By Trend foreign exchange brokers specializing in providing foreign exchange trading services, the company's official website https://bytrend.io/auth/signup, about the company's legal and temporary regulatory information, the company's address Suite 305, Griffith Corporate Centre, Kingstown, St. Vincent & the Grenadines.
By Trend Forex Broker
Basic Information
Saint Vincent and the Grenadines
2-5 years Suspicious Regulatory License Suspicious Scope of Business High potential riskCompany profile
Rating Index
Maxi
Midi
By Trend Forex Broker - Complete Information Guide
1. Broker Overview
By Trend is a forex brokerage firm that commenced operations in 2020. The company is registered under the name By Trend LLC, with its headquarters located in Suite 305, Griffith Corporate Centre, Kingstown, Saint Vincent and the Grenadines. This jurisdiction is known as an offshore zone, which often raises concerns regarding regulation and investor protection.
As a privately held entity, By Trend primarily caters to retail traders, offering services that appeal to both novice and experienced investors. The firm operates in various markets, providing access to a wide range of financial instruments, including forex, cryptocurrencies, commodities, and CFDs. Despite being relatively new in the industry, By Trend has made significant strides in establishing its presence and attracting clients.
The company's development has been marked by its commitment to providing an accessible trading environment. However, it is crucial to note that By Trend operates without the oversight of a recognized regulatory authority, raising questions about the safety of client funds and the overall integrity of its services.
By Trend's business model focuses on retail forex trading, where clients can engage in speculative trading of various financial instruments. This model allows traders to leverage their investments, although the specifics of leverage and trading conditions remain unclear due to the lack of transparency in the firm's operations.
2. Regulatory and Compliance Information
By Trend operates in a jurisdiction known for its lenient regulatory framework. The firm is not licensed by any major regulatory authority, which poses significant risks for investors. The primary regulatory institutions associated with forex trading include:
- Financial Services Authority (FSA) of Saint Vincent and the Grenadines (SVG)
- Financial Conduct Authority (FCA) in the United Kingdom
- Commodity Futures Trading Commission (CFTC) in the United States
However, By Trend does not hold any valid licenses from these or any other recognized regulators. The absence of a regulatory license means that the broker is not subject to the stringent oversight that protects investors in regulated markets.
The lack of a client fund segregation policy further exacerbates the risks associated with trading with By Trend. There is no participation in investor compensation schemes, which means that if the broker were to face financial difficulties or insolvency, clients would have no recourse to recover their funds.
By Trend claims to implement KYC (Know Your Customer) and AML (Anti-Money Laundering) measures, yet the effectiveness and thoroughness of these policies remain questionable. Given the broker's operational environment, traders should exercise extreme caution when considering opening an account.
3. Trading Products and Services
By Trend offers a diverse range of trading products designed to cater to various trading preferences. The key offerings include:
Forex Trading: The broker provides access to numerous currency pairs, allowing traders to speculate on the fluctuations in exchange rates. However, the exact number of available currency pairs is not specified.
CFD Products: By Trend allows trading in various CFDs, including indices, commodities, stocks, and cryptocurrencies. This broad selection enables traders to diversify their portfolios and take advantage of different market conditions.
Unique Products: While the broker offers standard trading instruments, there is limited information on any exclusive products or features that set By Trend apart from other brokers in the market.
Retail Trading Services: The firm primarily focuses on retail traders, offering them the necessary tools and resources to engage in active trading.
Institutional Client Services: There is no clear indication that By Trend offers services tailored specifically for institutional clients, which is often a hallmark of more established brokers.
White Label Solutions and Asset Management Services: There is no mention of By Trend providing white label solutions or asset management services, which are typically offered by more comprehensive brokerage firms.
The frequency of product updates and the introduction of new instruments are not disclosed, which may limit traders' opportunities to explore new markets.
4. Trading Platforms and Technology
By Trend utilizes a web-based trading platform, which is accessible through any internet browser. This platform is designed to offer basic trading functionalities but lacks the advanced features found in more reputable platforms such as MetaTrader 4 (MT4) or MetaTrader 5 (MT5).
MetaTrader Support: By Trend does not support MT4 or MT5, which are industry-standard platforms known for their comprehensive trading tools and user-friendly interfaces.
Proprietary Platform Details: The specifics of By Trend's proprietary platform remain vague, and users may find it lacking in advanced trading features and analytics.
