BTC Globe FX is a Saint Vincent and the Grenadine based foreign exchange broker that claims to be one of the most accessible ways to become richer, a bold claim and also one that could mislead. We have seen the layout and features of the site before as they are using a white label setup. They aim to provide outstanding customer service, offer a multi-product bouquet, provide advanced trading platforms, to give tight spreads and to be run by an experienced founding team. We will use this review to look into the services offered to see how they compare to the competition and so you can decide if they are the right broker for your trading needs.
Account Types
There are four different account types, they do not go over the trading conditions, instead, they are outlining additional features that come with each., so let’s look at what they are.
Standard Account: This account requires a deposit of at least $250, the account does not come with any additional features.
Classic Account: The Classic account requires a minimum deposit of at least $2,500, it comes with online chat and access to all platform features.
Gold Account: This account requires a minimum deposit of at least $20,000, it comes with online chat, access to all platform features, has access to Autochartist, SMS signals, a VIP manager and an individual telephone line.
Premium Account: This account requires a minimum deposit of at least $50,000, it comes with online chat, access to all platform features, has access to Autochartist, SMS signals, a VIP manager, an individual telephone line, special promotions on one on one trading and personal reports on the stock markets.
Platforms
MetaTrader 4 is the sole platforms offered by BTC Globe FX and it is one of the worlds most used trading platforms and for good reasons, a few of its many features include multiple order types, Market watch window, a navigator window, lots of pre-installed indicators and analysis tools, multiple chart setups, the ability for automated trading and order execution capabilities. The platform is also highly accessible, as you can use it as a web trader in your internet browser, a mobile application or as a desktop download.
Leverage
The maximum leverage available is 1:200, we believe that all accounts use the same leverage so they all have access to this amount. It can be selected when opening up an account, we are not sure if it can be changed once an account has been opened.
Trade Sizes
Trade sizes at BTC Globe FX start from 0.01 lots on all accounts and go up in increments of 0.01 lots. We do not know what the maximum trade size is or what the maximum number of open trades you can have at any one time is.
Trading Costs
We did not see any mentions of commissions for any of the accounts so it appears that there aren’t any, especially with the spread (later in this review) starting so high. There are however swap charges which are fees for holding trades overnight and these can be viewed within the MetaTrader 4 trading platform.
Assets
There, unfortunately, isn’t a full breakdown of the available assets, this means we do not know what is available to trade. This can be quite off-putting to potential new clients who will often look to see if a broker has their favorite instruments to trade, not knowing will make them look elsewhere. We do not even know how many potential assets there are.
Spreads
The only spread that we have to go on is what is mentioned on the homepage of the site. It states that the spread for EUR/USD is 1.6 pips. This is the starting spread as they are variable which means they will move with the markets, more volatility or less lucidity will make them grow larger, different instruments will also have different starting spreads, 1.6 pips is the smallest they will be.
Minimum Deposit
The minimum deposit required to open up an account is $250 which will allow you to use the Standard account, if you want a higher tier account then you will need to deposit at least $2,500. We do not know if the minimum amount reduces after an account has already been opened.
Deposit Methods & Costs
There is not a dedicated page for funding, the only information we have is some images at the bottom of the website, they indicate that Visa, Maestro, MasterCard, Neteller, and AstroPay are available to use, but we have no confirmation of this, we also do not know if there are any added fees when depositing but you should check with whatever method you are using to see if any are added by them.
Withdrawal Methods & Costs
We also do not know much about withdrawals such as the methods available (although Visa, Maestro, MasterCard, Neteller, and AstroPay are most likely available), or any additional fees for withdrawing. If you are using BTC Globe FX, then we would suggest checking with whatever method you use to see if they have any incoming transfer fees of their own.
Withdrawal Processing & Wait Time
We do not know the exact processing time from BTC Globe FX, however, we would expect any withdrawal requests to be processed within 1 to 5 working days from the date the request is made, this will depend on the methods available to use.
Bonuses & Promotions
There is a 30% bonus available, the only details about the promotion are on the account sign up page which states that you can get a 30% bonus on your first deposit. There is no more information surrounding it such as how to convert the bonus into real funds or what the maximum bonus available is.
Educational & Trading Tools
There is a news section of the site which details news from around the world which could be affecting the markets. Autochartist is a tool that is also available, this offers features to help with your trading, it can identify and react to market movements, check the quality and competitiveness of your broker’s pricing, manage your cash exposure, optimize your stop loss and take profits, capitalize on known outcomes of news events and identify and react to market movements that are not typical.
Customer Service
The customer service team can be contacted in a number of ways, there is the online submission form, fill it in and you should get a reply via email. There is also a phone number, email address, postal address and Skype username available to sue.
Address: Suite 305, Griffith Corporate Centre, P.O. Box 1510, Beachmont, Kingstown, St. Vincent and the Grenadines
Phone: +442080788663
Email: [email protected]
Skype: btcglobefx.com
Demo Account
We did not see any information surrounding demo accounts, so we are not entirely sure if they are available, if they are not then it is a shame as demo accounts allow you to test out the markets and strategies without any real risk.
Countries Accepted
This information was not located on the site, however, if you are thinking of signing up, we would suggest that you contact the customer service team first just to check that you are eligible for an account.
Conclusion
The information provided by BTC Globe is scattered around the site and does not give the whole picture about what is offered. All four accounts seem to use the same trading conditions which use a spread based system, the spreads start from 1.6 pips so they aren’t incredibly high, but also not ultra-competitive. We do not know what assets are available or concrete information on what deposit and withdrawal methods are available. Not having those bits of information can make it hard for us to recommend them to trade, as it is vital to know how you can get your money in and out and also how much it will cost you.
