Bitictrade Review: Bitictrade.com is a Messy Broker
Bitictrade is not licensed. From their website, we realized that the broker also offers services in French. It is thus possible that they have offices in France. The broker has not revealed its actual location.
When searching for a trustworthy investment option, Bitictrade is the last broker you should consider using. This is an unidentified, unregulated firm with poor trading conditions. The broker is a scam masquerading as a legit forex broker. Always invest with honest and trustworthy forex and crypto brokers to avoid losing money unnecessarily.
The forex market is where people buy and sell currencies. Due to its decentralized nature and constant availability, it is a popular choice among traders. There are several reasons behind the exponential growth of the foreign exchange market.
The proliferation of the internet and electronic trading platforms has facilitated the participation of individuals worldwide in the forex market. An improvement in the trading climate due to the increasing volatility of the global economy has also attracted traders. Forex trading has low barrier entry. Hence, even novice investors can get their feet wet with relatively modest sums of money.
Unfortunately, scammers have also entered the market. They often target unwary traders seeking to make a profit, but lose their hard-earned money instead. Scammers target traders in several ways: by making exaggerated claims about the potential rewards from trading, downplaying the inherent dangers of the market, and concealing essential facts about the trading platform and account.
Con artists frequently utilize fake websites or systems that look like those of reputable forex brokers. These sites may look professional, but the information is generally inaccurate or misleading. The scammers may also use bogus licenses or registration papers to give the appearance that they are a legitimate business.
The broker makes a few claims about what it does. It says it is an international online broker with more than 600 instruments for retail and institutional traders. You can invest in crypto, forex, and indices with this broker.
As a ‘global’ company, they focus on offering professional and quality services to traders. They also aim to create a strong relationship with clients and help them expand their investment options. The broker warns traders that the venture is risky. Traders can choose from four types of accounts depending on their preferences.
The broker claims to have won an award for Best Crypto and Forex Broker, Best Platform for Margin Trading, and Best Crypto Trading Platform. All these are unverified claims, however. The broker does not even mention who awarded the accolades and what selection criteria they used. Thus, it is evident that the awards are nonexistent. They are just there to give the impression of a legit broker.
Founders and Team
Bitictrade is silent about who founded it or who is running it now. There are a number of reasons why a dishonest forex broker might not want to discuss its history or the people at the helm now.
The perpetrators may have a history of fraud and prefer to keep it under wraps. A lack of transparency about their identities makes it harder for victims to pursue legal action against them and evade detection by authorities.
Another factor is that the fraud perpetrators may not have proper identification. They may use pseudonyms, or fabricate the website’s purported leadership bios.
Con artists may be reluctant to divulge personal or company details for fear of being investigated by authorities. Disclosing information about the company’s founders and leaders could lead to an investigation and the eventual closure of the firm if the company is not genuine.
Scammers may utilize shell businesses to hide their true identities, whereabouts, and ownership from authorities. Be wary of any forex broker that doesn’t disclose its management and ownership structure.
Bitictrade’s Contact Details
The broker claims to put clients first before anything else. However, it is ironic that they have not provided any means of reaching them. When we checked the website, we could only find an email. There was no phone number, or physical address. Scam brokers like this hide their contact details for several reasons. These include:
They don’t want to be contacted: Scammers may do this to prevent traders from getting them and asking questions about the trading platform, account terms, or other information. If they can’t be reached, they don’t have to provide any answers and can continue with their scam.
To avoid being traced: This includes not providing a physical address, phone number, or email address. If they can’t be traced, they can avoid prosecution and continue to operate their scam.
Regulation Status of Bitictrade
Bitictrade is not licensed. From their website, we realized that the broker also offers services in French. It is thus possible that they have offices in France. The broker has not revealed its actual location. Thus, it would be untraceable in case something happened. The French government, through The French Financial Markets Authority (AMF), has flagged Bitictrade and warned people against trading with them.
Unlike their licensed counterparts, unregulated brokers are not required to adhere to the same stringent standards of conduct. This gives them carte blanche to engage in any dishonest or immoral behavior they like.
Without deposit insurance, investors’ funds are not protected in case of a default by their broker, as is the case with regulated brokers. The lack of this criterion for unregulated brokers means that traders’ money may not be safe in the event of the broker going bankrupt.
Unregulated brokers don’t offer the same level of security for their client’s money as regulated ones do in the event of a default or fraud on the part of the broker. Inadequate oversight raises the potential for fraud and manipulation because unregulated brokers may not be required to adhere to the same rigorous reporting and compliance standards as their regulated counterparts.
Unlicensed brokers may operate out of nations or territories with lax or nonexistent regulatory oversight. This could create legal hurdles for dealers wanting to recoup funds or air grievances in court.
This broker has no customer reviews. This opens the door for possible fraud. Without consumer feedback, it’s difficult to tell if a broker is honest or has something to hide. Investors have no way of knowing if a broker is being truthful about their fees, trading conditions, and other terms of service until they read reviews.
Traders can learn more about the quality of customer care to expect from a broker by reading client reviews. Traders can learn more about a broker’s platform and tools and the site’s overall usability by reading reviews.
The spreads range from 0 to 1.5 pips. This is quite reasonable. The leverage is between 1:200 and 1:500. The minimum deposit is between $250 and $50,000. The broker has a relatively high leverage which can be harmful, especially to novice traders.
One concerning thing we noticed about the broker is that they offer bonuses. This is a trick many scammers use to try and entice traders. Also, many regulatory authorities do not allow brokers to provide any bonuses.
Deposit and Withdrawal Methods
Bitictrade says traders can use debit cards, credit cards, and e-wallets to transact. However, you won’t be able to access the deposit options until your account is validated with proper identification. Never give out any personal information to suspicious websites.
The Bitcoin emblem appears on the webpage. As we have seen in previous instances of this type of fraud, con artists try to trick their victims into using payment methods that do not permit chargebacks or refunds.
Bitictrade is a scam forex and crypto broker. They aim to steal your money by pretending to offer legit trading services. However, the moment you invest with them, that could be the last time you hear from them. Stay safe. Only invest with honest and trustworthy forex and a crypto broker.
To avoid falling victim to a scam broker, you must do your due diligence before opening a trading account. This includes researching the broker’s reputation, checking for regulatory compliance, and reading customer reviews.