BidAskBit claims to be owned by a company called Ace Holdings Limited with authorization number 13403160, with no country or address listed.
Since it isn’t mentioned anywhere where the company’s residence is, or what the exact address is, possible clients can find it a warning sign before they even start thinking of investing.
The conclusion we immediately come to is that this is a case of an offshore company and that solely is a huge red flag for a potential investor, considering that those firms are unsupervised by the government.
|Company||Ace Holdings Limited|
|Bonuses||Mentioned but unclear|
BidAskBit License and Funds Security
Being an anonymous enterprise, non-regulated by FCA, ASIC, BaFin, IIROC or other important regulators, makes BidAskBit an untrustworthy broker, suspicious of fraud and scam tendencies.
Acclaimed broker platforms are all subject to top regulations and their transparency is absolute. On top of that, being regulated and monitored by authorities, these companies are obligated to have sufficient capital to cover their operations and provide the compensation funds the clients can safely rely on.
Trading Platform Available at BidAskBit
CTrade is the trading platform available at BidAskBit. At a first glance, it gives off an impression of decent trading software with some basic analytical tools.
Even though it is only web-based, it is easily navigated and can be fairly well maneuvered by someone new to crypto-trading or other more experienced investors. It is wrong to assume, though, that just because the broker offers a convenient and functional trading platform, it would be a good idea to invest your capital there.
Manipulative use of their software is nothing new when it comes to the tools and methods experienced scammers practice to earn the trust and interest of potential clients.
For that reason, it is always recommended to use the most successful and widely used and recommended platforms like Metatrader 4 and Metatrader 5. MT4 and MT5 offer the possibility of a test use with virtual funds.
Furthermore, they are as convenient for use to novices as they are too experienced traders since they offer a variety of educational tutorials and beginners tools, but also advisor support and plenty of advanced, detailed features.
Options for BidAskBit’s Deposit and Withdrawal
The site states that the only accepted way of depositing capital is via cryptocurrencies. Another warning sign and proof of a dishonest broker is operating anonymously, since investing via cryptocurrencies is irreversible and annulates the possibility of the client filing chargebacks.
While cryptocurrency depositing is accepted by the most successful and dominant trading platforms, it is important to mention that these acclaimed platforms always enable depositing through credit/debit cards, wire transfers, and PayPal as well.
Therefore, it is of crucial importance to be completely aware and thoroughly informed about where the investment exactly goes, as withdrawal is nearly impossible. The withdrawal attempt is additionally drawn out by the experienced scammer.
That includes supposed additional taxes, unmet conditions, documents needed, and no time frame when it comes to dealing with the customer’s complaint.
How the Scam Is Implemented
Trading platforms and cryptocurrencies have fast-growing popularity. More customers, especially less informed ones, are interested in investing their capital into something that seems like easy profit.
Those clients are easy targets for a sophisticated scam broker, who will persistently try and eventually probably manage to convince an unsuspecting victim to invest. Upon investing once, they will be tricked into investing more and more.
In case of the scam victim files a complaint or makes an attempt to withdraw the funds, fraudulent brokers will just disappear with the capital, continuing their cyber fraud with the next victim.
Highly Suggested Forex Brokers
In order not to risk losing funds to different scam schemes, some initial research is much needed before deciding which broker to invest with.
Online trading platforms offer various types of tools and trading services, so for some users, it is useful to try trading with virtual funds first, before picking a certain broker.
Some looking-into and review-reading are also needed in order to gather as much information as possible to choose the right broker to please one’s trading requirements and investing capabilities.
Below is a list of some of the most recommended brokers with excellent platforms and initial conditions:
|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|
An unlicensed firm with no leverage is definitely not a place anyone should choose for their investment. Unfortunately, scams have happened and will happen in the future, so victims shouldn’t be ashamed or embarrassed of reporting one.
It is never pleasant losing hard-earned money to scam brokers, but what is important is speaking up, contacting authorities, and sharing information and experiences.
All potential investors should think twice and gather all relevant information before making any kind of transfer, all in order to lower the risk of being scammed.
Even if the scam happens, it is important to request a withdrawal as soon as possible. Depositing with Visa and MasterCard allows withdrawal within 540 days period time, so there can still be the hope of getting the investment back.
Another crucial fact is not trusting just any so-called recovery agent, as those are just another type of scammer in disguise.
FAQs About BidAskBit Broker
Are There Any Restrictions for Opening An Account?
The company doesn’t accept US residents and clients under the age of 18.
What Is The BidAskBit Minimum Deposit Amount?
The official BidAskBit website doesn’t provide any information regarding the minimum initial deposit.
How Much Time Does It Take to Process a Withdrawal?
The broker site declares that the time to process a withdrawal varies from 1 hour up to 48 hours.