Beware! BitMartExpo 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.
The essence of BitMartExpo is that it is a quick fix broker, one that has been assembled in a very short time and present lucrative opportunities to anyone unexperienced enough to believe them. It’s, in essence, the archetypical shady broker. We don’t see a reason for investing in BitMartExpo, and if you don’t trust our first impression, then by all means you are welcome to read the review. In fact we encourage you to do so, because it will reveal, in detail, what the main issues are.
Registering was quick and easy, and within secodns we were granted access to a simple and unappealing client portal. At least we got to interact with a web trader, even though it too was below average at best.
On this platform we got forex currency pairs, shares, commodities, and cryptocurrencies. The EUR/USD cost of trade was 0.3 pips, while the leverage was capped at 1:100. Considering that there was no specific spread commission mentioned anywhere, we are led to believe that this spread value has been manipulate in order to attract an clientele, albeit by deceptive means.
BITMARTEXPO REGULATION AND SAFETY OF FUNDS
The legal information with this broker is all over the place, and it seems that it has no idea the mess it has gotten itself into.
First of all, in the legal documents we are told that BitMartExpo abides by the laws of the republic of Vanuatu. However, this can only be correct if the broker was, initially, regulated by the Vanuatu Financial Services Commission. But it isn’t since there is no proof of this. So we can easily rule out this.
Then we come to the big messy part. In the footer we find multiple statements, all ridiculous. There we are told that the broker is registered in Hungary – the National Bank of Hungary or the Magyar Nemzeti doe snot have any regulatory details about the broker- and in Latvia – where the Financial and Capital Market Commission operates, but again no proof of a license. Withous a licese to back up the registration claims, these are pure lies. Further down, we are told that BitMartExpo operates under CySEC, the International Financial Services Commission – it probably means the Financial Services Commission of Belize-, and the Financial Services Commission of Mauritius. None of these actually regulate BitMartExpo.
In fact, the firm is unlicensed and a risk to all! All investments will be lost!
It would be a big shame to lose all that money to scammers. By registering and investing in an unlicensed broker, you are indirectly throwing your money away for a completely futile and illicit cause. There is no reason to do so. That is why we urge our readers to rely on European, UK, US, or Australian brokers, or any licensed entity for that matter. Licensed entitles are covered by hundreds of requirements, many of them apply financial compensation schemes, and anti fraud practices. In other words, they are the exact opposite of what this broker and others like it stand for.
BITMARTEXPO TRADING SOFTWARE
This web trader may seem like a legit reason to invest in BitMartExpo, but it’s exactly this way of thinking that the broker hopes to induce in users by including the platform.
Looking at the terminal purely subjectively, one can observe that there are basic features and trading options, but there is also a considerable lack of depth. Meaning that there is nothing here for expert or even intermediary users. In fact, we think that even novice users will grown tired of this web trader pretty quickly.
BITMARTEXPO DEPOSIT/WITHDRAW METHODS AND FEES
From the client portal we get multiple crypto exchanges and a BTC wallet as payment methods. But the exchange options are pretty much useless, leaving only the Bitcoin wallet, where a user has to send money to an address. But after a while, we noticed that eve this method was either broken or unavailable at the moment of the review,
The withdrawal area reveals that the minimal withdrawal amount is $30. It also talks about a 320 Satoshi per byte as a withdrawal fee, when taking money via a BTC wallet. The fees is very low, almost insignificant, amounting to around $1.8 per transaction per bitcoin.
There might be other fees, all hidden or too vague to understand. But clients should be aware of this. Do not invest in BitMartExpo!
HOW DOES THE SCAM WORK
Generally, the first step to being in a scam, whether a user is aware of it or not, is to bridge the crucial gap that exists between a user and a broker. With legit entities rarely does this go beyond the limits of formality, whereas with scammers they will try to behave as close friends, and will try to sell you as much as they possibly can.
It easy to fall prey to their sweet talk, because as financial instruments grow more complex, so do scammers, and there are surprisingly advanced swindle techniques that will leave you empty handed faster than you know. So make sure to think before you act, and to ask for professional guidance if necessary.
Contact usually begins at the online ads level, and expands to the telephone line relatively fast, depending on how good the scammer is and how susceptible he or she is to manipulations.
The ultimate goal is reached once a scammer successfully causes an initial deposit to be invested. Once this happens the user has become the victim, and from then on the fraudsters will try to retain the client for as long as possible, draining him/her along the way.
On average, it takes 2 to 3 deposits for a user to realize that something very unlawful is happening. By that point however, the broker will cut all communications with the user and will deny all withdrawal requests.
WHAT TO DO IF SCAMMED
The most common action to take is to file for a chargeback, but this happens only if the user has invested with a credit or debit card. That’s why you don’t get many investment frauds taking card payment nowadays. But the good news is that, if money was invested via a card, the chargeback period for MasterCard and VISA is 540 days.
Wire transfer deposits are harder to get back, and the only thing we recommend is contacting the bank to sort things out if possible. Oh, and make sure to change you bank account user name and password ASAP!
Crypto transactions are lost for good, unfortunately. As cryptocurrencies become more numerous and the systems underlining them more complex, scammer are taking full advantage of these aspects, and the end results are very lucrative. So, never trust unregulated brokers with crypto payments.
And then, we have to mention the other type of scammer, the recovery agents. These are either third party fraudsters or extensions of existing swindles, and will provide the seemingly impossible service of tracing your lost money. All they need is a fee for their effort, a sum of money that will be lost once paid.
