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FXBitCapital is an unlicensed broker which claims to offer high returns to its customers. The platform operates anonymously and does little to build trust and credibility with its clients. Invest with transparent forex trading platforms that ensures that fund safety is a priority.
FXBitCapital is a broker registered under its mother company, FXBitCapital Group Ltd. The company is registered to operate in 305, Griffith Corporate Centre. Moreover, the company is established in St. Vincent and the Grenadines with registration identification 25735. This is an offshore operation ground. The company doesn’t, however, do business with Sudan, North Korea, and Syria.
In this review, we will provide the regulation status, contact details, and the essentialities of investing in a legal trading company. However, it would be best to perform due diligence and invest in legit forex trading brokers to avoid the numerous scammers in the market.
FXBitCapital is a company that prides itself on offering trading services to both individuals and companies. The types of trading amenities offered are CFDs on shares, indices, futures, and forex. The broker identifies as a worldwide broker who is trustworthy. The broker also claims to be available in over 80 nations. However, we have not witnessed any availability of the broker in the 80 countries they talk about. This is meant to entice traders to sign up.
The regulation of FXBitCapital is at stake. This is because the company is only granted permission to conduct financial, trading, and commercial businesses in St. Vincent and the Grenadines according to their laws. According to their license, the company was incorporated in January 2020. Regulatory bodies ensure that all forex rules are followed. They also ensure that clients’ funds are kept safe.
The company claims to have high liquidity stakes since it deposits clients’ funds through international banks. The company claims to have legal documentation concerning their registration status. However, it is impossible to view the documents as they aren’t downloadable. The information is only documented to enable users to see they exist but can’t read them.
The forex companies on this Island, St. Vincent, aren’t regulated. They are offshore. They are only granted access to provide forex services. Regulatory bodies are available depending on a company’s jurisdiction. This company lies in the jurisdiction of St Vincent, which is an offshore Island. Investing in this company is therefore risky and calls for traders to avoid them at any cost.
FXBitCapital Contact Details
The company contact details are very minimal. There is no telephone contact. The company has an email address that they use to communicate with traders, which is firstname.lastname@example.org. The support staff also communicates to users through live chat. We, however, noticed something strange in the live chat communication. Each user requesting help has to provide a name, and email addressed to be served. This didn’t seem right. They are just supposed to help.
The Domain Insight
The website’s domain is registered in Jan 2020 and is set to expire six years later. This is a reasonable time and reliable. But due to the regulatory complications, we can only wait for what will unfold later. The domain name is registered at the destination, 96 Mowat Avenue in Ontario, Canada. The contact phone number is +1.4165385487, and their registered email address is @contactprivacy.email. This information doesn’t match with that of fxbitcapital.com. The reasons for mismatch are well known. The data might altogether be incorrect, and the site is a scam. For these reasons, tracing the broker becomes difficult and accessing your money becomes a tiring process.
FXBitCapital Withdrawals and Deposits
Trading requires investors to know the leverage ratios offered by their trading companies. FXBitCapital has a leverage ratio of 1:500. This is high leverage compared to what legitimate brokers offer. The acceptable leverage by regulatory bodies in the US, EU, and the UK are 1:100 or 1:200. The leverage ratio is regulated because if the trade doesn’t go according to plan, it loses much. The more the leverage ratio stated, the higher the expected loss or gain. High-value investors would find this deal enticing due to the high expected returns forgetting that the loss is as much. Pairing it with FXBitCapital being unregulated, this is a suicide investment. Investors should stay away.
FXBitCapital has six operational accounts. All the accounts’ deposit channel is through ETH, BTC, LTC, Ripple, and Tether. All these are cryptocurrency channels. They all involve the blockchain, which is a safe channel. However, in cases of fraud, the traders cannot get access to their funds since blockchain funds are untraceable. It’s suspicious how they don’t accept payment channels that allow for a chargeback.
The company does not charge any amount for deposits but does for withdrawals. The lowest deposit is $50, which is favorable. However, other legit companies offer the same services at a cheaper initial deposit offer of $10. The company has not indicated the minimum withdrawal able amount nor the charges associated with it. Furthermore, the platform does not have its own wallets, which are always cheaper than the other deposit and withdrawal methods. FXBitCapital allows for hedging, although they have not indicated at how many pips the hedging is done. The company also has a spread of 0.1 in EURUSD.
The company has provided many trading platforms through which clients can trade using their different strategies. The main method we have seen the company using is copy trading, which is a risky strategy. In many cases, the copy trading may not go as planned, and investors lose their investment. The company should use the most profitable trading method. The fact that the company has all the MT4 versions of trading software shows that they can do better. The company has the MT4 for androids, phone, web, and desktop. Traders can therefore trade comfortably in their various locations.
Fxbitcapital.com indicates that it has four trading platforms. The standard account has MT4, MT5, Web, and Mobile as the trading software. The company had, however, not included MT5 in the previous list of their trading platforms. The omission might mean something shady is up. The account has a spread of 1 pip, and leverage is capped at 1:1000. The account has a min opening deposit of $5. The VIP account has an opening deposit of $100 and a leverage of 1:500. The company only provides the maximum leverage but doesn’t show the minimum leverage charged. The leverage helps investors know how much they would lose if the deal didn’t go as planned. The information is important. Legit brokers always provide this information. Investors have complained that they aren’t granted permission to use the MT4 trading platform on opening live accounts. This is a poor strategy for the company.
Is fxbitcapital.com Legit?
FXBitCapital is not a legit company. It has a shady origin in St Vincent and the Grenadines, where most offshore companies are registered. The fact that it’s on an offshore Island makes it a high-risk investment company.
The online market is wide and requires investors to be all ears and eyes while making decisions. It’s very important to do research and know exactly which broker the investor should trust. The information on brokers can be found online on the review sites.
As per our research, FXBitCapital isn’t a reliable broker thus we encourage you to only accept trading services from legit forex trading platforms. To find out whether a broker has been listed, traders can check them out on the regulatory body pages. The bodies include; CySEC, FCA, ASIC and many others. Scam brokers are also blacklisted and stated on sites. Be on the look for such sites and avoid being frustrated.