On-line since: About the company: Established in 2011, BTFX is a Maltese broker that offers trading more than 40 currency pairs as well as gold and silver through MetaTrader 4. About the company. Security of funds BTFX belongs to Brokersclub Ltd. It has a Category 2 investment services license issued by the Malta Financial Services Authority. This license authorizes the company to provide the investment services and to hold or control clients’ money. The MFSA is the single financial regulator in Malta. It applies certain rules and requirements to the license holders. The companies licensed by the MFSA must stick to the minimum capital requirements in a volume of 730,000 euro. The regulator also stipulates that the licensed companies must use the risk management system and provide reports on a regular basis. Malta became a member of the European Union on May 1, 2004. Thus, every investment company that is regulated by the MFSA is eligible to render cross-border financial services on the territory of the union. Furthermore, Brokersclub Ltd. is a member of the Investor Compensation Scheme (ICS) which insures safety of clients’ funds. Trading conditions BTFX offers five account types with floating spreads and the leverage of up to 1:200. Furthermore, trading micro lots is available. To execute orders, this broker applies the ECN technology. VIP clients who deposit at least $25,000 can enjoy special conditions. Minimum initial deposit To register an account with BTFX, traders should credit their accounts with at least $250. This is an average minimum deposit comparing to conditions of other brokers, but this amount can be lower ($100 or even $1). Spreads and commissions BTFX offers average floating spreads on commission-free accounts. On the other hand, the broker charges lower spreads on ECN accounts amounting to 0.5 point on EUR/USD but there is also a commission of $7 per lot. Thus, holders of ECN accounts pay 1.2 points for a standard lot on EUR/USD including commissions which is a standard fee in the brokerage industry. Leverage The maximum leverage at BTFX is 1:200 which is an average size. If you need to trade with higher leverage, you can find a broker with suitable conditions in our rating. Trading platforms This broker provides the popular MetaTrader4 platform and Autotrade MyFXBook. MT4 features a wide range of trading tools such as technical indicators, charts, and expert advisors that can be both ready-made and self-developed. Besides, those traders who copy deals can use Autotrade on MyFXBook through their profile BTFX Live. Payment methods Clients of BTFX can use the following payment methods: credit and debit cards, bank wire transfers, and electronic payment systems such as MoneyGram, Neteller, PayPal, and ClickandBuy. Advantages:
Disadvantages:
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I can't trade on the BTFX platform due to the fake price and freezing issue all the time, also I found their spread going too high. while I have $200 invested in a mini account, some orders I can't close, therefore I lost almost $150, now I can't withdraw the rest invested and it has already been two weeks. So I want to warn others about BTFX broker.
Based on my experience I can say that BTFX is an honest broker. In the beginning time, I open an account and I requested for $100 no deposit bonus. After two days, I received that bonus. That $100 credited to my account, it was really nice beginning for me. From that money, I started to trade and finally managed to profits. I have stable profit now, I earned mostly $300 monthly. With a good quality trading platform, they also process deposit and withdrawal fast and on time. What a good broker, they never give me bad experience since I joined them.
I enjoy using the MT4 platform at BTFX because it is incorporated with various trading tools that have really helped me in my trading activities. It is also stable so my experience is really smooth-flowing.
I try many brokers because my trading style is scalping and there is a little problem, but BTFX have not problem. I start with $500 I am using an Expert Advisor, making one average 6-7 trades per week and my account is up some 65% just in 9 months. Over that time I made 3 withdraw via Wire Transfer my first withdraw was takes 6 days because of my verification issue but other two I got my money within one day.I still have to work out on strategy implementation and trading plan to see more profit growing up in account. Everything is ok prefect. Guys, you can try this broker.
BTFX has one of the most poor platform available today. Last week I placed an order on USDCHF and one hour latter market moves in the opposite way so I was trying to close the position but I was unable because the platform crashed. I tried on friend’s computer but could not reload it for up to 15 minutes. I lost over $338 just in one trade. I also contact with their support via live chat but they refuse to accept that was their platform problem. Anyway I am going to leave BTFXs broker.
I appreciate that BTFX has various account types which cater to all types of traders. As a beginner, I cannot risk a huge amount of money right away so it is good that the starting capital at this broker is low. They also have a great trading platform. Overall, my experience is desirable.
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