Uncertain about braintrustfx.net platform? Is Braintrust FX a safe or scam broker? Let’s read reviews to know about this forex broker.
This content promises to share helpful review to support clients/traders in making the right decision. Kindly read to the end and make your verdict.
About Braintrust FX
Braintrust FX otherwise known as braintrustfx.net is an offshore brokerage with a lot of promises for forex traders. The forex company claims to offer crypto investment services to their clients.
The broker is completely anonymous. It has not revealed any contact information about itself other than an e-mail.
What’s more, the brokerage promises different instruments like forex, stocks, commodities, crypto, bonds and indices.
Is braintrustfx.net Regulation Claim Genuine?
First of, Braintrust FX claimed to be governed by the laws of the UK. We could not, however, establish if the broker was actually based in this country – they have not provided any actually useful contact information.
Quick check of the UK’s Financial Conduct Authority (FCA) database shows that there is no authorized broker using the Braintrust FX brand and domain. Take a look yourself —
This shady company is not under anybody’s supervision – and they are certainly not obligated to treat you fairly.
Furthering, the broker does not offer money back guarantee which means trading on such platform is clearly a risk as your money cannot be refunded.
These drawbacks are for forex traders/ clients to avoid losing money with scam brokers lurking online. It is always advisable you check for regulated and licensed broker on financial authorities websites before depositing fund for trading.
Won’t you rather trade with a licensed and legit 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, ASIC in Australia, NBRB in Belarus, CySEC in Cyprus as well as IIROC in Canada which makes client funds safe. They accept traders worldwide…visit their official website
Does Braintrust FX Have Account Types?
Braintrust FX offers different trading account for clients. According to the website, the broker leverage promises unlimited leverage and spread as low as 0.9 pips on EURUSD on its basic account.
Braintrust FX offers minimum deposit of $10 according to the account type. While this is affordable, doing it with an illegitimate broker is a risk to start with.
In contrast, you should better stay with a legitimate broker that clearly spells out its regulation and license credibility with no string of fraud, and clients can start trading as low as $100 with the assurance of their trading funds.
As for the broker funding methods, Braintrust FX only accepts crypto deposits and claims deposit with a credit card or via wire transfer. There are a few reasons why scam brokers prefer to receive payments in crypto. One, transactions are irreversible and untraceable.
Braintrust FX withdrawal leaves us with no specific information on withdrawal fee nor processing days on withdrawal request. The broker provides no clear description on trade requirements that must be met before a withdrawal.
Just so you know, offshore brokers are commonly known for accepting crypto currencies. For this purpose, payments made through this method are anonymous and can only be traced to a wallet address and not to a specific person. So beware!
Braintrust FX Trading Software
Braintrust FX offers web trading software. The platform comes with some basic tools and custom indicators but nothing more advanced.
Why use forex brokers with advanced trader like MT4/MT5? You are certain to have the best features of real-time quotes, financial news and various FX and stock charts, as well as algorithmic trading sessions with the help of specially designed trading bots, called Expert Advisors.
Frankly, we say don’t consider doing that with an unregulated forex broker like this one because you stand the chance of losing your money.
Argument Against Braintrust FX Licensing and Regulation
Like in any corporation, integrity is a key to uphold these days. It doesn’t matter if you make a lot of money but you can’t take it out. That is to say, exactly what is happening with non-licensed companies.
Having said that, it is not far from believing that braintrustfx.net is not a licensed brokerage firm. It is not under any financial regulation which means wiring your money for trading is risky. Its unlicensed and unregulated activities are truly a red flag and must be avoided.
COMPARE WITH A TRUSTED BROKER
Fortrade
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
Verdicts:
Braintrust FX located at braintrustfx.net appears like a genuine trading broker, however, you should not take the words they say and the attractive website layout. By all appearances, this broker lacks one important indicator which is – it license. Following this, we would advise traders to steer clear from unlicensed brokers as they likely a platform run by scammers. Thus, we urge our readers to rely on regulated brokers like this or any licensed entity.
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