HIT-BTC – Forex or False?
Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.
HIT-BTC - DO NOT TRADE WITH THIS PROVIDER
2.6/10
$100
Minimum Depositupdated 2021
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://hitbtc.com
Founded: 2013
Regulations: N/A
Languages: English, Chinese, Spanish, Portuguese
Deposit Methods: Cryptocurrencies (Bitcoin and Ethereum)
Minimum Deposit: $100
Free Demo Account: N/A
Number of Assets: N/A
Types of Assets: N/A
HitBTC is one of the oldest and fastest-growing cryptocurrency exchanges, having been formed in 2013 by experienced system architects and technical professionals. With an unrivaled track record of dependability, they provide a complete range of services to their clients, highlighted by fast order execution, cutting-edge trading terminal, and unrivaled liquidity. With over 800 trading pairs and 500+ spot instruments covered, including Ethereum, Bitcoin, Litecoin, Tron, EOS, and others, the exchange is the largest spot trading market in the business.
Now let’s see if the 800+ trading pairs are worth the hassle of investing in this possible scam Forex broker.
Trading Accounts and Conditions
The minimum deposit for traders who get scammed into trading with this online broker is $100, that alone is an indicator that this broker is a fraud. Some legit forex brokers will only ask for a $10 minimum deposit to start trading.
Upon checking the website there is no way to check whether there are multiple account variations or just one, since they don’t advertise it. Users have to actually sign up in order to see that information.
HIT-BTC – Advantages
Investing in scam schemes has little to no advantages at all. HIT-BTC isn’t an exception. It’s clear that this broker is just trying to scam more and more people into investing money.
HIT-BTC – Disadvantages
Gives Out Fake Information
The HIT-BTCs are fully anonymous, which is the first and most obvious evidence that these are crooks. There is no indication of the legal body behind HIT-BTC or where it is based on the website or the attached papers. This is the kind of information you’d expect from any genuine company, let alone an investment firm hoping to take your money.
With the exception of a chat and a support ticket form, there is no contact information. The only indication of location is a statement in the Terms and Conditions that the customer agreement complies with the IFSC’s standards.
It is not mentioned which entity this is, although the International Financial Services Commission of Belize is the only regulator having such an abbreviation. This organization authorizes and regulates brokers and investment firms in the island state, however bitcoin trading is not regulated.
In any case, the idea that this institution regulates HIT-BTC is false. A company with such a name and a website address does not exist on the IFSC’s list of licensed service providers.
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.
Trading Conditions Are Clearly False
HIT-BTC advertises investing in their platform as a type of ultra-high-yielding short-term deposit. They have four different investment packages with durations ranging from 90 to 365 days with investment “growth” ranging from 0.8 percent to 4 percent per day. However, for different accounts, the maximum growth is limited at between 30% and 45 percent.
The minimum and maximum investments are $100 and $1000000, respectively. In the client site, there is a “testimonials” area where one can read an implausible claim by “Daniel” that he earned “10 percent in just 2 days.”
HIT-BTC claims to be delivering something that sounds extremely enticing to consumers who want to profit from the cryptocurrencies’ ostensible goldmine but have no prior knowledge of how financial markets function – someone to handle all of the complexities of investing so they can simply collect the profit at the end. That appears to be too wonderful to be true, and it isn’t. There is no way to guarantee a fixed return on an investment in a volatile financial instrument like bitcoins.
You can rest assured that once the “investment packages” time expires, you will not receive the rewards promised by this anonymous site, nor will your deposit money be returned. HIT-BTC places a strong focus on the ability to make extra money through a referral program, which entails referring others to the scheme. This is a classic pyramid scheme in which both you and your referrers can only lose money.
Deposit and Withdrawal Can’t Be Trusted
Cryptocurrencies, namely Bitcoin and Ethereum, are the sole ways to deposit and withdraw money at HIT-BTC. In both the deposit and withdrawal menus, a minimum amount of $100 is set. While cryptocurrencies are becoming more widely accepted in mainstream banking, they remain a popular tool for fraudsters due to the non-refundable nature of their transactions.
Bonuses and promotions are also plentiful at HIT-BTC. This is not something you’d see with a legitimate broker because these activities are prohibited by all major agencies. Scammers, on the other hand, nearly usually provide bonuses as a ruse to prevent customers from withdrawing their funds. With HIT-BTC, the situation is the same. The consumer must have traded a minimum volume of “40-50 times” the incentive amount in order to withdraw money from his bonus.
HIT-BTC does not have a trading platform or offer trading. The goal of this phrase in the Terms and Conditions is to confuse and set unachievable conditions on account withdrawals by copying it from other fraudulent schemes.
The withdrawal charge of 3.5 percent of the amount is the only cost specified in the HIT-BTC Terms and Conditions. The charge is $30 at the lowest level and $3,500 at the highest level. Because the purported assured growth of a minimum $100 investment is set at 30%, the entire supposed profit would be collected as a fee in this situation.
Conclusion
HIT-BTC bills itself as a “reliable and legitimate cryptocurrency investment platform” that offers investors “blockchain and Ethereum-backed investments.” However, it is clear that this anonymous site is just another front for scammers hoping to take advantage of the cryptocurrency frenzy and the general public’s lack of knowledge about financial markets.
HIT-BTC
Pros
- None
Cons
- Gives Out Fake Information
- Trading Conditions Are Clearly False
- Deposit and Withdrawal Methods Can’t Be Trusted
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.