Beware! MyBitcoinHex 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.
MyBitcoinHex is a simple and offshore broker, that we do not know anything about, aside from what we just said. But how do we know that it is a risky endeavor? Well, judging by the site alone we can give you a couple of reasons, but the truth lies in the details, and the details we have uncovered in the following review. Consider what we are about to spill a warning for all not to trade with MyBitcoinHex, since it will definitely steal your money!
We were able to register very easily since the broker wants as many clients as possible in its user area. This way it has a bigger chance of scamming anyone and everyone. So, be warned.
In the client area itself we found underwhelmed by both the quality of the options and the dashboard look itself. A subtle scammer sign is that the entire client area is actually the web trader, making things even more limited than expected. But at least we have a web trader, which is saying something considering that around 50 percent of scammers tend to undermine this.
From this web trader we are told that the available assets are indices, shares, forex currency pairs, commodities, and cryptocurrencies. The EUR/USD cost of trade is 0.2 pips, and the leverage has been capped at 1:100. The website mentions commissions but not for spreads specifically, meaning that this spread is manipulated to seem lucrative. There is no other explanation behind its seeming perfect value.
The website reveals drastically different trading conditions, most of which have nothing to do with what we found on the user area. This is a common sign of the scammer..
As for the leverage, those of you who wish to trade with higher values are welcome to take a gander at some great brokers with offshore jurisdictions and/or branches that offer high levels of leverage.
MYBITCOINHEX REGULATION AND SAFETY OF FUNDS
It’s one thing to state to be licensed and actually prove it, and another thing to lie about it. Guess under which wing MyBitcoinHex falls?
The first major claim is that the broker abides by the laws of Vanuatu, one of the most popular offshore jurisdictions, one that has its very own regulator that has seen a spike in interest. The Vanuatu Financial Services Commission is a respectable regulator, and it ahs been working the pat couple of years to make a name for itself. To regulated or even consider the likes of MyBitcoinHex would be professional suicide. So, no MyBitcoinHex is not regulated by the Vanuatu regulator, and thus its registration claim is a lie.
But far worse that this are the four separate statements that the firm is regulated by the FSC in Mauritius, the MFSA of Malta, CySEC, the the International Financial Services Commission of Belize. None of these are truthful, and the latter is actually a non existent entity. There is no such thing as the International Financial Services Commission of Belize; there’s only the Financial Services Commission of Belize.
MyBitcoinHex is a bad liar an an unregulated broker.
These are the kind of brokers you are looking for: any one of the following European, UK, US, or Australian firm will do. Do not invest your money in unlicensed companies that will do nothing good but steal your cash and leave you frustrated. Regulated brokers are covered by all sorts of requirements, some even guarantee the inclusion of a compensation fund – most notably the FCA and CySEC. But what’s even more important is that all these brokers can be issued warning and can be made to change their ways, meaning that clients can have a say in their future should any regulated broker starts acting in indecent ways.
MYBITCOINHEX TRADING SOFTWARE
This is a common web trader used by scammers.
There aren’t many features on its interface, and it feels like it is used exclusively for its visual design, whihc conveys a false sense of professionalism.
MYBITCOINHEX DEPOSIT/WITHDRAW METHODS AND FEES
The user area reveals two very shady and untraceable crypto wallets. There is no other way to invest, although clients will not be investing but directly funding the broker. There is no minimum deposit requirement making the offer even more alluring.
To make matters worse there was no withdrawal area, so we have concrete evidence that clients will not be able to get their money.
According to the site, there are no commissions on account maintenance procedures, but still other unrevealed fees are mentioned. So, clients should be aware; but they should not invest in the first place.
How does the scam work
The scam works by bridging the distance between a user and the broker. It’s crucial for the scammer to try and find the perfect customer, one that will give in and invest at least once.
This happens when the broker goes “phishing”, or on the look out for users by advertising its scammer broker platform on social media sites, via spam email, or at times via phone. The ultimate goal is to contact the user and start sweet talking him or her. It also happens that the user will stumble upon the fraudulent platform by accident.
The scam is truly initiated once the client agrees to invest and actually does so. Then the broker will try to build a false sense of trust that will culminate in a second or third deposit. This wall inter-faith is usually constructed brick by brick- by lying to the client, by giving him a small taste of falsely accumulated profit, by locking withdrawals behind impossible requirements, and by being very convincing in one’s rhetoric. Scammers are, after all, very good persuaders, and their inherent but artificial charm is part of the whole deal.
There is a moment in time in which the user in question will start to doubt the platform, and will demand his money back. All scammers anticipate this moment, and they have prepared for it since the beginning. They will close all communication channels, will block the account, or at times will shut the entire website. But they will never return the stolen funds!
What to do when scammed
The first thing anyone should do is file for a chargeback, but this works only if the client had invested with a credit or debit cards. The good news for those that have is that the chargeback period for MasterCard and VISA is 540 days. Nowadays, scammers tend to forgo credit and debit cards because of this chargeback period.
Wire transfer loses are also possible to retrieved, although not guaranteed. The best advice we can give you is to contact the bank in question and try to figure out a solution together. What we urge is to change ones bank account user name and password.
The most popular scammer payment method is definitely the crypto wallet. All investments are untraceable, and there is no way to find where and who gets it. It’s explanatory why most scammers offer crypto wallets.
And then there are the recovery agents and agencies, all of which are scammer, either directly connected to the given FX fraud, or a third party scheme that tries to take advantage of a user’s desperation. These so-called agents will ask a commission for returning all lost funds; upon paying this fee the agents will stop responding.