Bitbinx Review: Unmasking a Scam Broker – Beware and Stay Away
Unregulated brokers are widespread, but occasionally one will be found who has all other favorable characteristics but is unregulated. However, due to the assurance that your money is protected, we always suggest trading with a regulated broker. This Bitbinx review will demonstrate that unlicensed brokers ought to be avoided, though.
After a period, certain brokers, like Abshire Smith, had their licenses suspended. However, Bitbinx is not remotely comparable, and when it was first formed, it lacked a license. To understand more about the Bitbinx scam and the reasons why you should steer clear of brokers like them or TradeSmart1, keep reading this review.
Who Is Bitbinx? All About the Bitbinx Scam
At first glance, it is immediately clear that they are an unlicensed broker with a lot of warning signs. If you google “Is Bitbinx safe?”, you will immediately come across multiple warnings. We initially thought they were a scam because they withheld information about their business, spreads, leverage, and anything else that would have been useful to know. They entered the St. Vincent and the Grenadines market for the first time in 2022.
|Broker name||Reliable Broker Must Have|
|Legal name||Bitbinx||Transparently displayed in the disclaimer or legal documents|
|Regulation||Unregulated||Within your legal jurisdiction – local regulator|
|Registered in||SVG||Your country or the country whose license applies in your legal jurisdiction|
|Established||2022||The older the domain – the higher the possibility the company is trustworthy|
|Website||www.bitbinx.com||Domain should be from local or international zones, no .xyz etc.|
|Financial Authorities Warnings||
|Contacts||+447868808958||Phone, email, social media, web form|
|If a withdrawal is possible||Highly unlikely||Yes|
|Fees||Hidden fees||Transparent fees – list of spread and commissions|
|If Active on Social Media||No||Often present on social media|
|Investor Protection||None||Compensation fund|
An anonymous offshore broker, Bitbinx, operates without regulation. Even the assertion that this brokerage is situated in Saint Vincent and the Grenadines (SVG), a well-known sanctuary for scams, is false on the website. They are essentially nonexistent and without any sort of license. Additional investigation for this Bitbinx review will reveal more issues.
A warning from trustworthy authorities like the Financial Conduct Authority (FCA) is published, advising investors to steer clear.
Another authority, the INTERNATIONAL ORGANIZATION OF SECURITIES COMMISSIONS (IOSCO) supported the FCA warning, which raises questions about their reliability. This alone should be enough for you to scratch them off your list.
Bitbinx Broker Profile
They have fewer trading instruments overall, but the thing that scares us the most is the huge deposit requirements, which range from 1,000 to 300,000 euros. In addition, several brokers allow you to trade for as little as $1, so $300,000 is excessive. Overall, their entire business is a fraud that has to be avoided.
|Account types||Opening, Horizon, Heritage, Fortune, Infinite|
|Financial Instruments On Offer||
|Minimum Deposit||1,000 EUR|
|Education or Extra tools||None|
Bitbinx Account Types
The minimum deposit amounts for the various trading account types offered by Bitbinx range from 1,000 EUR for the Opening account to 300,000 EUR for the Infinite account. However, these account tiers seem to be very pricey in comparison to other reliable brokers who require far smaller deposits.
Additionally, depending on the type of account, Bitbinx assesses interest on these accounts at rates that range from 3% to 7%. Unfortunately, crucial trade information like spreads and leverage is still kept a secret, which raises questions about transparency and potential hazards.
Is Bitbinx Safe To Trade With?
Unfortunately, Bitbinx is anything but safe. Not only that they are an offshore, unregulated broker but they also lack transparency. Furthermore, the enormous deposit requests are raising questions about the broker’s reliability. They don’t have any reliable factors that could even make you think of trading with them.
Ensure the safety of your money. Contact us right away if you’re seeking a transparent, dependable broker with lower minimum deposits. Our team of professionals will help you locate the best broker for your trading requirements. Make decisions based on information for a safe trading trip by scheduling your free consultation right away!
Bitbinx Review: Traders’ Thoughts and Opinions
63 users have reviewed Bitbinx in total on Trustpilot, and they have given it an average rating of 2.6. More than 50% of the evaluations are negative, which raises questions about how they conduct business. Nearly all evaluations highlight withdrawal problems and how, after a deposit, they go away.
One reviewer expressed their complaint: “Fraudulent activity occurs when monies are not removed. There is just one open support ticket, therefore there is no method for me to contact them although I have been trying to withdraw the money for months.”
Another one said: “I have been trading with Bitbinx for a few months. I have had some small profits, but after a few big investments, they have disappeared from me. Mike Colman and Vasilis D were my financial advisers, after convincing me of investing a huge sum of money they have gone. There is no contact whatsoever. No response to emails or chats, the phone number on the website is fake. All my money is invested in their platform and I can’t withdraw it. I can’t believe I fell for this..they have ruined my life.”
Avoid assuming pointless risks with your investments. We can assist you if you have questions about Bitbinx or are seeking a broker who is more transparent and reasonably priced. For expert advice and to learn about better options that put your financial well-being first, get in touch with us. To trade with confidence, schedule your obligation-free consultation right away.
A Look at Bitbinx’s Traders They Serve
Bitbinx uses dishonest strategies to entice customers, making exaggerated claims of significant earnings and offering phony deposit bonuses to seduce unwary traders. The majority of the broker’s clients are from Italy, Spain, Germany, and Belgium, which may expose citizens of these nations to their deceptive tactics. Traders should take caution and be wary of brokers who use such strategies to entice clients because it may be a sign of a lack of trustworthiness and transparency.
Avoid brokers that lure customers in with false promises and phony bonuses. Contact us right away if you’re seeking an honest and trustworthy broker. Our staff will help you identify a reliable choice that puts your financial security first. Schedule a free consultation right away to trade with assurance!
Bitbinx Pros and Cons
Long Story Short – Bitbinx
In conclusion, Bitbinx raises serious issues owing to its opaque business procedures, high minimum deposit requirements, and dishonest business activities, including making exaggerated claims about earnings and offering bogus deposit incentives. To protect their investments and trading experiences, traders should use prudence and look into more reputable and transparent brokers.
Protect your investments and stay away from danger. Contact us right away if you’re seeking for a trustworthy and open broker. You will receive advice from our knowledgeable staff on how to make wise choices for a secure trading adventure. Schedule a free consultation right away to trade with assurance!
Is Bitbinx a Scam?
Yes, Bitbinx is yet another scam broker you should avoid. They lack transparency, information, regulation, and their traders said enough to confirm they are a scam.
What Are The Account Types Offered By Bitbinx?
There are five in total, including Opening, Horizon, Heritage, Fortune, and Infinite.
What Are The Online Trading Platforms Of Bitbinx?
According to the website's pictures, this platform resembles a traditional WebTrader. Bitbinx doesn’t offer a demo account so checking the software was impossible.