Bitky Review – Learn More About This Scam Broker

Bitky Review, The immediate red flag with this broker is their location – Commonwealth of Dominica. This offshore zone has a Tier 3 regulator that has apparently not issued a license to Bitky. Keep reading our Bitky review to learn how we got to this detail. 

Anyhow, the owning company of Bitky is Solar Ventures, which started this brokerage brand in 2019. The domain is non-functional at the present time, but the scam never rests. Expect them to show up again in no time. That’s why it’s so important to educate yourself on the potential dangers of trading here. 

What is more, we strongly advise you not to invest in Monfex and Novatech fx fraudulent brokers.

Compliance and Fund Safety at Bitky

FSU – the Dominican regulatory authority belongs to Tier 3 bodies. Their regulatory standards are loose in comparison to leading regulatory entities. However, any license would still mean something. Bitky doesn’t have one issued by FSU. We easily made sure of this by checking the public register that FSU runs. 

Because they’re not licensed in their country of origin, Bitky would need a license from another regulator to operate. That’s why we tried to investigate this and therefore went through the registers of FCA, ASIC, NFA, CySEC, and BaFin. The problem is, Bitky doesn’t show up in any of the search results. Yet, somehow, this broker was indeed active in all the countries these regulators supervise brokers. 

It is, in no way, a surprise how Bitky operated without a valid license. The EEA zone, where they offered their services, has harsh regulatory standards. They include an initial deposit upon applying for a license the amount of 730 000 EUR. The same is with FCA (UK). The leverage cap in the two countries is also the same and it is set at 1:30 maximum. Bitky offered leverage of a tremendous 1:400. 

Let’s not even hope Bitky could offer negative balance protection and compensation schemes. Only heavily regulated brokers could be capable and obligated to do that. In the end, the lack of transparency especially gives away the true Bitky intentions. 

Trading Software Overview

Trading and successful strategies seem at the bottom of Bitky’s priorities. A single option for buying and selling financial products is a sloppy web trader. Its design, distribution, and layout in its entirety are badly thought of. Even if we were to shut one eye at the bad taste and lacking practicality, the major problem is still the usefulness. 

Bitky trading software allows only several basic functions, and even those remain untested until you deposit. Don’t expect something like copy trading, expert advisors or other complex features. 

Account Types Available at Bitky

The packages at Bitky, along with the minimum deposit requirements are the following:

• Basic – $250 
• Bronze – $5,000
• Gold – $50,000
• Platinum – $100,000
• Diamond – $500,000

Every account type brings a certain bonus, which may vary depending on the sum deposited. The initial bonus goes for the Bronze account – 20%. More expensive accounts allegedly have more features included, like better pricing and advanced education. 

With the bigger investment comes a bigger bonus, too. If you’re willing to invest $500 000 for any reason, Bitky will add another virtual half a million to that. Never being able to withdraw it is of less importance according to Bitky. 

Methods of Deposit and Withdrawal

Simply put, deposits and withdrawals are the least of Bitky’s concerns. The firm has no legal docs or other policies which clarify the conditions, methods, processing time, and fees. As with any other swindler, we’d expect crypto to be the only way of funding a live account. Always preferred by a number of fraudsters, this transfer is definite and nearly impossible to track. 

Withdrawals are probably as shady. Bitky would make up half a million excuses not to allow you payouts. Not only will your hard-earned money be locked but the entire profit you’ve worked hard to achieve is also done. 

How the Fraud Has Carried Out

Bitky is one of those brokers that advertise their services as a lifetime opportunity. And while some newcomers to the Forex market may fall for it, we still advise our audience not to. The whole point of fraud is their sweet talking that creates illusory expectations for wealth and gain. Once the victim gives in to the temptation, they will invest as long as they’re able to. Too bad it turns out to be a fruitless endeavor. 

The con artist earns off your deposits. But also by forcing you to pay extra charges, such as commissions and fees. To deepen your suffering, they will tie impossible conditions to every penny they call a bonus. 

Bitky Summary

There’s a certain amount of pleasure in knowing the currently known Bitky domain is blank. The sad part of that is that they’ve probably run away with the deposits they managed to extort from their victims. That’s why we need your help to battle this and similar scams. 

If you have any knowledge of this and other suspicious brokers, always report them to the authorities. Keeping in touch with us could provide you additional information, whenever you’re in doubt. And don’t forget. Checking the public registers of regulated brokers is your safest method for checking any site’s legitimacy. 

FAQs About Bitky Broker