Warning! Bithandel is an offshore company! Your deposit may be at risk.
RECOMMENDED FOREX BROKERS
Aside from having one of the oddest names for a broker, Bithandel is also a tricky broker to pin down, especially for newer traders. That is what we are here for! Read the review to see if you should invest your money and time in Bithandel.
CHP Holdings Ltd, the broker’s holding company, is incorporated in St. Vincent and the Grenadines. Readers should be aware that SVG does not regulate the forex market. The company may be registered there but that is of little interest to us, since a broker with a registration but without a regulation is considered a risk for all those who invest in it. Furtherermore, there is no mention that the broker holds a license from any financial watchdog, which leads us to conclude that Bithandel is in fact UNLICENSED and therefore a risk to all that invest in it.
Always check for a proper broker license within the domains of the regulatory agencies. All of them have access to either an online database of regulated financial services providers, or separate lists of authorized companies. We advise traders to go with FCA/CySEC regulated brokerage firms, since these two agencies are some of the best for the job.
We were unable to register; once we wrote our credentials and clicked on the relevant button, the broker did nothing to confirm our registration. Our email was empty of any confirmation mail. For these reasons, any further info concerning the broker will be taken from the website of the company. However, the broker offers a trading platforms even if one has not registered, which is a suspicious sign. Nevertheless, this terminal gave us a EUR/USD cost of trade of 1 pip. The leverage value has not been revealed.
Users can trade with Forex Pairs, Indices, Stocks, and Commodites.
The available languages are English and German.
As we mentioned, users do not have to sign up nor log in to access the trading platform, which is a web-based terminal that is very insufficient in options, making it extremely passable. We cannot recommend this one at all; stick to the MT4.
Interestingly enough, there are no commissions mentioned anywhere, meaning that the EUR/USD spread is in fact 1 pip. Yet, seeing as we accessed the platform without a registration, we can only assume that the spread values are based on the VIP account type (or similar). This is a smart way to trick traders into registering (if you can that is) and depositing.
BITHANDEL MINIMUM DEPOSIT
According to the Account Page the minimum deposit is $250, the average minimum requirement. The website claims that deposits can be made via Wire Transfer, Credit Cards, and Bitcoin/Ethereum.
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
Bithandel offers clients help by providing both TeamViewer and AnyDesk, as seen on the bottom of pages throughout the website. 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.
BITHANDEL TIME AND FEES
If we are to trust the legal documents, then withdrawals are processed within 24 hours. Users should be aware that if they choose to apply a bonus of up to 25%, they will not be able to withdraw within the following 3 months of the bonus acceptance. If clients choose to apply a bonus of up to 50%, they will not be able to withdraw within the following 6 months of the bonus acceptance. Should the trader choose to apply a bonus of up to 100% then they willhave to wait 12 months before withdrawing. These conditions are Bithandel’s alterantive to trading volume requirements that many illicit broker impose.
As for fees, interstingly enough, Bithandel has not included any. But do not be fooled. Unregulated brokers have the capacity to launch incoming fees without warning, for there is no one to stop them from doing so.
DON’T PROVIDE YOUR CREDIT CARD CVV CODE
The indemnity clause is a classic addition to any scammer broker, as they simply absolve themselves of any financial damages, or otherwise, they might (and probably will) cause to investors:
This clause is enough to turn your attention to legitimate brokers.
Unregulated brokers tend to deny any withdrawal request. 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.
We strictly advise against giving away an ID and proof address to unregulated brokers: they can be literally anyone with enough time and skill to mask themselves as a broker. Usually, these individuals use the anti-money laundering legislation as front for when traders start to get suspicious. Once this suspicion is confirmed and you file for a charge back, they will use your details against you case.
We are positive that this so called broker will not return your funds; the evidence we have laid out before you work in sync against it. The sound thing to do is to direct your attention and investment to an FCA or CySEC licensed broker where the law is integrated in every aspect of their operations.
HOW TO RECOVER
Filing for a charge back is the best advice we could give you. Immediately contact your bank or credit card company and lay out the circumstances.
Cancel your credit card if you have shared any notable details with the fraudulent broker, especially if you have provided them with the card’s CVV code. If such is the case, annul your credit card ASAP.
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!
Get you forex experience from somewhere else! Bithandel will cause you only financial instability and anxiety. Do not invest here!