Beware! BitForexTrading 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.
We do not understand the train of thought that led to firms like BitForexTrading. No one can be fooled by this website, except if your are extremely unfamiliar with websites as a whole; how they should look and in what way the service is presented and handled, which is the bread and butter of every site out there that tries to attract users. It seems that BitForexTrading does not know the golden rules, and has forgotten the bread, leaving it only with butter, which is of no help at all.
It takes one look of an average internet users to identify at least 3 things that are wrong with BitForexTrading’s website. First, the home page is far too long, with too much crammed in it at once. Second, the logo of the firm looks like it was disproportionately zoomed to fit a specific shape. And third, certain section of the site either redirect you to third party websites, or are broken altogether.
In order to register, a user must enter very few credentials, after which we were redirected to a very sloppy looking user area that further discredits the broker. Even more so, any and all trading conditions are not applicable here, because there is not trading software. Read the Software section of the review for more.
The only language here is English.
BITFOREXTRADING REGULATION AND SAFETY OF FUNDS
Considering the state of the website, it was no surprise that BitForexTrading has included no regulatory info. We went through the very limited website with no results.
We find it odd that certain brokers, like BitForexTrading, have not even tried to come up with a make-believe license. This just gives to show how lazy BitForexTrading truly is.
There is nothing to work with here, and so we have no choice but to label this so called broker completely UNLICENSED, a risk to all investments, and ultimately, a scam!
Traders should be trading with risk-free brokers, that hold licensed from renowned and austere agencies, like the FCA or CySec , which have made a name for themselves as some of the top regulators. Readers should be aware that both agencies have adapted very strict rules of conduct, and their licensing framework guarantees safety and security for all clientele. A good example of this is the segregation of accounts which assures that client money and broker money are kept in separate accounts. Furthermore, FCA/CySEC brokers participate in a financial reimbursement scheme that cover traders losses in case the broker becomes insolvent. The FCA provides up to 85 000 pounds per person, while CySEC guarantees up to 20 000 euros.
To further propagate the illegitimate status of this firm, there are no legal documents of any kind to be found. Thus, there is no agreement between user and broker that validates both parties as a working unit.
BITFOREXTRADING TRADING SOFTWARE
There is no trading platform here. The user area does not have one, and the website does not mention one. Again, as with the missing licencing info, BitForexTrading could have played it safe, and included some sort of information on a non-existent platform. Further proof that BitForexTrading is just indifferent even when it comes down to creating the illusion of legitimacy!
It’s the old classic pay-to-win type deal, where users have to deposit a certain amount, and are expected to believe that the deposit will magically accumulate profit, or as BitForexTrading calls it, “commission”.
The premise is simple. Take for instance the Starter Pack. A user deposits a sum between $100 and $1000, and is told that this an interest rate of 30% per day will be added to the sum, like that, out of nowhere. Of course, this can never be. It makes no sense to either party, for just one side to profit.
BITFOREXTRADING DEPOSIT/WITHDRAW METHODS AND FEES
As per the user area, the minimum deposit is $100. The two payment methods available are bitcoin based, which is not a surprise. Bitcoin, and other crypto, depositing methods are the most preferred way for scammer brokerage firms to receive deposits from users. The main reason for this is that crypto deposits are untraceable, and so once a payment is processed, the user may never know where her money went.
There is also a (1 + 1%) deposit fee. We are not sure what sum this implies. But we speculate that it means that with every deposit 1% of the sum goes to the broker. This is pretty standard, but what about the 1? Here is where we are lost… It certainly cannot mean that the broker charges 1 full bitcoin (which is valued in the thousands of dollars). It might be that, on top of the 1%, the broker charges also 1$.
Withdrawals are done only via bitcoin, with a minimum amount of required funds to $50. The processing time is 1 day, and the fee for every withdrawal is, again, in the (1 + 1%) structure.
As mentioned, there are no traces of any legal documents. Without these, all claims against the broker held by the user cannot be actually held against it. And this is the least of your worries. No legal documents give BitForexTrading the ultimate freedom to do as it pleases with both the user’s deposited funds and his or her personal information. Not to mention that the broker can ultimately make up its own fees, commissions, but also trading and payment conditions on the go. Thus, the lack of legal documents allows BitForexTrading to completely shape the users experience as the firm sees fit. So, it is better to have scammer provisions and clauses than not having any.
What is to be remembered here is that BitForexTrading should not be invested in, as you will most certainly never see them again!
How does the scam work?
Users will be in the middle of a scam without even knowing it, that’s how efficient these scams are. Yet, clients will also be surprised that the most utilized scammer structure is laughably easy to grasp, making it predictable. We have dedicated the following section to the reveal of how the scam works.
The internet is filled with ads, it’s the fuel of the industry, and a big chunk of said advertisements are misleading and some are downright deceitful. The ads concerned with unregulated forex brokers are often very promising, and most of the times utilize completely false claims of immediate profit. Those tempted enough will be redirected to a robo-scam website that further guarantees profits. The only thing that separates the user from the unrealistic promises is a fast registration process that requires a phone number and an email address. After inputting this info unsuspecting users will start getting phone calls from illicit broker representatives, whose one and only job is to initialize the scheme by pushing a trader to make that first deposit of around $250. After that’s done, the senior representatives will be calling. These expert scammers are extremely good talkers, and will start working on you to start putting even more money in. They say that the more money invested, the higher the profit will be. At this point most traders start seeing the big picture, and will want to withdrawal their money and get out fast.
However, the scammers have anticipated this development, and are ready to counter any withdrawal request. Typically they find excuses for delaying the request in the legal documents that hold specific clauses for these purposes. The reasons are many. One thing to remember is that all illicit brokerage firms will deny the withdrawal request for as long as they can, because of the imposed time limit traders have for filling a chargeback. Once the crucial due date is not met, any chargeback requests will be denied.
What to do if scammed?
Those of you who deposited using VISA and MasterCard will be glad to know that both companies have extended their chargeback time span to 540 days, especially if the reason for it is an online scam.
Scammers will steal directly from a bank account, if the traders has provided crucial details, like banking password or security code. If it get down to this, be sure to either block the account or change the password.
Sometime victimized users will stumble upon the so called recovery agents that promises to magically reclaim all lost investments, for a fee that is. Needless to say, they will not get back any of the lost funds, and will basically scam you a second time.