Bitchain Review: Stay Away from This Fraudulent Broker
In the case of Bitchain, there is a lot to cover and discuss about this investment scam. Mainly, they are claiming to be the leading brokerage in forex and CFD trading and as well they are presenting themselves as a regulated broker.
Well, the thing is, the Bitchain broker is far away from being regulated. The reality is that they are completely anonymous with no essential information provided. Furthermore, their non-competitive trading conditions may make it difficult for professional traders to make deposits with them.
So let’s start this Bitchain review so we can expose this con artist and all the shady things they do to get your money.
|Regulation||Unregulated scam broker|
Bitchain Regulation and Safety
When it comes to the Bitchain regulation, we found nothing. This phony broker didn’t leave an official address, jurisdiction, or the name of the company that runs this monkey business.
The legal documentation contains the same recycled text we have seen countless times before. So much for transparency. But either way, we still checked the Tier 1 regulatory registers to see if there is any mention of Bitchain.
We didn’t find any company named Bitchain to be regulated but we did manage to find official warnings issued against them.
Mainly, they are blacklisted not by one but by two regulatory bodies which are CSA and ASC. This is more than enough to confirm that the Bitchain broker is not regulated and that they pose a huge threat.
On top of that, we also want to remind you to stay away from LoyalFXMarkets, as they also hold no regulations.
Overview of Bitchain Trading Platform
Trading software plays a crucial role in choosing a broker and that’s why it’s important to start working with a good one that has a real trading platform. And many of us are looking now for algorithmic and copy trading.
But that form of trading is only available with veteran platforms such as MetaTarder4 and MetaTrader5. And that is why we wanted to test out the trading platform Bitchain has to offer.
We were not surprised that the broker offers only a basic Web Trader that lacks many important functions. On top of that, this kind of software is easily manipulated, and that way the broker can steal more money from you.
Account Types Offered
The broker has listed 7 seven different account types and those are:
- Basic – $250
- Bronze – $5,000
- Silver – $10,000
- Gold – $25,000
- Platinum – $100,000
- Diamond – $250,000
- Black – On request
Allegedly, all account types have customer service 24/7. But again, the leverage is set too high for them to be regulated, which just proves that they are a scam.
Additionally, there is no Demo account available anywhere. By not including a free demo account, Bitchain basically forces you to invest real money right off the bat if you want to trade.
|Broker||Bitchain||FXTM||OctaFX||FPMarkets||XM Broker||HFM||FBS Broker|
Payment and Funding Method
Bitchain claims they offer the following deposit methods:
- Visa or Master credit or debit card
- Wire transfers
We cannot confirm that all of these deposit methods would actually be available, since many scammers urge you to deposit in crypto since such transactions are irreversible. This is because once we tried to activate the account, the broker didn’t allow us.
But what we can say is that the fees Bitchain charges on withdrawals are considerably high. The broker charges a fee of $50 for wire transfers, $25 for card withdrawals, a $10 processing fee, and $25 on E-wallets.
How Does Fraud Work?
Financial fraudsters of this kind don’t always operate in the same manner, but they often do. First, they post a bunch of ads online that all promise huge profits that can be secured if you only leave your phone number and let them guide you. And once you actually do that out of curiosity, the constant calls will start.
They will constantly try to approach you and make you deposit money as quickly as possible. Remember that urgency is always a bad sign, so it’s probably a scam if someone calls you twenty times per day, asking for money.
Keep in mind that scam brokers are always unregulated but often claim to be or are just registered somewhere offshore, which helps them remain anonymous. Even if the broker claims to have a license the regulation numbers they provided can be fake and need to be checked as well.
Reach out to us if something like this has ever happened to you, as we can help you get your money back.
Forex Brokers Recommendations
Making a final decision regarding a broker you want to start trading with isn’t an easy one to make, and we don’t want to rush you. However, you absolutely must do proper research before investing your money anywhere.
With the best intentions in our mind, we have created the table below where you can find useful information such as the minimum deposit and rating. These brokers are also user recommended and haven’t violated any terms and conditions like Bitchain and Geneticrypto did.
|FXTM Broker||Cyprus, UK, Mauritius||4.5||$10||Forextime.Com|
|OctaFX Broker||Cyprus, SVG||4.4||$100||OctaFX.Com|
|FP Markets Broker||Australia, Cyprus||4.7||$100||FpMarkets.Com|
|XM Broker||Cyprus, Belize, Australia||4.7||$5||XM.Com|
|HFM HF Markets Broker||Cyprus, UK, South Africa, UAE, Kenya||4.3||$5||HFM.Com|
|FBS Broker||Cyprus, Belize, Marshall Islands||4.85||$100||FBS.Com|
We conducted this Bitchain review so you could learn more about this scam broker that is trying to stay anonymous. We were also not surprised at the fact that the broker lacks other basic information on their lousy website including many legal documents. You should look at it this way, the more they put online, the easier they are to track and later suffer the consequences of their actions.
As for the minimum deposit, it is set at $250, which is a standard for scam brokers. The leverage is 1:600 and they offer bonuses if you sign up and deposit, in other words, they will do anything for you to give them your money.
Due to all that we have mentioned, we advise you to avoid this broker and choose a reputable one from the list we gave you.
FAQs About Bitchain Broker
Is Bitchain a Good Broker for Beginners?
Bitchain is not a good broker for beginners or experienced traders as they are just trying to steal your money.
What Funding Methods Does Bitchain Accept?
Bitchain accepts Visa, Master and Maestro credit/debit cards, wire transfers as well as Bitcoin.
Does Bitchain Charge Any Deposit or Withdrawal Fees?
Bitchain does charge many fees for both withdrawals as well as deposits, and they are all outrageously high.