BitXtrade

BitXtrade is clearly not your go to broker. In fact, users should go to any other broker except BitXtrade. Why? Read the review to find out.

The website claims that the company is registered in the UK, a country where the FCA is watchdog and every broker must pass through it in order to get legitimised. BitXtrade  is not one of these brokers, instead choosing to avoid the FCA's gaze, and in return providing illicit conditions for traders.

At another point in the website, is is stated that BitXtrade is a “legally operating company” within the United States, probably the most difficult environment for forex brokers to get in to. Without going into detail, we assure readers that BitXtrade  is definitely not licensed in the US.

In fact, BitXtrade  is NOT REGULATED anywhere, and is therefore a risk to all investors.

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).

Furthermore, the broker claims that it chooses its clientele on account, we assume, of their limited forex experience and large pocket.

We assume that BitXtrade initiates one of the most popular scammer schemes in the book for users that have provided actual contact details via phishing adds, or similar methods of retaining contact info. Should users provide a real phone number they will be, without a doubt, called by the broker’s representative whose one and only goal is to push you to make an initial deposit. In so doing, the first stage of the scam is complete- the pitchers have won themselves a hefty commission. After the pitchers are done with you, the retainers, or so called “personal account managers” will charm and manipulate you into funding your account with much larger sums of money ($10 000…), because, as they will claim, that is the only for you to profit in the tens of thousands. From there you money will be forever lost.

We were not able to open an account, probably due to the what we just mentioned above, i.e we were not handpicked.

Without an account, we cannot verify if there is a trading platform, or if the payment conditions are legitimate.

The only language made available here is English.

BITXTRADE LOGIN

Becasue we could not register, there is no way to access a dashboard with a trading platform. Furthermore, the broker does not say it provides access to a such a terminal. It only hints at bitcoin trading. This is all the info we got.

BITXTRADE DEPOSIT/WITHDRAWAL

Deposit and Withdrawal info is not available. Usually what we do is, we open the payment terminal from the user dashboard, and access any deposit/withdrawal info there. But here, the dashboard is not within reach. As for the website, the FAQ is the only place offering any info, which is completely unverifiable and thus uncertain.

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 software 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.

ACCOUNT VERIFICATION

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 defence 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

BitXtrade is a scam, and it even does not try and hide it. Whatever you do, do not deposit here!