Bitrifax

It feels like we have had our dealings with Bitrifax sometime in the past, but the more we reviewed the broker the closer we came to the realization that we are not at fault, but the broker is a collection of previous scammer elements. By “collection” we mean that Bitrifax is an exact copy of a couple of brokers that we have seen in the past, all unregulated of course.

The broker is allegedly registered in the UK, but this is a long shot. That is because the broker must be regulated by the FCA if it wants to be legally operational in the UK. And this one definitely isn't.

There are no terms and conditions, and the ones that we do have in terms of other legal docs are not really up to standard. Therefore the legal situation is even worse than we though; there is no client legal protection.

There are no further details to work with. This turned out to be one very simple and unregulated broker, and a risk to all.

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 requirements 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 were not allowed to open an account for obviously ridiculous reasons but we don't really find this to be an issue. All we have to say, is that we were no allowed because we allegedly had a registration in the past, which is not true.

And yet, we still had access to what seemed at first a trading platform, which soon turned out to be completely useless, as we shall discuss.

But the lack of a trading software means that there are no applicable trading conditions.

BITRIFAX LOGIN

This collection of separate elements and charts is what has been presented as a software, whereas in reality these are completely useless.

In reality these serve no functional purpose, only a visual one. To elaborate: novice investors will think this is a trading software, and in their naivete will invest.

There is no software here. The firm cannot be defined as a broker at all!

BITRIFAX MINIMUM DEPOSIT

The website reveals that all deposits are made via a crypto wallet. Let us remind you that all crypto payments are untraceable, when talking about unlicensed brokers, and are non-refundable in 99 percent of the times. So be aware of shady brokers and their untraceable crypto wallets; it's the easiest way to steal money.

The minimum deposit is around $500, a common offshore value and twice the industry standard.

We also came across a depositing fee of 1% applied to each investment. It's not a lot, but still investing would be a risk.

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

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, oftentimes 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.

BITRIFAX WITHDRAW TIME AND FEES

The only thing that is revealed on withdrawals is the fees attached to them. These are as follows: 0.000086 BTC, 0.00150068 ETH, 0.00004 LTC.

These are all that we have. Nothing else is revealed on withdrawals. And not only that, but there is no guarantee that the user will ever be getting his or her money back. Remember that Bitrifax is not licensed and therefore all invested funds will be lost.

Furthermore, we found a couple of very confusing commissions or fees, that we will leave no comment about because, honestly, we have no clue what they amount to:

If we are to suppose, the trading commissions apply to trading but since there is no software we don't know how these figure into the whole thing. And then there are the cashback fees, which are self explanatory, yet we don't know how a third party cashback can be charged by a scammer broker.

ACCOUNT VERIFICATION

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!

BOTTOM LINE

Bitrifax is a scam and nothing else. It's a risk to all investments, and also to all personal details. Don't waste your time here.