Bitrade Crypto Review: Bitradecrypto.com Brutal Scheme
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Bitrade Crypto Review
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Regulation
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Fund Safety
Summary
A look at Bitrade Crypto website reveals several concerning things. They promote themselves as a platform where you can trade confidently and get lucrative opportunities in the global financial market. You can trade stocks, ETFs, funds, bonds, CFDs, and cryptocurrencies
Choosing the correct broker is one of the main factors determining your success as a trader. If you choose the wrong broker, the chances of success are minimal. One of the dangers of working with sham brokers is that they can disappear with your money, and the authorities can do little to intervene. Some shady brokers like Bitrade Crypto are also notorious for manipulating price movements.
To avoid all this, only work with honest and transparent forex brokers. Avoid these dubious ones because they only care about making a profit through dishonest means. Bitrade Crypto is a typical example of a scam broker. Despite how real they may appear, their mission is to scam people by any means necessary.
About Bitrade Crypto (bitradecrypto.com)
A look at Bitrade Crypto website reveals several concerning things. They promote themselves as a platform where you can trade confidently and get lucrative opportunities in the global financial market. You can trade stocks, ETFs, funds, bonds, CFDs, and cryptocurrencies. Their three pillars are transparency, superior technology, and low spreads.
It is ironic that such a dishonest broker would cite transparency as one of their pillars. They offer basic, intermediate, advanced, professional, and institutional accounts. Each has its pros and cons. One of their crucial differences is the minimum deposit, with the lowest being $5,000. Although they claim this is beneficial for beginners, the high minimum deposit contradicts this assertion.
Contact Details
One way to show transparency is to openly share contact details. This company has partially done this by sharing its email and phone number. However, they have omitted crucial details about their physical location.
Without knowing where the firm is located, you cannot weigh its legitimacy. A transparent broker should have a functional office where customers can freely access them in case of any queries or concerns. Scam brokers, however, only give vague and sometimes misleading contact information to traders.
Bitrade Crypto Regulation Status
One of the biggest risks in forex trading is working with an unregulated broker. This is one of the major reasons why people fear trading in this popular market. With proper research, however, you can avoid the shady brokers. A regulated broker must fulfill various legal requirements before they can acquire a license.
This process is also capital-intensive. Many people are unwilling to go through it and hence opt to take shortcuts. Avoiding the process means they start their shady brokerage firms and start scamming traders. Operating without a forex brokerage license is unethical and illegal in many jurisdictions.
Our research further revealed that the UK’s Financial Conduct Authority (FCA) and Italy’s Commissione Nazionale per le Società e la Borsa (CONSOB) had recently flagged Bitrade Crypto for its involvement in fraudulent activities. This is an unauthorized entity, and working with them is extremely risky.
Bitrade Crypto Trading Conditions
The broker has not revealed parameters such as spread, leverage, and commission charges. These are crucial factors to consider when choosing a broker. The firm has claimed to offer tight spreads, but they are unwilling to disclose the full information. This broker most likely offers high leverage to customers to lure them.
The lack of clear information about the deposit and withdrawal processes was a significant red flag concerning the broker. If you traded with them, you would not understand the potential cost of withdrawing money. Also, you cannot determine which deposit methods to use. This broker most likely uses cryptocurrencies for transactions. Unlike fiat money, however, crypto transactions are irreversible and impossible to trace.
Final Verdict
Bitrade Crypto is a scam broker. The firm has gone to great lengths to deceive people, but finally, we have unmasked them. This is the kind of broker you should avoid, no matter how attractive their offers may be.
Look for honest and transparent forex brokers if you want to protect your trading capital. With a licensed broker, the only thing that you should think about is honing your trading skills to minimize losses. Otherwise, you can rest assured that your money is safe, and you can withdraw it at any time.
