Bit1MD review – 5 things you should know about bit1md.com

Bit1MD review – 5 things you should know about bit1md.com

Rating: 1

Beware! Bit1MD is an offshore broker! Your investment may be at risk.

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Bit1MD promises the best experience, platform, and results, which undoubtedly shows that it wants to create a sense of hope. However, we are confident that it won’t deliver, and we’ll show you why we think so in the full Bit1MD review.

Bit1MD REGULATION AND SAFETY OF FUNDS

Bit1MD is a brand of Marketfina Ltd, a company incorporated in St. Vincent and the Grenadines– a country where the local regulator SVGFSA doesn’t bother to license or in any way control brokers registered locally. We could trace Marketfina, but all SVG businesses are shady and non-transparent, so we can’t confirm that it actually has anything to do with the brokerage. But even if it did, that wouldn’t change anything as the broker would still be anonymous and unregulated. The bottom line is that your funds will be at risk if you deposit with Bit1MD, and we’ll now explain why.

Unregulated offshore brokers like Bit1MD are dangerous for three main reasons. First of all, the absence of regulation means that the brokerage operates unaccountable, meaning that the people behind are enabled to do whatever they want with your money if you deposit. Secondly, SVG allows the incorporation of anonymous International Business Companies (IBCs), so the identity of the people running Bit1MD is actually undisclosed. You won’t have the slightest idea who’s going to handle your funds. Thirdly, and in our opinion, most importantly, if you deposit with Bit1MD, your money goes offshore, where it literally disappears without a trace and no one can track it down, let alone retrieve it. Overall, dealing with Bit1MD means that you’ll send money offshore to some anonymous people who are not held responsible for their actions and will get away with the crime if they defraud you. You’d better avoid Bit1MD.

That’s why we suggest trading with adequately regulated brokers only as they follow numerous customer protection rules and are strictly monitored while carrying out their business. EU brokers, let’s say, store deposits in segregated bank accounts, which prevents misuse or misappropriation and benefit clients in many ways. Also, if a broker gets insolvent, clients won’t lose their money but will get it back with much less complication involved during the process.

That said, see the high-rated EU brokers and British brokers on both lists we recommend. The licensed European companies are proven safe and also covered by deposit insurance funds- CySEC brokers’ clients can claim up to €20 000 in compensation, while the guarantees in Britain are even up to £85 000. In our opinion, the money protection schemes are worth considering if you are genuinely interested in trading.

Bit1MD TRADING SOFTWARE

Bit1MD claims to offer unbeatable software, but precisely the opposite is true: the brokerage has a Webtrader that’s miles behind industry leaders like MetaTrader4 and MetaTrader5. We mentioned both MTs as the platforms provide sophisticated features such as advanced indicators, excellent charting tools and even Expert Advisors making automated trading possible. So, the inferior software provided is just another reason to avoid Bit1MD, which is indeed a suspected scam due to the absence of regulation.

The platform revealed high trading costs: the EUR/USD spread we encountered was floating around 3 pips or 3 times worse than the industry standards. In other words, you should pay $30 per EUR/USD, compared to $10 or less if you trade with regulated brokers. Bit1MD’s services are expensive.

The leverage delivered by the platform is 1:200– a risky ratio that’s no longer allowed by many trustworthy authorities worldwide. Namely, licensed EU, British and Australian brokers have to limit retail clients to 1:30 leverage, while Canadian brokers and US brokers to 1:50, respectively. Most of the brokers offering higher levels are usually anonymous and unregulated, so you’d better be careful with their offers.

Bit1MD DEPOSIT/WITHDRAW METHODS AND FEES

Bit1MD specifies no minimum deposit requirements but claims that Credit/Debit cards, Wire Transfers and CashU are available for funding. Out of the three, though, the first-mentioned is the safest option as it allows chargebacks for up to 540 days after the transaction.

As for withdrawals, we found nothing in the broker’s Terms, which means that it knowingly doesn’t disclose critical information about its services- a red flag. In fact, the whole Terms document is too short to consider it acceptable, which is indeed another red flag itself. Beware!

HOW DOES THE SCAM WORK

Overall, Bit1MD is an unregulated offshore broker, which is more than enough for you to stay away from this shady enterprise. It’s also a suspected scam, so we’ll shortly describe how fraudsters usually work. Note that each fraudulent scheme differs, but the people carrying out the fraud use more or less the same tactics to defraud people.

So, scammers are prowling online, and they create fraudulent websites, social media profiles and ads to get people into the fraud. Once you get trapped, they will pretend to handle your account and display winning trades to make you believe it’s worth dealing with them. However, scammers won’t let you withdraw profits but will constantly urge you to deposit, again and again, asking for much greater sums. Make no mistake about it; those criminals will try to squeeze as much as possible from you, so they’ll advise you to invest as much as possible.

You’ll probably understand what’s going on when you get determined to take your money back. When scammers realise you won’t deposit again, they’ll shamelessly announce that you can only withdraw if you pay taxes in advance. If you are persistent and refuse to follow their instructions, they will simply stop answering and disappear. Then, whenever fraud becomes publicly exposed and worn out, scammers will abandon the website getting away with their crime because the fraudulent brokers are always anonymous and unregulated.

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 card and contact your bank to ask for advice.

Then, report what happened, file a complaint, contact the authorities, call the police if you feel necessary. Seek help actively!

Remember, it’s crucial not to rush blindly to recover funds because fraudulent chargeback agencies and individuals are stalking, trying to double scam the victims. They ask for upfront payment, take the money but won’t do anything to help you!

Share online your experience; it’s important to protect others, too. Be responsible

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