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BitPro is a binary options broker that poses as a genuine financial services provider. Since the term may be new to some of you, we will give you a peek at the service. Binary options trading is more obscure than CFD trading, which uses leverage. With binary options, traders wager on whether an asset’s price will increase or decrease over a specified period. If they are correct, their wager is doubled by an additional percentage, known as the payoff. However, if wrong, the broker keeps their money.
The trading mode is the closest forex trading has come to gambling, causing a significant regulatory response, with binary options being outlawed in the majority of jurisdictions. This is because most scammers rig their trading software. The manipulation is such that their customers always lose.
While binary options trading is unauthorized in many jurisdictions, it is allowed in countries such as the U.S, the U.K, and Australia. Regulation notwithstanding, many brokers cut corners and manage to dupe unsuspecting investors. If investors must trade binary options, they ought to be careful to only deal with a trusted crypto companies. This review shares some issues to be keen on, especially the regulation status.
According to the website, BitPro LTD owns and operates the broker. The broker also purports to have a base in St. Vincent and the Grenadines, a haven for illicit brokers. Besides a corporate address, the broker seems to operate in complete anonymity. There is no telephone contact of the broker. Similarly, information regarding founders/teams is missing, except for a loose reference to “proactive professional team.” The broker claims it was founded in 2012, but the whois database contradicts that.
According to this database, the broker registered its domain on 12th August 2022. This broker is a newbie and lacks a solid track record.
Going by its website, only two instruments are tradable-crypto and forex. The broker purports to offer a 60 seconds trading strategy made easier through a simple interface and dedicated customer service. However, there is no economically compelling reason to trade with this broker, whose alleged goal is to help traders benefit from multiple profit opportunities. First, this is a risky venture. Secondly, BitPro is a rogue broker.
BitPro Trade Plan
BitPro has three trading plans. A trader must deposit at least $200 in the account for a standard key. The plan is fit for beginners and allows trading for a month. Next, the premium key has a minimum deposit requirement of $300. The plan is suitable for advanced traders and allows limitless three months of trading. Lastly, the VIP key, tailored for experienced traders, has a funding threshold of $1000.The subscription to this plan is renewed annually.
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Nonetheless, we noticed that the minimum deposits for BitPro’s accounts are significantly high. This betrays the intention of the broker to make traders part with as much funds as possible. Usually, you will find genuine brokers with accounts going for as low as $10. This affordability ensures that you have flexible and convenient trading options.
Deposit and Withdrawal Policy
Since online transactions lack the element of physical interaction, it is only fair that brokers are honest about their channels while ensuring that such channels are convenient. To that end, genuine brokers have flexible channels and accept traditional methods(wire transfers, credit/debit cards) alongside digital currencies. Moreover, the payment procedures are direct and uncomplicated.
BitPro allegedly accepts deposits via credit cards and e-wallets. However, its deposit menu shows that the broker only accepts payments via cryptocurrencies and payment processors based in Russia. Cryptocurrency transactions remain scammers’ favorite since they are not subject to refunds and are hard to trace
The cheapest account with BitPro requires $120 as the minimum deposit. Shady brokers know that you may not return after figuring them out. So high minimum deposit is their silver bullet. Of course, this amount is still higher than what legit brokers ask of you. The broker claims to charge no withdrawal fees after 30 days lapse. However, any withdrawal before such a lapse attracts $10.
Compared to their CFD rivals, binary options providers do not have as robust of platforms. Two different chart types are available on the broker’s platform, along with a few indicators. With only the essential TA, we don’t anticipate any lucrative trading experience here. Worse still, some of the text on the trading platform and subsequent chart is still in Russian despite efforts to translate it into English. These are mishaps you only witness on rogue brokers. We also mentioned that binary brokers are notorious for software manipulation. But assuming this was not the case here, you still should not trust the broker; without a license, there is no telling what BitPro is capable of doing.
If a binary option is upheld until expiration, the trader will receive either a specified payout or nothing. The payout is based on whether they correctly predicted whether the price of a particular asset would be above or below a specific level at a certain time. Due to its business style, leverage and spreads are not present. Instead, there are payouts- which is the sum added to each profitable deal,
A large payout likely indicates shady deals. Most binary brokers have payouts ranging from 70 to 80%. It is typical for 90%-plus percentages, which though alluring, amounts to the broker’s admission that unethical tactics will be at play. BitPro’s payouts are 76%, within the acceptable but not-so-profitable range.
The broker offers a trade bonus which comes with predatory conditions. For instance, when a trader accepts the bonus, the broker must meet a specific trading turnover to access funds. Precisely, a broker must trade for a volume of 30 times the sum of bonuses and deposits. This is an unrealistic condition only meant to deny you funds.
If a broker wants to withdraw funds without attaining the required turnover, they lose the bonus. That is reasonable. However, what we find unacceptable is that the broker denies you initial deposits if you do not attain the turnover-outrageous if you ask us. Mind you, even if you somehow managed to achieve the volume requirement, you will only withdraw initial deposits and bonuses, not profits.
BitPro Trade Regulation Status
BitPro states that it is registered in St. Vincent and the Grenadines. This explains a lot of things. To begin with, the tiny Caribbean nation has zero oversight on forex markets. Indeed, SVG’s financial services authority (FSA) constantly issued warnings to the public, noting that no forex brokerage activities are authorized in the country. The lax oversight opens doors to anyone willing to pitch base there. Also, a lack of regulation makes it convenient to swindle traders without fear of consequences.
Being offshore and unregulated makes this broker pretty dangerous. First, this broker is not answerable to any authority and can thus use your money however it pleases. Additionally, the broker is immune from international litigations against it. Likewise, being unregulated implies that traders are not eligible for benefits such as zero balance protection and guaranteed compensation.
BitPro appears to be breaking the law by offering controversial services. Another disclaimer is that it operates in a jurisdiction known to harbor lawless brokers, owing to its lack of forex regulation. The broker is unregulated and will only frustrate your investment goals.
You shouldn’t wait for more proof that a broker has ill intentions once you detect that it is unregulated. Although we strongly advise against binary options trading, if you must trade the instruments, at least ensure you are working with a trusted crypto companies.