Bitcoin FX Option – Is It Worth Your Time and Money?

| Publish date: 01/27/2020 (Last updated: March 24, 2020 01:08 PM)
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Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.

Bitcoin FX Option - DO NOT TRADE WITH THIS PROVIDER
2.5/10
$100
Minimum Deposit
X

updated 2020

Bitcoin FX Option is one of those companies that took advantage of the growth of cryptocurrency. The team started its operations in 2014 and began by studying the industry and the possibility of providing an alternative cryptocurrency. Later on, the team partnered with other industry professionals and investors to come up with a whole new product- a trading and investment platform for Bitcoin. Today, the team boasts an investor-friendly funds and trust management service which allows customers the chance to earn a profit on an hourly basis and collect the principal deposit at any time. It’s this promise of solid returns and an expert team that help build the branding of Bitcoin FX Options.

Try these regulated brokers if you want to start trading cryptocurrencies

Plus500 Review - Regulated broker
Plus500CY Ltdauthorized & regulated by CySEC

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://bitcoinfxoptions.com/

Founded: 2014

Regulations: Not applicable

Languages: English

Deposit Methods: US Dollars

Minimum Deposit: $500

Free Demo Account: No

Number of Assets: N/A

Types of Assets: Bitcoin

Trading Accounts and Conditions

Bitcoin FX Option is one of those companies that took advantage of the growth of cryptocurrency. The team started its operations in 2014 and began by studying the industry and the possibility of providing an alternative cryptocurrency. Later on, the team partnered with other industry professionals and investors to come up with a whole new product- a trading and investment platform for Bitcoin. Today, the team boasts an investor-friendly funds and trust management service which allows customers the chance to earn a profit on an hourly basis and collect the principal deposit at any time. It’s this promise of solid returns and an expert team that help build the branding of Bitcoin FX Options.

On top of this primary objective, the website also promises an exchange facility, availability of a secure wallet, and your investment is covered by insurance. However, a random check of the website gives rise to several issues and concerns. First, the operator is not transparent when it comes to its licensing agreements and regulatory approvals. You will not find a comprehensive backgrounder about the company except for its listed physical address, company history, and phone number. Based on our reading of the site, customers need to register an account to fully access the tools and services.

Also, the starter account requires a higher than usual minimum deposit requirement.  There are four accounts, Silver to Gold Plus, and you’ll need at least $500 to start your investment.

If you’re still curious about the trading and investment services offered by Bitcoin FX, then we highly encourage you to read our review.

Bitcoin FX Options  – Advantages

The team behind Bitcoin FX Options certainly knows the direction of the trends by focusing on Bitcoin. Since there’s an emerging market for cryptocurrencies (and the prices are generally on an upswing), it’s understandable that many will buy, collect, and invest in Bitcoins. Bitcoin FX Options fills in the gap by providing customers and investors with a one-stop-shop where they can buy, store, and invest their digital currencies. The main appeal of this platform is its security and the potential for earnings. You don’t just save your digital coins online; you now have the chance to collect earnings early while retaining the right to collect the principal amount at any time.

To enjoy these benefits, customers can choose from four investment schemes:

 

TIER MINIMUM DEPOSIT REQUIREMENT
Silver $500
Diamond $1,500
Gold $2,500
Gold Plus $4,000

 

The packages do not include a maximum deposit limit. We assume that customers can increase their deposits which is good news for those who want to invest and earn more. However, the homepage does not feature information regarding the spreads.

Bitcoin FX Options  – Disadvantages

Now, let’s take a look at our issues and concerns related to the website and its service offerings. During our review of the website, we instantly noticed a few red flags which can serve as reminders for the interested investors to pay attention and ask around. For a systematic review and assessment, we’ll list our major complaints in detail.

Not transparent

Traditionally, fully licensed and regulated brokers will provide customers with a snapshot of their licenses and approvals on the homepage. Its website does not carry a link to the licenses, certifications, or even an ‘About Us’ section.

As diligent investors, we tried to confirm their licenses with regulators including the Financial Conduct Authority (FCA). The page revealed that the company has no records of approval instead, it operates without approval from the FCA. The website added that the Financial Ombudsman Service may not be able to help in settling disputes that involve the company.

Plus500
$100
Minimum Deposit

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.

 

AvaTrade
$100
Minimum Deposit

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.

 

Poor customer support

As mentioned, you’ll find limited information regarding their services online. As a new customer (with no access to the site), the only information that you can get are the packages available, minimum deposits, and reasons why to pick the broker. You need to log in to get information regarding deposit options, spreads, potential earnings, and process of withdrawal. So what we did was to use its Chat Feature to get information about the possible deposit options. After 1 hour of waiting for a response, we exited the Chat.

No demo account

A great broker is one that offers you a free demo so you’ll know how the process works. And our complaints against Bitcoin FX Options is that no demo account is available. There was no explanation on the homepage how a Bitcoin account can accrue interest (earnings) every hour and by how much. For first-time investors, these are basic questions that should have been answered on the website.

High minimum deposit requirement

You need at least $500 to start an account with this broker. And for the beginners out there, the amount is a bit high. And what makes it more difficult is the fact that no explanation was given by the company on how this deposit will earn every hour while on deposit.

Conclusion

We have checked several trading platforms and Bitcoin FX Options seems promising at first. You can deposit and invest your Bitcoin, earn money every hour, and you have the option to withdraw the principal amount at any time. However, the company is not transparent on the process on how you earn the money. Also, the licensing and regulatory compliance are highly suspect and the website does not help either. We encourage you to double-check the company before investing your money. Or if possible, use your money and invest it in a more secure platform with transparent investing policies.

Bitcoin FX Option

2.5

User Experience

2.8/10

Payment Options

2.3/10

Security

2.2/10

Support

2.7/10

Reputation

2.5/10

Pros

  • Available in 4 investment packages
  • Accounts can earn every hour
  • You can withdraw the principal at any time
  • Private and secure

Cons

  • No regulations
  • No free demo
  • No information about the spreads
  • High minimum deposit requirement

Do not trade with unregulated brokers that will steal your funds - try these regulated brokers:

Plus500
$100
Minimum Deposit

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.

 

AvaTrade
$100
Minimum Deposit

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
$200
Minimum Deposit

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.

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