Warning! BitFX Markets is an offshore company! Your deposit may be at risk.
RECOMMENDED FOREX BROKERS
BitFX Markets is yet another disappointment that claims to be legitimate but in reality is everything but. Read on to find out.
The one thing to note here is that BitFX Markets is not a regulated broker proven by one short but revealing sentence found in the footer.
Not been directed at any jurisdiction is the equivalent of saying that the website is not available in any country that prohibits its operations. Furthermore, BitFX Markets has not given any regulatory information anywhere. Thus BitFX Markets is UNLICENSED, making it a risk to all those that open an account and invest in it.
We strongly advise traders to trade only with regulated brokers that hold a license from renowned and severe institutions such as the FCA or CySEC. Not only do these agencies oversee operations and require regular reports from brokers registered with them, but those under their jurisdiction are members of compensation funds that cover victimized clients’ losses of up to £85 000 (FCA) and €20 000 (CySEC)
The account registration was a disaster. First of all, we seemingly registered, but then our credential did not work on the log in page, and our emails had not received any confirmation mails. Second, the demo account registration process was broken, leaving us with an error page. Thus we could not open an account, which means that all trading information will be taken from the website. As you might have guessed, taking information from an illicit broker’s website is a gamble at best.
Nevertheless, even with a website stuffed to the brim with text, there is not EUR/USD spread, nor any other spread. The leverage however, has been said to be 1:400. While the trading assets are, allegedly, Forex Pairs, Shares, Commodities, and Indices.
Languages that the broker has offered its services in are English, Arabic, Russian, Italian, and German.
BITFX MARKETS LOGIN
The Sirix Trader is available to registered users, a privilege that was not granted to us. Although we could not access the trader, it still seems to be available to logged clients.
The Sirix Trader is a decent platform, one directed towards more novice users, meaning it’s no MT4 for sure. However, it does have some important features like pending orders, one point clicking, some room for customization, and there’s even copy trading.
BITFX MARKETS MINIMUM DEPOSIT
One can never trust a broker with payment information; the only real way to get a hold of depositing info is trough the payment terminal, which was not made available to us.
Nevertheless, the website claims the minimum deposit to be $1000, which is an offshore brokerage firm value. Furthermore, users can deposit via Credit card and Bank Transfer.
Due to he broker’s lack of any regulation, we advise against depositing any amount whatsoever. If traders wish to invest in online forex, they will find that any FCA/CySEC regulated broker will surely do. These agencies are at the top of their game, demanding a strict conduct from brokers, and requiring regular reports on their activities.
DON’T PROVIDE YOUR CREDIT CARD CVV CODE
The CVV code is the one thing that separates a buyer from a product. Without it, one cannot complete a purchase, even if him/her has given all other necessary information. By giving this detail to someone else, you are essentially inviting them to use your funds for their own means. And be warned that unregulated brokers most certainly plan to do so.
DON’T PROVIDE ACCESS TO YOUR COMPUTER AND BANK ACCOUNT VIA ANYDESK OR TEAMVIEWER
It may or may not happen, but if an unregulated broker asks you to install AnyDesk or TeamViewer and give them log in details, consider yourself very open to a complete drainage of your funds from all your online accounts. These softwares allow for anyone to access your PC from another station and go through all your files and vital information, including credit card, bank and alternative payment method details. Thankfully, these platforms are completely legal and will need your own personal approval in order to be used.
BITFX MARKETS WITHDRAWAL TIME AND FEES
Withdrawals are processed within 5 days of the issuing of the request.
The website and the legal documents do not mention any withdrawal fees.
ADDITIONAL FEES AND TAXES
The Terms and Conditions have included a clause mentioning that the user will report his or her activities to tax collectors, and pay any such charges, including fees associated with the account (what ever they are). This clause is confusing and potentially dangerous.
Before withdrawing bonuses or any profit made with their help, a user must trade the bonus amount at leas 40 times.
We believe that any effort to withdrawal your money will be unsuccessful. Either the broker will find a loophole in the terms and conditions that is completely made up, will firmly advise you against withdrawing, or they will ask more deposits needed if one wished to withdrawal. Scammers come up with additional fees and taxes for the sole purpose of keeping you on stand-by, and to deplete as much money from you as is possible.
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!
BitFX Markets is as illegitimate as a broker might get. Deposits will be lost, withdrawals will be cancelled. Stay away!