BTC Kingdom is an unregulated crypto broker that offers South African investors a wide range of crypto assets to trade including Bitcoin, Ethereum, Litecoin, Ripple, Bitcoin Cash and more.
However, BTC Kingdom has recently been blacklisted by Belgium’s financial regulator, the Financial Services and Markets Authority (FSMA) as a “suspicious crypto trading site”. Based on several complaints received, the FSMA warns traders to stay away from this broker.
You can find our full review for South African traders below, including pros, cons and whether or not BTC Kingdom is a scam or not.
BTC Kingdom Account Types
BTC Kingdom requires all South African traders to make a $250 minimum deposit to begin trading on their platform. Unfortunately, there is no demo account available.
$200 – $250 is the classic minimum deposit amount that most forex and CFD brokers require. However, it should be noted that there are reputable and licensed brokers with much lower minimum deposits. For example, the minimum deposit to start trading with IQ Option is only $10.
Now, BTC Kingdom appears to offer a single, simple account type and what the broker calls PAMM accounts – which are essentially managed accounts.
Warning: We would advise South African traders to stay away from managed accounts, as these are often used by fraudulent companies and result in fund mismanagement and huge losses.
We also couldn’t help noticing that not much information was available on their website regarding trading accounts. There is no mention of minimum investment amount (lots) or even spreads. The maximum leverage is 1:5, which is incredibly low.
BTC Kingdom Trading Platform & Assets
As their name suggests, BTC Kingdom operates with a strong focus on crypto CFDs. The cryptocurrency assets South African traders will find to trade on their platform include:
- Bitcoin Cash
- Bitcoin Gold
In regard to the trading platform which South African investors will find all the above crypto CFDs, BTC Kingdom offers an oversimplified web trader. On the one hand, being entirely web-based means that no downloads or installations will be require. On the other, this platform lacks any type of advanced features like charting tools or automated trading sessions that platforms like MetaTrader 4 have available. BTC Kingdom offers no such platform for more advanced traders, which was definitely a disappointment.
In general, their entire website appears to lack any substance of basic information. They have some videos regarding Bitcoin trading and crypto trading in general – but nothing more about their own software or trading conditions. Lack of transparency is a red flag when it comes to unregulated brokers.
BTC Kingdom Customer Support
If you are looking to contact BTC Kingdom, you can reach their customer support team via email, phone, or the online contact form on their website. There is no South African number available, nor a live chat or FAQ section to address some of the basic questions.
The company that owns BTC Kingdom is called Home Market Ltd. The broker provides an address in London which we doubt to be real.
Email: [email protected]
Phone number: (+352) 20 880 721
BTC Kingdom Deposit & Withdrawal Methods
As mentioned above, the minimum deposit to start trading with BTC Kingdom is $250. Now, even though the broker claims to accept several e-wallets like Skrill, Neteller, WebMoney and Qiwi Wallet, in reality, they accept the following methods only:
- Credit card (Visa, MasterCard)
- Bank wire transfer
- BPay (only for Australia)
- Crypto deposits – Bitcoin, Litecoin, Dash, Ethereum, Bitcoin Cash)
Once again, the broker lacked information regarding withdrawal methods. What we found odd was the withdrawal fees mentioned on their Terms and Conditions page. These were not specified in any way.
BTC Kingdom Pros & Cons
You can check out the advantages and disadvantages of trading with BTC Kingdom in South Africa summarized below.
- Variety of crypto CFDs available
- Not regulated or licensed under any regulatory agency
- Blacklisted by the FSMA in Belgium
- Lacks basic information on the website (no transparency)
- Managed accounts (used by scam companies)
- No MT4
- No demo account
Is BTC Kingdom a Scam?
We never like to call out a broker as being scam when we do not have sufficient evidence to support our claim. However, the disadvantages found through the course of this review are serious and we would not advise South African traders to invest with this broker. They are not licensed or regulated in any way, have been blacklisted by Belgium’s financial regulator and lack basic information on their website.
Instead, we recommend trading with the best regulated broker for South African traders – IQ Option.
Check out some of the features you will find at IQ Option below.
- Licensed and regulated
- Free $10,000 demo account
- $10 minimum deposit
- Award-winning trading app
Read our full IQ Option review for more details.
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