Bitech Max Review – Truth Behind Bitech-Max.Com Scam
Bitech Max review will tell you everything about this fake broker company that’s lying about its identity. They offer several addresses, and none of them is a real one. It’s the next-level scam.
For every participant in the Forex market, it’s essential to know what common tricks scammers perform. Financial swindlers are around us, and we need to be aware of that.
That’s why you should use the services of brokers that have a long track record, and experience on the market. We have listed, at the end of this article, several credible firms.
|Address||Singapore / Hong Kong|
Bitech Max Regulation and Security of Funds
Simply put, we know nothing about broker Bitech Max. Besides the alleged addresses in Singapore and Hong Kong, we have no information about the official owner, governing law, etc. They provide two phone numbers, one from Canada and one from the UK, which, combined with the alleged Asian residency, adds to the confusion.
As a Forex broker, Bitech Max’s regulation should be with Singaporean MAS and SFC in Hong Kong. Once we checked these registers, we found no results.
This means Bitech Max is an unregulated trading provider, and that puts your money at risk. There is no one to protect you but yourself, so simply do your research and avoid shady brokers at all costs.
Finally, as a brokerage house onboarding EU residents, Bitech Max would have to comply with ESMA rules about leverage limits and MiFID directives about transparency.
However, the leverage Bitech Max offers is 1:200, which is too high for a retail trader. The reason is that leverage with such a high level is very dangerous – there’s a high risk of losing your investment entirely.
The leverage in Singapore is caped to 1:20 by the local regulator. In other parts of the world, it’s approximately the same – the leverage in the EU and Australia is limited to 1:30, and in the US it’s 1:50.
Account Types Available at Bitech Max
Here are the four Bitech Max account types.
- Micro – 5,000 GBP
- Advanced – 20,000 GBP
- Silver – 100,000 GBP
- Gold – 250,000 GBP
The Micro account brings 1% commissions and customer support, while the Advanced one includes an account manager and a commission of 0.75%. The Silver account implies access to a trading program, loyalty points, analysts, trading signals, and advanced assets.
The minimum deposit is 5,000 GBP, which is absurdly high. Especially for an unlicensed intermediary.
Bitech Max Trading Platform Overview
It seems as if Bitech Max uses its web-based trading software. The only thing mentioned on the website is some basic description of their WebTrader platform, which can be accessed from any device and anytime, as they say.
It’s nowhere near MT 4 and MT 5. Both of these platforms have a wide range of trading features, support advanced trading strategies, and are fully customizable. Investors can enjoy many technical indicators, social trading, and EAs.
MetaQuotes states the older software is a product of its time and is too limited with its 32-bit architecture. On the contrary, MT5 has a modern, 64-bit architecture. This has allowed its developers to introduce an increased number of features – there are over twice as many timeframes as the older platform.
MetaTrader 5 is the dominant PC trading platform nowadays. This is for many reasons – the platform packs many cutting-edge features and is at the forefront of innovation efforts. However, it has the advantage of being incredibly easy to use as well, with a client-friendly and comprehensive interface.
Deposit and Withdrawal Options
The only deposit and withdrawal method that Bitech Max accepts is Bitcoin. Only shady companies limit their users to crypto payments like Bitcoin. There is nothing wrong with that funding option when you have the choice to decide for yourself. Given the fact that Bitech Max is an unregulated entity and they are limiting you to irreversible paying methods, it’s a bad sign.
Moreover, these transactions are 100% anonymous, therefore you can’t prove anything, because you don’t know to whom the wallet belongs. Don’t bother to look for help from the local financial authorities either – scam firms aren’t supervised by them as we already mentioned.
Contrary to this, legit brokers typically accept credit cards, wire transfers, credit/debit cards (Visa, Visa Electron, MasterCard, Maestro, American Express), bank wire transfers, and e-wallet payment systems such as Skrill and Neteller.
How the Fraud Is Conducted
There are some common steps that financial swindlers take, and we are going to talk about them.
If you’ve reached out of the sky about a forex investment opportunity, it’s most likely to be a scam. Never give away your personal information or transfer money to these firms. You can never know for what purpose they will use that information.
Investing always comes with some level of risk so any company promising investment opportunities without any risk of losing money is probably a scam. Remember, if it looks too good to be true, it probably isn’t.
Scam brokers often promise to make high returns from your initial deposit that may seem life-changing. Any company that offers quick and easy returns is likely to be fraudulent.
When a company tries to pressure you into investing right away, it’s probably a fraud. Most scammers even offer bonuses or discounts to persuade you to invest right away.
Scammers are more and more often using social media to advertise fraudulent investment opportunities. They often use fake images and videos of luxury items to trick people into investing.
Highly Recommended Forex Brokers
We are aware of how overwhelming it can be to read about these financial swindlers. That’s why we always provide our readers with a lot of some of the best Forex brokers. Everything about them is transparent, and you can find every piece of information. You can always find their license data, headquarters address, who is their owner, their employees, etc.
|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|
Bitech Max Summary
Bitech Max is an anonymous broker. However, the lack of information on their website didn’t stop us from getting to the truth.
The truth is, Bitech Max is an unregulated trading company. Allegedly, they have addresses in Singapore and Hong Kong, but we didn’t find them among regulated entities in the Singaporean MAS and SFC in Hong Kong.
Trading software is a basic WebTrader and is nowhere near industry-standard platforms. The minimum deposit is 5,000 GBP, which is absurd. Overall, there aren’t any positive things we can say about this enterprise.
FAQs About Bitech Max Broker
Is Bitech Max Good for Beginners?
Even the best traders out there can’t make a consistent profit if they trade with market makers and scam brokers like Bitech Max. Beginners and professionals should skip them both.
What is The Funding Method at Bitech Max?
The only available funding method is via Bitcoin. That’s another thing that should ring your scam alert.
What Trading Instruments are Available at Bitech Max?
With Bitech Max you can trade with currency pairs, commodities, indices, shares, and cryptocurrencies.