BitGluxFx claims to be a forex trading platform, but a dark past shadows it. The company was originally accused of fraudulent activities and condemned because of its unregulated status. It is not a wise choice to venture with Bitgluxfx but instead invest in reliable forex trading platforms.
BitGluxFx is a company that majors in the trade of forex, cryptocurrencies and stocks. In the recent past, we have seen much traction from the crypto space. Traction has led to the creation of investment opportunities for individuals and companies. Furthermore, brokers have gained from this business spread. BitGluxFx is a trading company among the many offering trading advice. In this review, we will discuss the pros and cons of BitGluxFx and matters of the company’s legitimacy.
BitGluxFx is a company incorporated in London, the UK. This is as in their certificate of incorporation on the bitgluxfx.com platform. The certificate shows that it’s a legal company authorized to conduct business in the UK. The company offers stock market trading services in conjunction with crypto trading.
The company seems legit about its operations on looking at their site. But there is inconsistent data on the registration year of the company. Some aspects of the site claim that it was registered in 2012 while some claim 2015. The registration certificate, however, shows that the company was authorized to conduct business in July 2018. Of this information, everything seems forged and unreliable. We advise our readers to research legit forex trading companies to work with because BitGluxFx seems suspicious.
The Team and Founders
The team behind the operations of BitGluxFx is of forex investors who had a common goal. The team is yet to be identified with their real names and trading experience or abilities. They claim to have worked closely with investors from large nations like China, India, and Europe. We have not seen any reviews made on their great works by these investors on any platform.
The company claims to have a capacity of 300 staff who works to help its clients. We cannot confirm the authenticity of this information, but the inconsistent data shared on this platform leads to a suspicious thought.
BitGluxFx Domain Insights
The domain information on this site isn’t up to date, or the site is very new. The company has only provided its registration date as September 2020 and nothing else. The location of the domain registration is unavailable. The domain doesn’t have the addresses of the company nor its contact details. This comes as a shock since as per bitgluxfx.com the company is based in 152-160 City Road in London, UK. The certificate on the site may be a forgery as it doesn’t match with the registration year of the website. The domain has also been in existence for only 10 months and thus might not be stable.
It has been reported that bitgluxfx.com was previously known as Tradegluxfx with its origin in Nigeria. It seems like they couldn’t get a better destination to claim their registration location. The error of omission in trading companies has become a prominent habit, especially when important data is involved.
The support staff is always on their toes to help companies and individuals trade and make the correct trading decisions. Traders can ask questions through the company’s email address [email protected], through their WhatsApp and call number +44-(745)-128-6305, and also using the messaging icon on the site. The company claims to have quick responses to queries.
BitGluxFx Trading Platform
What trading software does the company use? Each investor asks themselves this question. BitGluxFx uses an automated forex trader to conduct trades. This is a very risky approach since cryptocurrencies are very volatile, and losing funds can happen instantly if the machine does not consider all conditions. In this era, technology has brought the MetaTrader 4 software easily adjustable to different trading strategies. The MT4 is a better option compared to automated machines.
The company has a demo account to help beginner traders define their spot about BitGluxFx. However, the company uses the MetaTrader 4 software on the demo account but uses the automated trader on the live trading account. The demo account will not match results with those of live trades on bitgluxfx.com. Such tricks tell us more about the legitimacy position of this company.
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The company claims to offer two programs where they have not described the specifics of the programs. The company doesn’t encourage skill development whereby they claim it’s not important since they will trade for you. How then will traders know how to monitor their profits on the platform? Legit companies will provide trading lessons to the beginners to equip them with the skills and knowledge required.
Deposits and Withdrawals
Trading requires money. As such, the base deposit to start trading in bitgluxfx.com is $25 according to the company’s “about us” page. This is however incorrect since accounts needed to create trading is charged from a minimum of 350 USD to a topmost amount of 10000 USD. Payment for the accounts is only acceptable through BTC, but there are exceptions for LTC, ETH, Perfectmoney, and Payeer. Since the main money transfer channel is BTC, withdrawing funds takes longer than usual due to converting funds to fiat currencies from BTC and other coins. Also, it’s expensive since international banks are involved in the exchange.
The company guarantees the safety of funds since the site is safe; thus, money information cannot be stolen. The main insecurity though is the uncertain existence of BitGluxFx. This company might close business at any time since it’s not regulated. They claim to generate daily profits of 50 and 100 percent for their investors. These kinds of promises are the catching points of a hoax. They tend to entice their clients with impossible targets.
In accordance with the certificate of registration attached on their site, the company was authorized to conduct business in July 2018. This is way later after the founding of the company in 2012 and 2015. The company claims to have an office in London, the UK where they are authorized to trade. The company number is 71492125. This registration certificate is a forgery as it’s not certified. BitGluxFx is, therefore, not permitted to conduct business in the UK. The regulatory body authorized to verify forex traders in the UK is FCA which has not regulated BitGluxFx.
The site has not yet been blacklisted but once it’s been reported it’s going to cease operations. The traffic to the site isn’t that much, which proves that it’s a new company. Investors can’t trust BitGluxFx.
Is bitgluxfx.com Legal?
BitGluxFx is not a legal company. The company does not have any license or regulatory documents. It has shadowed the existence of TradegluxFX, which was its previous name before rebranding. The rebranding was due to numerous reports of fraud. Many reviews have documented this information on their site. This site is a scam that needs to be avoided and blacklisted. Previously, they robbed traders of their funds, and there was no return policy for any of them. The site has also been condemned on Twitter as a scam. It’s suicide to invest in this company.
The only reliable way to define whether a trading company is legit or scam is through research. Many sources would give feedback on the various trading platforms available. Information can be gathered through blogs, talking to the support staff about their services, user reviews, etc. the company has showcased inconsistent information on their website regarding the registration dates. It’s prudent that investors should choose legitimate forex trading platforms to trade on.