FOREX

BitForexTrading Review: Is Bitforextrading.net A Safe Broker Or A Scam?

Bitforextrading.net Review: this is the website of BitForexTrading, a Forex broker appears to have no location detail nor any other detail that provides a clue of its origin. Is it safe to invest funds in BitForexTrading? Consider our reviews and see our expert take on this.

The most vital part of our reviews is uncovering if a company or Forex broker is properly licensed or not. To do this, we first establish the location or region where it claims to be based. Then we check with the commission or authority regulating trade there whether it is listed among regulated companies or not.

BitForexTrading does not disclose where it is based. For us, this is a fishy thing and immediately sets our alarm bells ringing. It has no information whatsoever about licensing and registration from any of the top Forex regulatory body that we are familiar about.

Thus, we conclude that this is an unlicensed broker. Trading with a Forex broker that is unlicensed poses many dangers to traders’ funds. Misappropriated funds may not be recoverable by the government as well. Unlicensed brokerages are not under any rules of traders and this puts traders in more risk than they will be in if they had chosen properly licensed ones.

Advantages of BitForexTrading

While BitForexTrading does not mention regulation, it sure makes the usual claims of offering users the best in the Forex market. It says they can earn 100% their capital back as well as other juicy percentage profit as well. Bit Forex Trading also claims to be offering funds safety as well, which is funny because it is unregulated.

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It is common for Forex brokers to claim that they provide the best trading environment in the market. This is because everyone seeking out easier ways to trade effectively does so to make more profit.

However, traders need to be careful about believing everything they encounter in the business sphere. Some are geared to just deceive and steal their funds. Considering what is offered and proofs are effective means of discovering fraud as well as reading our reviews and comparing the offers to those of other legit brokers at the bottom of this article.

BitForexTrading Trading Platform

The broker does not even bother to reveal which trading platform it offers to traders. The only thing with semblance to a trading platform is an image of some unclear chart.

We advise readers and traders to always look out for the MT4 or MT5 platforms. The MetaTrader platforms are commonly used because they allow the use of trading robots. Legit brokers are known to offer at least the popular MetaTrader 4 or 5 trading platform.

These platforms are very good signs as they have become some of the most widely used by experienced traders. They are found to be compatible with various devices’ operating systems. All can be used on desktops, Linus, Windows, iOS, and Android.

Tools that come with these trading platforms are also found to be useful for traders. It has proven to be user-friendly as well and helps traders in analyzing the market easily.

BitForexTrading also fails to reveal what trading instruments traders would have. This is disappointingly not enough for seasoned traders. This is because legit brokers offer currency pairs, indices, CFDs on many commodities and cryptocurrencies. It is important to let traders know the options open to them.

The broker has no information on maximum leverage offered as well. It is important to note that while some leverages may seem generous, it is not advisable. High leverages can lead to huge loss of funds for inexperienced traders.

BitForex Trading hides spreads details as well (that is if it offered any). Spreads of 1.5 pips or below are what is obtainable in the forex industry and traders are asked to look out for this. Leverages of between 1:30, 1:50 and 1:25 are also common among regulated brokers.

BitForexTrading Deposit and Withdrawal Methods

We found that BitForexTrading supports deposit via bitcoin and some obscure crypto wallets. Withdrawal is available via bitcoin. This is not enough because many traders have different means of transactions which they prefer.

One of the characteristics of a legit broker is allowing deposits and withdrawals available via Visa, MasterCard, and Wire Transfer. Many offer e-wallets like Skrill, Neteller, UnionPay, FasaPay, and so on.

The minimum deposit required is $100. This is within the range that legit brokers in the Forex market offers, but BitForexTrading is clearly not among them as it has shown little to no similarity to them. It even mentions that it charges a ‘percentage’

This information is important so that clients can invest any little amount they can spare. In order to be able to first watch the working of the brokerage. If then they are satisfied with what they see, they can determine when to withdraw their money.

Is BitForexTrading Licensed?

No. BitForexTrading is not a licensed brokerage and cannot be trusted. It does not even try to pass itself off as a licensed broker and appears to be more of a high-interest yield scheme of some sort. The company even has a ‘referral commission’.

Regulated Forex brokers in Europe, America, Africa, Australia, and Asia are under many strict rules. The regulatory bodies like the FCA, FSCA, CySEC, AISC, NFA and many others have regulations protecting Forex traders from unfair brokers. This is why they come top as recommended Forex brokers.

Support

To get in touch with this Forex broker you will have to use the chat link on the site.

Conclusion

BitForexTrading has proven to be a broker unworthy of trust and thus, we rate it low. It also does not reveal enough information for us to go on with and seems uninterested in Forex trading. Do not invest with any company that hides many of its trading conditions.

COMPARE WITH A TRUSTED BROKER

Fortrade

Fortrade is a UK-based broker with address at Michelin House, 81 Fulham Road London, SW3 6RD, United Kingdom. They are among the best brokers in the industry offering trades in numerous assets including stocks, commodities, currencies, indices, and cryptocurrencies. Fortrade is regulated and licensed by the FCA(Financial Conduct Authority) in the UK well as ASIC in Australia which makes client funds safe. They accept traders worldwide..visit their official website

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BitForexTrading

1.3

TRADING CONDITIONS

1.0/10

LICENSE

1.0/10

CLIENT REVIEW

1.0/10

CUSTOMER SUPPORT

2.0/10

Pros

  • Client support

Cons

  • Unclear trading conditions
  • No license, anonymous company
  • Limited deposit and withdrawal means
  • No trading terminal
Summary
Review Date
Reviewed Item
BitForexTrading
Author Rating
11stargraygraygraygray

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