Beware! Bitcoinrobotfx 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.
Bitcoinrobotfx claims to be an industry leader delivering a powerful, user-friendly, and fair platform where clients can trade the most popular assets including currencies, commodities, and indices. Big promises, but can the broker deliver? You’ll find out in the full Bitcoinrobotfx review.
Bitcoinrobotfx REGULATION AND SAFETY OF FUNDS
Well, the obvious answer to the question in the Intro is a big fat NO! We found it’s anonymous and unregulated, so your funds will be in danger if you deposit. Let’s go into detail now.
Bitcoinrobotfx is said to be a brand of Bitcoinrobotfx LTD, allegedly a UK company with a headquarter address in London. The problem is that there is no such British entity in existence, so it’s either fictitious or an offshore company that’s practically untraceable. In both cases, though, Bitcoinrobotfx falsely claims to be headquartered in London– a red flag!
Nevertheless, we researched but found no other companies associated with Bitcoinrobotfx, so it’s unregulated and actually illegal as it’s mandatory for all brokers residing in the UK to hold a valid FCA license. Bitcoinrobotfx is worth being avoided.
Unregulated brokers are dangerous for two main reasons. First of all, the absence of regulation means that the people’s identity remains concealed at all times. Secondly, unregulated entities like Bitcoinrobotfx are unaccountable as there is no authority to supervise them, so they can do anything with your money. Eventually, if you deposit with Bitcoinrobotfx, your funds will be handled by anonymous people bearing no responsibility for their actions. You’d better stay away.
Instead, why don’t you check the high-rated EU brokers and British brokers? The companies on top of both lists also participate in deposit insurance funds. Hence, if you trade with a CySEC broker, you can get up to €20 000 in compensation, while the British license guarantees up to £85 000 per person. The money protection schemes provide another layer of security, which makes European brokers a preferred choice for seasoned traders and investors alike.
Bitcoinrobotfx TRADING SOFTWARE
Allegedly, Bitcoinrobotfx provides a web-based platform named Status Trader, but we couldn’t access it due to some technical errors experienced by the broker. That certainly undermines its low credibility even further. However, the Status Trader itself is a nightmare-ish platform that’s actually worse than useless.
That being so, we’d like to offer the high-rated MetaTrader4 brokers and MetaTrader5 brokers on both lists instead. We recommend MTs as they feature sophisticated trading tools such as reliable indicators, easy-to-use charting tools, Expert Advisors making automated trading possible and even a marketplace with more than 10 000 trading apps.
As the platform was out of reach, we can’t discuss spreads and trading costs. Nevertheless, we’ll pay attention to the leverage purportedly offered- up to 1:1000, which is a ratio the British regulator prohibited a few years ago. That once again proves that Bitcoinrobotfx can’t in any way be a legit broker headquartered in the UK.
In fact, due to its risky nature, leverage became a subject of regulations in many countries worldwide. Namely, licensed British, EU, and Australian brokers must limit retail clients to 1:30, while Canadian brokers and US brokers can’t provide more than 1:50. In contrast, most of the high-leverage brokers are either poorly regulated or not at all, so you should be careful with their offers.
Bitcoinrobotfx DEPOSIT/WITHDRAW METHODS AND FEES
The minimum deposit is $1000, allegedly via Credit/Debit cards, Wire Transfers, Webmoney and other e-wallets, as well. As we can’t prove their claims, though, we’d like to offer our lists with Skrill brokers, Neteller brokers, FasaPay brokers, Sofort brokers, and Bitcoin brokers if you have a preferred e-wallet or a trusted payment system. The high-rated companies are well-regulated and won’t take you for a ride if you deposit.
As for withdrawals, the conditions are offensive, to put it mildly. So, the minimum is $500 for Wire Transfers (each transaction costs $50) and $100 on other methods (costs $25+$10 or 5% for Bitcoin). Worse, though, if Bitcoinrobotfx suspect you are carrying out fraudulent activities, it’ll limit the withdrawal to just 10% of the requested amount! Well, it can always blame you for doing something wrong; that’s an unregulated broker, after all! That’s a scam!
The dormancy fees are also adverse: 10% of the balance per month after 3 months of inactivity. In comparison, most of the regulated brokers are taking 5 to 10 dollars, not 10%. That’s a scam!
HOW DOES THE SCAM WORK
Overall, Bitcoinrobotfx is 99% a scam, so you should steer clear of it no matter what. Below, we’ll concisely explain how scammers usually work, and we actually believe that Bitcoinrobotfx follows the same or very similar procedures while carrying out their business.
In a nutshell, you get enticed by an offer that sounds too good to be true, deposited as instructed by scammers and eventually get ripped off. Actually, the Forex scam is a process that significantly differs from ordinary fraud, which is usually a one-time event. In contrast, in Forex fraud, you are in constant touch with scammers who will manipulate you to deposit over and over again. For example, they will pretend to manage your accounts and will show you incredible profits. Or, if you trade by yourself, they’ll distort market prices to make your account look profitable, thus luring you to put even more money in the scheme.
The scam becomes obvious as soon as you start insisting on getting your funds back. Scammers will reject withdrawal requests for whatever reason they choose and even instruct you to pay taxes first. It’s 100% a scam if you are required to send money when you want to withdraw. When it’s apparent that you won’t send money again, the cons will simply cut the communication, leaving you with losses almost impossible to recover.
WHAT TO DO WHEN SCAMMED
Unfortunately, no one is immune to scams. If you get scammed, the first thing you need to do is to consider the secondary risks. Deactivate your bank card immediately and contact your bank and ask for advice.
Report what happened to you, file a complaint, contact the authorities, call the police. Seek help actively!
Then, it would be best if you were careful with your attempts to recover funds because fraudulent chargeback agencies and individuals would be happy to take you for a ride again. They usually ask for upfront payment but will do nothing in exchange.
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