FXBTG Review – Scam From New Zealand or Real?
As you probably already found out, there are tons of forex brokers out there. When attempting to find a good broker, it is absolutely pertinent to do your own research. Otherwise, you might sign up for a bad broker and that is going to defeat the purpose in the long run. The good news is that some brokers are well worth your time and energy. Within this in-depth guide, you’re going to learn all about FXBTG. Is this New Zealand broker worth it?
First and foremost, you need to understand that FXBTG is a registered broker in New Zealand. The brokerage is actually owned by FXBTG Financial Limited, which is registered as a Financial Service Provider. It is also a part of the New Zealand Financial Dispute Resolution Service or FDR. With that being said, the company is indeed overseen by the local FMA or Financial Markets Authority. The registration number for the company is FSP319786. It is indeed true that the financial regulations in New Zealand are limited when compared to those in Australia and the United Kingdom.
Nevertheless, it is nice to know that the company is indeed registered.
Another thing to note is that FXBTG relies heavily on the MT4 trading platform. This is a good thing, because most Forex traders are already familiar with the MetaTrader4 software. The software is very fluidly and it isn’t too difficult to master. Even if you’ve never used it before, you can pretty much guarantee that you’ll be able to figure it out within minutes. On top of that, MT4 is going to provide you with tons of tools to ensure that you’re able to make the right investments in the long run.
Flagged And Blacklisted
The unfortunate truth is that there are some risks associated with this broker. First and foremost, the company has actually been flagged and blacklisted by some financial regulators. It has been flagged by the Central Bank of Ireland as well as Hong Kong’s SFC. This is definitely eye opening. SFC went on to claim that the site is actually owned by a Hong Kong secretarial company. It also claimed that the broker was not authorized to offer services to investors in the country.
The Central Bank of Ireland went on to say that the broker was not authorized to provider financial services in the country. Suffice to say, there are some risks involved with doing business with this broker. If you’re going to sign up and give them your money, you’re taking a big gamble.
Significantly High Spreads
It is also pertinent to look at the spreads offered by your broker. The unfortunate truth is that FXBTG doesn’t offer good spreads to traders. The spreads are simply way too high. They usually start on 2.2 pips on currency pairs. This is much higher than most brokers. Many will offer 1.0 pips or less on the same pair. With that being said, there are much better brokers out there. Nevertheless, the choice is yours and yours alone.
Many people do not have a lot of money to invest initially. If you fit into this category, you’ll probably want to stay away from FXBTG. After all, the minimum initial deposit is $2,000. That is far too much for the average investor.
At the end of the day, FXBTG looks to be great initially. However, there are plenty of flaws linked to this broker. The initial deposit is too much. On top of that, the broker has been blacklisted by many regulators. So, is FXBTG worth your money? The answer depends on you and the risks that you’re willing to take. For many, the answer will be no.