The financial market is a perfect place if you want to make some additional income. But you must be very careful. Always look for a legit company, and if you’ve stumbled upon a Bitonext broker, please skip it. Otherwise, you will end up as a scam victim.
In this Bitonext review, we are exposing a fraudulent company. Make sure to read everything carefully.
| Broker status: | Unregulated Broker |
| Regulated by: | Unlicensed Scam Brokerage |
| Scammers Websites: | bitonext.com |
| Blacklisted as a Scam by: | CONSOB |
| Owned by: | N/A |
| Headquarters Country: | UK (allegedly) |
| Foundation year: | N/A |
| Supported Platforms: | Webtrader |
| Minimum Deposit: | N/A |
| Cryptocurrencies: | Yes |
| Types of Assets: | Forex, cryptocurrencies, indices, shares and commodities |
| Maximum Leverage: | 1:600 |
| Free Demo Account: | No |
| Accepts US clients: | Yes |
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Is Bitonext a Licensed Broker?
The website lacks much corporate information. No owner’s name, foundation year, or company registration number exists. The broker claims to be based in London, but that is far from the truth. The FCA has no record of the Bitonext company, meaning that the firm is not registered under the main UK regulatory body.
Besides, this broker is not licensed under any other body of authority such as ASIC, IIROC, CySEC, etc. This is raising some serious red flags.
How Unsafe Is An Unlicensed Broker?
Scam brokers are not licensed for a reason. Regulated companies must meet specific criteria, and they are obligated to follow strict rules. Firms regulated by the supervisory authorities of the UK (FCA) must keep their funds segregated from their client’s funds.
They also must provide the negative balance protection, leverage limitations, and many more. On the other side, unregulated brokers will only go for your money, and when they achieve that goal, they will vanish.
Also, beware of the Axis Capital Group scam and other brokers such as Firmon, Tedex and FastEarnings247.
Is Bitonext a Legitimate Broker Or A Fraud?
Bitonext is an unlicensed broker based in an unknown location. There is a public warning against this firm issued by CONSOB.
Bitonext Warning From the Italian Regulator Consob
On top of everything, the Italian regulator CONSOB issued a public warning against Bitonext broker. CONSOB reports that Bitonext offers investment, financial, and insurance services without authorization.
This means that your funds are at immediate risk because no one can overlook the transactions and refund you in case of any issues.
Traders’ Experiences With Bitonext
We’ve also checked reviews about this broker on Trustpilot, and here is just one example of what you can find when you enter Bitonext in the search bar.
“BITONEXT SCAM They completely ignored my request to close the account and transfer my money back to my account; however, they continued to call me to invest more money in the scam. PLEASE DON’T BE FOOLED, IT IS ALL A SCAM.”
– Trustpilot Customer
What Platforms Does Bitonext Offer? – Available Trade Software
The company is offering a web-based trading platform. This software is minimal, although it can execute pending orders and use some simple TA. Besides that, there is nothing more to say. WebTraders cannot be compared to the industry’s standard, MetaTrader5.
MT5 was released in 2010 and is the most advanced trading platform nowadays. The software was developed by MetaQuotes, who wanted to replace the MT4.
All About Bitonext Accounts
There are four account types that Bitonext broker is offering:
- Micro – $2,500
- Standard – $10,000
- Macro – $50,000
- Pro – $150,000
Minimum Investment Amount
There is slight confusion on the minimum required amount for the deposit. In one subsection of the website, it is stated that the minimum amount for investing is $250. Yet, in another subsection, you will find different information – that the amount is 10x higher, standing at $2500. This is not only the case with the Micro account; all four have misleading information.
On one page, you will find that the Standard account is $500, the Micro account is $1000, and the Pro account is $2000, but on the other section, you will find that the bare minimum for the Standard account is $10,000, Micro account is $50,000, and Pro account is $150,000.
Bitonext Range of Trading Instruments & Market
The company is offering the following instruments:
- Forex – USD/EUR, GBP/EUR, EUR/GBP
- Cryptocurrencies – ETH, BTC, DOT
- Indices – Dow Jones, NASDAQ
- Shares – Apple, Google, Amazon
- Commodities – Oil, Gold, Silver
Besides, remember the names of the MarketsOcta, METAfmi, and Istrade and stay away from them! Before investing, always check the history of online trading organizations!
What Trading Terms Bitonext Provide?
Bitonext has awful conditions. Their spreads are too high, no legitimate firm has spreads over 1 pip, and Bitonext offers 2 pips. The leverage ratio is too high as well. Bitonext broker is a scam, and their terms and conditions are unregulated!
About Leverage
Some of you don’t know what leverage is, so we will explain; leverage in Forex is like a “loan” that the broker gives the trader, allowing the trader to have more capital to trade with. In the account section of the Bitonext website, we learned that the leverage goes up to 1:600.
However, keep in mind that every licensed company has a limit on leverage ratio no higher than 1:50. Everything above that is putting your funds at immediate risk!
Bitonext Deposit, Withdrawal Methods, And Fees
According to the Bitonext website, there are no fees issued by the broker, but on the other hand, the deposit and withdrawal policy states different things.
The broker accepts a range of deposit methods;
- credit cards,
- wire transfers, and
- crypto assets
But beware of bitcoin transactions because those are very hard to trace. Above that, they are nonrefundable and if the broker insists on this payment method only, you should know it’s a scam.
Bonuses Program and Educational Features – A Fraudulent Methods
The company offers welcome bonuses, but they always come with strings attached! Please take a look at their website. You will find the following information: “Bonuses issued to Client by bitonext may only be withdrawn subject to execution of a minimum trading volume of 30 times the deposit amount plus the bonus issued (“Minimum Trading Volume”).”
Bonuses are impossible to reach, but they are a great way to lure you into the company.
Scammed by Bitonext Broker? – Let Us Hear Your Story
If you were scammed by Bitonext please let us know. We might have the solution to help you restore your funds! Don’t be ashamed because these things are happening far too often. Scammers can not go free! Book your free consultation today and let’s find the best refund solution for you!
What Is Bitonext?
Bitonext is a broker that claims to be operating from the UK, but has no license.
Is Bitonext a Scam Broker?
Yes, the company is a scam broker, it is not licensed, and there is even a public warning against them issued by the Italian regulatory CONSOB.
Is Bitonext Available in the United States or UK?
The company operates in both the US and the UK without a license.
Does Bitonext Offer a Demo Account?
The company is not offering a demo account, only live types.
Source:
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