Bit Trader Zone

We see Bit Trader Zone (bittraderzone.com) as it is: a brokerage firm that hands out a lot of promises but fails to deliver on them. Read on to find out more.

The alleged broker has no mention of a regulation anywhere on its website. The Contact Us page gives an address in the United States, yet we are 100% sure that this is false, for the US has the most demanding set of requirements towards forex brokers in the world, and to think that a sloppy broker, as is Bit Trader Zone, can be eligible for a US regulation is a laughable presumption. Furthermore, the short Terms and Conditions reveal that Bit Trader Zone is unavailable to the general public and can only be open to qualified members of Bit Trader Zone.

We are left with nothing but to conclude that Bit Trader Zone is UNREGULATED, and therefore a risk to all traders.

Investing in unregulated brokers is the digital equivalent of throwing your money away for the wind to disperse it. It’s obvious that no one would do such a thing. Go with brokers that are regulated by trustworthy organizations like the FCA or CySEC. These entities work closely with the law, enforce it when called for, and have strict requirement for those under their gaze. Not to mention that those under their jurisdiction are members of compensation funds that cover victimized clients’ losses of up to £85 000 (FCA) and €20 000 (CySEC).

We effortlessly opened a what seemed like a live account, and were given full access to a client are plus a trading platform. Yet, as we shall see in the login section, Bit Trader Zone doesn't have either a spread of any sorts, nor does it apply a leverage of any kind.

As for the assets, the name of the website suggests a crypto-only broker, but on the client are/trading terminal we got nothing but empty promises.

The website can be translated only into English.

BIT TRADER ZONE LOGIN

This broker follows in the muddy footsteps of those that came before it, namely other frauds like EastCaptalMarkets, 10CFDs, TaureneFX (and the list goes on); it gives away a platform that is in essence a third party supplied chart/widget projecting an asset’s price and other details. In Bit Trader Zone’s case, the projected price comes from the FXCM exchange.

What this means, is that Bit Trader Zone does not have a trading platform, rendering this broker a total fraud. Thus any spread and leverage values are out of question. Users can only deposit with Bit Trader Zone and hope for the best in complete vain.

BIT TRADER ZONE MINIMUM DEPOSIT

The minimum deposit is $300. Users can open other account types with a higher deposit requirement, but they will only be giving their money away for nothing, for as we have seen the broker offers no trading conditions.

Yet, if for some reason you wish to continue, clients can deposit via bitcoin, Skrill, MoneyGram, and Western Union,

All signs point to the obvious: that this broker is not to be trusted due to its lack of regulation. It’s only logical that we advise traders against it. Brokers with proper licenses from the FCA and CySEC (among others) operate in ways that put the trader’s security of funds and personal information as a pivotal priority. These agencies are the top non-US financial license issuers, which should give you an idea of the brokers working under their oversight.

DON’T PROVIDE YOUR CREDIT CARD CVV CODE

Furthermore, for safekeeping your money NEVER share your credit card number and CVV code with a salesperson. All online payments require this 3 digit number in order to complete purchases or transactions, and by giving yours away to some offshore broker may lead only to the complete drainage of funds from your credit card.

DON’T PROVIDE ACCESS TO YOUR COMPUTER AND BANK ACCOUNT VIA ANYDESK OR TEAMVIEWER

A novice mistake that has been numerously repeated and taken advantage of is providing access to your computer and bank account via AnyDesk or TeamViewer. These two softwares allow for others (in our case the people behind the shady brokerage) to log-in to your PC and flip through all files and browsers, essentially taking over your computer as another user and having access to your personal information like bank account passwords, credit card information etc. Thankfully, these platforms are completely legal and will need your own personal approval in order to be used.

BIT TRADER ZONE WITHDRAWAL TIME AND FEES

Unfortunately, Bit Trader Zone gives us literally nothing to work with here. Withdrawal information is nowhere to be found: the Terms and Conditions are laughably short, while the rest of the website offers absolutely nothing. The client portal is also painfully unhelpful, for we needed to deposit if we are to withdrawal. And depositing is the last thing we recommend.

ADDITIONAL FEES AND TAXES

However, the T/Cs do offer certain clauses worth a mention. The first one being the obvious one that absolves the broker from any guilt, aiming to keep the broker safe from any legal action a victimized user might tale against it.

The second clause, preoccupies itself with the reservation of the company’s right to change fees, commissions, and rules without notifying the user, meaning that they can force upon you unexpected charges.

Unlicensed brokers utilize smartly crafted tactics to keep you as invested as possible into their schemes of deception. And seeing that every day there are many who fall victim to their plans, one must realize that these people are smart and fully capable realizing their schemes, either by finding or creating loopholes in the T/C, by reassuring that the more you postpone your withdrawal the better the chance of quadrupling your initial investment, or just asking for more deposits.

ACCOUNT VERIFICATION

If a broker is unlicensed, never give you ID and personal details to it, because the broker will use these details against you once you file for a charge back. Furthermore, any allegation held against the brokerage will be easily refuted if they have in their possession a copy of your ID and proof of address.
The most important thing to note is that this broker will not return your deposit, nor will it pay your winnings. It never had this intention in the first place. The best advise is to walk away from it, and go straight for a regulated broker. The FCA and CySEC are the top non-US license issuers, and those under their gaze are bound by the law to put the security of users’ funds as pivotal priority.

HOW TO RECOVER

Don’t delay, and file for a charge back ASAP with your bank or credit card company, but also ask them what the situation with your current account is.

If you have given a CVV code to the broker, be sure to cancel your credit card as soon as possible, because the broker will not delay with draining every cent from it.

Also, beware of self proclaimed “recovery” agencies or agents. These cheeky scammers promise to fix your problem and restore the lost funds. They offer their services in exchange of a small sum from your end, after which you won’t ever hear from them again.

The last line of defense for these indecent folk is more like a desperate cry: often times they will comment on reviews and cite the whole ordeal as a conspiracy initiated by competitive brokers against them; at times even claiming that reviewers are anything but objective, and that no one writes good reviews. The absurdities are limitless!

BOTTOM LINE

Rest assured that Bit Trader Zone offers nothing good and profitable to traders. Clients will only lose their money if they invest here. Stay back!