Bitcoglobal Worldwide – Are They a Scam?
Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.
Bitcoglobal Worldwide - 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://bitcoglobalworldwide.com
Founded: 2021
Regulations: None
Languages: English
Deposit Methods: Cryptocurrencies
Minimum Deposit: $300
Free Demo Account: No
Number of Assets: N/A
Types of Assets: Binary Options, Cryptocurrencies, Forex, Indices, Commodities
Trading Accounts and Conditions
Bitcoglobal Worldwide does not offer their clients trading accounts. What they offer are actually something they call Flexible Plans. This is what you get:
- Starter: The investment range is from $300 to $1,499. You are guaranteed as much as a 2.5% daily profit.
- Platinum: The investment range is from $1,500 to $4,499. You are guaranteed a daily profit of up to 5%.
- Bronze: The investment range is from $4,500 to $9,999. You are guaranteed a daily profit of up to 7%.
- Gold: The investment range is from $10,000 to $14,999. You are guaranteed a daily profit of up to 10%.
- Diamond: The investment range is from $15,000 to $100,000. You are guaranteed a daily profit of up to 15%.
The broker does not specify what the trading conditions for each of these plans are, but on their home page, the broker promises low trading costs with tight spreads (not specified) and a leverage of up to 1:100 on the top cryptocurrencies (Bitcoin, Ethereum, Litecoin, Ripple and EOS). The broker also promises that the commission rates are low (once again, not specified).
Bitcoglobal Worldwide – Advantages
We could not find any advantages in trading with Bitcoglobal Worldwide.
Bitcoglobal Worldwide – Disadvantages
Listed below are all the reasons why we have marked Bitcoglobal Worldwide a scammer:
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Lies About Regulation Status
On the footer of their home page, Bitcoglobal Worldwide provides us with an address in the United States. There is an incomplete contact number given (the last 4 digits of the number are missing). There is also no information about the company that runs this online brokerage.
Their About Us page is so shabby that we can instantly say that we are dealing with a low-grade scammer.
When we checked their Legal Terms page, we found that the broker claimed to be owned and operated by two companies. The first one, called Bitcoglobalworldwide Trading Services Ltd, is based in the Seychelles. The second company, called Prime Technologies Ltd, is based in St. Vincent and the Grenadines. This means that we are dealing with an offshore broker.
We need to point out that neither the Seychelles nor the SVG are known for their strong regulations in overseeing forex brokers. While the Seychelles has some regulations in place, SVG clearly states that they do not have any regulations in place for forex brokers. Therefore, being registered in these two jurisdictions means that brokers need to get additional licenses from the regulators of the jurisdictions they are targeting.
Added to this, being based in the United States means that a broker needs to be regulated by the CFTC (Commodity Futures Trading Commission) and be a member of the NFA (National Futures Association). This broker has neither of these licenses in place.
All in all, we seem to be dealing with an unregulated and more-or-less anonymous entity – a sure scam.
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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Offering Binary Options Trading
Another huge giveaway of this broker’s scam is the fact that they offer binary options trading. Binaries are so controversial and so easily manipulated that trading in this class was banned many years ago. In fact, they aren’t even considered trading instruments anymore!
And if you check the prices on this broker’s live demo, you can see that the prices of EURUSD have been manipulated. This broker is nothing but a Binary Options scam.
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Non-Existent Trading Platform
Brokers go out of their way to offer their clients the best trading platform they can procure; after all, this software is their main product offering. Which is why the majority of brokers offer either the MT4 or MT5 platforms – or even both of them.
With this broker, there isn’t really a trading platform at all! When we registered for an account with this Bitcoglobal Worldwide, we were taken to the client area where we saw the Bitcoin Options chart – and nothing else.
This is why we can say with certainty that this broker’s trading platform doesn’t really exist at all. Another sign of their scam!
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Issues with Trading Conditions
Considering the fact that Bitcoglobal Worldwide doesn’t have a trading platform or even trading accounts, it seems a waste of time to even discuss their trading conditions. However, since this broker loudly advertises low trading costs, we need to warn our readers that there aren’t any trading conditions to speak of at all!
And a leverage of 1:100 for crypto trading is massively high and hugely dangerous. Usually, crypto leverage ratios are in the range of 1:2 or up to 1:5.
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Profits Promised
The biggest sign of this broker’s scam is the fact that they promise the customers daily profits. There is no broker on earth that can make that promise.
The forex market is such that losses are much more common than profits. This is the reason why regulated brokers have to publish the number of their clients that have suffered losses (which ranges from 75% to 85%).
So, this promise is a lie and it just a tool to attract more customers to their website.
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Issues with Payments
The only way that you can carry out transactions is via cryptocurrencies, which is a clear red flag. Crypto payments are permanent and anonymous, which means that once you have made a payment, there is no way you are getting your money back. Which is why this payment method is so popular with scammers such as Bitcoglobal Worldwide.
Added to this, there is also no information on withdrawal fees and other charges. Which is another red flag!
Conclusion
Bitcoglobal Worldwide is not a broker to be trusted; they are scammers.
Bitcoglobal Worldwide
Pros
- None
Cons
- Lies About Regulation Status
- Offering Binary Options Trading
- Non-Existent Trading Platform
- Issues with Trading Conditions
- Profits Promised
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.
eToro is a multi-asset platform which offers CFD and non CFD products. 74% 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.