Beware! Bitech Max 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.
Bitech Max is a forex broker who claims to be based in Singapore and offers trading with different assets like forex pairs, cryptocurrencies, CFD, commodities, stocks and indices. In fact however it is not regulated by any financial institution. It also doesn’t give a lot of information that is important for every trader – for example the amount of minimum deposit, leverage and spread. Their trading platform is also very insufficient, so there’s really no point in trying to invest with them. Read the full review for more details about Bitech Max and why we think it is not to be trusted.
Regulation and safety of funds
Bitech Max claims its address to be in Singapore, but it also displays some phone numbers in the UK and Canada, as well as an e-mail address. The broker also doesn’t mention anything about its regulation – no license number, nor a name of any authority that oversees its activities is to be seen on its website.
The whole thing seemed shady, so we looked at the registers of the official regulator in Singapore – the Monetary Authority of Singapore (MAS). We didn’t manage to find anything about this firm however. See for yourself:
It seems as if Bitech Max doesn’t have a legit license at all and is not regulated in any way. Therefore any investment with this particular broker is very dangerous and risky, as it obviously doesn’t meet the necessary requirements.
In order to be absolutely sure that your funds are safe and that you are actually trading with a trustworthy broker, better look for firms that are truly licensed – this information can easily be verified on local authorities’ websites. These brokers follow certain guidelines and are authorized by one of the official regulators, depending on the country they are based in. So you really don’t have to worry about being scammed.
Firstly, there’s a minimum capital requirement – every broker who wishes to be granted a license must hold a certain capital in order to prove its financial stability. For example all brokers in Singapore who are licensed by MAS must have an initial net capital from S$50,000 to S$5 million, depending on the types of products offered. For most of the countries from the EU the amount is usually 730 000 EUR, but it can be even more – 750 000 EUR in Germany for example. In the US the requirement is as high as 20 000 000 USD.
As a client of a licensed broker you can also benefit from a couple of perks, for example to be compensated for up to a certain amount in the unlikely event of broker’s insolvency. In the UK the Financial Services Compensation Scheme can compensate the trader for up to 85 000 GBP. In the EU for most of the countries the amount is up to 20 000 EUR, but it can get even more – up to 70 000 EUR in France for instance.
Another advantage of trading with a regulated broker is the existence of the so-called segregated accounts. This means that all licensed brokers are obligated to keep their customers’ funds apart from their own capital. This measure prevents any possible risk of misuse or rip-off.
It seems as if Bitech Max uses its own web-based trading software. The only thing mentioned on the website is some basic description of their Web Trader platform, which can be accessed from any device and anytime, as they say.
After we registered on Bitech Max’s website we got access to this trading platform:
There are some forex pairs and assets like stocks, commodities and cryptocurrencies available. But as a whole this is a very simple chart with lack of essential tools and indicators that every other web-based platform would offer. Not to mention that it can’t compare to more advanced platforms like MetaTrader 4 and MetaTrader 5 by no means.
Most reputable brokers usually rely on more sophisticated trading platforms like MetaTrader 4 and MetaTrader 5. They are proven to be the best piece of software for trading purposes nowadays and have been downloaded by millions of people so far.
MetaTrader 4 and MetaTrader 5 happen to be the most popular trading platforms around the world. Both brokers and traders praise them for a good reason, mainly because of how secure and stable they are. You can always rely on them to execute your orders promptly and efficiently. Not only that but all the essential information such as transactions and your IP address is encrypted.
MetaTrader 4 and MetaTrader 5 have some outstanding features but the best one according to traders are the Expert Advisors. These bots have one particular task – to search for certain conditions and to start trading the moment they find them. A truly unique feature that only MT4 and MT5 can brag about.
MetaTrader 4 and MetaTrader 5 are perfect for beginners as well for more advanced traders. You can keep your knowledge up to date with a variety of educational resources and daily forex news. They are also very easy to navigate – you don’t need any previous experience in order to use them. MT4 and MT5 can be downloaded on different devices like PCs, smartphones and tablets.
Unfortunately not long ago Apple removed both of them from its AppStore so MT4 and MT5 can’t be downloaded on Android devices anymore. We really hope this measure is temporary. As for the users that have already downloaded the app, they can continue using it but without any future updates or upgrades. MetaTrader 4 and MetaTrader 5 can still be installed through Google Play Store.
In fact Bitech Max gives no useful information about its trading conditions. At least not on its website, which is mandatory for every reputable broker. Any information related to spread, leverage and minimum deposit required is essential for your trading experience and shouldn’t be hidden. Unfortunately a lot of the scammers want you to open an account with them before you can actually see their trading conditions – something that a reputable broker would never do.
