Beware! Bitextrader is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
There are plenty of Forex brokers around the world, but very few of them speculate to have made a turnover of more than 100 billion USD per year, and they are usually a scam. In fact, a company such as Coca Cola hasn’t reached 50 billions in revenue for the last 10 years, let alone an anonymous Forex broker, which is indeed a very questionable entity. Find out why you should never trust offshore brokers.
Bitextrader REGULATION AND SAFETY OF FUNDS
Bitextrader enlists a correspondence address in Berlin, Germany. However, in their T&Cs we can find them also to declare that the site is owned by BITEX Trader and regulated by XTB Bitex Online Trading Limited. It becomes even more obscure because the address of the latter is in Mauritius, a jurisdiction regarded to be a tax haven, but there wasn’t a license held by this company in their register!
Bitextrader fails to provide any legal documents which will prove their legitimacy. No such entity is authorized in Europe by BaFin(the German financial regulator), CySEC(Cyprus) or FCA(UK). Bitextrader is a totally anonymous entity which isn’t anywhere to be found. It is very strange how a company, claiming to have reached more than 100 billions in turnover is totally unidentified. In fact, there is a FCA licensed true Forex broker called XTB, and we suspect that they are probably trying to take advantage by using their name, thus way misleading potential customers. Check this out!
The truth is, that Bitextrader is unlicensed, unauthorized and unregulated Forex broker which shouldn’t be trusted. Entities which are operating without financial supervision are risky and cannot provide security for the traders. An offshore Forex broker might go offline tomorrow and if it happens the chances to get a refund are very limited, these companies do not follow any rules and would normally offer more attractive conditions such as an increased leverage and less burdensome identification process. On the other hand, being unregulated, they might act solely on their own discretion, contrary to the interests of the trader. The trader is vulnerable and there isn’t an institution which will guarantee to provide security.
Under EU or UK supervision there are strict rules to be followed by the authorized Forex brokers. For example, they have minimum capital requirements, the funds of the traders should be held in segregated trading accounts and also they have to ensure negative balance protection of their clients accounts.
Your funds are not safe if you deposit with Bitextrader, stay away!
Bitextrader TRADING SOFTWARE
Bitextrader maintains only its own web trading platform, which is unbelievably slow and difficult to use, there aren’t MT4 or MT5 accounts available. There are only cryptos available to trade, standard currency pairs such as EUR/USD and GBP/USD are not included, despite that Bitextrader introduces itself as a Forex broker on its web page!
Only a TradingView chart is at the trader’s disposal on the dashboard and the spread is nowhere to be seen which is a massive red flag! The leverage also remained unknown, because on their main page we were not able to access their Account Types page, but at the same time we were able to register and even to have a look at their real deposit and withdrawal methods.
Bitextrader says to offer demo account trading but the experience is far more than worse. In fact, upon registration, we ended up with such an account, but after a few orders executed there was no reflection on the value of the account, also the Portfolio panel didn’t show that something is happening! Only after a few minutes there were some changes, but overall everything is so slow that it makes us think there might be a price manipulation, as well! Or, at least, lack of competence!
Bitextrader DEPOSIT/WITHDRAW METHODS AND FEES
We should start with the account types of Bitextrader, because there was a huge discrepancy that we saw. We were banned from seeing the page, but at the same time we managed to sign-up and could also deposit funds with them, if we wanted to! Simpy trying to be smart in a sneaky way, pretending to be true Forex broker, but it doesn’t take much to expose them, have a look!
The minimum deposit required is 250 USD and you can fund your account without proof of identification, another red flag!
The minimum withdrawal is 50 USD, but there is a fixed commission of 30 USD per transfer. The processing is said to be 3 within business days, but if the time period have passed a new request must be submitted! A practice which is everything but fair, you might end up filling request after request, a true Forex broker does not act in such a way! Stay away from Bitextrader!
The only real funding method available is through cryptos, which is a red flag! True Forex brokers accept different bank or e-wallet payments, and if there aren’t such options you should know something fishy is going on!
Bitextrader will charge fixed maintenance fee of 100 USD every three months on the account, in case there are funds available. If the funds are less than the amount specified there will be a notification and in case there is no response from the trader, Bitextrader reserve the right to close or archive the account!
Dormant account policy is not specified, but in case of inactivity for more than 90 days the company might close your positions, regardless of being winner or loser. Hedging positions ,on the other hand, are subject to administration fee of 0.1% of the volume of the account and these can be closed after 21 days without further notice to the trader. An obscure clause which you cannot find in any true Forex broker Client Agreement!
There are some bonuses available, but we were forbidden from that page, too. Stay away from Bitextrader, they are misleading the customers!
HOW DOES THE SCAM WORK
The scam is a confidence trick! The scammers will promise you the moon and the stars only to gain your confidence, then will persuade you to invest money with them and sooner or later will take advantage of you and will run away with your money.
It’s a scam sign if a Forex broker accept only cryptos as funding method and that should be remembered. They are doing it for a reason, the cryptos are perfectly unregulated, there isn’t a single authority in the world to deal with cryptos, and also the payments are totally anonymous. Once you deposit cryptos with scammers, it’s virtually impossible to get a refund! Stay away from brokers who does not accept the traditional funding methods, there is something fishy going on.
WHAT TO DO WHEN SCAMMED
No one is immune to scam, anyone can fall into the trap. Scammers are constantly looking for new and different ways to scam consumers. What you need to do first, in case you got scammed, is to protect yourself from further risks. Contact your bank and explain to them your situation, they will give you important instructions to follow and will help you, if possible, recover your money.
Report what happened to you, file a complaint, contact the financial regulator, contact other government institutions related to trading and investing. Seek help actively!
Share online your experience, it is important to protect others, as well. Be responsible!
Stay away from Bitextrader, they do not act as a true Forex broker!