Bitbinx – Avoid This Scammer While You Still Can

We believe it’s important to warn traders about this trading scam. Hence, we present to you the Bitbinx Review.

Here we’ve analyzed what this bogus website offers and why Bitbinx is not a reliable and safe brokerage. Many key trading aspects such as the spreads and leverage were left out.

Is Bitbinx a Regulated and Licensed Broker?

Absolutely not. Bitbinx, first of all, is anonymous. The website claims this brokerage is based in Saint Vincent and the Grenadines (SVG), a notorious scam haven, but even that is a lie.

We checked the database of SVG’s Financial Services Authority (FSA) but didn’t find any such entity. Nevertheless, you should know that SVG is probably the least secure domain in the world when it comes to trading.

The FSA doesn’t regulate Forex trading, per the authority’s website. That’s why you better avoid offshore brokers from this domain and instead find reliable onshore providers.

We recommend you trade with a broker with a Tier 1 license. Regulators that issue this kind of license are the FCA, CFTC, ASIC, ESMA, MAS, IIROC, etc. By doing so, you’ll be entitled to numerous benefits such as negative balance protection or even a compensation scheme.

The Opinions of Traders of Bitbinx

What about traders’ opinions of Bitbinx? Well, traders aren’t fond of this fraudulent scheme at all. We checked the PersonalReview page of Bitbinx and found a complaint against the broker. This trader clearly explained how he had withdrawal issues with Bitbinx:

It’s real scam so its necceary be careful… One day the account is looked. It’s impossible to do a withdraw when you want to withdraw they add a commission on the amount. So to withdraw money you need to add a cost…

• PersonalReviews user, February 23, 2023.

Bitbinx’s Trading Platform�

According to Bitbinx’s website, the broker allegedly offers a proprietary platform “with innovative trading tools and world class speed execution.” There’s a mobile version too.

However, since there’s no demo account, we couldn’t check out this mysterious software. Judging by the images on the website, this platform looks like a classic WebTrader.

If that is the case, then you can forget about advanced features and tools. Web-based platforms are usually lackluster and offer just some basic charts and graphs.�

To make matters worse, Bitbinx is not regulated, meaning the platform could be rigged as well. This unscrupulous broker doesn’t offer valid third-party software such as MT4, MT5 or cTrader.

What Financial Instruments Does The Platform Include?

Based on what we read on Bitbinx’s website, this is supposedly a CFD brokerage. We didn’t find any info on Forex trading.�

It seems that Bitbinx offers CFDs on commodities, stocks and crypto assets. But since this fraud doesn’t have a trading license, the choice of instruments is irrelevant.

Bitbinx’s Countries Of Service

When it comes to areas, i.e. domains in which this entity is active, Bitbinx is particularly interested in four major European countries. Here’s the list:

• Italy;
• Spain;
• Germany;
• Belgium.

All of these states are located within the EEA zone, which means that they fall under one common jurisdiction – the European Securities and Markets Authority (ESMA).�

The respective regulators of these countries implement ESMA’s regulations for trading and Bitbinx is definitely not compliant with them. Scammers like Bitbinx and PrimeXBT are not authorized to operate in Europe.

Bitbinx CRYPTOCURRENCY – E-YUAN LAUNCH

We found this eye-catching section on Bitbinx’s website called the e-Yuan Launch. The broker basically promises instance profits stemming from investing in a “digital yuan coin that could get state-backing by China!”

Traders need to invest 250 $ to start with this plan. The text about this digital yuan currency is pretty much the same as every other crypto advertisement.�

It smells like another fraudulent scheme cooked up by Bitbinx. It says “possible government backing,” meaning it’s not official yet. And trust us, an unregulated broker such as Bitbinx is not your platform for things like this.

Account Options Offered by Bitbinx

Bitbinx offers six different trading account types:

• Opening – 1,000 EUR;
• Horizon – 5,000 EUR;
• Heritage – 15,000 EUR;
• Fortune – 50,000 EUR;
• Great fortune – 150,000 EUR;
• Infinite – 300,000 EUR.

As you can see, these account tiers are quite pricy. We must say that 1,000 EUR is too much to risk with such a non-transparent broker. There are many legit brokers that require significantly lower deposits.

Bitbinx also charges interest, ranging from 3% to 7%, depending on the account type. However, key trading details such as the spreads and leverage weren’t disclosed.�

Can a Trader Use a Demo Account?

Unsurprisingly, no. Bitbinx doesn’t offer a risk-free demo account. That’s bad news, folks. It means you’re denied access to the trading platform until you open a live account and invest real money.

Once real money is in play, the risks are pretty high. Do not invest to trade with this financial swindler.

Terms of Service for Bitbinx�

Bitbinx’s Terms of Service are as shady as they get. It’s clear that this anonymous broker lied about most of the stuff written in those documents, which is the case with TigersFM as well.

For example, the broker swears on the laws and jurisdiction of SVG, which cannot possibly be considered reliable and trustworthy. Then we have a foul bonus policy. Bitbinx offers a 100% welcome bonus but with strings attached.�

According to the bonus policy, the “precondition for making withdrawals after using the bonus/benefit is to buy options of 30 times the amount of the bonus/benefit plus the deposit amount.” It’s an absurd volume you’ll hardly reach, which is why you should avoid bonus-awarding brokers.

What Should I Do If I Have Bitbinx Problem?

First of all, you should write a complaint on one of the forums to warn fellow traders about this despicable scheme. We can aid you by reporting this scammer to the authorities but also assist you in getting your money back.

Since Bitbinx accepts payments via credit/debit cards, wires and e-wallets, you ought to request a chargeback or a recall at your issuing bank.

Our team has experience with chargebacks and can guide you throughout the process if needed. Keep in mind that a chargeback must be requested within 540 days of the transaction.

If you need help with chargebacks, book a free consultation with our chargeback specialists who will help you to regain your money.