BitFXmarkets – Can You Trust Them?

Website URL: https://www.bitfxmarkets.com/

Founded: 2018

Regulations: Not Licensed

Languages: English, Russian, German, Italian, Arabic

Deposit Methods: Credit Card, Debit Card, Bank Wire

Minimum Deposit: $1,000

Free Demo Account: Available

Number of Assets: N/A

Types of Assets: Currencies, CFDs (Metals, Cryptos, Indices, Commodities, Stocks)

Trading Accounts and Conditions

BitFXmarkets offers you the following trading accounts:

• Silver Account: The minimum deposit requirement is $1,000. You get flexible leverages with this account however the ratio level is not mentioned.
• Gold Account: The minimum deposit requirement is $2,500. The maximum leverage offered is 1:400.
• Platinum Account: The minimum deposit required is $25,000. Once again, the only thing mentioned about the leverage is that it is attractive and flexible.
• Islamic Account: The minimum deposit for this account type is $2,500 and you get a flexible leverage of 1:400.

There is no mentioned of the trading costs; the only thing that the broker say is that you have the option of choosing between fixed or variable spreads. However, we were able to see on the demo account that BitFXmarkets offers a floating spread of 0.7 pips for the EURUSD pair.

BitFXmarkets – Advantages

Here are the advantages of trading with BitFXmarkets:

• High Leverage

The maximum leverage offered by this broker stands at 1:400, which is quite high by market standards. This allows traders to expand on their trading strategies easily.

However, we also need to warn you that a high leverage always comes with a higher risk of losing your funds. Because of this, regulators in most markets have put a limit to the amount of leverage that a broker can offer their clients.

• Low Spreads

While the broker has not given details of the spreads it offers on its website, the demo account shows a spread of 0.7 pips for the EURUSD currency pair, which is very decent pricing. In fact, it is lower than market standards, which range between 1 pip to 1.5 pips.

• Sirix Trading Platform Offered

While the Sirix trading platform is not as popular as the MetaTrader 4 trading platform, it is nonetheless a very good trading interface. It offers great charting tools and market indicators, but what it is really famous for is its social trading option.

BitFXmarkets – Disadvantages

Despite the fact that BitFXmarkets offers decent trading conditions, there are too many issues with this broker for us to give them a good recommendation. We advise our readers to go through the list of red flags we have discovered with this broker before you invest your money with them:

• Anonymous Broker

The first red flag we have found about this broker is that BitFXmarkets is operating anonymously. Their website gives no physical address, so you basically do not know who you’re dealing with.

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

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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.

• Unregulated Broker

BitFXmarkets states on its website that it is owned by Meta Pro Trader Inc. However, since we do not know where this company is based, and there is no further contact information, or for that matter, licensing information, we have to conclude that they are unregulated by any financial authority.

• Blacklisted by CONSOB

The CONSOB, the financial regulator in Italy has also noticed that this broker is anonymous and operating illegally. In fact, the Italian watchdog has clearly indicated that BitFXmarkets is a scammer and that all traders should not deal with them.

Dealing with an anonymous, unregulated and blacklisted broker is dangerous since you are not afforded any protection. Regulated brokers are required to meet stringent requirements before they are allowed to offer their services in any jurisdiction. They need to segregate their accounts from those of their customers’. Furthermore, they are required to participate in a financial reparation mechanism where their clients will be compensated for losses caused by broker bankruptcy or fraud.

Such protection is not available to you if you choose to contract with a broker that is unregulated.

• High Minimum Deposit Requirement

The minimum deposit required by BitFXmarkets is $1,000, which is 4 times higher than the market standard. Most brokers require a minimum deposit between $100 and $250, but there are also many who require you to make a deposit of just $5.

Such a high minimum deposit requirement indicates that this broker is not one that you should do business with.

• Bonuses Offered

On its Accounts page, BitFXmarkets clearly states it offers bonus promotions to their customers. This is another dangerous sign because such bonuses are banned in most jurisdictions. The reason for this is the unfair conditions for withdrawal attached to such bonuses.

When you accept a bonus promotion, you are then only allowed to withdraw your funds if you meet the minimum trading volume requirement. It doesn’t sound so bad – until you realize that that trading volume target is so high that it is virtually impossible to achieve it.

The broker then uses your failure to achieve that trading volume target as an excuse to deny your withdrawal request. That this means is that you will never get to see your money again.

If you see a broker offering bonus promotions, we strongly advise all our readers to go through the terms associated with those bonuses before you accept them. Chances are, those terms are designed to rob you of your money.

Conclusion 

BitFXmarkets offers you a solid trading platform as well as solid trading conditions. However, these features are overshadowed by the serious issues we have found out about this broker. They are anonymous and unregulated, and they have been blacklisted by one of the most reputed financial regulators in Europe – the Italian CONSOB. Furthermore, they offer bonuses that come with very unfair withdrawal conditions.

This is a not a broker you should trust. We recommend that all traders avoid BitFXmarkets.

BitFXmarkets

2.6

User Experience

3.4/10

Payment Options

2.2/10

Security

2.3/10

Support

2.5/10

Reputation

2.4/10

Pros

• High Leverage
• Low Spreads
• Sirix Trading Platform Offered

Cons

• Anonymous Broker
• Unregulated Broker
• Blacklisted by CONSOB
• High Minimum Deposit Requirement
• Bonuses Offered