Beware! BitProfit 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.
BitProfit looks like it has nothing special on offer. We are aware that its website is rather a delight, but what matters is what there is to be found below the surface. And at BitProfit, below we could not find a lot. We mean, we found some things, but most of them are not really worth it. After some time spent with the firm, we realized just how limited in quantity the website really is. It offers close to no insight on trading conditions, and if one does not log in or register, one will have no way of knowing the trading conditions and certain crucial payment details. Please read the review before you decide to deposit here!
To open an account, users have to complete a very simple process for registering, one that requires only a handful of details. This is never a sign of a good start since most legit brokers have a very long and sometimes tedious registration process. After that, we had a way into the user trading area. The user area was basically a trading software, that actually failed to load when we registered. All the assets were there, but none had any value, which means that we cannot give our readers an accurate spread of any kind.
As far as we’re concerned, the only trading assets that the platform gave us, and those that we were able to find out for ourselves, were forex pairs and cryptocurrencies. What’s more, a leverage value was never disclosed.
On the website, the language is only English. However, when we opened the user dashboard, we had the ability to chose one of 20 languages. This is a discrepancy that is obviously an indication of the untrustworthy nature of the broker.
BITPROFIT REGULATION AND SAFETY OF FUNDS
Believe us when we say that the website offers no disclosure on any regulation or license of any kind. The footer is barren, the About Us page is just filler text, and the contact us page gives us a simple form to fill. The only thing that we thought would get us close to a potential license were the Terms and Conditions. At the very end of these legal provisions, it was proclaimed that the client agreement is governed by the laws of Seychelles.
In Seychelles it’s the duty of the Financial Service Authority to provide the necessary regulatory oversight to all local brokers. There are two things that are wrong here. First of all, nowhere does it say that BitProfit is actually regulated by the Financial Service Authority. And second, the watchdog’s database had no mention of the current broker.
Thus BitProfit is UNREGULATED, making it a direct risk to all invested funds!
There is no reason at all to invest in an unregulated broker. The best advice there is, concerning the choice of a broker, is to always check for a license. If the broker has an FCA and CySEC license you are off to possibly the best start, as these are some of the top regulators in the industry. Usually, legitimate FX overseers integrate a set of rules to each of its listed brokers. Brokers form an agreement with them to follow very strict guidelines. Furthermore, some agencies, like the FCA or CySEC, have compensation schemes that reimburse clients whose brokers have become insolvent. As you can see, a regulated broker benefits not only the brokerage itself, but the traders as well.
BITPROFIT DEPOSIT/WITHDRAW METHODS AND FEES
Interestingly, there was no way to deposit without providing KYC documents first. This is a move that very few unregulated brokers use. Usually, they push for a deposit all the way through. Due to the limited nature of the website, we had no way of gathering any deposit methods, nor were we able to grab ahold of a minimum deposit amount.
According to the portal area, withdrawals can be done through the following methods: PayPal, Bank Transfer, crypto. Aside from that, there was no other way to get a hold of withdrawal conditions from the personal area. There are no clear indications of any processing times for withdrawals. However, the Terms and Conditions do reveal withdrawal fees, that have not bee given any value, in typical scammer broker style. So be aware!
In the end, what is there to say that has not been said? BitProfit is a risk to all investments! Do not deposit here!
How does the scam work?
If things feel uneasy or suspicious, then you are probably being scammed. Most fraudsters adapt the same scam structure, however, they might add their own little nuances. The point is, that if you think you are in a scam, then you probably are!
The first step is the online ads. These annoying pop-ups or side distractors are the essence of scammer brokers. It’s through them that the user is lured into the fake broker website. The link of the ad leads to a website or a registration form. Both require the user to write down his or her personal details, like email and telephone number. Do not give these away. The scammers will contact you if you give these details away, and will sooner or later try to charm his/her way into your wallet, by asking you to deposit.
After a deposit is made, and hopefully, it isn’t, then the first step of the same is complete. The following step concerns the account manager, a.k.a the advanced scammers. These individuals are charming convincers, and if they succeed, it means that you have deposited a second time. This can go as long as the user keeps depositing. When suspicious arises, one of these things will probably happen: the broker will delete the account of the user without a reason; the broker will not allow for withdrawals, or the broker will keep finding ways to stall withdrawals.
What to do if scammed?
Filing for a chargeback is the best advice. VISA and MasterCard have prolonged their chargeback time span to 540 days.
If the deposit is made through wire transfer, then change your user name and password as soon as possible. Another step is to contact the bak as they might have a specialized procedure for such cases.
Another crucial piece of advice: NEVER deposit in unregulated brokers through bitcoin or any other form of cryptocurrency. These payment methods are untraceable, meaning that once a deposit is made, it cannot be traced. The money is lost.
Last but not least. recovery agencies are definitely a scam. These programs, or whatever they call themselves, offer help for defrauded users…for a price. Once the fee/tax is collected, these agents disappear, leaving you at a bigger loss.