Bitminecoin – Can You Trust Them?
Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.
Bitminecoin - DO NOT TRADE WITH THIS PROVIDER
2.4/10
$100
Minimum Depositupdated 2022
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://bitminecoin.com
Founded: 2021
Regulations: No Regulation
Languages: English, Vietnamese, Persian
Deposit Methods: Cryptocurrencies
Minimum Deposit: $5
Free Demo Account: No
Number of Assets: N/A
Types of Assets: Forex, Indices, Cryptos, Stocks
Trading Accounts and Conditions
Bitminecoin offers their clients the following trading accounts:
- Micro: The minimum funding amount is $5. Spreads start from 1 pip. There are no commissions and the maximum leverage is 1:1000.
- Standard: The minimum funding amount is $250. Spreads start from 1 pip. There are no commissions and the maximum leverage is 1:400.
- ECN: The minimum funding amount is $250. Spreads start from 0 pips. There is a $7 commission and the maximum leverage is 1:400.
- ECN Pro: The minimum funding amount is $5,000. Spreads start from 0 pips. There is a $5 commission and the maximum leverage is 1:200.
- VIP: The minimum funding amount is $20,000. Spreads start from 0 pips. There is a $1 commission and the maximum leverage is 1:200.
Information is also provided on each account type for Stop Out Levels, Margin Calls and the order execution type.
Bitminecoin – Advantages
There are no advantages to trading with Bitminecoin.
Bitminecoin – Disadvantages
Despite the fact that Bitminecoin has provided us with a nice website with a lot of details, this is not a broker that you can trust. Here are all the reasons why:
-
Issues with Regulation Status
The most important thing that we need to check about a broker is whether they are operating legally or not. So, we need to check a broker’s regulation status. And this is the first indication of whether a broker is legitimate or a scammer.
Now, legitimate brokers ensure that they provide all the information that proves that they are appropriately licensed – corporate details, licensing and registration numbers, location and so on.
With Bitminecoin, we have problems right from the beginning. There are two different legal entities mentioned on the footer of their homepage – Bitminecoin Markets LTD and Bitminecoin Brokerage LTD.
At first, the broker states that bitminecoin Traders is the brand name of bitminecoin Markets LTD. And they provide a registration number for this company. But then, the broker states that their website, www.bitminecoin.com, is run by bitminecoin Markets LTD. And this company is registered in the Marshall Islands. We do not know where the first company (Bitminecoin Brokerage LTD) is located – or how it is related to the first company and this broker.
So, the first issue that tells us that we are not dealing with a legitimate broker is the lack of clarity about their corporate identity.
And the second sign that this broker is not-so-honest is that this broker is supposedly located in the Marshall Islands, which means that they are an offshore entity. The Marshall Islands is a popular destination with scam brokers because you are allowed to register an international business company without having to actually have a physical presence in that jurisdiction. Furthermore, the country does not have a financial regulator in place to monitor forex brokers.
Thus, brokers set up in the Marshall Islands are almost always scammers.
Finally, considering the fact that Bitminecoin does not have any other corporate or licensing information, we can confidently state that we are dealing with an unregistered 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.
-
No Legal Documents
Another strong indication of this broker’s scam is the fact that Bitminecoin does not even have any legal documents in place.
All legitimate brokers are required by law to provide detailed legal documents. These documents are what define the relationship between the broker and the client. They also tell you exactly what services you can expect from your broker, at what price and under what conditions.
If you sign up with a broker that does not have these critical documents in place, then you are basically giving them permission to do whatever they want with your funds and your personal information.
Scammers rely on the fact that most of us do not take the time to read through legal documents and usually simply click on the I Agree button when registering.
This is why we strongly recommend that you take the time out to check all legal documents before you sign up with a new broker. This could save you from being scammed and losing your funds – and maybe even your personal information.
-
Issues with Trading Software
On their website, Bitminecoin claims to offer their clients the MetaTrader 4 software for trading. The MT4 platform is one of the world’s most popular trading software, so had this claim been true, it would have been a big win for this broker.
However, this claim is just a lie. We checked their entire website and could not find any download link or even a link to a web version of the software. Even when we registered for an account and accessed this broker’s client area, we could not find any trading software.
This means that Bitminecoin actually does not have a trading software at all, which makes this broker a scam targeting novice traders who don’t know what to expect from a real broker.
-
Issues with Trading Conditions
While we have already established that this broker does not have any trading platform, it is important to talk about the kind of trading conditions they offer in order to warn novice traders not to fall for their fake trading conditions.
The leverage ratios are much too high at 1:1000. Such leverages are extremely risky and also illegal in most regulated markets. While the minimum deposit amount is extremely attractive, we would warn against investing with this broker.
-
Bonuses Offered
Bitminecoin offers their clients bonuses – the kinds that we have only seen being offered by scammers or offshore brokers. These bonuses ensure that you invest money with the broker, but you will never be able to withdraw your funds – let alone any profits you make; the conditions attached to these bonuses are so unfair.
Conclusion
Bitminecoin is a scammer and investing with them is dangerous.
Bitminecoin
Pros
- None
Cons
- Issues with Regulation Status
- No Legal Documents
- Issues with Trading Software
- Issues with Trading Conditions
- Bonuses Offered
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.
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.