Heard of bitbinx.com trading platform? Really want to find more details before choosing the broker? You can carefully read the Bitbinx reviews to know about this forex broker whether to use or not.
This post promises to share helpful review to support clients/traders in making the right decision. Kindly read to the end and make your verdict.
Bitbinx: What is it?
Bitbinx otherwise known as bitbinx.com is an offshore brokerage with a lot of promises for forex traders. The forex company claims to offer crypto investment services to their clients.
Furthermore, the brokerage promises different instruments like forex, stocks, commodities, crypto, bonds and indices.
Is Bitbinx a Scam Forex Broker?
First of, Bitbinx openly presents a registered address in Saint Vincent and the Grenadines.
But, Saint Vincent and the Grenadines SVG is an offshore zone with no broker regulations in place. As soon as you open the website of the local Financial Services Authority you see a warning that the institution does not license forex and other types of brokers and does not supervise the activities of International Business Companies engaged in such activities.
Again, the broker does not offer money back guarantee which means trading on such platform is clearly a risk as your money cannot be refunded.
These drawbacks are for forex traders/ clients to avoid losing money with scam brokers lurking online. It is always advisable you check for regulated and licensed broker on financial authorities websites before depositing fund for trading.
Won’t you rather trade with a licensed and legit broker? Fortrade is a UK-based broker with address at Michelin House, 81 Fulham Road London, SW3 6RD, United Kingdom. They are among the best brokers in the industry offering trades in numerous assets including stocks, commodities, currencies, indices, and cryptocurrencies. Fortrade is regulated and licensed by the FCA(Financial Conduct Authority) in the UK, ASIC in Australia, NBRB in Belarus, CySEC in Cyprus as well as IIROC in Canada which makes client funds safe. They accept traders worldwide…visit their official website
Bitbinx Account Types
This broker offers variety of account for traders. The broker provides a leverage capped 1:500.
Bitbinx minimum deposit is specified €1000 based on the account type. In contrast, some licensed FX brokers can offer clients trading rate as low as $100 with the assurance of their trading funds.
The broker only allows deposits via the cryptocurrencies. There are a few reasons why scam brokers prefer to receive payments in crypto. One, transactions are irreversible and untraceable.
Just so you know, offshore brokers are commonly known for accepting crypto currencies. For this purpose, payments made through this method are anonymous and can only be traced to a wallet address and not to a specific person. So beware!
Bitbinx Trading Software
Bitbinx offers access to a fairly basic web-based trading platform. The broker’s web trader comes with some basic tools and custom indicators but nothing more advanced.
Why use forex brokers with advanced trader like MT4/MT5? You are certain to have the best features of real-time quotes, financial news and various FX and stock charts, as well as algorithmic trading sessions with the help of specially designed trading bots, called Expert Advisors.
Frankly, we say don’t consider doing that with an unregulated forex broker like this one because you stand the chance of losing your money.
Argument Against Bitbinx Licensing and Regulation
Like in any corporation, integrity is a key to uphold these days. It doesn’t matter if you make a lot of money but you can’t take it out. That is to say, exactly what is happening with non-licensed companies.
Having said that, it is not far from believing that bitbinx.com is not a licensed brokerage firm. It is not under any financial regulation which means wiring your money for trading is risky. Its unlicensed and unregulated activities are truly a red flag and must be avoided.
COMPARE WITH A TRUSTED BROKER
Fortrade
Fortrade is a UK-based broker with address at Michelin House, 81 Fulham Road London, SW3 6RD, United Kingdom. They are among the best brokers in the industry offering trades in numerous assets including stocks, commodities, currencies, indices, and cryptocurrencies. Fortrade is regulated and licensed by the FCA(Financial Conduct Authority) in the UK well as ASIC in Australia which makes client funds safe. They accept traders worldwide..visit their official website
Verdict:
Bitbinx appears like a reliable trading platform, however, you should not take the words they say and the attractive website layout. By all appearances, the broker lacks one important indicator – its license. Thus, traders should steer clear from an unlicensed broker as its likely run by scammers. To this end, we urge our readers to rely on regulated brokers like this or any licensed entity.
Was the information helpful? Please share with us your experience in the comment section below. Thank you!
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Bitbinx a NOT Regulated and Licensed Broker.
The website claims this brokerage is based in Saint Vincent and the Grenadines (SVG), a notorious scam haven.
Once you log in they will provide a Financial advisor , he/she is the only contact person for you.
And for your information, there is only one way of communication, in urgent situation you cannot reach to them by phone or by e-mail.
When you try to customer service number, phone will ring and saying all executives are busy always. You will never be get contacted.
For transferring amount to your trade account , they will provide a third party invoice i.e. Asterisk Media Ou.
The platform you will be working is the virtual platform. Its not a real platform. Your money is not trading in real trade market.
Initially they will give you small win through virtual platform and encourage you to add more and more money to have great return.
And later logically asked you to buy or sell some trade which lead you to huge loss or complete loss in virtual platform.
The virtual plat form set in such a way that it reflects everything’s like in real trade market.
Initially, when you ask for withdraw is possible or not, they will arrange the withdraw for 100€ as an example.
And you will be can not be withdraw after that.
Last week they changed their domain from Bitbinx.net to Bitbinx.ltd without informing to client.
The platform completely disappeared, we can not reach to them.
Conclusion: Bitbinx, it’s a scam/fraud , Please inform all your friends and to the world that Do not invest in Bitbinx( Trade.Bitbinx.ltd)