BitXTrade – Are Your Funds Safe?

Website URL: https://bitxtrade.online

Founded: N/A

Regulations: Not Regulated

Languages: English

Deposit Methods: Bitcoin

Minimum Deposit: $1,000

Free Demo Account: Not Available

Number of Assets: N/A

Types of Assets: Binary Options, forex pairs, CFDs, Cryptocurrencies

Trading Accounts and Conditions

BitXTrade offers its clients 4 different types of trading accounts – the Starter Plan, the Premium Plan, the Delux Plan, and the Exclusive Plan. However, the only piece of information we have about the 4 account types is that minimum deposit requirement for the Starter Plan is $1,000.

We could not find any information on the trading costs or conditions.

BitXTrade – Advantages

There are seriously no advantages you will get from trading with BitXTrade. There are just too many things wrong with the broker.

BitXTrade – Disadvantages

Here are all the reasons why it would not be a good idea to contract with BitXTrade:

• Shady Corporate Background and Lack of Regulation

BitXTrade claims to be a legal investment company that is based out of and incorporated in the US.

At the same time, the company also states that it is incorporated in the UK – and presents us with a certificate to prove it. The broker also provides a registration number from the UK’s official register of businesses, the Companies House.

To verify this information, we checked the registration number provided by BitXTrade on its website, only to find that it actually belonged to a company by the name of Bit Elitum Ltd., a company that had already been dissolved on January 28, 2020.

There are two things that we need to remember here.

First, to be able to offer financial services in the UK, a company needs to be registered with the FCA (Financial Conduct Authority). Being registered with the Companies House is not enough. Therefore, we can safely say that this broker is unregulated and thus operating outside the law.

Second, the fact that this broker has used another company’s registration as its own, thereby proving that what we have here is a scammer that is using another company’s data as their own.

This is the reason why we advise all traders to first carry out a background check on any broker they wish to contract with – before they invest in them.

Plus500

$100

Minimum Deposit

Start Trading

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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

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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.

• Serial Scammer

While we were doing research about this company’s registration and regulation status, we dug up some even more disturbing information about this broker.

We found another two websites – TradeQuickFX and FXTradeProfit – which had almost identical layouts as BitXTrade’s.

This is a tactic that is adopted by serial scammers who try to rake in as many deposits as they can before the scam is noticed. Then, they simply disappear with their clients’ money. After this, they launch a new domain address and start the process all over again.

• Terms and Conditions Page Missing

Before you finally register with a new broker, you are asked to go through the Terms and Conditions that broker has put in place. There is usually a link that you can click on the registration form that takes you to the Terms and Conditions page.

The Terms and Conditions is the legal document that details what the broker is offering and what their conditions for trading on their platform are.

This critical document is missing on BitXTrade’s website. Therefore, if you do register with this broker, you are basically agreeing to any conditions that they have placed – without knowing what they are.

• Broker Guarantees Profits

BitXTrade promises large profits to its customers. This is a huge red flag since no broker can guarantee such a thing. In fact, regulated brokers are required by law to mention how risky trading is, and they are required to publish what percentage of their clients lose money (even their entire deposits) while trading with them. This number usually ranges from 70% to 85%!

So, this broker telling their customers that they can get them profits is just a bald-faced lie.

• Bitcoin Only Payment Method

If you trade with BitXTrade, then the only way you can make deposits and withdrawals is through Bitcoin. There is no other payment method offered by this broker.

This is also another red flag, since Bitcoin payments are untraceable and irreversible. Once you have carried out a transaction using a cryptocurrency, then there is no way you will ever get your money back.

Credit card transactions, on the other hand, are reversible. So, if you have been scammed and want to file for a chargeback, you can do so within 540 days of the transaction.

• Trading Platform Not Functional

Not only does this broker not offer the popular MT4 (MetaTrader 4) trading platform, its platform actually doesn’t work!

When we opened a new account with this broker to check the trading conditions and the type of platform, we found out that there was no platform. In its place was a rudimentary dashboard where the only thing you could do was make deposits in Bitcoin.

Legitimate brokers, on the other hand offer their clients the MT4 trading software, which has a range of features that make trading much less hassle-free and more efficient. You get trading bots so that you can carry out automated trading. You also get market indicators and charting tools to analyze the market trends better.

• Extremely High Minimum Deposit

You are required to make a minimum deposit of $1,000, which is completely ridiculous, since the industry average is just between $100 and $250. In fact, there are many reputed brokers that require you to only deposit $5 to start trading.

Conclusion 

BitXTrade is not a broker to be trusted. In fact, everything points to this entity being a scammer that has defrauded customer many times before.

BitXTrade

2.5

User Experience

3.2/10

Payment Options

2.4/10

Security

2.3/10

Support

2.1/10

Reputation

2.5/10

Pros

• None

Cons

• Shady Corporate Background and Lack of Regulation
• Serial Scammer
• Terms and Conditions Page Missing
• Broker Guarantees Profits
• Bitcoin Only Payment Method