Scam Brokers

BitForexTrading – Can You Trust Them?

Chainbits Staff | Publish date: 09/21/2020 (Last updated: September 21, 2020 02:50 AM)

Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.

BitForexTrading - DO NOT TRADE WITH THIS PROVIDER

2.5/10

$100

Minimum Deposit

updated 2020

Try other platforms

Here are the trading accounts that are offered by BitForexTrading:

Starter Account: The deposit range is from $100 to $1,000. You are promised a daily profit of 30% for the first 7 days. And then you are promised a monthly profit of 150% – accrued every day for 30 days.
Advance Account: The minimum deposit is $1,000 and the maximum is $4,999. You get a weekly profit of 50% daily for 7 days and then a monthly profit of 210% – accrued every day for 30 days.
Master Account: The minimum deposit is $5,000 and the maximum is $19,000. The weekly profit (daily for 7 days) is 70% and the monthly profit (accrued daily) is 270%.

You are also promised a referral commission for every friend you refer. There is, however, no mention of the trading conditions

Try these regulated brokers if you want to start trading cryptocurrencies

Plus500 Review - Regulated broker

try this broker

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://bitforextrading.net

Founded: 2019

Regulations: Unregulated

Languages: English

Deposit Methods: Cryptocurrencies

Minimum Deposit: $100

Free Demo Account: No

Number of Assets: N/A

Types of Assets: Cryptocurrencies, Forex

Trading Accounts and Conditions

Here are the trading accounts that are offered by BitForexTrading:

Starter Account: The deposit range is from $100 to $1,000. You are promised a daily profit of 30% for the first 7 days. And then you are promised a monthly profit of 150% – accrued every day for 30 days.
Advance Account: The minimum deposit is $1,000 and the maximum is $4,999. You get a weekly profit of 50% daily for 7 days and then a monthly profit of 210% – accrued every day for 30 days.
Master Account: The minimum deposit is $5,000 and the maximum is $19,000. The weekly profit (daily for 7 days) is 70% and the monthly profit (accrued daily) is 270%.

You are also promised a referral commission for every friend you refer. There is, however, no mention of the trading conditions.

BitForexTrading – Advantages

We did not find anything advantageous about trading with BitForexTrading.

BitForexTrading – Disadvantages

Given below is the list of all the reasons why it would be a bad idea to invest your money with BitForexTrading:

Anonymous and Unregulated Broker

This broker has provided absolutely no information about the company that owns and operates it. And there isn’t any contact information either. We do not know where this brokerage or its parent company is based. And there is no phone number or any other contact details by which they can be contacted. This means that this broker is operating anonymously.

On its About page, BitForexTrading claims to be regulated and licensed, but does not provide any further details. And there is nothing mentioned anywhere else on its website.

Because of the complete anonymity of this broker, and the fact that it has not provided any licensing information, we can safely say that this broker is unregulated and therefore operating outside the law.

Dealing with such a broker is a sure way to lose money. Unlicensed brokers are not bound by the law, which means that if you contract with them, you will not be afforded any consumer protection such as negative balance protection, segregated accounts and insurance against losses because of broker bankruptcy or fraud.

Plus500

$100

Minimum Deposit

Start Trading

Read Review

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

Start Trading

Read Review

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.

No Trading Platform, No Assets

BitForexTrading has no trading platform. And for a forex brokerage, that is just a massive red flag that its operation is a scam. When a trader invests with a broker, the expectation is that you will get to choose which assets you wish to trade on.

With this broker, you get nothing – no platform and no assets. Which is why there are no trading conditions given either.

Unrealistic Returns on Investment Promised

Instead of a working trading platform, this broker asks for your money and promises huge paybacks in return. How that money is made remains a mystery. The broker has termed its payouts commissions but has not specified what exactly it does to get those commissions for you.

This entire set up looks more like a Ponzi scheme which is designed to trick people into investing their hard-earned money.

Bitcoin-Based Payment Options

Here we have yet another red flag. There are only two payment options, and both are Bitcoin-based. Cryptocurrency transactions are anonymous and irreversible. So, if you make payments using Bitcoin, then you don’t know who your money is going to, and you can never get that money back.

This payment method is common among scammers, since it’s the perfect way to take people’s money without it being traced.

Strange 1+1% Payment Structure

Here is something very strange that we found with this broker’s payment terms. The broker states that it will charge a 1+1% deposit and withdrawal fee.

There is no explanation given as to what this strange fee structure is. We can speculate that for every deposit or withdrawal that you make, 1% of that amount will go to BitForexTrading. However, we have no idea what that 1 is.

No Legal Documents

Despite combing BitForexTrading’s site, we could not find the legal documents anywhere. This broker has not presented any terms and conditions at all. This is a serious issue since the terms and conditions, also called the client agreement, is a critical document. It defines the relationship between the broker and the trader. It lets you know what the terms of service are. If you find them acceptable, you contract with the broker. If you don’t, then you don’t do business with them.

Dealing with a broker that has not set any terms and conditions is extremely dangerous, since it leaves you vulnerable to being scammed.

Poorly Designed Website.

We usually do not comment on the design of a website. But this is by far one of the most poorly designed websites we have ever seen. It seems to be just one long page and the content is very weak. Furthermore, when you click on the links on the website, you are either taken to a third-party website, or the link simply doesn’t work.

It seems like this broker did not bother to even make the effort to look legit. Just by looking at this website, we can say that this is not a broker we would wish to do business with.

Conclusion

BitForexTrading is a broker that cannot be trusted. This broker is anonymous, unregulated, has no trading platform or legal documents, and makes unrealistic promises of huge returns. Everything about this broker tells us that it is a scam and that if you invest your money with them, you will lose your investment.

We recommend that you search for a broker that is regulated and transparent in its dealings.