The site says that the BitXTrade brokerage platform has been on the international stage for a long time. The company’s daily trading turnover exceeds $150,000,000. The project is constantly evolving to provide an opportunity for traders to profitably trade on world exchanges. BitXTrade (bitxtrades.com) is a European brokerage platform that has been successfully operating since 2018. Project managers promise that earnings will be like in a simple online game.
However, if the broker you are signing up with does not sound, look, and feel professional, you might not be at peace while signing up with it at all. And if you make the mistake of opening an account with such a broker, you will only regret for life. There are some brokers on the internet that showcase a lot of non-professionalism. They might have some great strengths as well, but their non-professionalism mars that image badly.
Security of funds is a huge problem with offshore brokers. A red flag that we noticed is BitXTrade is withholding vital information to users. Unfortunately, BitXTrade is not a trustworthy company to deal with, as they are not registered or regulated by any major regulatory authority, such as the Financial Conduct Authority . Be careful and verify your information through multiple sources.
Why do you have to give money to the broker in the form of spreads as well? These differences in accounts types from the broker can be startling for some. BitXTrade is an offshore broker, your funds are not safe.
Based on this user feedback, it appears that BitXTrade is not a trustworthy broker, and hence, extreme caution should be applied before investing through their brokerage platform. Summing up the results of a full check of the BitXTrade pseudo-broker site, we can say that this is another dummy. Fraudsters invented a fabulous legend of a successful company, bought an old domain. There are no real facts that would confirm the legal part of the project and real reliability. We advise you to find another broker for reliable trading. It is best to cooperate with brokers who are licensed by the Central Bank of the Russian Federation.
BitXTrade – Disadvantages
You also get market indicators and charting tools to analyze the market trends better. This is also another red flag, since Bitcoin payments are untraceable and irreversible. Once you have carried out a transaction using a cryptocurrency, then there is no way you will ever get your money back.
Investing time in research before trying to invest on a suspicious broker can save you from potential losses and unnecessary stress. There are a lot of brokers out there operating under fake company names or that have other fraudulent operations. A little bit of preliminary research can go a long way in protecting you and your finances. Also, the statistics of the project itself is a blatant lie. There are not so many active clients and there is no multi-million dollar turnover. The beautiful figures of the project make beginners believe in reliability and the possibility of making quick money.
When we opened a new account with this broker to check the trading conditions and the type of platform, we found out that there was no platform. In its place was a rudimentary dashboard where the only thing you could do was make deposits in Bitcoin. Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes. With such lack of information and BitXTrade being offshore, funds are not safe.
Обзор проекта BitXTrade
So, when you have these sudden spots on the website where you can take glimpses of Chinese, you can’t wrap your head around the whole thing. When you sign up with an online broker, you are putting your trust in it. You know that the broker will take care of your account, money, and information while you busy yourself in learning how to trade.
Project participants can even get a stable profit even without much experience in trading. The main thing is to entrust the project with your money. A site like this can easily convince a newbie to start investing their money. But a detailed check by specialists and experienced traders only confirmed that the project is a scam.
EToro is a multi-asset platform which offers CFD and non CFD products. 79% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money. That’s a problem you will find with many online brokers. If you look at the websites of the best brokers in the world, you will notice that they do not go too heavy on leverages. Yes, they do offer you some good leverages on your trades, but you hardly ever find them going overboard with the whole thing.
Each time I requested a withdrawal I was told to buy more bitcoin and I will receive my profit. The first time I asked for a withdrawal I bitxtrade was told to send $3200 for tax purposes. I got an email from saying to send another $2500 because the IRS Support Team denied my request.
Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.
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- However, if the broker you are signing up with does not sound, look, and feel professional, you might not be at peace while signing up with it at all.
- I have been trading since February and I am yet to receive a return investment.
- However, there are no registration numbers or documents on the site.
- These differences in accounts types from the broker can be startling for some.
In the event of an exceptionally complex case they may require an upfront fee, as building your case will necessitate initial resources. Otherwise, if successful, MyChargeBack will be compensated by retaining a percentage of the recovered funds from BitXTrade, typically around 20%. Follow our straightforward guide to efficiently reclaim your lost funds from BitXTrade with minimal hassle.
It is best not to get involved with this project, so as not to lose your savings. More and more new brokers are realizing that a web trader solves a lot of their and traders’ problems. For example, you do not have to offer six different trading platforms to your traders when you have a web trader. At the same time, your trader can use the same trading platform on just about any device and from anywhere in the world when he/she has access to a web based trading platform. In addition to that, based on how big the broker claims to be, you would expect it to offer its own trading platform. If you check the BitXTrade domain, it turns out that it was registered in 2018.
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On the other hand, with small and new brokers, you usually see them offering extraordinarily huge leverages. Not to mention, it puts the trader in a lot of danger as well. It is stated that BitXTrade is registered in Switzerland.
Are Funds Safe with BitXTrade ?
After this, they launch a new domain address and start the process all over again. BitXTrade might be doing a lot of things right in other areas, but the aspects that we have stated above show its weaknesses. The broker needs a lot of improvement to become an international-level broker. At the same time, it has to realize what trader experience really means and then design its trading platform and website based on that data. Once this confidence is established, the investor will be marketed the idea of investing more money to earn greater returns. Additionally, other incentives may also be provided to encourage the investor to get their friends and family onboard the platform too.