Bitpaypro review – 5 things you should know about bitpaypro.net

Beware! Bitpaypro 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.

Even a cursory glance at Bitpaypro’s low-quality and disorganised website gives us plenty of reasons to doubt that it is “the right place for online investments on financial markets” as it claims. Closer inspection confirms that Bitpaypro is not at all the regulated and award-winning forex broker it portrays itself to be. In this review, we will show you how to identify such scams and how to choose a broker that is truly trustworthy.

Bitpaypro Regulation and safety of funds

The most important information about a financial services provider is its regulatory status. Licensed brokers provide detailed information about which company runs them, where it is based, which jurisdictions it is authorised in and which regulatory bodies oversee its activities.

The website claims that the company Bitpaypro Limited, is based in the US and has been licensed by regulators in other jurisdictions such as the UK and Cyprus.

But a check of the databases of the relevant regulators shows that this is not true. In fact, the investigation found explicit warnings to investors not to trust Bitpaypro because it is not authorised.

When choosing a broker through which to invest in the financial markets, you should not only make sure that all the information required by law is available, but also that this information is true. Always check that the company is indeed on the records of the specified regulator and that the domain used is among those officially approved for the particular broker.

If you intend to invest in financial instruments, you should beware of the many fake brokers lurking online. Always check carefully whether the broker you choose really has the necessary licences. There are numerous benefits to working with a company that is truly authorised and supervised by a regulatory institution such as the UK’s Financial Conduct Authority (FCA), Cyprus Securities and Exchange Commission (CySEC), Commodity Futures Trading Commission (CFTC) in US or Australian Securities and Exchanges Commission (ASIC). Clients of these brokers receive protections such as negative balance protection and segregation of the client’s funds from the broker’s funds.

In the EU and the UK, brokers must also participate in guarantee schemes that cover a certain amount of the trader’s investment if the broker becomes insolvent. These guarantees amount to up to 20 000 EUR in the EU and 85 000 GBP in the UK. However, the likelihood of such a bankruptcy is low because regulators also have significant net capital requirements that companies must maintain – EUR 730 000 in UK and Cyprus, AUD 1000 000 in Australia and at least 20 million USD in the United States.

Bitpaypro Trading software

Registering an account with Bitpaypro requires an invitation code. Therefore, we were unable to determine if this alleged broker has trading software. On the homepage of the website, we see stock images of trading platforms but no specific information.

Genuine brokers provide clear information on the technology options they offer. In addition, they allow easy registration of a Demo account. On the other hand, many scammers prefer to select their potential victims through social networks and online forums, which is why they do not allow free registration.

If you use the services of a licensed broker, you will get the opportunity to use established software with advanced features and versions for all types of devices and operating systems. The most widely used trading platforms in the industry are MetaTrader 4 (MT4) and MetaTrader 5 (MT5).

These platforms have established themselves as industry standard because they offer a wide range of features, including a variety of options for customization, multiple account usage, designing and implementing custom scripts for automated trading and backtesting trade strategies.

Bitpaypro Trading instruments

Bitpaypro  claims to offer over 100 tradable instruments but does not provide any specific information.

When you visit the website of a legitimate broker you will find proposals for different types of trading accounts suitable for investors with different preferences, as well as detailed descriptions of trading parameters – minimum deposit, order execution method, tradable financial instruments, leverage, spread, swap, commissions, etc.

Bitpaypro Spreads and cost of trading

As stated, Bitpaypro does not provide information on the terms of the trade it purports to offer.

Bitpaypro Maximum leverage

Trading with high leverage allows higher profits, but also increases the risk of sudden and excessive losses proportionally. All leading regulators limit leverage for retail traders

Regulated brokers offer higher leverage only to professional clients who must meet very high standards for capital and experience and forgo the guarantees enjoyed by retail traders.

If you don’t qualify as a professional trader but are willing to take the risk of high-leverage trading, the most viable option is to use the services of an offshore affiliate of an established brand.

Bitpaypro Deposit and withdrawal methods

Due to our inability to register an account, we were unable to ascertain what payment methods Bitpaypro uses. Experience has shown that fraudsters direct their potential victims to cryptocurrency transactions that do not allow refunds to be requested.

Legitimate brokers typically offer clients a wide choice of transparent payment methods, including bank transfer, credit/debit cards and established e-wallets such as PayPal, Skrill or Neteller.

Bitpaypro Minimum deposit

According to the FAQ section, the minimum deposit required by Bitpaypro is 100 GBP. You should know that for the same or often lower amount, you can get a starter trading account with an established forex broker, including the leading brands in the industry.

Bitpaypro Withdrawal requirements

Since Bitpaypro does not provide proper legal documentation, it is unclear what traps the fraudsters may have set. Typically, fake brokers make withdrawing money impossible through huge fees and impossible-to-fulfil traded volume conditions.