Bitictrade Review – Facts that make this broker so shady

Bitictrade is possibly a newbie in the trading business. With their registration in 2022, they don’t provide much credibility. This is a broker that doesn’t share any ownership or contact info. So, we can’t expect much from them.

But not to jump to a conclusion, we will present you full analysis in this Bitictrade review.

Is Bitictrade a Regulated and Licensed Broker?

Many trusted and regulated brokers proudly present their trading licenses. That’s practically the only thing that can give you credibility these days. However, Bitictrade trading company didn’t share any. But not because they are not proud, but because they don’t have any. For confirmation, we always check the most reliable Tier 1 regulators.

Unfortunately, registers of FCA, BaFin and ASIC are empty once you search for Bitictrade company. With this in mind, you are sure that you can’t expect any protection. Everything is between you and this illicit company. Similar scenarios we could find with some other companies. That’s why we advise you to read our Abshire Smith and 101Investing reviews. That’s where you can find more key points to watch for.

Warning Issued by Financial Authorities

What is another confirmation of this bogus scam is a warning from a regulator. In fact, AMF (Autorite des Marches Financiers) from France issued its first public warning in late 2022.

That’s something that nobody can deny as a reliable fact. So, to trade with this broker would be a waste of time and money.

The Opinions of Traders On About Bitictrade

In general, scam companies tend to put misleading reviews on some platforms. But if you see numerous negative reviews, you know they are not up to good.

Confirmation for that we can find on the Trustpilot platform. In fact, 12 out of 12 comments were with the same rating level. The lowest one, indeed. Traders are reporting unexpected losses and withdrawal issues. So, numerous red flags pointing to forgetting about investing here.

Bitictrade Platforms – A Software Comparison

After you read comments about unexpected losses, you wonder what might be the issue. However, as soon as you see the trading platform it becomes crystal clear. The company only offers a web trader. These platforms are easily manipulated with a back-end setup. That’s exactly how traders see fictive market changes that make them deposit more money.

That’s why web traders can’t be compared to third-party software. Especially ones like cTrader or Meta Trader. Primarily because of options like social trading, copy trading and automated trading.� But also because of highly reliable mobile apps available for all devices.

�������� What Financial Instruments Does The Platform Include?

Even though the platform is poor, instrument coverage is solid. However, the reliability of the instrument data is questionable.

Additionally, once you preview the platform you can only see cryptocurrencies available. But in their presentation, there are many more. As we can see, available classes are:

�

• Currency pairs (Forex) � � � � � GBP/USD, HKD/SGD, EUR/SEK
• Commodities� � � � � � � � � � � � Brent crude oil, silver, natural gas
• Indices� � � � � � � � � � � � � � � � � Dow Jones, CAC 40, FTSE 100
• Shares� � � � � � � � � � � � � � � � � Walt Disney, Deutsche Bank, American Airlines
• Cryptocurrencies � � � � � � � � � BTC, XRM, SOL

Bitictrade Countries Of Service

Since the broker doesn’t have regulation they are not authorized to provide services anywhere. However, Bitictrade reviews reveal that they are mainly scamming traders from:

�

• France
• Djibouti
• Morocco
• Monaco
• Tunisia

As we can see, all countries have something in common. Mainly spoken language is French. Therefore, be careful if you are one of those.��

Account Options Offered by Bitictrade

Account types with Bitictrade are nothing more than a fictive presentation of benefits. Of course in exchange for bigger deposits. In general, traders can choose 4 options:

• Standard � � � $250
• Silver� � � � � � $2.500
• Gold � � � � � � $10.000
• VIP � � � � � � � $50.000

The main benefits are higher leverage and welcome bonuses. Also, they advertise lower spreads. But two out of three points are directly violating many regulations. But also ESMA rules.

�������� Can a Trader Use a Demo Account?

The best option before depositing any money is to test them out. There are multiple ways, but the most secure one is through a demo account.

Even though Bitictrade broker offers access to the platform, you don’t have virtual funds. Therefore, you can’t test their trading conditions. Instead, you can find a Tier 1 licensed broker that offers a demo account. Additionally, they offer more reliable third-party software. Be wise and don’t throw money away with these swindlers.

Terms of Service for Bitictrade

The most important fact about this broker is a welcome bonus. These are strictly banned worldwide, but mostly in Europe. Generally speaking, traders often get scammed through malicious bonus policies. Whereas a trader needs to make a certain trading volume to get a withdrawal.

Since Bitictrade broker doesn’t have terms and conditions we can’t confirm it. Also, the Bonus or Withdrawal policy is missing. But that already says enough about this anonymous broker. The less you know it’s better for them. However, depositing options are transparent and you can choose from:

�

• Bank cards
• Wire transfers
• Bitcoin

�������� Leverage, Spreads and Fees

ESMA and other Tier 1 regulators allow maximum leverage of 1:30 for retail traders. However, this broker gives leverage up to 1:500. Without negative balance protection, traders can easily owe money to this swindler. Another excuse for them to get more money from you.

Even though they advertise spreads lower than average, it’s questionable due to shady politics. Moreover, the broker doesn’t reveal any fees or commissions. This is kinda strange because trusted brokers make money that way.

What Should I Do If I Have a Bitictrade Problem?

Don’t wait until it’s too late. It’s not a shame to become a victim of a scam. However, it’s important to share your story with others. Let us hear about your experience.

Our expert team is helping traders worldwide. Primarily to recover money that was fraudulently taken away. Whether it’s a card purchase or a crypto transfer, our expert team has a solution. Get in touch today and book your first free consultation.