BITradeCrypto – Are They Safe?
Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.
BITradeCrypto - DO NOT TRADE WITH THIS PROVIDER
2.5/10
$100
Minimum Depositupdated 2024
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://bitradecrypto.com
Founded: 2024
Regulations: No Regulation
Languages: English
Deposit Methods: Visa, MasterCard (Credit / Debit)
Minimum Deposit: £5,000
Free Demo Account: N/A
Number of Assets: 1,500+
Types of Assets: Cryptocurrencies, Fiat Currencies, Commodities, Stocks, Indices
Trading Accounts and Conditions
BITradeCrypto offers their clients seven different types of trading accounts. The first 5 are for those Just Starting and the last two are for the Next Level. Here are the accounts and their associated trading conditions:
- Basic: For this account, you need to make a £5,000 initial deposit. The broker does not specify the trading conditions.
- Intermediate: For this account, you need to make a £10,000 initial deposit. The broker does not specify the trading conditions.
- Advanced: For this account, you need to make a £50,000 initial deposit. Trading conditions are still not mentioned.
- Professional: For this account, you need to make a £100,000 initial deposit. Trading conditions are still not mentioned.
- Institutional: For this account, you need to make a £250,000 initial deposit. Trading conditions remain unspecified.
- VIP Membership: For this account, you need to make a £500,000 initial deposit. The minimum order size is 0.01 lots, the leverage is 1:200, tight spreads and access to 1,500+ assets.
- Millionaire Club: For this account, you need to make a £1,000,000 initial deposit. Trading conditions are the same as for VIP Membership.
BITradeCrypto – Advantages
There are no advantages to trading with BITradeCrypto.
BITradeCrypto – Disadvantages
Listed here are all the disadvantages that prove that BITradeCrypto is a scammer:
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Anonymous and Unregulated Broker
The first piece of evidence that we are dealing with a scammer is this broker’s anonymity and, therefore, lack of regulation. The only piece of information this broker provides is a UK-based phone number. And the only way to get in touch with them is via their contact form in their Support page.
BITradeCrypto provides us with no other corporate information – no physical address or location, and definitely no regulation information.
When a broker hides their identity in this manner, it is clear proof that they are scammers.
Despite such clear evidence, we still carried out a due diligence check to see if this broker was registered with the Financial Conduct Authority. The FCA is the financial regulator of the UK, so if this broker is really operating in the country (based on the single phone number they have provided), then BITradeCrypto would be listed with them. No surprisingly, this broker is not listed with the authority. And this simply confirms what we have suspected. This broker is anonymous and unregulated.
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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Blacklisted by Two Regulators
BITradeCrypto has been blacklisted by two major regulators – the Italian Commissione Nazionale per le Societa e la Borsa (CONSOB) and the UK Financial Conduct Authority (FCA).
Both the regulators have issued warnings against this broker, stating that BITradeCrypto is operating within their jurisdictions without proper authorization. The FCA has gone even further and warned all UK traders that dealing with this broker would lead to a withdrawal of protection from the authority.
When not one but two top regulators blacklist a broker, there is no greater proof that we are dealing with a scammer and we must heed that warning to stay away from that broker.
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No Legal Documents
Another red flag that tells us that BITradeCrypto is a scammer is the lack of all legal documents. These legal documents are critical as they are the agreement between you and the broker. This agreement details all the conditions the broker has in place that you must follow in return for using their services.
When these legal documents are not in place, then a trader does not really know what the terms of usage are, and this allows the broker to take advantage of that trader. If you sign up with a broker that does not have these documents, they can do what they will with your funds and your information and you will have no protection against them.
Thus, it is vital to check for a broker’s legal documents before you commit to them.
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Issues with Trading Platform
BITradeCrypto claims to offer their clients state-of-the-art and superior trading platforms, but does not mention what they are. When we investigated further and checked their live trading platforms, we found out that this broker really had to offer.
BITradeCrypto offers their clients a very generic, web-based trading software that barely has any functionality. We have seen this type of trading software being used by many scam brokers over the years.
When a broker uses a low-quality trading platform, which is supposed to be their primary product offering, then you know that you are faced with a broker that is out to scam you.
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Issues with Trading Conditions
Another easy way to find out if a broker is safe or not is to examine their trading conditions. A legitimate broker will not only display their trading conditions clearly on their website, but they will also offer a demo trading account for your to test those conditions for free.
The lack of any demo account is the first sign. And then the unfair and incomplete trading conditions also tell us that BITradeCrypto cannot be trusted.
The minimum deposit is outrageously high at £5,000. And we are not told about any other trading conditions.
This lack of information on something so critical and basic tells us we are dealing with a scammer.
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Issues with Payments
The lack of multiple payment options is yet another reason to stay away from this broker. Legitimate brokers would ensure that their clients had all possible payment options to choose from. This is not a broker that is safe in any form.
Conclusion
BITradeCrypto is a scammer that is not safe to do business with. It would be best for all traders to avoid this broker.
BITradeCrypto
Pros
- None
Cons
- Anonymous and Unregulated Broker
- Blacklisted by Two Regulators
- No Legal Documents
- Issues with Trading Platform
- Issues with Trading Conditions
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.