BitageFX – Are They Trustworthy?
Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.
BitageFX - DO NOT TRADE WITH THIS PROVIDER
2.5/10
$100
Minimum Depositupdated 2022
The details for opening trading accounts are not indicated on the broker’s website. In order to register with this broker, you only need to go to their sign-up page where you’ll be asked to enter your name, email address, phone number, and password. You’ll also be asked to accept their Terms and Conditions and confirm that you’re over 18 years of age. After this, the trading platform will be made available for you and you can start trading using their demo account.
Try these regulated brokers if you want to start trading cryptocurrencies
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
Website URL: https://bitagefx.com
Founded: 2021
Regulations: None
Languages: English, All Google Translate languages
Deposit Methods: No Payment Details
Minimum Deposit: Unknown
Free Demo Account: No
Number of Assets: N/A
Types of Assets: Share CFDs, Forex, Indices, Cryptocurrencies
Trading Accounts and Conditions
The broker claims to offer 3 different types of trading accounts – the Standard Account, the ECN Account and the Family Account. However, when we clicked on the links of these accounts, we were taken directly to the registration page – there was no information provided about what each of these account types were.
Despite searching through the entire website, we were unable to find any information on the trading conditions offered by BitageFX. Thus, we do not know what the minimum deposit requirement is, what the spreads are, or even the kind of leverage this broker offers.
BitageFX – Advantages
BitageFX has shown itself to be another scammer, so there are no advantages to trading with this entity. You would lose money if you invested with them.
BitageFX – Disadvantages
Here is the list of reasons why it would be best for all traders to stay away from BitageFX:
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Lack of Regulation
The first sign that this broker is a scam is the fact that there is no company information provided anywhere on their website. At the footer of the broker’s homepage is a single reference to a company name – BitageFx Inc. Beyond this, there is no physical address provided, nor are there clear contact details. So, we don’t know for sure who owns this broker or even where they may actually be located.
Now, BitageFX makes tall claims about its global presence. This broker claims that it is based in the United Kingdom, and that it has offices in Germany, France, Australia and China. The broker also claims that it is regulated by the FCA (Financial Conduct Authority) in the UK, the KNF (Polish Financial Supervision Authority) and the CMB (Capital Markets Board) in Turkey.
These are all lies and this is how we know. We checked the online registers of all 3 regulators; they all came up empty – no company or even brokerage by that name was listed on any of the three regulators’ registers.
Added to that, European brokers are not very welcome in the Chinese financial markets. The Chinese regulations are seriously complicated and are not designed to give European brokerages any advantages, which is why most brokers simply don’t enter that market.
All this information we have gathered on this broker tells us that BitageFX is another scammer and to be avoided.
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.
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No Trading Software
According to its website, BitageFX offers its clients a Web Platform, Trading apps and the popular MetaTrader 5 trading software. However, we could not find links to any of these 3 types of software anywhere on their website. We do not know what kind of Web Platform or Trading app this broker offers. And we did not find a download link for the MetaTrader 5 app anywhere.
If this broker actually did offer the MT5 platform, it would have been a huge win for them, since this is one of the premier trading solutions in the world. This software has a vast array of tools that make trading so much more effective and efficient. You get to use a large number of charting tools, market analysis tools, calendars, trading bots and so on to make your trading as smooth as possible.
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No Trading Conditions Mentioned
The main thing that a broker has to offer is clients (besides a world-class trading software) is its trading conditions. Clients need to know what the minimum deposit is for them to be able to open an account with a broker. They also need to know the cost of trading with a particular broker – the spreads, the fees, the commissions and the leverages. Without this information, a trader cannot make an informed decision.
For a broker not to offer this information upfront and clearly tells us that they are out to scam their clients.
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No Payment Methods Mentioned
The lack of information continues with no details on the kinds of payment methods offered by BitageFX. We do not know whether you can make a bank transfer, use your debit or credit card or – like other scammers – only get to make deposits using cryptocurrencies.
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Issues with Legal Documents
Another red flag is the legal documents that BitageFX has presented. The Terms of Service are for an entity called Blockit Trade. However, when you click on the links listed on that page – none of them work. Then, when you scroll down, there is a small, very poorly written Terms and Conditions blurb that vaguely lists a very vague set of conditions – Use of Information and Materials and the Customer Trading Agreement. There is no mention of trading conditions here either.
All in all, this is a very poorly structured legal document. Legitimate brokers will have very detailed terms and conditions, listing out each and every aspect of the service they offer, the fee and commissions they charge, the withdrawal policies, the payment policies, policies around complaints, etc.
Thus, seeing this kind of legal documents clearly tells us that BitageFX has just slapped together something to give the semblance of legitimacy. But it is actually a clear indication of a scam.
Conclusion
Dealing with BitageFX would be a very bad idea. This broker has lied about its legal status and being a regulated entity. It has withheld key information such as trading conditions. And finally, its website’s layout is very similar to other scammers that we have reviewed in the past. This is an illegal entity out to scam as many novice and unwary traders as possible before it is shut down. Do not do business with BitageFX.
BitageFX
Pros
- None
Cons
- Lack of Regulation
- No Trading Software
- No Trading Conditions Mentioned
- No Payment Methods Mentioned
- Issues with Legal Documents
Do not trade with unregulated brokers that will steal your funds - try these regulated brokers:
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.
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