FX Bit Option – Can You Trust Them?
Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.
FX Bit Option - DO NOT TRADE WITH THIS PROVIDER
2.2/10
$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://fxbitoption.com
Founded: 2020
Regulations: None
Languages: English, Google Translate Languages
Deposit Methods: Bitcoin
Minimum Deposit: $500
Free Demo Account: No
Number of Assets: N/A
Types of Assets: Shares, Forex, Cryptocurrencies
Trading Accounts and Conditions
FX Bit Options offers its clients packages not account types. They are:
- Silver Crypto Stacking: The deposit range is $500 – $9,999. You are promised an ROI of 6.5% per week and a 5% referral bonus.
- Gold Crypto Stacking: The deposit range is $10,000 – $49,999. You are promised an ROI of 10.5% per week and a 6% referral bonus.
- Diamond Crypto Stacking: The deposit range is $50,000 – $100,000. You are promised an ROI of 20.5% per week and an 8% referral bonus.
- Platinum Crypto Stacking: The deposit range is $100,000 – $100,000,000. You are promised an ROI of 300% after 5 days.
The maximum leverage is 1:500, and spreads are low – but not specified.
FX Bit Option – Advantages
FX Bit Option is not a safe brokerage. There are no advantages to be mentioned about this entity.
FX Bit Option – Disadvantages
Here is the list of all the issues we have identified with FX Bit Option which have shown us that this broker is just another scam.
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Regulation Issues
The biggest red flag that this broker is a scammer is the fact that it is not regulated at all. The first hint of trouble starts with the fact that the broker’s company name is not mentioned anywhere on its website. This is the most basic piece of information that any legitimate broker provides.
The next sign is the fact that FX Bit Option claims to be regulated by multiple financial regulators – the UK’s Financial Conduct Authority (FCA), the Australian Securities and Investments Commission (ASIC) and the South African Financial Sector Conduct Authority (FSCA). The broker, however, does not provide any license numbers or any other information where we would be able to corroborate its claims of these regulations.
We tried a search on each of the regulators’ online registers, but found that there was no company or even brokerage by the name of FX Bit Options listed anywhere.
All of this research proved one key thing to us – this broker is operating illegally without any license. Which means that it is 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.
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No Legal Documents
Yet another warning sign that this broker is a scammer is the fact that there are no legal documents on this broker’s website. Legal documents, called Client Agreements/User Agreement / Terms and Conditions and so on, are critical documents that traders need to sign before they start using a broker’s account. These documents list out all the terms of service offered by the broker – the cost of trading, the types of trading, the fees, the conditions to using the broker’s platforms, trading conditions, etc. When these documents are missing, traders can be trapped by unscrupulous brokers and they end up losing all their money.
With FX Bit Option, the links to all the documents are there, so on the surface of it, it looks pretty legitimate. And since most of us never bother clicking on the links to read through the terms and conditions, the broker depends on that to get away with the fact that none of these links actually work! This is the reason why every trader must click on the legal documentation links and read the documents before they sign up with a broker to ensure that these documents are in order.
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No Trading Software
The third most telling sign of a scam is the fact that this broker does not even have a working trading platform – the very reason why such online brokerages exist!
FX Bit Option claims on its website that it offers its clients one of the world’s best trading platforms – the MetaTrader 4 software. Unfortunately, once you register for an account (which we did), you will find that there is no trading software available at all. When you register and access the client portal, all you will get to see are a few random financial asset price charts of various markets. This data can be copied directly from websites such as TradingView.com for free.
This broker is obviously targeting novice traders who do not know what to expect from a broker and how the financial markets work.
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Extremely High Leverage Ratio
FX Bit Option offers its clients a leverage ratio of 1:500. This is dangerously high and traders can go bankrupt using such high leverage of leverage. Furthermore, such high leverage levels are also illegal.
In the UK, brokers cannot offer more than 1:30 leverage and in Australia it’s the same. So, a leverage of 1:500 is illegal in both these jurisdictions, which once again proves that this broker is a scammer.
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BTC Only Payment Option
FX Bit Option claims on its website that you have multiple payment methods – debit card, wire transfer, e-Check or check. However, when you actually register for an account, the only way to transfer funds is via Bitcoin. This is a huge red flag that tells us that this broker is a scammer.
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Promises of Huge Returns
There is no broker on earth that can promise sure returns on investment. The very nature of financial markets means that losses are more common than gains; the markets are that volatile. In fact, brokers are required to publish the percentage of their clients that have suffered losses by speculating in the markets. This number ranges from 75% to 85%.
Conclusion
Despite its tall claims of multiple awards and recognition from various regulators around the world, our research into FX Bit Option has proved to us that this broker is just another scammer out to scalp unwary traders. This is broker that must be avoided at all costs.
FX Bit Option
Pros
- None
Cons
- Regulation Issues
- No Legal Documents
- No Trading Software
- Extremely High Leverage Ratio
- BTC Only Payment Option
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.
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