Instant Bitex offers trading in Crypto currencies as well as investment in ICOs and managed accounts. The platform is also offering live support through whatsapp. The broker claims that they are offering very low fees for trading, an intelligent trading interface, 24/7 customer support, functional api, multi factor security and global coverage. Instant Bitex also provides 3 types of investment plans called Silver, Gold and Platinum. Each of these investment accounts has a minimum deposit requirement and profit potential. All of the plans run for a duration of 1 year and promise daily returns of 0.50% to 1.50%. On top of this, each of the plans are giving a bonus ranging between 50 USD to 1000 USD.
This platform is also hosting ICOs from companies that want to advertise on their website. They are charging these advertisers 1 BTC which is non refundable. This broker was founded in 2018 by ”crypto currency trading experts” and they also claim that Instant Bitex is the premier U.K.-based blockchain platform, providing lightning-fast trade execution, dependable digital wallets and industry-leading security practices.
They also claim that their mission is to help advance the blockchain industry by fostering innovation, incubating new and emerging technology, and driving trans formative change. They are also citing the address Kemp House, 160 City Road, London, United Kingdom, EC1V 2NX and claiming that this is the location of Instant Bitex ltd. This is indeed a company that is registered in the UK. However, we fear that in as much as they are registered as a company, they are not authorized to provide any kind of financial services to residents of the UK and also those who live outside the boundaries of the United Kingdom. In fact, a registered company does not guarantee the safety of your funds in their hands.
That’s because when a broker is registered and authorized to provide financial services to members of the public, there is a certain insurance that members will be entitled to in case the company is shutting down its operation and is unable to pay back all its investors. Moreover, financial regulators like the FCA want financial companies like Instant Bitex to keep their clients trading money in a separate account which is known as a segregated account. This ensures the safety of their clients funds at all time because this account is separate from that of the company’s operational capital. Being that Instant Bitex is not regulated, they are not bound by any rules or regulations and you can imagine how they will handle their clients funds in the worst case scenario. Clearly there is no security on this website. That’s the plain truth that Instant Bitex is not talking about.
Is Instant Bitex safe in the first place? Is it a legit investment platform or a scam for that matter? We think that such a platform is an obvious scam. Apart from the fact that they are not regulated and background details of the company are not clear, the site is also making promises of huge returns which are supposed to accumulate so fast. This is a sign that we are dealing with a scam as opposed to a legit investment brokerage. If you are looking for reliable brokers who can handle your funds professionally and guarantee total safety, this list of brokers will serve your needs well. Otherwise, if you would like to know why Instant Bitex is a scam, keep reading.
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Instant Bitex provides their various trading fees in addition to telling us that they have registered over 100K active traders. We suspect that this is to make it look like the platform is busy and the volume that is flowing into the exchange is sufficient enough to meet trader’s orders. They have also stated the fees for takers and makers and also order fees. When we look the popularity of this site on Alexa, we don’t see how they can have 100K active clients and continue to rank poorly. In fact, it almost appears as if trading activity on this site is dead. The platform is illiquid which is obviously going to create problems for people who will sign up and deposit money with the intention of trading.
They have also provided a link to the demo of the kind of platform they are running. We checked out a pair like ETH BTC and that chart did not show any signs of movement. This is a custom built trading engine and they claim that it is scalable and allows for instant execution of trades. Through an API, they are also supporting other trading platforms and algorithm for trading. They also claim that Instant Bitex is guaranteeing instant deposit and withdrawal from their platform in addition to committing to regulatory requirements in the jurisdiction where they are based.
The bottom line is that this brokerage is still a scam. They are not even bothering to explain whether or not they are going to trade Crypto currencies on the behalf of their investors. And if they are running managed accounts, they are not even explaining how they are generating abnormal returns for their investors. This is definitely a red flag because the numbers are not realistic in the first place. This is simply a get rich quick scam.
The second concern is that they are not compliant with the requirements of the FCA. But on their website, they claim to be compliant and the only reason which they are giving is that they are a registered company in the UK. Company registration and FCA compliance are two different things. In short, this is a scam and which is the reason they are unregulated. Their mission is to steal funds from investors. To do so, they have to be creative.
Instant Bitex does not look like a transparent investment platform. Not only is ownership information not provided, but their unregulated status is bothering. Besides, their alleged returns are too good to be true. Trade with regulated brokers only.
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