BitMaxTrade – Is It Safe?

| Publish date: 02/06/2020 (Last updated: March 24, 2020 08:01 AM)
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Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.

BitMaxTrade - DO NOT TRADE WITH THIS PROVIDER
2.4/10
$100
Minimum Deposit
X

updated 2020

We were unable to find much information about the account types offered by BitMaxTrade. After going through this broker’s website, all we were able to understand is that it offers its traders a maximum payout of 85%, and its minimum deposit requirement is $250.

Beyond these two pieces of information, there is a staggering lack of detail about key trading conditions such as spreads, leverage levels, commission fees, transaction fees and so on.

Try these regulated brokers if you want to start trading cryptocurrencies

Plus500 Review - Regulated broker
Europe's #1 CFD Trading Platform

Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.

Website URL: https://Bitmaxtrade.com

Founded: N/A

Regulations: Regulated

Languages: English

Deposit Methods: Debit and Credit Card (Visa/MasterCard)

Minimum Deposit: $250

Free Demo Account: No

Number of Assets: N/A

Types of Assets: Currencies and CFDs

Trading Accounts and Conditions

We were unable to find much information about the account types offered by BitMaxTrade. After going through this broker’s website, all we were able to understand is that it offers its traders a maximum payout of 85%, and its minimum deposit requirement is $250.

Beyond these two pieces of information, there is a staggering lack of detail about key trading conditions such as spreads, leverage levels, commission fees, transaction fees and so on.

BitMaxTrade – Advantages

We try to be as fair as possible in all our reviews. Therefore, we ensure that we list both pluses as well as negatives when assessing a broker. So, here is what we found was positive about BitMaxTrade:

  • Promises High Payouts

After going through the BitMaxTrade’s entire website, we found some interesting information in the broker’s FAQ page. The broker promises a very high payout of up to 85% on the EURUSD currency pair. However, we were not able to verify this claim since we were unable to use the broker’s platform.

  • Copy Trading Service Availability

Once again, we were unable to verify this information, so this advantage is being listed solely on the claims made by the broker on its website.

BitMaxTrade claims to offer copy trading services.

Copy trading is a practice where a trader is able to invest in a trading account that is run by a strategy manager. The trader makes money off the profits made by the strategy manager.

This type of trading is a common practice among novices in Forex trading. It is also a tactic employed by experienced traders who want to expand their portfolios but don’t have the time to manage all their assets personally.

BitMaxTrade – Disadvantages

We were unable to verify the two advantages listed above, so they may just be claims made by BitMaxTrade to attract more unsuspecting traders. The broker’s disadvantages, on the other hand, are clearly verifiable and are clear indication that your money is not safe with this entity.

  • Weak Regulatory Oversight

The company that owns and operates BitMaxTrade is called Algobit Ltd. This company is registered under the Financial Services Authority of Seychelles, which means that it is technically regulated.

However, we need to point out that the Seychelles FSA is not known for its stringent regulations, which is why the territory has been a popular hub for unscrupulous brokers or outright scammers.

It is best to deal with a broker that is licensed by a reputed financial regulator, since this means that you as a trader will also be offered protection against broker fraud and bankruptcy.

Plus500
$100
Minimum Deposit

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.

 

  • Owned and Operated by a Known Scammer

Another huge red flag that we need to bring to your attention is that the owner of BitMaxTrade, Algobit Ltd. is a known scammer. This company is notorious for owning several online brokerages that have been blacklisted by the UK’s Financial Conduct Authority (FCA) and Italy’s CONSOB as scammers.

Worldwide CapitalFX and Lite Options are brokers owned by this company and both have been flagged off by the CySEC (Cyprus Securities and Exchange Commission) as scammers. Worldwide CapitalFX has also been blacklisted by the BCSC (British Columbia Securities Commission).

Another broker owned by Algobit, FinRally, has been blacklisted by the Spanish financial regulator too.

This is a clear sign that all traders need to stay far away from BitMaxTrade.

  • Demo Accounts Only Available After Funds Deposited

At the beginning of our review we have stated that this broker does not offer a demo account. We have done so because we found out that the only way a trader is given access to a demo account is if he or she first registers and deposits funds in their account.

So, unless you first deposit $250, which is the minimum deposit requirement, you cannot use this broker’s demo account!

Demo accounts, by their very nature, are meant to be free to try. Legitimate brokers offer their customers a free demo account to built trust and to show complete transparency in their dealings.

Through a demo account, traders are able to test the trading conditions laid out by a broker, which then allows them to decide whether they wish to put down real money or not.

  • Fake Platform

We went ahead and registered ourselves with BitMaxTrade so that we could access their trading platform. What we saw convinced us of this broker’s ill intentions.

The platform offered by BitMaxTrade was fake. There was a strange looking dashboard that had quotes listed from major Forex brokers and cryptocurrency exchanges.

There were absolutely no discernable trading conditions, which is why we were unable to verify the so-called advantages we have listed above.

  • Few Payment Options

The only way that you can deposit or withdraw money from BitMaxTrade is via Visa or MasterCard. You cannot even make bank wire transfers. And e-wallets are definitely not included.

  • No Information on Withdrawal and Deposit Conditions

Not only were there few payment options, there was also no information whatsoever about the withdrawal and deposit conditions. We could not find any information on BitMaxTrade’s website about the fees the broker would charge for withdrawals or deposits.

Thus, traders who register with this broker may find themselves hit with unexpected charges.

Conclusion

After checking out BitMaxTrade’s website and so-called trading platform, we would strongly advise all of our readers to stay away from this broker. There is enough evidence to show that this broker is a scammer that is targeting unsuspecting traders to rob them of their hard-earned money.

BitMaxTrade

2.4

User Experience

3.0/10

Payment Options

2.4/10

Security

2.6/10

Support

2.2/10

Reputation

2.0/10

Pros

  • Promises High Payouts
  • Copy Trading Service Available

Cons

  • Weak Regulatory Oversight
  • Owned and Operated by a Known Scammer
  • Demo Accounts Available Only After Funds Deposited
  • Fake Platform
  • No Information on Withdrawal and Deposit Conditions

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

Plus500
$100
Minimum Deposit

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. 66% 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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1 comment

TraderNL 02/20/2020 - 7:20 am

I am a Forex and options trader for almost 5 years, and this is the horrible experience ever of a real trader.

Mainly I do forex and a long term investing, yet some time to time I like to do options too, applying my experience in the field of options, it is well giving a result of 85 profitable deals. I do test many trading and brokers platforms, came across this rubbish Finrally and tried their service, I deposited using BTC, I noticed some delay on the execution of most of my deals, then i decided to go even further and executed more trades and it shows always on different entries,. The trade I was expecting it goes on the correct direction on the exact time haven’t been happened correctly, I was looking where is the green mark of my call trade on their chart for almost 5 seconds!!! WTF. that bad designed website is another story too. They ripped off 264 euros from me and they only said that maybe it is from my side and internet is slow, and that clients face same issue, that’s mean all people have to go through what i went through right? While I live in The Netherlands and i got perfect connection and a Mac book of 2017. So funny they are lol. After contacting them they said the bla bla words that they are saint and there is no delay time or manipulation. Be aware of them I made profit of 64 euros and when i tested to withdraw, they said to me I have to make a turnover of 240 euros or i have to pay the a commission of 20% ???? That was not stated anywhere when registering with this scams. That’s why they do it this way to make sure the money stays with them.

I am glad to submit this review that comes with a relief to my shoulders as a trader, to warn other possible poor victims, lucky I am this loss won’t effect me anyhow, but maybe others will be tough on them. So save your money, you want the truth? The thieves are Finrally.

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