BitcoinXE – Are They Trustworthy?
Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.
BitcoinXE - DO NOT TRADE WITH THIS PROVIDER
2.4/10
$100
Minimum Depositupdated 2023
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://bitcoinxe.io
Founded: 2023
Regulations: None
Languages: English
Deposit Methods: Cryptocurrencies
Minimum Deposit: $250
Free Demo Account: No
Number of Assets: Unspecified
Types of Assets: Cryptocurrencies
Trading Accounts and Conditions
BitcoinXE offers five different types of trading accounts:
- Bronze: The deposit range for this account type is $250 to $5,000. There is a 10% Welcome bonus. Leverage is 1:2.
- Basic: The deposit range for this account type is $5,000 to $10,000. There is a 20% Welcome Bonus. Leverage is 1:3.
- Silver: The deposit range for this account type is $10,000 to $25,000. There is a 30% Welcome Bonus. Leverage is 1:5
- Gold: The deposit range for this account type is $25,000 to $100,000. There is a 40% Welcome Bonus. Leverage is 1:20 and you get up to $1,000 in rewards.
- Platinum: The deposit range for this account type is $100,000 onwards. There is a 50% Welcome Bonus. Leverage is 1:50 and you get up to $5,000 in rewards.
We do not know what the commissions and fees, if any, are.
BitcoinXE – Advantages
There are no advantages to trading with BitcoinXE.
BitcoinXE – Disadvantages
We believe that BitcoinXE is a scammer and given below are all our reasons:
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Unlicensed Broker
The first indication that we have of BitcoinXE’s scam is the lack of a license that allows them to operate legally.
Legitimate brokers need to present all their legal information – their corporate identity, as well as their regulation and licensing details – on their website. This way traders know the name of the company running that online brokerage, their contact details, as well as the license number and the name of the authority from where that broker obtained their license to operate.
With BitcoinXE, all we have is a UK-based telephone number. And with that number, all you can do is leave is message and a number, and one of this broker’s agents will supposedly get back in touch with you.
BitcoinXE does not even attempt to fake a license or registration number; the broker simply does not mention anything about their legal status.
Now, here are the issues. The complete anonymity of this broker is the first thing that tells us that we are dealing with a scammer. And then that contact number that they have provided could belong not just to the UK, but to any of the offshore territories belonging to the UK. Thus, that phone number is also not a reliable indication of location.
Just to be sure, we checked the FCA (Financial Conduct Authority, UK) online register to see if there was a broker (or company) by this name listed there. We did not find any such information, which only substantiated our initial assessment of this broker: BitcoinXE is completely unregulated.
With all this evidence, we can safely say that we are dealing with an unlicensed, anonymous broker – a scammer.
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 Legal Documents
The second thing that tells us that BitcoinXE is a scammer is the fact that they have no legal documents anywhere on their website. Like their regulation and corporate information, the legal documents are a necessity – as mandated by all regulators.
These are the documents that tell you what to expect from a broker: their terms of service, what they are offering you (in terms of detailed trading conditions, payment policies, rewards and so on), how much it would cost to trade with that particular broker and so on.
With scammers, these documents are either missing (as in BitcoinXE’s case) or they are garbled and incomplete.
Either way, the lack of detailed legal documents is a sure sign of a scam and any broker with this issue should be avoided – and reported.
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Issues with Trading Software
Legally operating brokers make sure they offer their clients the best trading software in the market. This means the MetaTrader 4 or MetaTrader 5 platforms.
BitcoinXE promises their clients an advanced trading platform, one that is supposed to be really upscale. However, what we actually get from this broker is a poorly constructed and very basic software. Novices may be able to use this software, but for the more advanced traders, they would find this platform frustrating in the extreme.
This is, unfortunately, yet another sign that we are dealing with a scammer here.
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Issues with Trading Conditions
Legitimate brokers offer fair trading conditions. But with scammers, there are always issues to be found. And BitcoinXE is no exception to this rule.
With BitcoinXE, the maximum leverage being offered is 1:50. It sounds quite reasonable, until you realize that this leverage is for crypto trading. Legal leverage limits for countries like the UK and the EU for crypto trading is set at 1:2. It is the same for Australia. And in the US, brokers are not allowed to offer a leverage of more than 1:5. Therefore, a leverage of 1:50 is not only illegal, but extremely risky too.
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Bonuses Offered
Another scam tactic brokers use is offering traders bonuses to trade with them. These bonuses have been banned in regulated countries because their terms of withdrawal are usually extremely unfair – to the point that traders never to get see their money again.
The fact that this broker offers bonuses – even though we do not know the terms of using these bonuses – is enough to let us know that BitcoinXE is running a scam.
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Payment Issues
On their website, BitcoinXE claims to offer the following payment options: Visa, MasterCard, and Bitcoin. However, their payment portal shows that the only way to make payments was using cryptos. This is yet another typical scam tactic. Scam brokers prefer to use only crypto payments since these transactions are untraceable and permanent. There is basically no way that you can get your money back once you have made a payment.
Conclusion
BitcoinXE is a scammer and must be avoided completely.
BitcoinXE
Pros
- None
Cons
- Unlicensed Broker
- No Legal Documents
- Issues with Trading Software
- Issues with Trading Conditions
- Payment Issues
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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