Have you heard of 247BtcClub? It is one of the newest brokers on the market in South Africa, and in this review, we will provide more information on what 247BtcClub is really about! At the first glance, this broker seems like a crypto broker as it is using BTC (short for Bitcoin) in the name, but read our review to see for yourself whether or not this broker is worth your time and money.
247BtcClub review will help you find out more about the policies, terms and conditions, account types, software, customer support and banking methods related to this broker. Also, we will help you find out if 247BtcClub is a scam or not. Make sure to read our 247BtcClub review and learn everything you need to know!
We suggest you try trading with a regulated broker like IQ Option.
There are four account types South African traders can use with 247BtcClub. They are as follows:
- Standard – $250 minimum deposit
- Classic – $2,500 minimum deposit
- Premium – $20,000 minimum deposit
- Gold – $50,000 minimum deposit
Once we saw the prices, we were expecting some really carefully and mindfully created accounts, but this broker focused on a somewhat different approach. For example:
- The standard account only gives limited access to the trading platform
- The classic account is the cheapest account that comes with a live chat
- Premium account offers a whole set of features like VIP guidance and SMS alerts
- Gold account, when compared with a premium account, offers only additional reports and one-on-one lessons.
While it is completely understandable to get more features as you deposit more, we don’ appreciate the fact how the cheapest account doesn’t even give you the basic trading tools and features, or access to all assets. Also, we would appreciate if live chat support would be available for all traders, no matter how much they deposit, or whether they deposit at all, as it is the most convenient mean of communication.
247BtcClub Demo Account
All traders who want to trade with the demo account first will be disappointed that 247BtcClub broker doesn’t offer one. This means that traders have to start using real money as soon as they deposit.
This is a pity, as many traders prefer to try a demo account first. The demo account is basically a copy of the real trading account, but with virtual money instead of real funds. This means that you get a certain amount of virtual funds, just like coins in a video game, but you can use it to trade in real market conditions. Demo account won’t bring you any money, but it will provide a unique opportunity to see what the trading interface is all about.
247BtcClub review also covers the review of the trading platform. This broker doesn’t provide much info on it. All we could find is that there is a web-based platform you don’t have to download and a Window-based platform that requires a download and installation. This means that with the web-based platform you can trade from any device, while with Windows platform you are limited to one device, usually a personal computer. However, the broker failed to deliver any information on platform provider, tools, features and assets available to traders. Also, there is no platform preview on the website, so prepare your $250 minimum deposit to get limited access, and $2,500 in case you want full access.
247BtcClub Mobile Trading
247BtcClub also advertises two mobile phone apps – one for android and one for iOS devices. When we clicked buttons, we were taken to the apps tore and presented with Metatrader 4 mobile app. MT$ is one of the most popular apps around, as it has many tools, strategies, features, alerts, etc. integrated into the simple to use interface. Metatrader 4 platform is owned by MetaQuote, a company that has a long history of being a platform provider for forex brokers.
Still, one thing remains unknown, and that is whether this broker uses MT4 desktop and web interface as well. Metatrader platforms usually come in packages for all devices and types of traders, but we didn’t manage to figure out if this is also the case.
247BtcClub Asset List
247BtcClub review decided to take a closer look at what this broker has to offer to traders in South Africa. However, there was no list related to spreads, assets or leverage. Considering how this broker is using BTC in its name, we presumed that there will be many popular cryptocurrencies involved, but it seems we can only make an assumption. The full list of assets is available only to those who deposit.
247BtcClub Customer Support
As you already know, in case you have read this review carefully – not every trader gets the same level of customer support. Those who want to know more without making a deposit or who deposit the bare minimum won’t get live chat customer support, but they can still use
- Phone +44 208 089 2876
- Email [email protected]сlub.com
- Skype 247btcсlub.com
It is important to notice how these methods require more time and money than a simple live chat that should be accessible for all traders.
Traders who want to know more will find it rather difficult to find any educational materials with this broker.
247BtcClub Deposit and Withdrawal
There are no clear terms, conditions, and policies related to depositing and withdrawing. We found out how 247BtcClub South African traders will have to deposit $250. There are no withdrawal limits listed. Also, the broker claims there are no deposit fees, but doesn’t mention withdrawal and dormancy fees.
247BtcClub Bonus Policy
247BtcClub offers a bonus for all traders who deposit. The bonus in the amount of 30% comes with terms and conditions. Bonus policy is a part of the Terms and Conditions document, but we found it to be really complicated. Traders who accept the bonus must trade 3.3 lots for every $10. A lot is 100,000 currency units. Also, the bonus rules are very complicated.
Is 247BtcClub – A Scam or Not?
While we don’t claim that this broker is a scam, we definitely recommend you check out a regulated broker instead. IQ Option is one of the top regulated brokers on the market that offers a free demo account!Conclusion: We make it our mission to not recommend anything but the best – which, according to industry experts, is IQ Option, the top regulated broker for your country with a minimum deposit of ONLY $10! Between 74-89 % of retail investor accounts lose money when trading CFDs
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