Bitkort Review – Is it the Right Broker for You?

Bitkort Review

When people make up their mind to start trading online, they know that they have to open an account with a broker first. The number of brokerages that are providing trading services has increased tenfold in the last few years, primarily because the popularity of online trading has surged. A greater number of people are interested in exploring the opportunities available here and this has pushed up the demand for brokerages. Regardless, you have to bear in mind that not every company will be right for you. The requirements, expectations and needs of one trader can be different from others, so they have to be taken into account. But, where does this Bitkort review come in?

You will quickly learn that almost every brokerage in the market will make some promises of fulfilling your needs and providing you everything necessary for a smooth and seamless trading experience. While some of the companies are undoubtedly genuine, there are also plenty of shady ones as well as complete frauds. It is these that you have to be careful about and this means you need to make greater effort to find the right broker. Many people have suffered at the hands of such fake companies and you don’t want to be another victim.

The good news is that it does not require you to have any kind of expertise; the only thing you have to do is look at a broker’s offerings carefully and ensure they are not leading you on. If you dig in a little bit, you will have no trouble in finding out the truth about any company and this is true for Bitkort as well. Advertised as the most secure and comprehensive trading platform in the world, it is a given that Bitkort will catch your eye because it offers deep liquidity, generous leverage and zero trading fees.

It also claims to be a rapidly expanding crypto exchange that charges the lowest fees and a trusted European broker. This makes Bitkort an irresistible package for anyone and you would want to choose it immediately. But, the important thing to know is whether it is the right broker for you or not. When you dig deeper, you will learn exactly why it is not. Let’s start:

No license

The first aspect of a broker that demands attention is their license and regulatory status. A licensed and regulated brokerage is a great deal more reliable and trustworthy than one without it. When you go through Bitkort’s website, you will find that the brokerage claims to have its headquarters in London, United Kingdom. In order to operate from this region, it would have to have a license from the Financial Conduct Authority (FCA).

This is the regulatory body of the UK and no brokerage can operate without their license. Unfortunately, when you check the FCA’s online register, you will not find Bitkort listed at all. Moreover, you can also check it with the name of CRYPTO FINANCE SOLUTIONS LTD, which owns and operates Bitkort, but it is also not listed. This means that either the broker is lying about its location, or is operating illegally from the UK, both of which show that it is up to no good.

Virtually anonymous

Once you have established that a broker is unregulated and unlicensed, it means that you cannot trust anything it says. It is true that Bitkort offers a company name and an address in the UK, but there is no way to verify that it really does exist, which makes its website virtually anonymous.

Conflicting information

Another major problem that you will discover about Bitkort is regarding what it claims to be. On one hand, it portrays itself as a forex and CFD (Contract for Difference) broker. On the other hand, it also advertises itself as a crypto exchange. It is not possible for one platform to be both because the former offer crypto CFDs i.e. contracts for crypto, while the latter actually allows you to physically buy and sell coins.

Unrealistic and guaranteed returns

Things get worse with Bitkort when you continue to dig into its offerings. Scouring through its website reveals that the brokerage is offering its clients daily returns that range between 1.3% and 2.6%, along with bonuses. Moreover, they also claim to offer you an investment calculator that can help you visualize your profits.

If you make use of it, you will find that Bitkort is offering you returns of about 250%, which can sound very attractive for anyone. However, you have to bear in mind that the financial markets are extremely risky and no one can give you any guarantees. Even the most expert and professional people will not be able to give any guarantees, particularly where leveraged instruments like CFDs are involved. The fact that Bitkort is doing so is a major warning sign that it is not an authentic brokerage.

Malicious withdrawal policy

Checking the policies of a brokerage is a must before you sign up with them and you should do the same with Bitkort to ensure you know what to expect. It is good that you do because you will discover their rather malicious withdrawal policy. According to it, the brokerage has the right to freeze your account if it deems your activities or the funds deposited as illegal. This means they could come up with virtually any excuse to freeze your account and keep your funds. No genuine brokerage would ever prevent you from withdrawing your funds.

Lack of trading platform

As per the claims on the Bitkort website, the broker offers an elegant, simple and secure platform for trading, but the truth is that they do not appear to have a functional platform at all. When you complete your registration with a brokerage, you will come up with a funny looking dashboard that is apparently supposed to be a trading platform. Yet, it has no option of trading and is just an illusion and nothing more.

Closing Thoughts

With the various problems that you can identify in Bitkort’s offerings, it is quite evident that it is not the right brokerage for anyone at all.