Beware! Bitmax4U is an offshore broker! Your investment may be at risk.


Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.


Bitmax4U is an offshore Forex broker that falsely claims to be headquartered in Cyprus and CySEC regulated entity. What’s more, the people standing behind this broker are abusing the license numbers of a legit company that is duly registered and authorised to sell financial products and services to the people. Other than that, Bitmax4U fails to present comprehensively its own products and services, as well as the trading conditions applied. The guys have created a really cheap website that doesn’t give much information about Bitmax4U. Find out all the details you need to know about this sham Forex broker in the full Bitmax4U review.


Bitmax4U presents itself as a company that is headquartered and regulated in Cyprus, and you can find these false claims in the footer of their website. In their terms and conditions, however, they state that BitmaX is the trading name of an offshore company that is called MyCryptoWallet Ltd. It’s allegedly registered in St. Vincent and the Grenadines, which means that no regulations apply to its business because SVG does not correctly supervise its financial sector.

MyCryptoWallet Ltd. is a confirmed scam which was blacklisted by FMA– the financial regulator in Austria and CNMV– the financial regulator in Spain. Your funds are not safe if you make a deposit with Bitmax4U, it’s an unlicensed, unauthorised and unregulated offshore Forex broker that is owned and operated by a dodgy company, which was officially confirmed as a scam. Have a look at the warning publication made by the Austrians.

When choosing a broker, you should always make sure that it is a legit company that is duly regulated and authorised to sell financial products and services to the public. We recommend that you chose EU or UK licensed Forex broker, because Europe succeeded to create the safest financial environment for your funds. For you, as a trader, the most critical aspect is the protection of your deposits, which is guaranteed by the deposit insurance funds that were inaugurated throughout Europe.

The Investor Compensation Fund in Cyprus guarantees the clients deposits of up to 20 000 EUR per client, while the Financial Services Compensation Scheme in the UK allows you to claim even up to 85 000 GBP per client. Each EU member state is compelled to create and further operate similar deposit insurance funds, which are considered to be the last resort for the traders, in case a Forex broker faces difficulties to meet its financial obligations.


No MetaTrader4 or MetaTrader5 accounts are available for trading, and in fact, Bitmax4U fails to give any information about the trading platform that it provides. What is more, we weren’t able to register. It leads us to think that Bitmax4U is using some unconventional method to attract customers because we had to contact our agent if we wanted to create an account. It is a warning sign and solid evidence of a scam, and you should avoid Bitmax4U and report immediately of a representative of theirs contact you. Have a look.

Bitmax4U claims to offer leverage as high as 1:10, which makes us think that they provide only crypto pairs for trading. Beware, this type of instruments are extremely volatile, but most importantly prone to fraud, and not surprisingly one of the favourite tools used by the scammers.

We have no information about spreads, as we were unable to register or download any functional trading platform. The lack of such important information is a red flag because the spread is probably the most substantial piece of information about the trader. The difference between Buy and Sell forms a big part of the trading costs and the results directly depend on the size of the spread—the lower the spread, the bigger the potential profits. Below one pip difference is the industry for the EUR/USD spread, anything higher than that should be considered as a non-competitive spread.


The minimum initial deposit is said to be $300, which is much higher than the industry standards, as most of the legit Forex broker will ask for no more than $100 to open a Micro Account. Some brokers will even accept as little as 5 to 10 bucks.

The finding methods are said to Bitcoin and Credit/Debit cards, but we were not able to confirm that these are actually available.

The minimum withdrawal is said to be $50, and Bitmax4U will charge a flat fee of $30 for each withdrawal, which is a totally unfair condition. The legit Forex broker will not actually charge a fee, and the bank might only impose the only payable transfer costs.

No dormant account policy specified, which is a red flag and a warning sign. It is a set of rules applicable to accounts that have become inactive, meaning that the trader has either stopped trading or stopped logging in. In this case, the broker is going to define a fee for inactivity, which shouldn’t be more than $20 per year, when you are dealing with a legit Forex broker. The lack of dormant account policy is even worse because the broker might decide to freeze your account and steal the money, especially if it’s an unregulated dodgy offshore broker.

No bonuses offered or another form of trading incentives. The deposit bonus is not free money, but a leverage tool that will actually increase the risk for your funds. EU and UK disallowed the brokers to offer rewards because the trading incentives were the reason for more significant losses among the traders, especially the ones with little or no experience.


The scam is a criminal activity; the scammers are trying to defraud people by making them believe that the traders can make easy money if they join and start investing. In most of the cases, the scammers are hiding behind offshore companies, offshore Forex brokers, trusts and so on, trying to remain anonymous and difficult to trace. There is no or very light FX regulation in the offshore jurisdictions such as Vanuatu, Marshall Islands or St. Vincent and the Grenadines, making them some of the most popular destinations for shady and illegitimate enterprises. Regulation means customer protection and safety, financial authorities such as CySEC or FCA will make it impossible for a scam Forex broker to conduct illicit activities and harm the traders.

Firm cloning is a type of investment scam that is becoming increasingly popular recently. The scammers use the names, registration numbers, address etc. of businesses and individuals, which are duly registered, regulated and authorised to sell financial products and services. By doing this, the fraudsters are trying to gain the trust of the customers and trick them into believing that they are dealing with a genuine and distinguished, renowned company. It is an effective way to take off the guard of the wary investor, who can easily fall in the scammers’ trap.


No one is immune to scam; anyone can fall into the trap. Scammers are always 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 necessary 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 essential to protect others, as well. Be responsible!

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1 Comment

  1. It is bitmax4you then a scammer trader? I have some money there invested and after this I’m afraid of it..
    I need help please.
    Someone give an advice about what to do then…

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