashboard that boasts a few third-party charts and nothing more. Reputable companies would offer you the MT4, MT5 or cTrader software, but you will find none of them here.
Given that Beta FX Trade is blacklisted by the FCA and does not offer a trading software, it is clearly not a platform worth considering for anything.