Bitwaxtrade Review: A BCSC Alert Warning

Bitwaxtrade (Bitwaxtrade.net) is already listed as a high-risk crypto investment platform by the BCSC. However, after months of investigating the platform, the regulator has found it wanting. We, too, have been receiving complaints from investors. And we have to expose the dirty little secrets the platform wants to tuck away. There are hundreds of red flags found on the platform. Please find out more in our clear BITWAXTRADE REVIEW.

About Bitwaxtrade

According to the about us page, the platform deals in several investment arenas. These include Crypto, Forex, and real estate. In addition, the platform also doubles as a binary options trading platform and wealth management service provider.

With all the glam that comes with these services, the platform has a poor website. Navigation is not possible with vital information missing from the homepage. And this is the reason why we have to expose the platform.

You will be blind-sided when you sign up with Bitwaxtrade. There are hundreds of issues we found with the platform. For example, information such as leverage for forex assets is missing from the entire homepage.

When looking for a reliable investment platform, you need to consider proven entities. Go for platforms that offer genuine investment options. It would be best if you tried out innovative means that provide real rewards.

Bitwaxtrade, on the other hand, is a poor investment platform planning to take advantage of naïve investors. Those who sign up with the platform are bound to lose heavily. You don’t need to sign up with them as it’s a fraudulent platform.

Your priority when looking for a viable investment platform is looking for features and qualities. Doing thorough research ensures that you make the best decision moving forward. Reading our reviews will also help you know more about crypto and forex trading.

Accounts Bitwaxtrade

Bitwaxtrade does not list any accounts on the platform. Therefore, you don’t get to see the available account features unless you sign up. Despite claiming to offer several accounts, we believe the platform has one single account for all.

The features are all the same, and the only difference is the amount you deposit. And this is unfair for those who deposit large amounts. When investing, the more you invest, the better account features you should expect.

It’s not the case, and the platform will claim that the more the deposit, the higher your chances of winning. You should know that the industry has set $250 as the acceptable minimum deposit. Anyone asking for more is taking advantage of investors.

We also don’t know the leverage and spreads available on trading products. The platform could as well have leverage of 1:500 or 1:1000 for all we know. So there’s a cap to acceptable leverage in the market.

Regulators have put a cap on leverage at 1:100 in almost all jurisdictions. In the United States, regulators have a leverage cap of 1:50 for major currencies and 20:1 on minor currencies. Platforms that offer leverage above the above are contravening set rules.

Are Funds Safe with Bitwaxtrade?

Your funds are far from safe with a platform that doesn’t have a license. In addition, the platform does not deposit the minimum required amount to start a forex trading business. Such features are what make the platform a high-risk investment platform.

The deposit acts as insurance cover for deposits made by investors. Once authorities have this amount, you can rest assured trading is safe with the platform. Since there’s no deposit made, insurance cover is out of the question.

We also suspect the platform is putting funds in one account. Segregation of accounts is not possible. And this puts your funds at risk. The best option is to stay away from the platform and avoid it.

Assets and Trading Instruments

There are six major trading instruments available on the platform. These include binary options, commodities, crypto, forex, indices, and stocks. With binary options, you get a different and unique liquidity structure.

When trading commodities, the platform offers valuable commodities such as gold and silver. You also get to trade commodities in the manufacturing and mining industries. Members also get to trade food products such as sugar and wheat.

With Cryptocurrency offering a volatile market, it makes sense to trade with this currency. The platform pairs leading Cryptos with major currencies. You get to trade Bitcoin, Dogecoin, Ethereum, Litecoin, and Ripple.

Forex trading is at the core of the platform’s investment structure. As a result, you get to trade with forex products such as major and minor pairs. Sadly, the platform does not offer exotic pairs, which could be profitable in the long run.

The platform offers leading markets such as DAX, Dow Jones, Nikkei, NYSE, and more when it comes to indices. In addition, you get to spread your risks with international markets making waves in the world.

Stocks are an integral part of trading, and the platform lists over 100 stocks on their platform. You get to trade leading stocks such as the FAANG group. And these are some of the most traded stocks in the market.

Bitwaxtrade License and Regulation

Bitwaxtrade is not a regulated platform and faces a warning from a reliable regulator. In addition, the platform does not come with any license documents to prove compliance. As a result, the British Columbia Securities Commission was the first to issue a warning.

Other regulators also plan to follow suit, thanks to the expose. With a warning already out, you should avoid the platform as best as you should. The platform doesn’t offer any meaningful investment opportunities to investors.

You should check with regulators to confirm whether a platform is legit or not. Some reputable regulators include ASIC, BaFIN, CNMV, CONSOB, CySEC, and the FCA. Others include FINMA, NFA, and the SEC.

These regulators work to ensure all parties follow a strict protocol. So get to check a platform’s compliance with any of these regulators. If a platform doesn’t comply with regulations, it’s putting your funds at risk.

Business holder

The platform does its best to hide the actual name of the person behind it. However, there are two locations where the platform claims to have offices. The main location in New Zealand, where the platform claims is the headquarters.

We don’t get to see the names of the CEO or CFO of the platform. And this makes Bitwaxtrade an anonymous investment platform. It would be best if you stayed away from anonymous platforms for obvious reasons.

With anonymity, there’s no way of knowing who handles funds. You should know who is held responsible for funds if the platform decides to wind up. These are some of the flaws that not many investors will spot on the platform.

Contact and support

Another essential aspect when looking for a viable investment platform is the support structure. Try and find out how fast the platform responds to queries. It’s one of the most crucial aspects as it shows you the level of interest a platform has in clients.

Bit Wax Trade does not have a live agent, and the platform prefers email. We believe the platform wants to control the communication channels. Therefore, it makes it easy for them to respond to queries and ignore others.

Deposit and Withdrawal

We don’t recommend depositing funds with the platform. There’s no way your funds are safe with a platform facing a warning from regulators. In addition, withdrawal has been a significant issue facing members for the past few months.

Final Verdict

There’s no way we would recommend a platform that doesn’t follow protocol. So please stay away from bitwaxtrade.net.

The best investment decision comes from knowing the platform. So go for platforms that experts back. It’s the best way to trade and invest safely.

Feel free to leave a comment or email us with any queries.