Is Bitrade Market Legitimate or a Scam?
The questionable legitimacy of Bitrade Market becomes evident through its regulatory standing. Despite withholding ownership and address details, the use of Estonian law as the governing authority raises concerns. Estonia, known for fraudulent activities, adds to the skepticism.
For valid operation beyond Estonia, the company should secure authorization from Estonian FI and Tier 1 licenses such as FCA, BaFin, and ASIC. However, the absence of such licenses and the presence of a warning from the Canadian BCSC suggest fraudulent practices targeting traders globally.
How Bitrade Market Operates
Bitrade Market attempts to lure clients with deceptive features like social trading and trading signals. Despite a high minimum deposit, the company shows little concern if clients reconsider. Once engaged, clients may encounter various tricks aimed at extracting more money, such as fictitious fees and taxes. Victims of such tactics are urged to seek refund advice from our team.
Bitrade Market Victims
Despite claiming to be active since 2006, the company’s domain registration in February 2023 exposes this as a falsehood. Targeting victims primarily in the United States and Canada, the company’s misleading practices may soon draw regulatory attention. Those affected are encouraged to share their experiences for assistance in developing a strategy for fund recovery.
Available Trading Platforms
Bitrade Market promotes trading tools and social trading platforms but falls short by only offering a web trader, lacking the reliability of trusted platforms like cTrader or MetaTrader.
Is the Bitrade Market Mobile Trading App Available?
Bitrade Market neglects the development of mobile apps, signaling a lack of commitment to their business. The importance of reliable mobile apps can be further understood through our Skobrex review.
Financial Instruments on the Platform
While Bitrade Market claims to offer various asset classes, skepticism arises due to their deceptive practices. Assuming they provide the advertised categories, traders might encounter Forex, commodities, shares, cryptocurrencies, and indices.
Bitrade Market Account Types
Unregulated companies reveal their intentions through account types, indicating the extent of funds they aim to extract. Account options, including Green, Premium, Platinum, Executive, and Presidential, come with features like trading academies, lower spreads, and loyalty programs.
Can a Trader Use a Bitrade Market Demo Account?
Despite the high minimum requirement, Bitrade Market does not offer a demo account or a micro account for testing, leaving traders without a risk-free trial option.
Bitrade Market Fees, Spreads, Leverage, and Commission
The company’s basic account features expensive spreads from 2.5 pips, significantly above the industry average. Additional costs and commissions are undisclosed. Notably, the leverage offered, reaching 1:200 or higher, raises concerns about potential fund loss.
Is the Bitrade Market Welcome Bonus Available?
While the company does not transparently offer bonuses, hidden terms and conditions suggest the inclusion of bonus credits. Clients should exercise caution due to the lack of transparency and potential withdrawal restrictions in the absence of Bitrade Market regulation.
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