Beware! Bitopps 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.
Bitopps is a broker focused on providing crypto CFDs – however, with how volatile the crypto markets are, there is a desperate need to make sure that you are dealing with a legitimate company that can provide you with a safe trading experience. Considering the fact that Bitopps is an incredibly shady offshore broker, we would advise you against trading with the company. There is a multitude of problems with every aspect of the broker’s service – and we have examined them in full in the following review:
Bitopps regulation and safety of funds
Bitopps is completely unregulated. There is not a single detail on its website that could even give us a clue to where the broker is located – and that is quite troublesome. As we mentioned, the crypto markets are incredibly volatile – and what’s more, there are a lot of scammers out there that seek to capitalize on the general lack of information of what crypto assets even are.
If you wish to trade on these markets, your best bet would be doing so with an European broker – they are required by the licensing body of the country the broker is headquartered in to participate in guarantee funds that restore up to 20 000 euro per affected person should the broker be unable to survive the turns of the markets. And the prevention of scams is ensured too – brokers are required to report on a daily basis on open and closed trades to prevent any kind of abuse from taking place.
Bitopps trading software
Bitopps grants access to a web-based platform. This platform is rather weak when compared to industry standard Metatrader 5, lacking in features. Notably, automated trading is completely unavailable! Here is what the platform Bitopps offers looks like:
The spreads on it are okay – there is not such a firm consensus on how wide they should be for crypto assets yet, and Bitopps keeps them under 1% of the price of the asset – the spreads were about $80 at the time of writing, which is comparable to the ones of legitimate brokers. The leverage provided, however, is too much – trading such assets with 1:10 is just suicidal! Most regulators have deemed ones of over 1:2-1:5 as too much for crypto assets – and yet, Bitopps is not regulated and can therefore get away with offering the attractive, yet dangerous leverage in a rather obvious bid to attract more clients.
Bitopps deposit and withdrawal methods and fees
Bitopps accepts credit card deposits only – this is actually rather beneficial, since it means the clients of the broker will be entitled to use the chargeback option credit cards provides have – such a chargeback is possible within 540 days of any transaction.
And a chargeback looks to be necessary with Bitopps – check out what the broker has to say about its Bonus policy:
It is not explicitly mentioned, but we have seen such clauses hundreds of times – they limit withdrawals until a practically impossible turnover requirement is met!
How does the scam work?
We have no choice but to conclude Bitopps to be a scam – here is how that scam usually goes down:
First off, someone stumbles upon the website the broker runs from – on it, they are required to leave a phone number if they wish to make an account. And once the scammers have that, they will start calling around the clock to demand deposits. More and more money will be taken from the victim, until their either run out or realize what’s going on. At that point, the scammers cut them off and move on to further targets.
What to do when scammed?
If you have been scammed, there are several steps to take to limit your further losses:
First off, you should get whatever forms of ID, credit cards and so on the scammers had access to re-issued. Also, remove any remote control software they had you install on your PC.
Then, to see if you can restore your losses, you should contact your bank and see if you have any chargeback options. However, if contacted by a recovery agency, which demands an upfront payment for its services, know this is simply another scam, designed to prey on people who have already been scammed!
Finally, do not hesitate to leave a comment below with your thoughts on Bitopps – this will help raise awareness of the scam and might save someone from becoming a victim as well!