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Funds in orders btc marketsBTC Markets Review – Are They Safe?
Brokerages that operate from this location are unfortunately known to be on the shadier side, and this broker is no exception. First, SVG does not have a regulatory framework in place for forex and CFD brokers, which means that if a broker is registered in this country, it will still need authorization to operate from a valid financial authority. This broker is not regulated by any one of these authorities.
The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders. What this broker does offer is a web-based trading platform that doubles up as the client dashboard.
This software does have a couple of trading tools such as pending orders, price alerts and live news, but this would only satisfy the most novice of traders. This broker does not clearly state what the trading conditions are. Now this is where the confusion starts.
So we are not clear which currency applies to minimum deposit amounts. Furthermore, as we already have stated, this broker has not provided any information on the trading conditions. We were only able to find out about the spreads after we registered for an account with BTC Markets. Not only are the minimum deposit information and trading conditions vague, but the payment gateways offered by BTC Markets are also suspect. This broker offers its clients the following payment options: Xpate, Vload Voucher and an unknown Cryptocurrency wallet.
These payment options are suspect because we have seen them being used most by scam brokers. In fact, many of the scam companies use Vload as their main — or only — payment gateway.
Since this broker targets European customers, the fact that it offers trading bonuses makes it clear that it is a scammer. This is because brokers are banned from offering trading bonuses since they come attached with very unfair conditions. And sure enough, BTC Markets too offers bonuses with unfair trading conditions. You will not be allowed to withdraw your funds until you have reached a trading turnover of 30 times your original deposit plus the bonus given by the broker.
This kind a target is almost impossible to meet, which means that you will end up not being able to withdraw your funds at all. BTC Markets also has indemnification clauses put in place. These are clauses that protect the broker from legal consequences in case their clients suffer losses when using their trading platform. Regulated brokers are required to offer compensation to their clients in case they suffer losses due to services or products offered by the brokers.
Everything about BTC Markets indicates that this broker is a scammer. It is unregulated and its trading conditions are unclear, as is the minimum deposit requirement. The payment gateways are highly suspect and the only asset you can trade is Bitcoin.
What is a Limit Order? When you place a limit order, you decide what price you wish to buy or sell your funds. Your order will then be added to the order book and will be waiting for someone to submit a matching order. Once you have selected the order type, fill out the volume and price fields on the left. There are also helpful links to automatically populate 'spend all' volume or 'best sell price'. Review the total cost with fees shown in the 'spend total' section and press the 'BUY BTC' button to submit your request.
Our fee structure can be viewed here. Stop-limit orders are a more advanced order type. Please read the documentation and watch the video here before using this option. Please note that in some cases, an order submission may not automatically result in a purchase. Orders need to be matched to a corresponding sell order, and there may be other orders ahead of yours in the queue.
Waited a long time, and the order is still not matched? If you find that nothing happens after a long time, click on 'open orders' and have a look to see if your order is still open. You can access the open orders page here. Check the price to see if it's near the market average. You may have to cancel it and put in a more competitive price if you want your order matched more quickly.