September 16, 2020

BT Save Review

Overview

BT Save, which operates with the website domain www.btsave.net was founded in 2019. The parent company (EZ2GO Ltd) has been found to be registered under the laws of the Republic of Dominica. While this might seem a bit more legitimate than no license, but the commonwealth of Dominica doesn’t have any reputed regulators, or agencies that can give a legitimate license to BT Save for offering financial services around the globe or anywhere outside of Dominica. Also, the broker on its website doesn’t mention anywhere about having any other licences that allow it to operate in any other country. Read the full BT Save review here.

About BT Save

Getting to the platform itself, it runs on the very popular Meta Trader 4. BT Save offers a EUR/USD spread of 3 pips which is highly unfavourable to a trader and clearly is in the broker’s interest. Also the website doesn’t provide any information on the leverage it offers. It does however let you know that you can trade in various CFDs and currency pairs. It also offered trading in the popular cryptocurrencies too. The minimum deposit for the basic account was a whopping 1000 USD, which is around four times the market average. While the minimum withdrawal was 50 USD, with a withdrawal fee of 30 USD. Which brings us to the fact that no information is made available about the commissions they charge and other fee they might have. The company also doesn’t provide a demo account. So you have to basically join the platform with a high minimum deposit and no knowledge of the leverage offered and the commissions.

All these factors are major red flags for any seasoned trader. But if not having a license and all the factors weren’t enough, the FCA (Financial Conduct Authority) issued a warning against BT Save in February of 2020. The FCA is the regulator body for trading platforms in the UK. You can verify and check the warning here.

The Verdict

A company is suspicious when it doesn’t have proper information available, like it’s founders, leadership and origin. It is an even more suspicious situation when it doesn’t have the required licenses to offer its services. Things seem even worse when the company withholds information about trading conditions and expects high deposits. But it seems safe to say a company seems quite like a scam when government regulator bodies actively warn the citizens against you. So BT Save seems like a company of the latter kind and we would urge traders to use their diligence before investing with them.