With the global coronavirus pandemic resulting in worldwide lockdowns, the global economy suffered. People lost their jobs, had their salaries reduced, or the returns on their investment fell. Therefore, it is no wonder that the financial markets saw an influx of people. Thanks to online trading, they could easily access the financial markets from the comfort of their home. All they had to do was find a suitable broker and get started. This sounds simple enough, but it was and is a big challenge. Why? Simply because not all brokers are genuine. Fraudulent and scam brokers have infiltrated the financial markets and are convincing enough to have victimized a lot of people.
Of course, no one wants to lose their money, or have their personal data compromised by these cybercriminals. The key to avoiding it is to do your due diligence when you are looking at the brokers offering their services. This means going through Bitxtream review and that of others and not just dive headfirst without knowing what you are getting into. You shouldn’t just take things at their face value because the truth can be quite different. You don’t want to have learn it the hard way, as many have done before.
This is one thing that will become apparent when you check out Bitxtream. It is an offshore brokerage, one in a very long line, which appear to be quite worthwhile at first glance. But, you learn eventually that this is all for show and they are actually worth nothing. It is better to learn this before you invest any money with them and not suffer from any monetary losses. What makes you consider Bitxtream? There are certain features and offerings they have added, which can make you contemplate them as your brokerage. What are they? Let’s find out:
The MT5 Platform
You connect with the financial markets through the trading platform that’s provided to you by a broker. Of course, everyone wants to have the best trading platform because it affects your trading performance. This is none other than the MetaTrader5 trading platform, developed by MetaQuotes, which has become the top choice of every professional trader. It is a powerful trading solution that provides all the features and tools needed for a profitable trading experience. Hence, traders prioritize brokers that offer this platform and that’s exactly what you will find at Bitxtream.
They have added the MT5 platform to their offerings and advertise its powerful features, along with automated trading capabilities. Sure, this platform is excellent, but this doesn’t mean that it can overcome all the other problems with Bitxtream.
The Minimum Deposit
Another offering by Bitxtream that has been designed to attract more people to its platform is the lack of a minimum deposit requirement. Having to comply with such requirements can often be frustrating for traders because they want to be able to decide how much money they are willing to risk in the first go. Moreover, most people have the expectation that a scam platform will demand a high deposit right away and if it doesn’t, it means it is legitimate. But, this is just a way to lull people into a false sense of security.
You will come to realize this when you dig into Bitxtream’s other aspects and features and uncover the reality. What is that? Continue reading:
Lack of Regulation
According to Bitxtream, it is a regulated platform and it has obtained this from the authorities of St. Vincent and the Grenadines. If you go through their website, they would have you believe that the Financial Services Authority (FSA), which is the authority in St. Vincent and the Grenadines, take a very strict approach to regulation. Bitxtream claims that the authority requires them to maintain segregated customer accounts and also participate in compensation funds for helping their clients in case the company goes bankrupt.
However, this is all just a lie because according to the FSA itself, it does not regulate the forex market at all. It has clearly said that it doesn’t oversee the forex market, or the operations of international companies and businesses. This is one of the reasons that St. Vincent and the Grenadines has become a favorite of offshore and scam brokers. This shows that Bitxtream is lying about their regulatory status and is a mark against them.
The problem doesn’t end here, though. Another claim that Bitxtream has made is about its offices. As per the broker’s website, they have an office in London from where they offer their trading services. To be able to do so, they would have to be licensed by the Financial Conduct Authority (FCA) in the United Kingdom. This regulatory body is one of the strictest regulators out there and they have an online register where you can check the list of regulated brokers. As expected, Bitxtream is not mentioned there at all.
This means that if Bitxtream does have its offices in London, it is operating there illegally because it does not have the authorization to operate there.
No Terms & Conditions
The warning signs don’t end up with regulation of Bitxtream, as there is another one. You will not find any Terms & Conditions on their website, which means you will have no idea how much you will be charged in the form of fees, spreads and commission. Such lack of transparency can never be seen in a legitimate broker, which shows that this one is not to be trusted.
Limited Payment Methods
The deposit methods that you will find available at Bitxtream include Bitcoin and wire transfers. The problem with both of these methods is that they don’t give you the option of chargeback, as in the case of credit cards. This means that if there is a problem, you cannot get your funds back. In the case of Bitcoin, it is even worse because crypto payments are irreversible and anonymous as well.
There are plenty of reasons why you should avoid Bitxtream and not fall for its offerings and you should keep them in mind.