Beware! Bitawave 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.
Bitawave claims to have been operating for years as a global company, providing trading advice, insurance services, receipt & transmission while looking after the interest of their clients in the UK, Cyprus and all around the world. In truth, though, Bitawave is just another scam, and we will prove it in the following article.
Bitawave REGULATION AND SAFETY OF FUNDS
With no further ado, Bitawave is a scam that was exposed by the Italian regulator CONSOB, which issued a warning against the so-called brokerage. After the notice, we can only assert that you’ll lose money to fraud if you deposit with Bitawave. Now, let’s tackle this scam and see what it actually looks like.
So, looking at the picture above, you’ll see Bitawave claiming to be regulated by the UK Securities and Exchange Commission (CySEC). That’s just pure ignorance and insolence- the UK regulator is FCA while CySEC oversees the Cypriot financial markets, and it’s indeed a respected authority that’s licensing hundreds of brokers. What else can we say about such a statement?
Nevertheless, we’ll pay attention to the fact that Bitawave isn’t regulated, and we’ll explain why it’s such an important matter. The first thing to note is that regulation guarantees transparency, ethical business behaviour, and the safety of clients’ funds. To achieve all of that, trustworthy financial authorities like NFA in the US, ASIC in Australia, CySEC and FCA impose numerous regulations that brokers need to abide by. As you can guess, Bitawave is neither transparent nor following anything whatsoever, and if it wants to steal your money, it can easily do so as it’s actually anonymous and unaccountable. Simply put, if you deposit with the broker, you’ll send money to people bearing no responsibility for their actions who, on top of all that don’t want to reveal their identity. Trading with Bitawave doesn’t seem legit, does it?
That’s why it’s always better to stick with companies authorised by trustworthy financial regulators like CySEC (Cyprus) and FCA (Britain). Both mentioned force brokers to keep deposits segregated, thus ensuring that clients won’t lose their capital if something wrong happens. The segregation improves transparency, speeds withdrawals up, makes chargebacks easier and generally helps prevent fraud. What’s more, the European FX companies are covered by deposit insurance funds laid down to compensate clients in case of unforeseen events- CySEC brokers’ clients can claim up to €20 000 per person, while the British guarantees are even up to £85 000.
Bitawave TRADING SOFTWARE
As a dirty scam, Bitawave comes with a scrappy platform that’s worse than useless. It’s just nothing when compared to MetaTrader 4 and MetaTrader 5– the industry-leading platforms packed with advanced features like Expert Advisors, Strategy Tester, numerous complex indicators and so forth. In fact, we even feel uneasy about mentioning both MTs alongside this Frankenstein-ish piece of software that’s highly likely prone to fraud and price manipulation. Eventually, Bitawave’s Webtrader proves itself that the broker is not worth considering.
Anyway, the screenshot below shows non-existent trading costs- the EUR/USD spread is 0.0 pips. Well, some brokers are offering a zero Buy/Sell difference, but they usually charge trading commissions, so it’s possible to see such spreads in reality. In this case, though, Bitawave is just a scam, so the difference can also be dismissed as purely fraudulent. As to leverage, the actual ratio is concealed, but even if it weren’t, that wouldn’t change anything at all.
Bitawave DEPOSIT/WITHDRAW METHODS AND FEES
Bitawave doesn’t specify minimum deposit conditions, and customers can actually fund their accounts with as little/much as they want via Credit/Debit cards or Cryptocurrencies. What we need to note here is that the latter method is anonymous and final, so it doesn’t give the opportunity to chargeback when things go wrong. In comparison, bank card funding is always safer as clients can dispute transactions and possibly get a refund for up to 540 days after the deposit. So, the unfortunate people who used bank cards to deposit with Bitawave can at least hope to recover some of the funds.
As for withdrawals and fees, there is nothing mentioned, and it’s indeed worthless discussing the matter as the broker is fraudulent.
HOW DOES THE SCAM WORK
Bitawave is an exposed scam, so we’ll now concisely describe how scammers usually work while trying to take people for a ride.
So, when fraudsters get hold of your contact numbers, you’ll get a call, promised the moon and the stars if you deposit immediately. And to gain trust, those criminals will usually pretend to work for governments, financial authorities, banks, other reputable companies and so on. Scammers will be confident in what they say, so if you don’t see the warning signs, you may end up depositing fascinated by their fake commitment. However, the fraudulent game actually begins after you send the money. Once they have the desired deposit, the cons will distort prices and forge fake reports to make you believe you are on the winning side, manipulating you to start thinking big and consider more deposits.
Then, the fraudsters will continuously ask you to increase the size of the investment and invent stories to make you deposits over and over again. Sooner or later, though, you’ll get determined to withdraw some money, and then the scammers will ask you to deposit again because, according to their words, there are taxes and fees that you should pay. At this point, you’ll probably realise something wrong is going on, and when the scam becomes too apparent, the cons will simply stop answering your calls and e-mails.
WHAT TO DO WHEN SCAMMED
It would be best if you first call your bank to inform it and deactivate your card to avoid getting exposed to additional risks, as the scammers may as well have obtained your details.
Then, call the police, inform the financial authorities, file complaints and don’t forget to spread the word online so that other people can find out about the particular scam, too. Still, it’s crucial not to rush trying to reclaim your funds as numerous scams are disguised as chargeback agencies set up to double-scam victims.
Finally, we know it’s an awful experience to get scammed, but please share your story to help protect others!