Bits panda review – 5 things you should know about bits-panda.com

Beware! Bits panda is an offshore broker! Your investment may be at risk.

RECOMMENDED FOREX BROKERS

Visit Site

Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.

The only thing you need to know about Bits panda is that this website is nothing more than another online scam trying to capitalise on the hype around cryptocurrencies. In this review, we will take a detailed look at the evidence that Bits panda is not the legitimate and regulated investment intermediary it claims to be. We will also show you how to choose a trustworthy forex broker.

Bits panda 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.

On the homepage of the website we see a statement that Bits panda is based in Australia.

But at the same time the website takes us to the registration details of a company in Norway – Panda Invest Holding AS. We find no evidence that the Bits panda website is linked to this company.

A check of the financial regulators’ databases in Australia and Norway shows that there is no licensed broker using the Bits panda trading name and domain. Another European financial regulator, the Spanish CNMV, has issued an explicit warning that Bits panda is not authorised.

After registering an account, we find that the dashboard on the website is branded as EnlargeInvest. This is probably a leftover from another project by the same scammers.

Under no circumstances should you trust your money to such anonymous websites full of false and contradictory information. Instead, you can turn to one of the many companies that really work under the supervision of respected regulatory bodies like Cyprus Securities and Exchange Commission (CySEC) or Financial Conduct Authority (FCA) in the UK.

As their customer you will enjoy a number of guarantees including negative balance protection and guarantee for your funds if the broker goes bankrupt, which goes up to EUR 20,000 in EU and 85,000 GBP in the UK. Regulations in the UK and EU include some important measures designed to improve investor protection and promote market integrity and transparency, such as transaction reporting. Regulated brokers are also required to segregate their operational funds from the client’s money.

Bits panda Trading software

Bits panda does not have any kind of trading software, which is further proof that we are dealing with a low-effort scam.

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.

Bits panda Trading instruments

Bits panda claims to be engaged in cryptocurrency trading. But as demonstrated, Bits panda does not have the licence or technological capacity necessary to facilitate trading in financial products.

Bits panda Spreads and cost of trading

Bits panda provides absolutely no information about the terms of the trade it claims to offer. Instead, Bits panda promises investment plans with guaranteed returns. A genuine broker will not and cannot promise you guaranteed profits. In fact, licensed companies are obliged by regulators to warn their clients about the high risk of losses when trading financial instruments.

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.

Bits panda Maximum leverage

High leverage creates the opportunity for more significant profit, but correspondingly increases the risk of sudden and excessive losses. All leading regulators therefore restrict 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.

Bits panda Deposit and withdrawal methods

Bits panda only allows the deposit of funds with cryptocurrencies. This is typical of financial scammers. Cryptocurrencies are their payment method of choice because on the one hand they allow the scammer a degree of anonymity, and on the other hand they do not allow the scammed to ask for a refund.

While there are some legitimate brokers that accept digital currencies like Bitcoin, they do so alongside other transparent payment methods such as credit/debit card, bank transfer or popular e-wallets like PayPal, Neteller or Skrill.

Bits panda Minimum deposit

Bits panda specifies a minimum deposit of 200 USD, which is the industry standard. But this means that for the same amount you could open a trading account with an established and duly licensed forex broker. Some of the leading brands in the industry offer Micro and Cent accounts with a very low entry threshold that are suitable for novice investors.

Bits panda Withdrawal requirements

Since Bits panda 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.