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BitFXmarkets Review: Bitfxmarkets.com Excluded Broker

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BitFXmarkets Review: Bitfxmarkets.com Excluded Broker

BitFXmarkets (Bitfxmarkets.com) is already barred thanks to a warning from the Italian Financial Watchdog CONSOB. Bit FX Markets is claiming to be an honest and reliable broker which is far from the truth. BitFX Markets is anything but reliable as more and more victims come out with withdrawal complaints. A broker with a high minimum depository amount and with no withdrawal should be exposed. And we have all the proof needed. Read this genuine BITFXMARKETS Review and find out everything.

BitFXmarkets Review

About BitFXmarkets

The broker claims BitFXmarkets is a DMA providing 65 currency pairs and 33 CFD products. They also claim to have the most competitive spreads on the market with interactive chat apps available. Scam brokers will do or say anything to try and make unsuspecting investors sign up. Thanks to our years of investing and trading, we do know how to spot a scam from a mile away. When dealing with online trading, the safest way is to get a genuine broker with worthy experience.

BitFXmarkets is claiming to be based in Estonia and they have a UK phone number. These are the small inconsistencies which make us doubt the platform. Such acts are seen from scam brokers who want to remain anonymous. Not much has been said in regards to their trading history which leaves a lot to be desired. The broker is without a doubt a scammer with no intention of offering legit services. And this is why they even fail to have a valid operating license.

Assets Offered by BitFXmarkets

There are a number of markets available for trading with the broker, according to their markets’ page. They include CFDs, Commodities, Forex, Indices, Oil, Precious metals, and Stocks. According to their CFDs page, they offer small contract sizes with no restrictions or minimum stop loss. Forex trading products come with low liquidity and top profit potential. The information listed on their Forex page will drive most unsuspecting investors to sign up immediately.

The indices listed include DAX, FTSE 100, NASDAQ, among others. A selection of 33 stock index CFDs is available for picking on the trading platform. Investors can also trade metals with Gold and Silver being the main assets. Brent and Crude oil is among the favorable trading assets according to the broker. There are a number of stock options ranging from Dow Jones 30 to S&P 500. Investors can also trade agricultural commodities such as coffee, corn, and wheat with the platform.

Business Affiliate Program

Business Affiliate programs work well with established and reputable brokers. These scam brokers want to take advantage of it by promising members a hefty payment. Members are promised a reward for each trader they sign up. Remember this is a scam broker and will shut down shop as fast as they opened. Affiliate members will be on the receiving end after the platform shuts down. It is best to stay away from their affiliate programs as the rewards is not forthcoming.

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Business Owner

BitFXmarkets is owned and operated by LinkGM; this is according to the disclaimer at the footer of their homepage.  They claim the Company is located in Sofia Bulgaria but have no documents for support. The company register in Bulgaria has no institution listed under this name. And this makes trading with the platform even more dangerous. It is clear Bit FX Markets is anonymous with no actual owners. They should have named the CEO or CFO of the Company for members to know who handles funds.

License and Registration of BitFXmarkets

BitFXmarkets CONSOB License Warning

A closer look at their entire website reveals no information regarding their compliance. A legit broker will post copies of their license and registration for all to see. By doing so, they enable traders to confirm the license details with concerned authorities. Knowing too well they are a scam, Bit FX Markets does not give any regulatory details. Traders should make sure they confirm with authorities whether a broker is regulated before signing up. By doing so, they avoid scam entities.

BitFXmarkets is NOT REGULATED and poses no trading license. The Italian Financial Watchdog has already listed the broker as a scam. A warning was recently published after complaints reached them. After calling the broker, they claim to have legal documents and don’t post them. These are scam brokers who will do or say anything to try and make their platform appear legit.

Limitations of BitFXmarkets

Accounts Offered

There are four account types which BitFXmarkets is offering. These accounts are listed as Silver, Gold, Platinum, and Islamic account. What immediately caught our attention is the high minimum required deposit. The Silver account is the most basic account and demands a whopping $1,000 to start trading. A broker who blocks withdrawals and has a high minimum deposit should be banned. The industry has set $250 as the acceptable minimum deposit for all traders.

BitFXmarkets Account Features/ Types

Bonus

Each account comes with a welcome bonus of 30 percent. The problem with bonuses is they end up being a stumbling block when withdrawing. Scam brokers use bonuses as a way to block anyone from accessing their funds. They demand members to deposit the same amount before withdrawing. Even if an account has enough funds to cover the bonus, the broker demands a deposit. And this is the reason why the financial regulators are planning to ban offering of bonuses.

Contact and Customer Support

BitFXmarkets is claiming to offer chat apps which is far from the truth. The broker will use other social media platforms such as Whatsapp to try and reach out to members. Client support page has an email and phone address which is not what they promised. With the email channel, the broker may decide not to respond. The phone number listed is a virtual phone number and may at times fail to go through. And this is another reason to stay away as scam brokers won’t give their real contact details.

Deposit and Withdrawal

The only part these scam brokers got right was using easy to access depository channels. Account funding options available include Bank Wire Transfer, MasterCard, and Visa. The main problem with Bit FX Markets is no one has been able to withdraw funds for months. Attempts to reach the broker hit a dead end as the broker blocks withdrawal requests. With no license, it is hard for members to recover lost funds.

Trading Platform

BitFXmarkets is using Sirix as their preferred tool of trade. A web based platform with no proven results is not helpful. To add salt to injury, the platform does not have any security software. Lack of DDoS protection and SSL encryption is proof we are dealing with a risky platform. Hackers will fund such a platform an easy target for credit card information. Soon, members will find their bank accounts swept clean by third parties. It is why traders need to stay clear of this broker.

Safety of funds with BitFXmarkets

BitFXmarkets Account Funding Options

A broker should ensure they are safeguarding funds with the best tools. BitFXmarkets is failing to segregate funds and they instead pool funds in one account. Members are depositing funds straight to owner’s bank account. These are offshore brokers who laugh all the way to the bank with each deposit made. Members should not expect any compensation as there is no compensation scheme on offer.

Scam or Legit BitFXmarkets

After reviewing all the evidence, it is clear BitFXmarkets is a scam. Those hoping to withdrawal funds should stop and start counting their losses. The broker will shut down the website after other regulatory bodies issue their warning. These brokers have nothing else to do than steal from investors. And this is why investors should read reviews before committing to any online investment platform. The website is a fraud and it is best to stay away from it.

Verdict

By adding this broker to our scam blacklist, we will protect our readers. Kindly warn your family and loved ones from signing up with the platform. Mark all their emails as spam and don’t click on any of their links.

Be safe and use credible brokers that will safeguard your investment.

Stay tuned for more on online trading products and services.

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