So, after we registered it turned out that the trading conditions of Bitech Max aren’t very advantageous for trading at least to say.
The leverage Bitech Max offers is 1:200, which is too high for a retail trader. The reason being that a leverage with such a high level is very dangerous – there’s a high risk of losing your investment entirely. In fact the leverage in Singapore is caped to 1:20 by the local regulator. In other parts of the world it’s approximately the same – the leverage in the EU and Australia is limited to 1:30, and in the US it’s 1:50.
Still, if toy want to take the chance and trade with high leverage, better look at some of the offshore subsidiaries of reputable forex brokers here.
On the other hand, the spread they offer also doesn’t seem to be good – 0,5 pips as you can see from their trading platform. Such spread is considered fine for trading actually, but given the fact that this broker isn’t licensed we don’t think it’s worth the risk investing with them!
Bear in mind that any spread less than 2 pips is suitable for trading as it comes with lower trading costs. Anything more than this is certainly going to be more costly, so stay away from it.
There is no information about the minimum deposit Bitech Max accepts. Most reputable brokers tend to ask for 200 – 250 USD, as this is a standard amount of minimum deposit. Note however that even scam firms sometimes require for the same amount. On the other hand you can see offshore brokers asking for 1000 USD or even more – this is a scam alert without a doubt and is not worth the risk.
Deposit/ Withdrawal methods and fees
The situation with their payment methods is similar to everything else on this shady website – no clear information is to be found, so your only option is to register and find out the hard way.
It turned out that the only possible payment method that Bitech Max accepts is cryptocurrencies. No surprise here, as everything so far was pointing towards the fact that this broker is a scam.
There’s a particular reason for which fraudsters want you to use crypto transactions. This is one way to prevent you from returning your money, as all crypto payments are proven to be absolutely irreversible. So until you realize that you have been scammed, there’s nothing left to be done really. Moreover these transactions are 100% anonymous, therefore you can’t prove anything, because you don’t know to whom the wallet actually belongs. Don’t bother to look for help from the local financial authorities either – scam firms aren’t supervised by them as we already mentioned.
On the other hand, using traditional payment methods like Visa/Mastercard or bank transfer gives you the opportunity to file for a chargeback in terms of 540 days. With popular e-wallets like PayPal and Skrill you can also open a dispute. These are payment options that most of the reputable brokers around the world tend to accept.
How does the scam work
Never underestimate online scammers as they happen to be unexpectedly inventive and come up with different ideas on how to deceive people literally every day. Most importantly, remember that offshore brokers don’t have any intention to actually invest your money and don’t care about your prosperity. Their only goal is to make you invest as much as you can and then drop out of sight completely (with your money of course). There are some techniques that are a red flag, so if you come across them, just flee as fast as you can.
Firstly, scammers would try to reach out to you via email or phone, so providing such information carefree is not a good idea. If they succeed in getting this material however do expect a lot of phone calls and emails that contain their promise to double your investment – “risk-free” indeed.
They might also guarantee a very high return on investment without any hard work from your side. This sounds ridiculous already – any investment on the forex market holds more or less risk and requires some knowledge. In fact regulated brokers are obligated to post a warning about trading risks on their websites.
The next step in scammers` fraudulent practice is to manipulate their trading software and make it look as if your funds are being invested and you make huge profits at the same time. This is also a lie with no doubt. Scammers just want to make you invest a “little more” again and again and will take advantage of you as much as they can.
They might also offer some kind of welcome bonus just to make you get in the game. Note that such bonuses come with strings attached – a very high volume requirement you certainly won’t be able to achieve. Not only that but reputable brokers in the EU are restricted from offering such bonuses or promotions exactly because of this malicious practice.
Unfortunately most people realize that all of the above is a lie when it’s too late. Once you try to withdraw any funds from your account you will find out that this is impossible. First however scammers might ask for a certain fee upon the withdrawal request – 10% or even 20%. Note that most reputable brokers don’t ask for a fee at all. Anyway, there’s no point in paying this fee, because even if you do, you still won’t be allowed to withdraw your money. Therefore you may end up losing everything.
What to do when scamed
Certainly there are some Dos and Don’ts when it comes to online scam.
Your first move has to be to turn to the bank that issued your credit or debit card in case you paid with one and file for a chargeback in 540 days. If you have used Skrill, Neteller or PayPal you can also open a dispute. Unfortunately crypto transactions are irreversible and anonymous as we already said, so they are not eligible for a chargeback.
It’s also 100% sure that you shouldn’t turn to people on the internet who suggest restoring your stolen funds in exchange for a certain fee. These people are most probably also fraudsters, so don’t take the risk of losing even more money!