Mobile Application: There is no information provided regarding the availability of mobile applications for iOS or Android, which limits traders' ability to trade on the go.
Execution Model: The execution model used by By Trend—whether ECN, STP, or Market Making—is not clearly defined, leaving traders uncertain about how their orders will be processed.
Server Location and Infrastructure: Details regarding the location of trading servers and the overall technological infrastructure supporting By Trend's operations are not disclosed, which raises concerns about reliability and performance.
API Access and Automated Trading Support: The availability of API access for algorithmic trading is not mentioned, indicating that traders may not be able to automate their trading strategies effectively.
5. Account Types and Trading Conditions
By Trend offers several account types, each with its own minimum deposit requirements and trading conditions:
Standard Account Conditions: The minimum deposit for the basic account type is set at $500, which is significantly higher than what many competitors offer. The spreads for forex trading start at 3.8 pips, which is considered high compared to industry standards.
Advanced Account Types: There are indications of advanced account types, such as VIP or professional accounts, but specific details about their conditions and benefits are not provided.
Special Accounts: The availability of Islamic accounts or accounts tailored for businesses is not mentioned, which may limit options for certain traders.
Demo Account Policy: By Trend does provide a demo account, allowing prospective clients to test the trading platform without risking real money. However, the details regarding its features and limitations are not specified.
Leverage Ratios: The leverage ratios offered by By Trend are not disclosed, leaving traders without crucial information needed to make informed decisions about their trading strategies.
Minimum Trading Volume: The minimum trading volume for the basic account is 0.01 lots, which is standard across the industry.
Overnight Fees: Information regarding overnight fees or swap rates is not provided, which could impact traders' long-term positions.
6. Fund Management
By Trend supports various deposit and withdrawal methods, although specific details are limited:
Supported Deposit Methods: The broker accepts deposits via bank transfers, credit cards, and potentially electronic wallets, but the exact options available are not clearly outlined.
Minimum Deposit Requirements: The minimum deposit requirement varies by account type, starting at $500 for the basic account.
Deposit Processing Times: The time taken to process deposits is not specified, which may lead to uncertainty for traders.
Deposit Fees: There is no information on any fees associated with deposits, which is crucial for traders to understand their cost of entry.
Withdrawal Methods and Restrictions: The details regarding withdrawal methods and any associated restrictions are not provided, which raises concerns about the ease of accessing funds.
Withdrawal Processing Times: By Trend states that withdrawal requests may take up to 90 days to process, which is unusually long compared to industry standards.
Withdrawal Fee Structure: Information on withdrawal fees is not available, potentially leading to unexpected costs for traders.
7. Customer Support and Educational Resources
By Trend offers various support channels to assist its clients:
Support Channels: Customers can reach out for support via email, online chat, and potentially through social media. However, specific contact details are not provided on their website.
Service Hours and Time Zone Coverage: The operating hours for customer support are not specified, which may affect traders in different time zones.
Multilingual Support: There is no information on the languages supported by By Trend, which could limit accessibility for non-English speaking clients.
Educational Resources: The broker claims to provide educational resources such as webinars, tutorials, and e-books, but specific details about these offerings are lacking.
Market Analysis Services: By Trend reportedly offers market analysis, including daily updates and research reports, but the quality and frequency of these reports are not detailed.
Trading Tools: The availability of trading tools such as calculators, calendars, and signal services is not explicitly stated, leaving traders uncertain about the resources at their disposal.
8. Regional Coverage and Restrictions
By Trend primarily serves clients in various regions, but there are notable limitations:
Main Service Markets: The broker targets a global audience, but specific details about its primary markets are not provided.
Regional Office Distribution: There is no information on the presence of regional offices, which may affect local client support.
Countries/Regions Not Accepted: By Trend does not accept clients from certain countries, but the specific list of restricted regions is not disclosed.
Special Restrictions: Any additional restrictions regarding client eligibility or trading conditions are not mentioned, which may lead to confusion for potential clients.
In conclusion, while By Trend presents itself as a forex broker with a range of offerings, the lack of regulatory oversight, transparency, and clear information about its operations raises significant concerns. Potential clients should exercise caution and conduct thorough research before engaging with By Trend broker.
FX2318844823
Colombia
My account could not be operated with deposit or pre-payment. I failed to check the balance. They take 850000 pesos from me.
Exposure
2021-10-24