Is BitBlanco Regulated?
Despite providing extensive details about the company’s legal background across two pages, there is a conspicuous absence of evidence regarding BitBlanco’s regulation, indicating the lack of a valid license. Contrary to the website’s claim, this entity is not registered in the UK.
A significant red flag was raised on November 20, 2023, when Italy’s CONSOB issued a warning against BitBlanco, explicitly stating that the broker lacks authorization to offer services to local traders. Notably, Italy being an EU member, CONSOB enforces the common regulations established by the European Securities and Markets Authority (ESMA).
The warning from CONSOB suggests non-compliance with ESMA’s rules, prompting several European regulators, including the Spanish CNMV, Norwegian FI, and Estonian FI, to repost CONSOB’s alert and flag the BitBlanco platform as illicit.
For a trustworthy platform, it is advisable to seek a licensed provider operating under the supervision of reputable financial market authorities such as the FCA (UK), CySEC (Cyprus), FINMA (Switzerland), CFTC & NFA (US), ASIC (Australia), IIROC (Canada), and similar entities.
Trader Reviws – Sharing Experiences
As of the current date, there are 79 BitBlanco reviews on trustpilot.com, resulting in an average score of 2.4/5 (poor). The majority of these reviews, particularly the negative ones, originate from Italian traders.
These critical reviews shed light on the dubious trading practices of BitBlanco, outlining instances where the fraudster aggressively coerced unsuspecting victims into jeopardizing their hard-earned funds, similar to the patterns observed in our Musbex review.
It is essential to also examine complaints on scamadviser.com, where issues related to withdrawals seem to be a recurring theme. We recommend thoroughly reading trader complaints to understand the tactics employed by this firm in scamming potential victims.
Who Are BitBlanco’s Targets?
According to godaddy.com/whois, the bitblanco.com website domain was created on April 14, 2023. Since its creation, the financial fraudster has primarily targeted traders from the United States, Italy, Lithuania, and Cabo Verde. Notably, the first three countries listed have reputable financial market authorities that enforce stringent regulations to prevent unauthorized entities, like BitBlanco, from conducting fraudulent activities.
One of ESMA’s rules mandates that every broker must possess a MiFID license to operate across Europe, a requirement BitBlanco fails to meet. Consequently, if you incur losses on this platform, seeking recourse from the financial ombudsman or compensation scheme is not an option. It is important to emphasize that four European regulators have issued warnings against BitBlanco.
Which Trading Platform Is Available?
BitBlanco claims to offer an effective web platform supporting various trading assets, including Forex currency pairs, indices, commodities, stocks, and cryptocurrencies. However, attempts to assess the platform were thwarted by the BitBlanco login page, which did not offer a risk-free demo account option.
Browser-based platforms are typically basic, lacking advanced features. Beyond fundamental charts, graphs, and indicators, there appears to be limited functionality. For a more robust trading experience, we recommend seeking a licensed provider supporting renowned third-party software such as MetaTrader 4, MetaTrader 5, or cTrader. These platforms offer advanced tools like automated trading, live market reports, comprehensive charting, user-friendly interfaces, multiple timeframes, and rapid order execution.
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