BitTrade Review: an Ugly Scam

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BitTrade Review
  • Regulation
  • Fund Safety
  • Customer Support


BitTrade claims it has a license from FCA. However, this is only a strategy to make sure they get more victims. The Financial Conduct Authority does not license the platform. We checked its database, and we did not find a match. Therefore, the broker is illegally targeting investors from the United Kingdom.

BitTrade is a company that wants investors to experience more when investing. Those who have a busy schedule can let the platform manage their investment. The registration process is allegedly straightforward. However, before registering with them, ensure you perform thorough research. 

BitTrade Review, BitTrade Company

Various red flags don’t allow us to trust the broker. For instance, the platform lacks transparency. They do not provide trading results. Hence, we cannot attest if you shall be earning the advertised returns. Additionally, the people you shall be entrusted to manage your account are anonymous. 

How will you determine they are qualified? Taking a leap of faith with BitTrade will land you into trouble. The entity is allegedly trading forex, digital currencies, and indices. These are volatile assets. Scammers will, however, try to convince you they will mysteriously make you rich overnight. You need to be an excellent trader to make sound returns. 

Additionally, choosing a reliable broker plays a major role. Here is a list of some of the reputable and ideal crypto investment schemes. These are companies with world class customer support services. They are dedicated to serving their customers’ needs. Review

BitTrade is an enticing broker for investors with exciting deals. The company states it does not charge any commission or fee. Clients can therefore enjoy their money. The venture claims it has enforced extraordinary security measures to protect investors’ money. The only thing that should grant you confidence is if the platform is working with a top-tier 1 bank.

Unfortunately, this scheme does not segregate users’ accounts from the company’s. If they decide to use the cash misappropriated, the customer cannot do anything. The data of traders is also not secure. Never share your critical information with ambiguous firms. 

BitTrade is also 0ffering an educational program. The center is meant to provide clients with trading knowledge. They promise a crypto trading experience that is not much for their competitors. This is a bold claim coming from an anonymous entity. 

The company fails to provide adequate information on its trading activities. The venture only brags it has a wide variety of assets. Customers can use the products to diversify their portfolios. They allegedly send lucrative trading signals. Their analysis team searches for profitable ventures in the market. 

We cannot validate if the statement is correct. We are yet to encounter anyone that has successfully earned from this platform. There are no client testimonials to prove the signals are profitable. Stay away from the broker; such ventures do not survive long in the market. 

BitTrade Trading Conditions 

BitTrade guarantees it does not have hidden fees. They are offering a web trader interface. The company promises users a smooth trading process. They even provide the latest trading news and live data tables. Users can also check out their daily performance and past results. The statement is vague. Review, Broker

The broker has not availed audited trading results. Giving them a chance is a blind move. The minimum amount to open an account is $250. You automatically qualify to receive a welcome bonus. The opportunity might sound appealing and a generous offer. However, scammers mainly offer bonuses to ensure they retain the money you deposit. 

BitTrade features statistics indicating the profit that 12 of its top traders have generated. The average win rate of the platform is 81.04%. The statement does not serve any use. The company only showers praise on its services to win over more victims. The leverage information is missing, and we can only see the spread for the EURUSD pair, which is 0.8 pips. It is a reasonable limit, but we doubt the venture will allow users to enjoy the cap.

Withdrawal and Deposit 

The payment methods which investors can use include; wire transfers, MasterCard, bitcoin, and visa. Sadly, we cannot validate if these listed payment methods are what the firm is indeed accepting. 

BitTrade lacks a terms and conditions policy. We, therefore, do not know the withdrawal requirements that clients must meet for them to receive money. The broker is also offering bonuses. These lucrative opportunities come with unrealistic trade conditions, which customers must execute for them to cash out. We are unaware of the trade volume of BitTrade.

Moreover, the United Kingdom financial watchdog does not allow investment schemes to offer bonuses. Therefore, the broker is misleading investors it is operating legally. Furthermore, the domain name of the entity was recently registered. The company aspires to be in the industry for only one year. 

The platform has low traffic visiting the website. This shows nobody is interested in their services. You will be their guinea pig if you give them a chance. You will be an additional statistic of Ponzi scheme victims. 

Contact Details and Customer Support 

BitTrade is a platform that operates from a discreet location. The company does not have an office address or contact details. It is impossible to reach support if you experience a shortcoming. 

Every form of business understands the importance of having a sound support team. A phone number is provided to reach the company with ease. The team is also professional and friendly. 

BitTrade is a complete waste of time. They will exit the industry leaving investors high and dry. It is also impossible to trace them down, considering the broker observes full anonymity. 

BitTrade Regulatory Status

Ironically, the platform expects investors to believe it is offering negative account balance protection to investors. Unregulated companies do not care whether you lose money or not. They will collect more money than what you initially deposited in most cases. There is no transparency. They will say one thing and end up not delivering what they promised. 

BitTrade claims it has a license from FCA. However, this is only a strategy to make sure they get more victims. The Financial Conduct Authority does not license the platform. We checked its database, and we did not find a match. Therefore, the broker is illegally targeting investors from the United Kingdom.

However, the company is not reporting its daily transaction report to the authority. They may therefore end up manipulating the market standard. Offshore firms tend to withhold investors’ money. They will disclose unfavorable withdrawal conditions that they had not mentioned before. 

The legal documentation might also be changed to suit the selfish needs of the platform. BitTrade cannot afford the capital requirement of 730K EUR, which the FCA requires. If the company faces bankruptcy, users will not receive compensation. 

Final Verdict 

BitTrade is an illegitimate platform. The company does not have any legal documentation. They are operating in only God knows where. The red with the broker is too many to turn a blind eye on. The platform provides a basic trading platform. Moreover, the firm does not have existing customer reviews or trading performance. 

Invest with the best crypto ventures in the market. These are companies with world-class customer support services. The entity has years of experience. Their existing clients have also shared their experience and you can get their feedback from third party websites. Invest wisely and refrain from dealing with offshores schemes.       

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