So, when you have these sudden spots on the website where you can take glimpses of Chinese, you can’t wrap your head around the whole thing. When you sign up with an online broker, you are putting your trust in it. You know that the broker will take care of your account, money, and information while you busy yourself in learning how to trade. However, if the broker you are signing up with does not sound, look, and feel professional, you might not be at peace while signing up with it at all.
But why does the broker have to take money from you in two different forms? Why do you have to give money to the broker in the form of spreads as well? These differences in accounts types from the broker can be startling for some.
Try Crypto Engine With a Trusted Broker
The broker also provides a registration number from the UK’s official register of businesses, the Companies House. Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes. We wouldn’t recommend using this forex brokerage, they donot impress us with the vague information they have provided. Deposit and withdrawals are the two most importanttransactions for us because the end goal of trading is making a profit.
- You also get market indicators and charting tools to analyze the market trends better.
- You know that the broker will take care of your account, money, and information while you busy yourself in learning how to trade.
- If you go with the standard account, you do not pay any commission and your spreads can be as low as 1pip (that’s not low by the way).
- When you land on the website of this broker, you notice a lot of issues.
- The broker needs a lot of improvement to become an international-level broker.
At the same time, it has to realize what trader experience really means and then design its trading platform and website based on that data. If you look at the websites of the best brokers in the world, you will notice that they do not go too heavy on leverages. Yes, they do offer you some good leverages on your trades, but you hardly ever find them going overboard with the whole thing. On the other hand, with small and new brokers, you usually see them offering extraordinarily huge leverages. Not to mention, it puts the trader in a lot of danger as well. The first thing you expect from your online broker is commitment to its work.
Therefore, if you do register with this broker, you are basically agreeing to any conditions that they have placed – without knowing what they are. While we were doing research about this company’s registration and regulation status, we dug up some even more disturbing information about this broker. We do not advise you to send any funds to them as transactions with bitcoin are hard if not impossible to trace or reverse.
Beware of Bithids Crypto Scam Trading Investment
And if you make the mistake of opening an account with such a broker, you will only regret for life. There are some brokers on the internet that showcase a lot of non-professionalism. They might have some great strengths as well, but their non-professionalism mars that image badly. BitXTrade offers its clients 4 different types of trading accounts – the Starter Plan, the Premium Plan, the Delux Plan, and the Exclusive Plan. However, the only piece of information we have about the 4 account types is that minimum deposit requirement for the Starter Plan is $1,000.
More and more new brokers are realizing that a web trader solves a lot of their and traders’ problems. For example, you do not have to offer six different trading platforms to your traders when you have a web trader. At the same time, your trader can use the same trading platform on just about any device and from anywhere in the world when he/she has access to a web based trading platform. In addition to that, based on how big the broker claims to be, you would expect it to offer its own trading platform. Trading with them would likely result in you losing yourmoney. There is a tremendous risk on any transactions interested traders mayconclude with the brokerage and we deeply recommend they look elsewhere forviable trading option.
In thissection, we look at these methods to make sure everything is okay with it. In fact, everything points to this entity being a scammer that has defrauded customer many times before. This critical document is missing on BitXTrade’s website.
There are seriously no advantages you will get from trading with BitXTrade.
Tronxfxtrade Review: Why This Platform (tronxfxtrade.com) Is Scam! (Exposed)
Read through our Yeti EA Review to compare and contrast the services they offer. You can also read our reviews on fxalg EA, FxPriemere, and Forex real profit. Traders should check regulatory bodies such as the FCA in the UK, ASIC in Australia, CySEC in Cyprus, BaFin in Germany, CONSOB in Italy, and many others. This is a tactic that is adopted by serial scammers who try to rake in as many deposits as they can before the scam is noticed. After this, they launch a new domain address and start the process all over again. At the same time, the company also states that it is incorporated in the UK – and presents us with a certificate to prove it.
- There are seriously no advantages you will get from trading with BitXTrade.
- We also going to be examining its claims to be a UKregulated company later on in this review.
- Read through our Yeti EA Review to compare and contrast the services they offer.
- It’s the fact that you will have to give 50% of whatever profits you make on your account back to the broker.
- We wouldn’t recommend using this forex brokerage, they donot impress us with the vague information they have provided.
However, it seems that BitXTrade has not done anything special in this department so far. This broker does a lot of things in a way they should not be done. The overall lack of professionalism on the website and in its offerings makes it one of the weakest online brokers on the internet.
You get trading bots so that you can carry out automated trading. You also get market indicators and charting tools to analyze the market trends better. If you trade with BitXTrade, then the only way you can make deposits and withdrawals is through Bitcoin. 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. However, creating a trading platform is not an easy affair. The broker has to spend hundreds of thousands of dollars to get the perfect trading platform that suits its target audience.
Terms and Conditions Page Missing
Therefore, we can safely say that this broker is unregulated and thus operating outside the law. In checking the license status of this broker, we had tocheck several regulatory bodies. You are required to make a minimum deposit of $1,000, which is completely ridiculous, since the industry average is just between $100 and $250. In fact, there are many reputed brokers that require you to only deposit $5 to start trading. Legitimate brokers, on the other hand offer their clients the MT4 trading software, which has a range of features that make trading much less hassle-free and more efficient.
Licensing is another important part because we can trust aregulated broker to some extent not to do anything fraudulent. Another thing to keep in mind is that there might also bewithdrawal conditions concerning accounts that take advantage of the bonuspromotion. Some fraudulent brokers stipulate that a trader must achieve acertain trading volume to be eligible for withdrawal. BitXTrade might be doing a lot of things right in other areas, but the aspects that we have stated above show its weaknesses. The broker needs a lot of improvement to become an international-level broker.
BitXTrade Review: (BitXTrade.online) Scam? Find out from experts
We also going to be examining its claims to be a UKregulated company later on in this review. Before you finally register with a new broker, you are asked to go through the Terms and Conditions that broker has put in place. There is usually a link that you can click on the registration form that takes you to the Terms and Conditions page. BitXTrade claims to be a legal investment company that is based out of and incorporated in the US.
We check the account with its corresponding depositand leverage. This is the reason why we advise all traders to first carry out a background check on any broker they wish to contract with – before they invest in them. First, to be bitxtrade able to offer financial services in the UK, a company needs to be registered with the FCA (Financial Conduct Authority).
At times, when you look at the account types on the website, you feel as though you are looking at different account types from different brokers on the internet. Well, that’s because there is such a huge difference between what you get with those accounts. At other times, you feel as though the broker is trying to rip off the trader. If you go with the standard account, you do not pay any commission and your spreads can be as low as 1pip (that’s not low by the way).