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BitsMax is a futuristic looking broker, that promises fair trading ground. Many a trader might fall for these claims; that is why we are here- to reveal that this brokerage firm is up to no good. Read on to find out all about it.
There is zero mention of any regulation, or a location of their base of operation. The only mention of any type of tie to any government is an incorporation in the Companies House in the UK. As we know, this does little to the broker’s advantage. A broker must be regulated by a stable agency in order to be considered worthy of any type of investment. Thus the broker is UNLICENSED, making it a risk to all invested funds!
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).
BitsMax is claimed to be a crypto trading company, meaning that the sole assets used for trading are digital coins. As we shall soon see, there are no trading terms to speak of; no leverage, and no spreads, to be exact.
BitsMax is your classic invest-gain interest type scheme that does not involve any sort of trading platform. Because of this we can even rule out that BitsMax is a broker.
Users are expected to deposit a certain ammount that depends on the account type they have chosen. What follows is the wait, which according to the broker will produce certain profits. What's even more laughable is the fact that users are expected to gain very low interests for the Standard account, up to $4 daily. Of course, the VIP package promises profits up to $750k per month which is impossible. Overall a pure scammer scheme.
BITSMAX MINIMUM DEPOSIT
Once more: this company is clearly unregulated, and if you choose fund an account with it, it will put you directly at risk of loosing all funds. For safekeeping your money, we strongly advise to avoid all brokers who do not have a proper license from renowned regulatory bodies. Agencies like the FCA and CySEC stand out as some of the top license issuers in the world, notorious for their severe requirements and close relationships with the law.
DON’T PROVIDE YOUR CREDIT CARD CVV CODE
The three digit CVV code is essential to making purchases or completing transactions online. By handing this info to someone claiming to be a broker, your are exposing your savings to the biggest risk of all!
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.
BITSMAX WITHDRAWAL TIME AND FEES
There is no inforamtion on withdrawal time and fees. The website stays away from such details, while the legal documents are in fact clustered into one brief and very useless text, providing zero info on withdrawals.
The only info we have for withdrawals is taken directly from the Withdrawal section of the personal dashboard. There the withdrawal terms are exaclty the same as the depositing ones- $10 minimum withdrawal and the same payment methods.
ADDITIONAL FEES AND TAXES
Due to the poor quality of the legal documents, we cannot fill this section with shady clauses. Nevertheless, 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 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.
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.
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
Filing for a charge back is the best advise we could give you. Immediately contact your bank or credit card company and lay out the circumstances.
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.
Victimized traders will have their guards down looking for every opportunity to get their money back. This is where the fake recovery agents come in, seeing an opportunity in your desperateness. First of all, they will promise to recover all your money, but they will ask a fee to cover their services. Once this fee is paid rest assured that you will never again hear from them.
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!
BitsMax is a very pure scam. Users are expected to throw away their money. The promises here will never come to fruition. Stay away from this one!
BitsMax compared to other brands
United Kingdom, Cyprus, South Africa, Mauritius
Cyprus, Saint Vincent and the Grenadines