Bitfx Investments review – 5 things you should know about bitfxinvestments.com

Bitfx Investments review – 5 things you should know about bitfxinvestments.com

Rating: 1

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

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Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.

 

Bitfx Investments may posses the looks and interface of a legit entity, but make no mistake this is a very shady broker, one that does not joke around when it comes down to its own interest of profit derived from clueless users. It’s imperative to read the review if you are feeling the need to invest in Bitfx Investments. Don’t, and instead read the review to see why this broker is a risk to all.

After a very easy registration process, we were granted access to a user area. That is when the broker went into full scammer mode, presenting us with a glitchy and unpleasant client portal that puts Bitfx Investments in its rightful scammer place.

The best part of the dashboard is the web trader, and it too was worse than we expected. The web trader offers only crypto-based derivatives, but it’s so bad that we don’t think it really applies as a trading software at all. It’s more like a front, a very poor one.

The website of the firm claims that it offers other tradeable assets, plus other trading conditions, none of which are applicable, and not to mention that all are contradictory to what the user area reveals. Bitfx Investments makes itself seem far too professional and serious than it really is. This broker, at its core, does not offer any trading conditions due to the idle nature of its trading platform.

BITFX INVESTMENTS REGULATION AND SAFETY OF FUNDS

We find two regulatory claims that are equally false. One claims that the broker is regulated by the Financial Services Authority (FSA) of the Seychelles, while the other states the broker to be licensed by CySEC. We checked with both of the regulators’ database and found no result for one Bitfx Investments. This tells us that the broker has lied about being licensed by both entities. This is the mark of the truly scammer sort.

Last but not least, there are no legal docs to speak of, which puts this broker in a very dangerous state. As a rule, the lack of documents means that users are not tied by any legal terms once they enter into a relationship with Bitfx Investments.

There is no further information to work with here. It’s safe to say that Bitfx Investments is not regulated, and is therefore a risk to all.

Always aim to invest in regulated brokers, and not illicit ones. It may not be easy to distinguish them from one another, but there is a way to make the process much easier. The crucial point is to check the legitimacy of the broker’s regulatory or registration claim. If nothing’s there, you close the site and move on to any European, UK, US, or Australian broker, or any other with a legal status. Being regulated is not just encompassed in a simple permission to offer FX trading service. It comes with a ton of responsibilities, most of which are concerned with the way the broker treats its users. Misconduct on the side of the broker either results in financial penalties or in total closures of the brokerage website in question.

BITFX INVESTMENTS TRADING SOFTWARE

Here is what we have as a so-called trading software.

The main issue is the third party chart that is claimed as a legit chart. When we change the asset (from one crypto to another) the chart does not respond. Therefore, we can conclude that the graph and the interface on the right are not correlated.

Overall, this doesn’t feel at all like any kind of software, but a collection of unrelated elements that have been put together.

Remember we called this software the best part of the user area? Just imagine how bad the dashboard is if this is considered the cherry.

BITFX INVESTMENTS DEPOSIT/WITHDRAW METHODS AND FEES

The user area gives us three payment method types: a BTC, Ethereum, and Litecoin wallets. The minimum deposit requirement is 1 coin of each, which puts the minimum deposit on the BTC wallet at $21 000 in time of writing this. A $21 000 minimum deposit is outrageous and unacceptable.

The withdrawal area claims that the the payment methods all the three aforementioned crypto wallets, plus a wire transfer option, which goes completely against all anti-money laundering laws.

There are no further payment details. Overall, the amount of payment details is not sufficient, and we think that many conditions are left unsaid for a reason.

HOW DOES THE SCAM WORK

Scammers use a couple of tricks that make up a big scheme that has not changed since its inception, meaning that it’s fairly easy to avoid it.

The fraud starts when the broker contacts the user, who has unknowingly provided his or her contact details in the past through some seemingly innocent channel.

Communicating with the broker might seem like a pleasant experience as the other side sweettalks its way to your wallet. The reason why most frauds target non-trading audiences is because they are more susceptible to this kind of verbal manipulation. Otherwise, users might start receiving emails with unbelievable good investment deals, none of which are actually lucrative.

The tipping point is the first deposit that scammers are so eager to sell. After this first investment, the user has fallen into the clutches of the fraudster. Either he will be pushed to invest more by false promises of further “profit”, or the client will want to get back his initial deposit, a request to which he is told that further investments are needed.

On whichever side of the coin you the user is, she will most likely never be able to withdrawal. All withdrawal requests will be denied for a plethora of equally ludicrous reasons.

WHAT TO DO IF SCAMMED

Once scammed, your safest bet is a chargeback. Contact your credit or debit card company and move on from there. It’s good to know that MasterCard and VISA have a chargeback period of 540 days.

Bank investments are more difficult to reimburse but not impossible. Most banks have some sort of strategy for dealing with lost capital, so the client’s best bet is to contact her corresponding bank and proceed from there according to the bank’s plan of action. We also recommend that users change their bank account username and password if defrauded.

As for crypto investments, it is unfortunate to say but there is no real way of getting lost money back through these channels. All crypto investments are untraceable, and there is no telling where the investor’s funds will end up.

Don’t trust recovery agents or agencies. These are either independent scammer looking to charge users “service fees”, or extensions of illicit broker schemes.

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