BTC-Robotics review – 5 things you should know about btc-robotics.com

Beware! BTC-Robotics is an offshore broker! Your investment may be at risk.

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We are reviewing BTC-Robotics, a questionable brokerage claiming to be registered on the British Isles. Apparently, they want to introduce themselves as crypto-focused, but the trading pairs offered are rather standard. They actually provide MetaTrader5, generous leverage and not really competitive spreads. However, the most significant issue is regulation-related, and you’ll find out why in the full BTC-Robotics review.

BTC-Robotics REGULATION AND SAFETY OF FUNDS

BTC-Robotics claims to be a trading name of Justing LTD, a company allegedly registered in the Isle of Man. However, we found nothing about this company except for the fact it’s not licensed there or anywhere else at all. The lack of regulation means that your funds would not be safe if you deposit with them. In fact, we believe it’s a scam scheme, but you’ll see why later in the review.

Avoid BTC-Robotics and consider the high-rated regulated EU brokers and British brokers by following the links provided. The enlisted companies are strictly regulated and also covered by deposit insurance funds laid down to protect customers in case of insolvency or fraud. As a result, CySEC brokers’ traders can claim 20 000 EUR in compensation, while the British guarantees are even up to 85 000 GBP per person. Europe is financially secure, so you can safely open accounts with EU and UK regulated companies.

BTC-Robotics TRADING SOFTWARE

BTC-Robotics offers MetaTrader5 Desktop and web distributions. We accessed both of them, but it turned out that neither one is actually functional, so no trading can take place. Also, it’s the same distribution used by another suspicious broker- BRX-Capital, but we don’t really know what the actual link between both brokers is. The latter also claims to be a brand of a company incorporated in the Isle of Man, but this isn’t enough to draw solid conclusions. Nevertheless, it’s evidence of a scam because BTC-Robotics can’t deliver any services whatsoever. Beware!

Instead, see the high-rated MetaTrader4 brokers and MetaTrader5 brokers on these lists, which can truly deliver high-class software and excellent trading conditions. MetaTrader distributions are reliable and come with advanced features such as Expert Advisors, Algo Trading, as well as many complex indicators and charting tools. Traders can also access a marketplace with more than 10 000 apps and third-party developed solutions. 

It was impossible to place a trade, but the platform showed EUR/USD spread floating around 5 pips most of the time, which is a highly uncompetitive Buy/Sell difference. That’s 5 times worse than the regulated brokers’ standard of 1 pip and below and presents a good argument to avoid BTC-Robotics. The spread forms some trading costs, so lower rates benefit traders and make brokers’ services more affordable. There are loads of reputable FX companies on the market, so you shouldn’t waste your time with an unregulated business that can’t even provide a functional platform.

The maximum leverage is said to be 1:500, a ratio that’s exceptionally risky for traders. In fact, leverage is so dangerous that some financial authorities even decreed regulations to restrict its usage. As a result, EU, British and Australian brokers have to limit their clients to 1:30, while the Canadian brokers and the US brokers can’t deliver higher than 1:50. However, risk-tolerant traders may as well have a look at the Swiss brokers, which are reputable but not leverage restricted. 

BTC-Robotics DEPOSIT/WITHDRAW METHODS AND FEES

The minimum deposit with BTC-Robotics is $250, which is twice more than the regulated brokers’ standards on average- $100. The funding methods are Credit/Debit cards, Wire Transfers and Cryptocurrencies. Out of those, bank card direct deposits are considered the safest option because it’s possible to file a chargeback for an extended period of time- a year and a half after the transfer. On the other hand, Bitcoin deposits are non-refundable, and you don’t even know whom you are sending money to, so you should handle your cryptos with utmost care.

Speaking of account funding, see the lists with Skrill brokers, Neteller brokers, FasaPay brokers, Sofort brokers, and Bitcoin brokers if you have a preferred payment system. The high-rated companies on the lists are adequately regulated, and you can safely open an account with them. 

The minimum withdrawal amount with BTC-Robotics is $100, which we consider an unfair requirement. The withdrawal request is said to be processed within 7 days free of charge, which is also not truly favourable. In comparison, the regulated brokers impose no or minimal restrictions, charge no fees and process the requests within 48 hours on average.

A clause in the T&Cs that raised our eyebrows is related to the inactivity fee. They do not specify when an account becomes inactive but claim to charge 25% of the balance as an administration fee, which is scandalous and evidence of a scam. In contrast, the regulated brokers take 5 to 10 dollars per month at most.

Another scam clause we encountered is about bonuses. If traders accept incentive, they need to trade 20 lots per 100 bonus dollars to become eligible for withdrawal, which equals 2 million USD in turnover. Worse, though, the minimum trading volume would not include positions opened for less than 33 minutes. That’s a scam clause we’ve actually never encountered before. Beware!

Overall, BTC-Robotics is a shady unregulated business that’s most probably a scam, and you should avoid it.

HOW DOES THE SCAM WORK

New types of investment scams come about literally every day. However, most of the new schemes represent a modification of common fraud. These are not typical for the local markets but very similar from country to country.

Nowadays, scammers search for victims on the Internet and social media. Classical tactics, such as cold calling, became less widespread as the Internet got prevalent. The offers scammers make look legit and present exciting opportunities to invest money in the Forex market. Traders got reassured that the people behind the broker have an excellent track record, and they promise high returns, seamless trading and guaranteed profits. The scammers deliberately make people believe that the Forex market isn’t a risky place, but actually, the opposite is true.

What usually happens is that scammers just pocket traders and investors money. Sooner or later, clients would ask for a withdrawal, but scammers would delay or straightforward refuse to send any money back. Whenever traders persist, the guys standing behind the fraudulent broker would usually cut the communication or even ask for additional deposits. Either way, traders are likely to lose some or all of the capital invested. The end is always the same. When fraud becomes evident, the scammers would simply rebrand and start afresh, creating a new scheme under a different name.

WHAT TO DO WHEN SCAMMED

Unfortunately, no one is immune to scam. If you get scammed, the first thing you need to do is to protect yourself from further risk. Deactivate your card immediately, contact your bank and ask for advice.

Report what happened to you, file a complaint, contact the financial regulator, contact other government institutions related to trading and investing, call the police if you feel necessary. Seek help actively!

Remember, it’s crucial not to rush blindly trying to recover your funds because many scam chargeback agencies and individuals are trying to double scam the victims. They ask for upfront payment, take the money, but won’t do anything to help you!

Share online your experience; it’s important to protect others, as well. Be responsible!

Rich Snippet Data

Reviewer

TheForexReview

Review Date

2021-04-17

Reviewed Broker

BTC-Robotics

Broker Rating

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