Warning! BitcoinTrades24 is an offshore company! Your deposit may be at risk.
RECOMMENDED FOREX BROKERS
Should BitcoinTrades24 be your next go to broker, or is this one as illegitimate as we fear? Read on to find out more.
There is no clear indication that the broker is regulated. There are signs here and there that seem to have been included to fill the blank. One such claim allegedly puts BitcoinTrades24 in the Virgin Islands. There the British Virgin Islands Financial Services Commission regulates the forex market. We looked into the regulator to find the name of the broker and found zero result. Thus BitcoinTrades24 is not regulated in the small island nation.
Next, the contact us page, and other sub pages, locate the broker in the UK where it should be regulated by the FCA. Needless to say BitcoinTrades24 is not regulated by the FCA.
Furthermore, the website is sloppy at times, the registration process is barely functions, and there are no terms and conditions. Therefore we can easily say that BitcoinTrades24 is UNLICENSED, making it a risk to all investors.
We urge traders to trade with regulated brokers under the gaze of such agencies as the FCA which not only enforces a strict set of rules and demands detailed reports on company activities, but also includes a compensation fund of up to £85 000 for victimized traders resulting from insolvent brokers.
Once an account was opened, we accessed the dashboard which revealed to us that there is no real trading platform, meaning that there are no applicable trading conditions.
Instead of having one decent trading software, the broker has included three buggy charts that have been copy-pasted from a third party provider; a common practice among illicit brokers. On the snip below we have included only two of three:
With no trading platform where does that leave BitcoinTrades24? Certainly not int the category of a brokerage firm.
BITCOINTRADES24 MINIMUM DEPOSIT
BitcoinTrades24 has one of the worst looking payment terminal ever. There it turns out that users can deposit only via bitcoin and ethereum, both methods being untraceable. We don’t know what the minimum deposit is. Users are told to send an amount to a blockchain wallet address.
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
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
Be sure to never give AnyDesk or TeamViewer access to your PC to unverified agents. These 2 platforms allow for your PC to be taken over by a second party, often times for help or guidance, but in the case of these brokers for the sole purpose of looting your bank account(s) and personal information. However, in order to do so your consent is needed, and this is the only thing standing in the scammers’ way.
BITCOINTRADES24 WITHDRAWAL TIME AND FEES
The withdrawal terminal consists of a suspicious withdrawal request form, the completion of which leads to a thank you note. After that there in no further development. There is no further info on withdrawal.
ADDITIONAL FEES AND TAXES
Seeing as there are no legal documents, we cannot add anything to this section.
Unregulated brokers do not care who you are and what your situation is; all they see is money, and they will trick you into giving it to them every chance they get. It is only logical then, that any attempt at withdrawing will be unsuccessful. The most popular excuses for denying your withdraw requests are usually smart and for the most part scripted. These include but are not limited to loopholes in the T/C, asking for more deposits in order to withdraw, or just prolonging your pending withdrawal by claiming that the market will suddenly propel, multiplying your winnings by unrealistic proportions.
Beware, once more, when giving away an ID and a proof of address. Trustworthy brokers ask for these before traders can deposit to make a check up. Deceitful ones will ask for these details, using the anti-money laundering legislation as pretext, once you start asking too many questions and are getting suspicious of their activities. Understand that they will use these to build a stronger case against you in the event that you request a chargeback.
Yet again we urge readers to stay away from this broker as it will, without a doubt, never return your funds and profits. If you wish to to get smooth and efficient transactions, please visit a FCA/CySEC regulated broker, where all withdrawals are handled with care and respect.
HOW TO RECOVER
The most sound advice we could give you is to immediately file for a chargeback with you credit card company.
If you have given away your credit card details including the CVV code to the “broker” you should cancel it ASAP and check with your bank to see the damage inflicted.
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!
BitcoinTrades24 is a pure scam that will lead to you losing money. Do not deposit here!