Bitmine Review – Top Reasons to Avoid the Broker

Bitmine Review

The opportunities in the financial markets are plenty and you need the services of an online broker to tap into them. This sounds simple enough, as long as you are able to find a good and dependable platform to fulfill your needs.

However, this can be a bit of a challenge because the market is quite rife with scammers who are preying on those who might make the wrong decision when signing up with a brokerage. Lots of these companies are not legitimate, even though they present themselves as such, and this Bitmine review is one such example.

Appearances can be deceiving and this is very much true in the case of the internet, where scams and frauds are quite widespread. You cannot take anything for granted and this is applicable to an online broker as well because you will depend on them to handle your funds and your personal information.

You cannot just entrust anyone with this responsibility because they can misuse it and leave you to suffer from the consequences. There are endless stories of people losing their funds in this manner and you do not want to be one of them.

Therefore, when you have to open an account with a broker online, it is best to be thorough in your research to ensure that the company you select has the right features and is also genuine and professional. How can you do that?

The simplest way is to not take anything they say for granted and always verify their claims, so you are not blinded by them. The same approach should be taken with Bitmine that is presented to you as the industry’s best MT4 brokerage.

One of the biggest draws of Bitmine is the access to forex pairs, shares, indices and crypto coins that it is offering with trading conditions that are seemingly attractive.

This makes it quite the combination that people may find hard to resist, but once you research the company, you will find that there are plenty of reasons to avoid this brokerage. Highlighted here are some of the major ones:

False licensing claims

What is the safest route to take when you want to choose a dependable and authentic online broker? You should sign up with one that has a license to provide their services.

It is a guarantee that the company you are dealing with complies with set standards and guidelines, is fair and transparent and can offer you safety and top-notch services.

However, you should bear in mind that the regulatory authority that has issued the license is also important to note because not all of them may be stringent or reliable.

The same applies in the case of Bitmine that claims to have a license for offering its services. As mentioned before, nothing should be taken for granted and you need to do the same with this broker to ensure you can trust it for its services.

This is when you will discover that the license that Bitmine presents on its website has been issued by the authorities in Marshall Islands. But, it does not help with the case of Bitmine at all. Why?

It is because the Marshall Islands are recognized as an offshore jurisdiction and the authorities there do not oversee the forex industry.

This means that anyone can set up a company without worrying about any oversight, which has made it a hotspot for scammers. It essentially proves that Bitmine is not a licensed and regulated brokerage because the license it does provide carries no value.

Lack of trading platform

A feature that is a vital ingredient of every online broker is the trading platform they offer because you use this software for executing your trades. In addition, it also boasts trading tools and functionalities that are very useful during the trading process and can help you in making timely and smart decisions.

Hence, it is a given that a trader would want a sophisticated and innovative trading platform that can help them make the most of their experience.

One of the biggest draws of Bitmine is that it is offering its clients access to the MetaTrader4 (MT4) trading platform, which is recognized as one of the top ones in the market. It is considered an industry-leading software that boasts cutting-edge tools and advanced functionality that can be extremely useful.

But, this is nothing more than a lie on Bitmine’s part because when you try to access its trading platform, you will not find a functional one available.

Instead, it appears that there is a funny looking dashboard on the Bitmine website that does not give you the option to trade at all. It only lets you make a deposit, which shows that it is just after your money.

High leverage

The leverage ratios are important because they impact your flexibility in the trading process and Bitmine has advertised levels as high as 1:400 and even 1:1000 in some sections of its website. This might seem extremely attractive, but you should note that leverage is a double-edged sword that can be quite dangerous.

While you can double your profits, your losses can also multiply. Many regulatory bodies have also imposed a limit on the amount of leverage that can be offered, which is significantly less than this amount.

Lies about payment methods

Another impressive feature offered by Bitmine that can catch your eye is the wide array of payment methods advertised by the broker. According to its website, you can make your deposits and withdrawals via Neteller, VISA, MasterCard, QIWI Wallet, Skrill, bank wire transfers, WebMoney and bitcoins.

The problem is that when you do want to make a deposit, you will find that Bitmine only supports cryptocurrencies like Bitcoin, Cardano, Ripple, Stellar and Ethereum.

This is quite common amongst shady and scam websites because crypto payments are final and there can be no chargebacks. Plus, they are also anonymous and this also benefits them.

Wrapping Up

These are some solid reasons for you to see that Bitmine is not a broker you should even consider for your trading needs.