Is Bitinka a Legitimate Platform or a Scam?
While Bitinka claims to be registered in Hong Kong, it lacks SFC regulations. Given its global operations, one would anticipate licensing from prominent authorities such as FCA, ASIC, BaFin, or CFTC.
Regrettably, in line with its overall presentation, the company is devoid of any licenses. Consequently, any funds transferred to this entity are susceptible to significant risks.
Traders’ Experience with Bitinka
Despite having been in operation for a considerable period, Bitinka has garnered relatively few reviews, suggesting that its currency trading activities were not widely popular. However, a glance at the 100% negative comments on Trustpilot explains why. It appears that the company may be withholding clients’ funds and neglecting those seeking refunds.
In such a situation, if you find yourself affected by this firm, do not despair. Our refund specialists can provide detailed guidance on the procedures to recover your funds. Feel free to reach out for assistance.
How Bitinka Operates
Bitinka’s primary objective is to encourage traders to deposit money in cryptocurrencies. As long as investors refrain from withdrawing, everything seems fine, with promised support, market specialist assistance, and other benefits. However, problems arise when attempting to withdraw funds. The company may encourage additional deposits for supposed lucrative opportunities, or request payment for nonexistent fees and taxes. This is a downside of dealing with an unregulated company, culminating in a lack of response. If you encounter any of these issues, contact our refund team for assistance.
Bitinka Victims
Surprisingly, the Bitinka domain was registered in 2013, though this doesn’t necessarily indicate when they commenced operations. Victims of this company are primarily from:
- Peru
- Argentina
- United States
- Spain
It appears that the company targets Spanish speakers, particularly those with higher incomes. If you identify any issues with this company, report them and consider reaching out to us for chargeback advice.
Available Trading Platforms
One significant drawback of Bitinka is its basic trading platform, which offers a limited web-based interface with only a list of asset prices and order placement options. Lacking advanced features and charting options, it proves to be a subpar choice for a cryptocurrency investment firm. The company also provides signals and features through the Bitinka Telegram group, which may not be the most convenient method due to its lack of end-to-end encryption.
Is the Bitinka Mobile Trading App Offered?
Unfortunately, Bitinka does not provide third-party or proprietary iOS and Android apps. All trading activities must be conducted through the browser on a web-based dashboard, which may be inconvenient for traders. Mobile apps are crucial for trading convenience, as discussed in our Elbitrader review.
Financial Instruments on the Platform
Bitinka only offers trading with a limited number of cryptocurrency pairs, including the less popular Bitinka coin. Apart from that, traders can engage in basic crypto pairs such as BTC/USDT, ETH/USDT, and LTC/USDT.
Bitinka Account Types
Bitinka does not employ a classic account type classification; instead, all users receive standard trading conditions. Despite the relatively low minimum deposit requirement of $25 (0.0001 BTC), there is no guarantee of fund recovery.
Bitinka Demo Account
While platform access is free, traders do not have access to virtual funds for testing. A closer look reveals flaws in the platform, such as a lack of charting options and the absence of advanced trading tools. Platform manipulation is also a concern, as highlighted in our Sigma Trade Finance review.
Bitinka Fees, Spreads, Leverage, and Commission
Cryptocurrencies on Bitinka are traded with a 1:1 leverage, considered safe due to the volatility of cryptocurrencies. The company charges a 0.5% trading fee, coupled with a hefty minimum order size of 0.005 BTC. It’s worth noting that these fees are significantly higher than those imposed by regulated exchanges.
Is the Bitinka Welcome Bonus Offered?
On a positive note, Bitinka does not provide any bonus offers, which can be seen as an advantage. However, traders should exercise caution if the company attempts to extract money through credits and bonuses, as the fine print or bonus policy often reveals potential pitfalls.
Comments