Beware! BitWayMarket 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.
BitWayMarket could in no way stand out from the countless scam brokers out there whose only aim is to rob you of your savings. Their information is inadequate, their terms are full of flaws and there was no talk whatsoever of one of the most important elements that constitute a legitimate broker – their license. We don’t know why you would choose to work with someone as shady as BitWayMarket when there are countless licensed brokers offering far better conditions. The difference is that with a regulated company you could actually earn some money, while scammers like BitWayMarket only see you as a walking wallet up for the emptying.
BitWayMarket REGULATION AND SAFETY OF FUNDS
The only way to guess where BitWayMarket might be regulated is by looking at the address they have provided – which is in the UK. There is no way this broker is licensed in the UK as their terms overstep literally every law the FCA – the UK financial authority – has imposed. More on that later. For now, it is enough to say that we checked the FCA register for a company with that name and no hits were found.
UK brokers are generally very reliable because they have one of the sternest financial authorities in the world to answer to and as a result are subject to many laws and restrictions. If they don’t work by the book, they risk losing the right to operate on UK ground. For a broker to offer their services in the UK, they have to prove they have a capital of at least €730 000. Financial markets are not famous for their stability, that’s why a company has to prove they are well-provisioned enough to survive all the blows it might take. Another perk is the existence of the Financial Services Compensation Scheme (FSCS) which all UK brokers are obligated to participate in by paying a regular fee. If a licensed company goes bankrupt, its clients could receive compensation of up to £85 000. With licensed brokers you can count on transparency, scammers could offer you no such thing.
BitWayMarket TRADING SOFTWARE
BitWayMarket uses a web-based platform that can hardly be called trading software. The platform is virtually impossible to use.
Better ignore such rudimentary web platforms as they don’t have anything to offer you in terms of functionality or even interface. Tried and tested software like MetaTrader 4 and MetaTrader 5 is a much better choice both for new and experienced traders. The functionality of those two platforms remains unrivaled and no simple web platform could give you access to the features MT has in store for you. You can use pre-programmed Expert Advisors, try and develop your own trading bots using the MQL4/MQL5 language and share what you have created with a huge community of traders. Enough legitimate brokers work with these platforms and it would be a shame to choose scammers like BitWayMarket instead of them.
BitWayMarket TRADING CONDITIONS
BitWayMarket’s conditions are anything but great and speak once more of an insolent scam. No UK broker would offer you the leverage of 1:300 – literally 10 times more than the 1:30 permitted by law. Keep in mind that this is the leverage for the most basic account type – that number could go up to 1:5000 if you decide to deposit more. Don’t be tempted by offers of insanely high leverage. It is indeed possible to win big time but there is an equally big possibility to lose a huge amount of money. No one can guarantee your success when your trading potential is increased 5000 times that is why there are laws imposed on the matter – it is just safer this way.
The minimum deposit for a starter account is $500 which is insane considering the fact enough licensed brokers would set up an account for just $5 and offer you safety and transparency, a functional platform and good conditions.
What spreads does BitWayMarket offer for this insane amount of money? Starting from 3.3 pips which is more than double the industry standard of 1.5 pips and would probably not turn out to be very profitable.
BitWayMarket DEPOSIT/WITHDRAWAL METHODS AND FEES
When discussing deposit and withdrawal methods, we have to trust the website because the platform would not let us deposit without having verified our account first. We have no intention of giving sensitive personal data to unreliable parties and that is not something you should do either. Later on, the scammers might revoke your chargeback requests and use the fact that your account has been verified as an argument. We were not in love with the deposit methods either – mostly cryptocurrencies like Bitcoin, Litecoin and Ethereum as well as online payment methods like Payeer and Perfect Money. Beware of brokers urging you to deposit via cryptocurrency – scammers adore this payment method since there is no way for such a transfer to be reversed.
Another thing no UK broker would offer you is a bonus. Bonuses are banned in all of Europe but BitWayMarket would gladly give you a bonus of $100 if you only deposited $500 with them. Who knows what sort of insane turnover you would have to reach to withdraw that bonus – the brief Terms and Conditions did not say.
HOW DOES THE SCAM WORK?
The way such scams work is usually the same.
You are browsing and you see a banner or an ad for the scammer’s website promising you enormous profit. So you take a look at the website, think it looks good, and register – after all, who would not want to earn money so easily and quickly. And the scammers promise to make an experienced trader out of you in no time. The moment they acquire your contact info, you will start receiving emails and phone calls asking you to deposit. If you do, you will probably see you are making a lot of money soon – a trick aiming to make you invest more.
Time passes, you have made good money and now you want to withdraw. This is the moment the scammers will start making up wild reasons to delay that withdrawal – usually additional taxes. At some point you will start figuring out something is wrong and at that exact moment, the scammers will stop answering your phone calls.
WHAT TO DO IF SCAMMED?
Remain calm and don’t trust any so-called “recovery agents” that say they could retrieve your money if you only paid a small fee. Often enough, these are the same people that scammed you in the first place and even if they are not – that is a whole different type of scam aimed at desperate victims. Your “recovery agent” will disappear as soon as they receive the fee.
What you could do is ask your bank or credit card provider for assistance depending on your deposit method. With credit and debit cards you can file for chargeback within 540 days. Cryptocurrency transactions are non-refundable so don’t trust brokers only offering that payment method. Still, be prepared for the worst since such situations are rarely resolved in a happy manner. If you have verified your account, the scammers might use that as a basis for revoking your claim.
Still, make sure to change any passwords or other sensitive information scammers have received. Notify the authorities and spread the word – in your acquaintance circle and online. You can save a lot of people from the awful situation you might have found yourself in.