If you are looking for a place to make some additional income then the financial market is the perfect place for you! But you must be very careful, always look for a legit company and if you’ve stumbled upon Bitonext broker, please skip it, otherwise you will end up as a scam victim. In this Bitonext review article we are exposing a fraudulent company, make sure to read everything carefully, and if you already were scammed by this broker, or any other, and you are looking for a way to restore your funds, let us know. We might just know a way!
|Broker status:||Offshore Broker|
|Regulated by:||Unlicensed Scam Brokerage|
|Blacklisted as a Scam by:||CONSOB|
|Types of Assets:||Forex, crypto, indices, shares and commodities|
|Free Demo Account:||No|
|Accepts US clients:||N/A|
Is Bitonext a Licensed Broker?
The website lacks a lot of corporate information, there is no name of the owner, year of foundation and company’s registration number. The broker claims to be based in London, but that is far from the truth, the FCA has no record of the Bitonext company, meaning that the firm is not registered under the main regulatory body for the UK companies. Besides, this broker is not licensed under any other body of authority such as ASIC, IIROC, CySEC or any other. This is raising some serious red flags.
How Unsafe Is An Unlicensed Broker?
It’s not, scam brokers are not licensed for a reason. Regulated companies must meet certain criteria and they are obligated to follow strict rules. Firms that are regulated by the supervisory authorities of the UK (FCA) must keep their funds segregated from their client’s funds, they also must respect the Negative Balance Protection Policy, no bonus structure, leverage limitations and many more. Do not trust an offshore broker, they will only go for your money and when they achieve that goal, they will simply vanish.
Also, beware of the Axis Capital Group scam and other brokers such asFirmon,TedexandFastEarnings247.
Is Bitonext a Legitimate Broker Or A Fraud?
Bitonext is an offshore broker that is unlicensed. The company offers a web based trading software that is not very trustworthy. There is a public warning against this broker issued by CONSOB. There is no clear information on leverage and the minimum amount for the deposit is confusing.
Bitonext Warning From the Italian Regulator Consob
On top of everything being said, the Italian regulator CONSOB issued a public warning against this broker. CONSOB reports that Bitonext is offering investment, financial and insurance services without the required authorisations. Meaning that your funds are at direct risk, because there is no one who can overlook the transactions within the company. This is very dangerous and eye opening.
Traders’ Experiences With Bitonext
We’ve also checked comments about this broker on Trustpilot and here is just one example of what you can find when you enter Bitonext in the search bar.
They completely ignored my request to close the account, transfer my money back to my account, however, they continued to call me to invest more money in the scam.
PLEASE DON’T BE FOOLED, IT IS ALL A SCAM.”
– Trustpilot Customer
What Platforms Does Bitonext Offer? – Available Trade Software
The company is offering a Web-based trading platform, this software is very limited although it has the ability to execute pending orders and to make use of some simple TA. Besides that there is nothing more to say. This kind of program cannot be compared to the industry’s standard and that is the MetaTrader5. MT5 was released in 2010 and it is the most advanced trading platform nowadays, the software is developed by MetaQuotes who wanted to replace the MT4.
All About Bitonext Accounts
There are four account types that Bitonext broker is offering:
There is slight confusion on the minimum required amount for the deposit. In one subsection of the website it is stated that the minimum amount for investing is $250, yet on another subsection you will find different information – that the amount is 10x higher than that and that it is actually $2500. This is not only the case with the Micro account, all four of them have misleading information.
On one page you will find that the Standard account is $500, Micro account is $1000 and Pro account is $2000, but on the other section you will find that the bare minimum for the Standard account is $10,000, Micro account is $50,000 and Pro account is $150,000.
Besides, remember the names of theMarketsOcta,METAfmi, andIstradeand stay away from them! Before investing, always check the history of online trading organizations!
Some of you don’t know what leverage is so we will explain; leverage in Forex is like a “loan” that the broker gives to the trader, all in order for the trader to have more capital to trade with. In the account section of Bitonext website, we didn’t find the information on leverage ratio for different accounts types. However, keep in mind that every licensed company has a limit on leverage ratio no higher than 1:30. Everything above that is putting your funds at direct risk!
Bitonext Deposit, Withdrawal Methods And Fees
According to the Bitonext website there are no fees issued by the broker but on the other hand the deposit and withdrawal policy states different things and this is not trustworthy. The broker accepts a range of deposit methods; credit cards, wire transfers and crypto assets. But please beware of bitcoin transactions because those are very hard to trace. Above that they are nonrefundable and if the broker insists on this payment method only, say goodbye to that broker because it is a scam!
Scammed by Bitonext Broker? – Let Us Hear Your Story
If you were scammed by Bitonext please let us know, we might just have the solution to help you restore your funds! Don’t be ashamed because these things are happening far too often. Scammers can not go free! Click on the button below and contact us immediately, book your free consultation today!