Beware! Bitsterzio 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.
Bitsterzio is a shady broker and a risky enterprise to be dealing with. This firm expertly succeeds in avoiding the contextual matter at hand by expounding trivial and irrelevant details. Proof of this is the lack of some trading details, as well as the fees that we are about to cover, none of which are revealed in terms of their numerical value but are talk off in a whole paragraph. But there are other issues that will be discussed in the following review.
There was no way to open an account without having first been given a referral code. This is something you get after the broker has contacted you, which means that Bitsterzio is a soliciting broker. There is no other way of opening an account.
On the website we find that commodities, crypto, indices, forex currency pairs, and stocks are the tradeable assets. There are no spreads revealed, while the leverage is capped at 1:100, and we had to really dig deep to find it.
BITSTERZIO REGULATION AND SAFETY OF FUNDS
Here we can talk of another example of the filler text principle that Bitsterzio follows; the firm, we are told, is supposedly on its way to getting a license. It explicitly says so on the site, but the statement lacks clarity. The most burning question we have is who will be granting said license, on by what means? Not to mention the reason for granting is, considering that Bitsterzio barely lives up to the standard of even the worst types of brokers. This here is nothing more than a surrogate statement meant to cover the fact that Bitsterzio has no license.
Apart form this quite useless information, we are given an UK contact address, seemingly placing the broker in the hands of the FCA, the UK’s regulators. But it’s all a sham here as well, because we have absolutely no proof that Bitsterzio is regulated by the British overseer. How else is Bitsterzio going to base its business in the UK without a direct approval from the regulator? It can’t and it wont, because the watchdog will never grant it. Therefore is the firm is somehow located in the UK, it is doing so completely outside the confines of the law!
If you are investing in an unregulated broker better not invest at all; at least in the latter occasion you will not be ensnared in an investment scam that will not only take your money but will greatly waste your time and energy. Better yet, if you have the will to invest, and either are skilled at it or want to expand your knowledge, there is no better way to go than any of the European, UK, US, or Australian brokers we have compiled for you. These are all regulated, and so are up to industry standards, but are also limited in the amount of freedom they can have by some of the top regulators!
BITSTERZIO TRADING SOFTWARE
Without access to a proper user area we cannot guarantee that there is a trading software around. Things are made even worse by the fact that the broker has not given an access point to a software anywhere on its website. It’s acting as if there is no platform, and judging by everything else it’s more probable that there isn’t one than there is.
BITSTERZIO DEPOSIT/WITHDRAW METHODS AND FEES
According to the website, the client can invest by means of wire transfer, credit cards, and debit cards. There was no minimum deposit revealed anywhere on the website, and without a proper registration we there is no way to get a hold of a minimum requirement.
The site gives away the following withdrawal information. It takes between 3 and 5 days to process a request. The methods for depositing are the same used for withdrawing, and there are supposedly no withdrawal fees on the broker’s side, that is, but another section of the website claims that there might actually be certain banking fees, but again it ahs not been well explained. In that same section, concerned with commissions, we are told that there is a trading platform fee, which we think is a sort of a service fee for using the trading software. This again is ridiculous and unheard of with licensed brokers.
There is absolutely no legit reason why anyone should invest in this broker. All deposits will be lost!
HOW DOES THE SCAM WORK
Scams have surprisingly little evolved over the past decades since their inception. It’s basically the same principle being rendered through different sites and by a plethora of different agents.
The core remains the same. The broker tries to grab the client’s attention either by advertising false profit gains, or by directly contacting the user, who is the vastness of the internet let his guard down at some point and either provided an email or a phone number to some now forgotten source.
Should the user get contacted (or fall for the ads) he or she will be shown to the website of the investment fraud and promptly be pushed to invest, either by sweet talking representatives of the scam, or by the account manager which is also the one that keeps the whole thing in check.
The ultimate goal is to compel the user to invest once, and after that the trap is fully shut. The client already lost money, and any further investments are a bonus to the broker. All withdrawals will not be available, and even if the broker seems to be keeping a straight face, it’s all part of the scheme.
Sometimes the users will get a small teasing taste of profit, just so they are motivated to invest more. But after that one time is when most clients realize that something is wrong.
WHAT TO DO IF SCAMMED
The best thing to do is to file for a charge back with your credit or debit card provider, provided that you had previously invested via them. MasterCard and VISA have a chargeback period of 540 days, so its relatively easy to get reimbursed, and that’s why fewer and fewer scammer brokers are offering card payments.
An easier way to lose money is through wire investments. The only advise we can give you is to contact the bank as soon as the money has been lost (or when you realize you have been played). That and to change your bank account password and user name!
We come to the favorite investment methods of unlicensed brokers – crypto wallets. These are untraceable, and thus once a payment goes through it’s finished! There is no real way of getting one’s money back.
Also do not trust recovery agent or agencies promising to get your money back. These will fee you a hefty sum in return for their services, but as soon as you pay them they will disappear!