Boter Trading Lite Review: Botertradinglite.com Horrible Scam

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Boter Trading Lite Review
  • Regulation
  • Fund Safety
  • Customer Support
0.5

Summary

Opening an investment account with Boter Trading Lite is futile because the broker does not provide anything remotely close to a trading platform. After all, your goal as a forex investor is to trade; if the broker cannot help you with that, you have no business engaging it. 

Online trading is becoming a popular prodigy investment. With vast internet access, people can trade easily and with less money. As the business has grown, so has the number of trading brokers. For retail traders, brokers are essential as they help them trade with their money. In return, brokers charge the traders a small fee through spreads or commissions. However, only some brokers are genuine, as several shifty scammers are out to get your money. 

Boter Trading Lite Review, Boter Trading Lite Company

Boter Trading Lite is an unregulated broker claiming to have a base in the U.S. The broker claims to offer a platform for trading various instruments, including forex, indices, and stock. Besides operating under the pretext of a legit brokerage company, most of the claims this broker makes are a pure sham. 

Admittedly, forex scammers can be deceiving as they have irresistible offers to trick unsuspecting traders. Once you sign up for the services, however, you realize there is a stark contrast between what brokers advertise and what they offer. Exercise due diligence and establish legitimacy before trusting brokers with your funds. This is the only way to distinguish scammers and credible forex brokers

The subsequent review shares some issues and warning signs on the broker’s website. These signs signal that this broker is of questionable integrity. In addition, the review sheds light on the must-have attributes of authentic brokers, which will be invaluable to you, especially if you are fairly new in the market.  

About BoterTradingLite.com

According to the broker’s website, botertradinglite.com, the broker operates with the authorization of the U.S. financial watchdogs. However, we quickly realize that this broker is not only unregulated but also offshore! Offshore brokers are dangerous as they predispose investors to significant losses and fraud. 

Moreover, the platform exhibits a lot of inconsistencies and omissions, proof that it is a phony platform seeking to defraud investors of their hard-earned money. For instance, the platform claims to provide friendly trading terms, such as instant market executions, high liquidity, and low spreads.

Boter Trading Lite also claims to offer tools to facilitate trading on the platform. Since it is hard to verify these claims, they are there to impress investors, prompting them to invest with the broker. The best call to make is to avoid this broker.

Boter Trading Lite Deposit & Withdrawal Policy

Boter Trading Lite only accepts bitcoin deposits. This limit is a dead giveaway because you will never find a trustworthy broker who accepts cryptocurrency and has no other options. The reason for this is that the broker wants to maintain anonymity. Cryptocurrency transactions may only be linked to a particular wallet address, not to a specific person or entity. 

Additionally, these transactions are hard to reverse since they are cryptographic and irreversible. Thus, you lose funds control the moment you deposit your funds. Likewise, you cannot file for a refund for such transactions. While cryptocurrency deposits are legitimate, it is advisable to use the method only with brokers you can trust. As for Boter Trader Lite, taking chances with a broker who intends to keep and steal your money would be unwise. 

Boter Trading Lite Trading Software

Explore legit brokers who take your investment ambitions seriously. Opening an investment account with Boter Trading Lite is futile because the broker does not provide anything remotely close to a trading platform. After all, your goal as a forex investor is to trade; if the broker cannot help you with that, you have no business engaging it. 

Instead, look for a broker that provides user-friendly and intuitive platforms like MT 4 or MT 5. The two have built-in tools, indicators, and features to optimize your trading experience. You would have access to powerful charting and analytical tools, automated trading with expert advisors, the ability to write your scripts and set signals, buy virtual private servers, and much more. We encourage you to look into one of the many regulated brokers providing real and demo MT4 and MT5 accounts.

Boter Trading Lite Trading Conditions

Boter Trading Lite provides ambiguous trading conditions. As a rule, brokers must state their leverage and spreads, as these are significant determinants of profits. Even if this broker provides details on these conditions, such as spreads and leverage, they are irrelevant here as it lacks a functional trading platform. This is because these conditions only apply to brokers who can provide a competitive trading experience. 

The unavailability of legal documentation, such as T&Cs and risk disclosure policy, is another tell-tale sign of a dishonest broker. Surprisingly, the broker requests that we accept their rules when opening an account. It is downright fishy to ask investors to accept terms the broker deliberately omits. Beware of such antics, as you could be agreeing to excessive charges.

Boter Trading Lite requires a minimum deposit of $500. The funding threshold is relatively high, considering that most trustworthy brokers accept as low as $10 to open a basic account. The high amount allows the shady broker to steal as much as possible. 

Boter Trading Lite Regulation Status

Boter Trading Lite purports to be a US-based broker but offers no evidence of a license. We had doubts that this broker is in the U.S., given the country’s rigorous regulatory environment. Regulators in this jurisdiction require local brokers to demonstrate that they have a minimum operational capital of $20 million. They are also answerable to the NFA and the CFTC, two of the harshest financial regulators. Consequently, only a few brokers now hold U.S. licenses. 

When we checked with the CFTC and NFA registers, we could not locate matching credentials. Missing from the database is an explicit suggestion that the broker has no authorization to operate there. If you opt for this broker, you will be dealing with an ungoverned company with no assurances for fair treatment, as this broker does not abide by all applicable laws. 

Funds Safety

Clients of shady brokers are not eligible for the same safeguards that financial watchdogs such as FCA, ASIC, and CySEC afford investors with regulated brokers. Several mandatory requirements guarantee protection. For instance, brokers under regulation must maintain a minimum operational capital of $20000000 in the U.S. and A$1 million in Australia. 

Additionally, these brokers must provide negative balance protection, ensuring you cannot lose more money than your account balance. Also, brokers in the U.K. and the E.U. must contribute to compensation schemes. As a result, if a broker experiences financial difficulty, their clients may be eligible for partial compensation. 

Since Boter Trading is not under the watchdog’s check, investors’ funds are not secure. The broker can use these funds however they please, worsening the risk. Investors will not get any compensation when this broker quits the market for whatever reason.

Verdict

Despite the allure of forex trading, traders must be careful when selecting their investment brokers. This is partly because forex markets and digital assets are highly volatile. Also, scamming incidents have increased, putting naïve investors at great risk. 

If you want your forex investment goals to materialize, you must enlist help from credible forex brokers. Such brokers offer reasonable trading conditions and comply with regulatory laws. Credible brokers will not jeopardize your funds’ safety; thus, you can confidently invest to achieve your goals.  

 

 

 

 

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