Beware! Bit-Trading.com is an offshore broker! Your investment may be at risk.
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Warning! Bit-Trading.com is a Crypto exchange which is as clear as mud! Upon opening the website, we were instantly able to detect at least a few scam signs showing that it’s a rather fraudulent enterprise. And we weren’t at all wrong, because Bit-Trading.com was blacklisted by one of the strictest and most reliable financial regulators in Europe. Read on to find out everything you need to know about this scam creature in the full Bit-Trading.com review.
Bit-Trading.com REGULATION AND SAFETY OF FUNDS
Bit-Trading.com is a scam exchange which was officially blacklisted by FCA, the British financial authority:
In its website, however, Bit-Trading.com lists an Estonian address and a UK contact number. Our search in the register of the Estonian financial authority didn’t produce any results, which was expected, fairly speaking.
On the other hand, the Terms and Conditions are made to be US compliant, which doesn’t make any sense whatsoever. No warnings needed for us to prove that Bit-Trading.com is a scam broker which should be avoided.
Your funds are not safe if you make a deposit with Bit-Trading.com, it’s unlicensed, unauthorized and unregulated scam broker which should be avoided! Report immediately if someone from Bit-Trading.com approaches you on the internet or over the phone.
Do not ever trust anonymous and offshore Forex brokers, stay safe and choose legit and regulated entities, such as the European ones. EU and UK are known for the strict rules imposed and the security of their financial sectors. There are many customer protection measures taken, but most importantly, money protection schemes were created that further contribute to the health of the system.
ICF under CySEC in Cyprus and FSCS under FCA in the UK are two of the most prominent deposit protection funds. In Cyprus, you can make a claim of up to 20 000 EUR per client and in the UK of even up to 85 000 GBP per client, in case a Forex broker faces difficulties to meet its financial obligations. If it were an offshore entity, however, it would simply disappear, and you would lose all of your investments, instead of making profits elsewhere!
Bit-Trading.com TRADING SOFTWARE
No spreads and no leverage levels are known because trading is not available in reality, the Buy/Sell buttons simply convert one Crypto coin into another for a fee of 0.02%.
Stay away from pseudo Forex brokers and exchanges that offer Cryptocurrency derivatives trading. The digital currency pairs are highly volatile, but most importantly, they are prone to fraud and misuse, which made FCA prohibit the trading of Crypto derivatives. The ban will come into effect on 6 January 2021.
Bit-Trading.com DEPOSIT/WITHDRAW METHODS AND FEES
The minimum initial deposit with Bit-Trading.com is 60 USD. The single funding method is a payment by Credit card, but it’s not a direct debit. Instead, you are supposed to buy Cryptos and further make the deposit with Bit-trading.com. You should know that once you make Crypto, it’s practically impossible to get a refund.
The minimum withdrawal is said to be 60 USD, but the withdrawal process is totally absurd. There isn’t a standard withdrawal request, but you are supposed to select an amount to withdraw in Crypto and then choose your payment method. Once you do it, however, there will be a message which states that “You must close all open trades to withdraw funds”. Even though you don’t have any positions opened, the Proceed to Withdraw button will not work! It’s practically impossible to make any withdrawal, stay away from Bit-Trading.com, it’s a pure scam.
As Bit-Trading.com is neither a Forex broker nor a real Crypto exchange, there isn’t available information about their dormant account policy, bonuses, partnership programs or any other feature that is generally important for the traders. We have to repeat it once again, their T&Cs are created to be US compliant, but doesn’t include any valuable information for the customers. Stay away from Bit-Trading.com; it’s a pure scam!
HOW DOES THE SCAM WORK
The scam is a financial crime! It’s presumed that the scammers are going to defraud and rip you off. Still, the consequences might be much worse than you have ever expected, especially considering the Forex fraud, which is probably the most widespread one today. Once you get involved in the scam, however, the risk becomes long-term, and you might end up literally having your own life ruined! Here are five possible negative effects of the scam:
- Outright Fraud– you made a deposit and got robbed off, not much to discuss!
- Debts– scam Forex brokers will allow an indebted account, and it might turn out that you have to pay them eventually because your balance went negative. Under CySEC and FCA regulation, the negative balance protection of the clients’ accounts is a must!
- Identity Theft– the scammers might also abuse your personal information submitted, they might drain up your account, make deals on your behalf, take credits and even register companies on your name!
- Time Waste– the financial losses will accumulate because eventually you will spend hours trying to recover, instead of making money elsewhere, or gaining the interest from the money that you have already lost.
- Emotional Distress– let’s be honest. No one enjoys being lied, tricked, defrauded, scammed or victimized in any crime. It bears psychological effects that will negatively affect your life.
That’s why it’s crucially important to be able to detect the scam as soon as you see it, even though at times it might turn to be a difficult task. Always do your research, be sceptical and do not buy the big promises, stay alert!
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!