BivetyMega Review – 5 things you should know about bivetymega.com

BivetyMega Review – 5 things you should know about bivetymega.com

Rating: 1

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

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The website of BivetyMega looks like those of countless other scam brokers we have reviewed in the past – the moment we saw the unmistakable layout we were positive that there could not be anything legitimate about this broker. In the following review we cover all the reasons why we believe BivetyMega to be an obvious scam, and all the problems with the broker – we hope that by the end of the text, you would have reconsidered your decision to open an account with these scammers.

BivetyMega REGULATION AND SAFETY OF FUNDS

BivetyMega claims to be regulated by some of the most reputable authorities in the world – the FCA (the UK), ASIC (Austalia), and FSCA (South Africa). Additionally, they are supposedly also regulated by another South African authority – the Liabilities Trade Security (LTS).

The LTS of South Africa is not any sort of regulator – and certainly not one that deals with forex brokers. As for all the other claims the broker has made about licenses, those are completely false too – BivetyMega was nowhere to be found in the registers of any financial authority.

The broker is openly lying about being regulated – so we cannot be sure that they are telling the truth about anything else, including their location – BivetyMega has provided two addresses, one in the US, one in the UK.

Your only alternative when choosing a broker should be to turn to a regulated EU, UK, or Australian broker – those are generally the best options since such brokers are regulated by the strictest authorities in the world. Such brokers have to meet many requirements before obtaining a license. For example, all such brokers have to prove that they are financially stable by maintaining a certain minimum capital – €730 000 in the UK and the EU, andA$1 million in Australia. Client funds must be kept in segregated accounts – so you can be sure your broker is not using your deposits for their own financial operations – and negative balance protection is provided to all retail clients – so you could never lose more money than you have in your account at the time.

Trading with a legitimate, regulated broker is the smart and safe choice when it comes to investing – anything else would be a gamble.

BivetyMega TRADING SOFTWARE

BivetyMega tries to present a simple chart tracking markets as some sort of revolutionary trading software.

If you click on the “Start Trading” button, you will just get a message informing you that you are using a trading bot, and to disable it, you would have to contact the broker. What we could not do is start trading – it was impossible to place an order.

Your whole reason for opening an account with a broker is probably to be able to trade – and that would not be possible with BivetyMega. Better check out legitimate brokers who offer advanced trading software like industry-favorite platforms MetaTrader 4 and MetaTrader 5. Both versions of this popular software come packed with useful tools such as Expert Advisors that track the markets and trade automatically, VPSs, possibilities for creating custom scripts, access to a huge trading community where you could exchange strategies, possibilities for trying out those strategies through back-testing or in a demo account, etc. Check out licensed brokers who offer the MT software.

BivetyMega TRADING CONDITIONS

The broker mentions that the minimum deposit they ask for in order to open a standard account is $500 – which is pretty expensive. Few legitimate brokers would ask you for more than $250 to let you start trading – you can invest with a better broker for half the price very easily. There are some amazing brokers who would even open an account for as little as $10 – check some of them out.

However, we were able to deposit any amount we wanted with BivetyMega – which only goes to show that their claims about the trading conditions offered are false, and they would be ready to steal whatever you are willing to deposit.

Without an actual trading platform, you would not be able to trade with this broker – which means there is no point in talking about terms like spreads or leverage. Whatever claims the broker makes on the website are completely false.

BivetyMega DEPOSIT/WITHDRAWAL METHODS AND FEES

BivetyMega seems to give you a few options when it comes to depositing money – bank transfer, the e-wallet Skrill, as well as a few different cryptocurrencies. However, to deposit via Skrill or wire transfer, you would have to contact the broker directly in order to get a hold of their banking details – and something tells us that when you do that they will try to convince you to buy crypto and deposit this way. They have even provided links to a few popular crypto exchanges.

Retrieving your money if you have deposited in any of the ways we mentioned won’t be particularly easy but if you have deposited in crypto, it would be downright impossible – such payments are irreversible which is why they are preferred by such scammers. Always be wary of brokers who urge you to make payment in crypto – most legitimate companies offer plenty of other, more conventional alternatives.

HOW DOES THE SCAM WORK?

Read the following paragraphs carefully – such scams have become quite the industry in recent years which is why it is important to know how they work in order to protect yourself from them.

It all starts innocently enough – you see an ad on the Internet for a broker who promises you fast, secure returns and entry into a life of luxury. Maybe you have heard about people earning a month’s pay by trading – so you decide to check out the website, and set up an account. After all, there is no harm in seeing what the company has to offer – and those promises are often extremely attractive. The moment you give the scammers your phone number or email, they will constantly be trying to get in touch with you and make you invest. Keep in mind that these are professional scammers so they can be very convincing. Once you have made your first deposit – and if they don’t run off with your money immediately – the scammers will ask you for bigger and bigger deposits. And you will gladly transfer this money since you will probably be turning a profit – on a manipulated platform.

Once you try to withdraw, however, you will run into trouble – the broker will make up reasons why this cannot happen – be it additional taxes, or shady clauses in the Terms and Conditions. At some point, you will figure out something is wrong – but the broker will be long-gone by then. Don’t count on them returning any of your calls.

WHAT TO DO WHEN SCAMMED?

Keep in mind that, sadly, there is not a big chance of you getting your money back. There are, however, some things you can do – and hope for the best.

Firstly, change all the passwords and banking details you have given the scammers access to. If you have given them remote access to your computer, remove the software immediately.

If you have deposited using Visa or MasterCard, file for a chargeback – both card providers try to fight scams and allow such chargebacks within 540 days. Retrieving money if you have used a wire transfer, or an electronic payment solution is much harder – but still, contact your bank or payment method provider to see if anything can be done.

Notify authorities, and share your story online and in your acquaintance circle – this way, more people will know about such scams and try to stay away from them.

Finally, don’t trust any “recovery agents” promising to hunt down the scammers and retrieve your money for a fee – this is just another type of scam.

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