CryptoBitup – Is it Safe to Invest?
Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.
CryptoBitup - DO NOT TRADE WITH THIS PROVIDER
3.1/10
$100
Minimum Depositupdated 2020
CryptoBitup claims to be a multi-market platform, offering its clients the following trading instruments:
- Over 200 Fiat as well as cryptocurrency pairs
- 30 commodities futures
- 50 stock indices
- 500 CFDs for shares in Asian as well as American markets
- 30 ETFs
- 20 Bonds
The broker also claims to offer a leverage that is as high as 1:1000, and when we checked their live trading platform, the EURUSD Forex pair (which is the benchmark in Forex), had a spread of 3 pips on a web-based trading platform.
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://cryptobitup.biz/
Founded: 2018
Regulations: Unregulated
Languages: English, Russian, French, Arabic, German, Spanish, Chinese, Japanese
Deposit Methods: Credit/Debit Card, Cryptocurrencies, VoguePay, Praxis
Minimum Deposit: $500
Free Demo Account: No
Number of Assets: 800+
Types of Assets: Currency Pairs, Cryptocurrency Pairs, Indices, Commodities Futures, Asian and American CFDs, Bonds
Trading Accounts and Conditions
CryptoBitup claims to be a multi-market platform, offering its clients the following trading instruments:
- Over 200 Fiat as well as cryptocurrency pairs
- 30 commodities futures
- 50 stock indices
- 500 CFDs for shares in Asian as well as American markets
- 30 ETFs
- 20 Bonds
The broker also claims to offer a leverage that is as high as 1:1000, and when we checked their live trading platform, the EURUSD Forex pair (which is the benchmark in Forex), had a spread of 3 pips on a web-based trading platform.
CryptoBitup also offers 4 different account types on which to trade:
- Mini Account with a minimum deposit requirement of $500
- Standard Account with a minimum deposit requirement of $2,500
- Premium Account with a minimum deposit requirement of $50,000
- VIP Account with a minimum deposit requirement of $100,000.
It is with the VIP Account that the broker has mentioned a leverage of 1:1000, however, there are little or no details about the rest of the accounts’ terms of trading.
CryptoBitup – Advantages
Here is a list of the advantages of trading with CryptoBitup:
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Wide Range of Trading Instruments
We have listed the range of trading instruments that CryptoBitup has claimed if offers its clients.
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Different Trading Account Types
Like we said, the broker offers 4 different types of trading accounts so you can choose the levels at which you wish to trade.
CryptoBitup – Disadvantages
The number of disadvantages of trading with this broker are so many that it best to actually just not trade on their platform. Here is why:
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No Legitimate License
On the broker’s website, it states that CryptoBitup is owned and operated by World Invest Group LP, which it claims is incorporated in the United Kingdom. However, when we dug deeper, we found that all payments were actually being processed in Estonia by a company called Wi Group OU.
Based on the information given on the website, we checked both the FCA (Financial Conduct Authority) of the UK as well as the Finantsinspektsioon of Estonia for licensing and regulation details. However, neither World Invest Group LP nor Wi Group OU, or even CryptoBitup showed up in their databases.
Wi Group OU is, however, registered with the Estonian Majandustegevuse register. This is the country’s Register of Economic Activities, but this agency does not regulate Forex brokers.
The thing is, Wi Group OU isn’t even the broker’s primary owner (according to its own website). The broker claims to be owned by World Invest Group. But, as we said, even this company is not registered with the FCA in the UK.
So, we can only conclude that the broker has lied about being regulated by a financial authority.
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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Trading Bonuses
CryptoBitup offers its clients trading bonuses, a promotional feature that is basically banned across most regulated markets because of its non-trader-friendly structure.
Trading bonuses usually come with some really bad provisos, such as unachievable trading volume targets. If you are unable to meet those targets, the brokerage will not allow you to withdraw your funds. This is a classic strategy adopted by scammers, and so if CryptoBitup is offering trading bonuses, it’s a huge red flag to stay away from this broker.
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No Skrill Support
CryptoBitup does not support Skrill as a payment method. The reason why this is significant is because the payments provider recently implemented a new and stricter policy for anti-scamming. So, if the company is not providing its services to CryptoBitup, it makes you wonder why.
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False Advertising of Payment Methods
CryptoBitup has displayed logos of numerous payment methods on its home page. But when you actually open an account with the broker, you realize that you have only 3 payment options – credit/debit card, bank wire transfer and Bitcoin.
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No Demo Account
The broker does not have demo account, so we were unable to check what the actual trading conditions are.
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High Minimum Deposit
The minimum deposit required for you to open an account with CryptoBitup is $500, which is 2 times as high as the industry average.
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Very High Spread
The only way we were able to get information about the trading conditions on CryptoBitup was by opening a live account. When we did, we found that the spread for the benchmark currency pair in Forex, the EURUSD, was at 3 pips, which is extremely high and non-beneficial for traders.
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Trading Platform
CryptoBitup uses a simple web-based trading platform instead of the MT4 platform. The MT4 (MetaTrader 4) trading platform is what most reliable and legitimate brokers use. It comes equipped with many helpful features such as about 100 market indicators, automated trading bots and advanced charting tools.
The platform used by CryptoBitup, on the other hand, is a simple software with no professional capabilities. Most scammers use this kind of a software as it is cheap and easy to make.
Conclusion
After going through all the details on CryptoBitup’s website, investing its claims and testing its trading platform, we can say with confidence that this is a brokerage you should avoid at all costs – you stand to lose your money if you invest with them.
With no regulation, they are not accountable to anyone for how they handle your money. So, we would recommend that you do not trade with this broker at all.
CryptoBitup
Pros
- Range of Assets for Trading
- Numerous Account Types
Cons
- Unlicensed and Unregistered
- Trading Bonuses
- Lies About Payment Methods
- No Skrill Support
- High Minimum Deposit Requirement
Do not trade with unregulated brokers that will steal your funds - try these regulated brokers:
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.
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.
eToro is a multi-asset platform which offers CFD and non CFD products. 74% 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.