Bitflex exchange operates under the flag of Bitflex Ltd. The company is incorporated in Seychelles in 2022. With their fresh business, they can’t earn much credibility.
Instead, they have to build it over time. Thus, some traders are already taking their names through social networks and making connections with scams. To find out what to expect from this exchange, read this BITFLEX Review carefully.
| Regulated By: | No Regulations |
| Is This Company Safe? | No |
| Known Websites: | Bitflex.com |
| Have Warnings From: | N/A |
| Registered In: | Seychelles |
| Operating Since: | December 2022 |
| Trading Platforms: | Proprietary app |
| Maximum Leverage: | 1:1 |
| Minimum Deposit: | 10 USDT |
| Deposit Bonus: | N/A |
| Trading Assets: | Cryptos |
| Free Demo Account: | Not Available |
| How To Withdraw From This Company? | The only withdrawal method is the crypto. But also, the same method works for deposits and that makes it suspicious. Especially because this company doesn’t have any DASP license. If you experience any kind of withdrawal issues with this offshore company, reach out to our refund team for assistance. |
Legal Info: Is BITFLEX Legit Or A Scam?
Important to realize is that the company doesn’t present any DASP licenses. If you are wondering, Digital Asset Service Provider. In the first place, they are missing any FSA (Seychelles) authorization. Not to mention authorizations from Top Tier regulators like FCA, BaFin or ASIC. But also CFTC, considering they are working with US traders.
Who Are BITFLEX’s Clients?
Since 2022 when the company started, they expanded quickly across the world. Still, they only have just over 1K users on PlayStore. This tells you they are not so popular. Yet, they managed to scam already clients from:
- United States
- India
- United Kingdom
- Malaysia
- Poland
In general, these countries are very strict when it comes to finances. Therefore, you have much better options than this company. In any case, feel free to reach out to our professional team if you need advice about the refund.
Traders Reviews
One of the main worrying signs about any company is its reviews. This one, in particular, has only 2 comments on Trustpilot. But one customer already points out withdrawal issues.
Whether it’s due to missing regulations or a bad business model, it’s not good. Especially not for a new company. Let us know what’s your experience with this company in the comment section. Don’t forget that we can advise you on the refund procedures. So, don’t hesitate.
Investment Costs With BITFLEX
For those few trading pairs that the company offers, there are transparent fees. These are 0.15% whether you are a taker or maker. In general, quite an average cost. But is it going to match the reality, we will see.
Bonuses
Generally, the company doesn’t offer welcome bonuses. Yet, there are referral and affiliate programs that can get you extra funds. Thus, make sure to read the conditions thoroughly before signing up.
BITFLEX Trading Features
Bitflex.com exchange offers spot trading and crypto exchange. The problem is that the platform is web-based and doesn’t offer much credibility. Also, their mobile exchange app is not tested enough to say it’s reliable. Therefore, it’s better to stick with proven exchanges. But definitely not with UltraBrokerz, whose review you can find here.
Is BITFLEX Legit?
Apparently, no. The company is based offshore which is a synonym for anonymity. On top of that, they operate without DASP licenses. Not to mention that some traders already point out issues.
Available Trading Assets
As can be seen, the company offers only 10 crypto pairs. This is another huge disadvantage considering the number of new altcoins coming up. All pairs are linked to USDT and those are:
Account Types
Sometimes, crypto exchanges offer different investment levels to motivate investors for higher deposits and trading volume. In exchange, they are offered better fees. Thus, something like that doesn’t exist with Bitflex company.
Mobile Trading App
As mentioned earlier, a dedicated mobile app is available for iOS and Android users. Thus, the amount of downloads can’t be compared with licensed apps. So, why risk anything?
Demo Account
Even though there’s an insight into the web trader, you don’t have virtual funds for trading. Anyway, this is a common thing for exchanges. But at least you can see the limitations of web-based software and look for other options.
Education
Surprisingly, the company doesn’t offer any educational program. Not even a basic blog or knowledge base. So, you are left on your own.
BITFLEX Withdrawal
Bitflex withdrawals can only be performed through the crypto wallet. Same values for deposits. But once you deposit money into their account they can move it freely. There’s no protection. Therefore, your money can be anywhere. Considering the fact that some traders already reported issues, you shouldn’t test it out.
Customer Support
Another warning sign is poor customer support from the company. The only way to communicate with their representatives is through the live chat. Yet, they advertise 24/7 support there. Generally, it can be helpful, but for how long we will see.
Key Information To Consider About BITFLEX?
Overall, the company has a solid presentation but no credibility so far. If they continue on the same path, they will lose it completely. Another huge thing to consider is missing a DASP license and a low amount of users on the platform. Therefore, it’s better to stay with proven companies.
In any case, you can feel free to share your opinion about the company in the comments. But mostly, traders are commenting when they have any sort of problem. Very often, withdrawal-related. In these cases, our expert team can be a perfect solution. Book your free first consultation already today!
FAQ Section
What Is BITFLEX?
Bitflex is an offshore crypto exchange operating since December 2022 from Seychelles.
Is BITFLEX Legit?
No. Bitflex doesn’t have any Digital Asset Service Provider license and they already have reviews pointing to withdrawal problems.
How Much Are The Deposit Fees With BITFLEX?
Currently, there are no hidden deposit fees. Thus, there are withdrawal fees. If you experience any withdrawal issues, reach out to our team for advice.
Source:
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