Are you dreaming of becoming a professional trader and thinking of choosing Polarbtc as your broker? Think twice before deciding! We’ll reveal the truth behind the promises of this company and why customers consider it a potential scam. Don’t make a move without reading this review first.
- Polarbtc General Information
- Registration and Client Portal Review
- Polarbtc Trading Conditions
- Account Types Review
- Trading Platform
- Polarbtc — Deposit and Withdrawal of Funds
- Additional Options
- Is Polarbtc a Scam?
- Legal Information and License
- Polarbtc.com Domain Info
- Contacts Review
- Pros and Cons
- Frequently Asked Questions (FAQ)
Polarbtc General Information
|Address||5 Churchill Pl, London E14 5HU, United Kingdom|
Registration and Client Portal Review
On the official Polarbtc website, we found a whole page of useful information – the broker’s contacts. The rest of the content consists of uninteresting praises for the company itself and (spoiler alert) unreliable information. This is probably intended for newcomers who are used to reading only advertising texts. For those with experience in working with brokers, presented facts are more important, and they do not speak in favor of Polarbtc. For example, the page “About Us” contains nothing but vague philosophy and mission statements instead of real history and facts about the company.
The registration process also disappointed us. At first glance, it seems simple enough to just fill in the standard personal information and contacts. However, the registration form has one treacherous line with a referral code. Without it, creating an account is impossible. Where to get the referral code is a mystery. Meanwhile, registration with referral codes is a bad practice because it forces users to share personal information with third parties just to gain access to the service. It also raises our concerns about the legitimacy of Polarbtc.
Polarbtc Trading Conditions
Well, even though it will be difficult for us without access to the Client Portal to explore all of the broker’s offerings, we will try to provide the most complete information.
Account Types Review
So, Polarbtc is a typical CFD broker. Don’t expect anything extraordinary here. We don’t know for sure if it provides a demo account. In the FAQ section, it says it does. However, you won’t find any requirements for a minimum deposit anywhere. Additionally, there is no information about the size of spreads, swaps, the availability of Islamic accounts, commissions, and other important things. The only thing stated in the FAQ section is that Polarbtc offers too high leverage for retail investors up to 1:100.
The situation with the trading platform is equally disappointing. It is unclear who the software provider is, which is a red flag. Without knowing who developed the terminal, traders cannot be certain of its reliability, security, and functionality. Additionally, Polarbtc claims to offer a mobile version of the platform, but no further information is provided about it. This lack of transparency and detail regarding the trading platform and its mobile version raises doubts about the quality of its services.
Polarbtc — Deposit and Withdrawal of Funds
Polarbtc offers various deposit methods, including bank transfers, credit cards, cryptocurrencies, and even e-wallets. However, we are disappointed with one small detail. The deposit methods are listed with an obvious hint that you should use cryptocurrencies and e-wallets because transfers from them are faster. Although it is no secret that wire transfers are much more reliable.
The verification process at this broker is quite simple. The first step is to provide personal information, such as your full name, date of birth, and address. You will also need to upload a copy of your government-issued ID and proof of the address, such as a utility bill or bank statement. Once you have submitted these documents, the broker’s compliance team will review them and notify you of the outcome. If all is in order, your account will be verified and you will be able to proceed with trading.
Polarbtc offers bonuses on deposits among its additional services, but it’s worth noting that brokers who offer deposit bonuses can be a red flag. Such bonuses often come with strict conditions and high turnover requirements, which can lead to clients losing their money. Additionally, these bonuses can be used as a marketing tool to attract new clients who may not fully understand the risks involved in trading.
Polarbtc also offers education, but it’s questionable how useful the materials provided by a broker who hides its Client Portal behind a referral code can be. It’s better to do your own research and seek out education from independent and reputable sources. Besides, it’s free.
Is Polarbtc a Scam?
It is obvious to trading experts that Polarbtc is a scam, as shown by the first part of our review. However, there are several additional arguments to consider.
Legal Information and License
The broker claims to offer its services based on a license, but it’s unclear which country issued it. Contrary to all requirements, there is no mention of the legal details of the managing company in the Terms and Conditions. Well, at least there’s an address. Based on this, it can be inferred that Polarbtc is registered in the UK. However, as you may have guessed, there is no mention of such a legal entity in the registry. The conclusion is obvious: Polarbtc is operating illegally. Of course, an officially non-existent company cannot have a license. This can also be deduced from the leverage offered, as the FCA (the British regulator) prohibits leverage above 1:50.
Polarbtc.com Domain Info
It is clear to us why the company didn’t write anything in the About Us section – it simply has nothing to brag about. Checking the domain registration date shows that it was registered on June 27th, 2022. This is a clear indication of fraud because legitimate and trustworthy companies do not register their domain names so recently before offering financial services to clients. They have a reputation to maintain and want to establish trust with their customers, which can only be achieved over time through a track record of positive performance.
The broker provides a phone number, email, and address as contact details. However, as we have discovered, the address is fake. As for the other methods of communication, it can be difficult to reach the support team at times, especially when a trader is waiting for a withdrawal request to be processed. This is one of the most common complaints in reviews.
Pros and Cons
- Suspiciously high leverage
- No official registration
- Short lifespan
- No license
- Negative reviews.
Frequently Asked Questions (FAQ)
It claims to offer online trading services, including access to forex, cryptocurrencies, and other financial instruments. In fact, it offers CFD trading.
Trading conditions are not clearly stated there. So, there is no info about the minimum deposit requirement.
No, it seems to be an unsafe and fraudulent company.