The broker needs a lot of improvement to become an international-level broker. At the same time, it has to realize what trader experience really means and then design its trading platform and website based on that data. That’s a problem you will find with many online brokers.
- They might have some great strengths as well, but their non-professionalism mars that image badly.
- At the same time, the company also states that it is incorporated in the UK – and presents us with a certificate to prove it.
- It’s the fact that you will have to give 50% of whatever profits you make on your account back to the broker.
- However, the only piece of information we have about the 4 account types is that minimum deposit requirement for the Starter Plan is $1,000.
- You know that the broker will take care of your account, money, and information while you busy yourself in learning how to trade.
If you go with the standard account, you do not pay any commission and your spreads can be as low as 1pip (that’s not low by the way). More and more new brokers are realizing that a web trader solves a lot of their and traders’ problems. For example, you do not have to offer six different trading platforms to your traders when you have a web trader. In addition to that, based on how big the broker claims to be, you would expect it to offer its own trading platform. BitXTrade might be doing a lot of things right in other areas, but the aspects that we have stated above show its weaknesses.
Terms and Conditions Page Missing
So, when you have these sudden spots on the website where you can bitxtrade take glimpses of Chinese, you can’t wrap your head around the whole thing. When you sign up with an online broker, you are putting your trust in it. You know that the broker will take care of your account, money, and information while you busy yourself in learning how to trade. However, if the broker you are signing up with does not sound, look, and feel professional, you might not be at peace while signing up with it at all. And if you make the mistake of opening an account with such a broker, you will only regret for life. There are some brokers on the internet that showcase a lot of non-professionalism.
BitXTrade – Advantages
If you look at the websites of the best brokers in the world, you will notice that they do not go too heavy on leverages. Yes, they do offer you some good leverages on your trades, but you hardly ever find them going overboard with the whole thing. On the other hand, with small and new brokers, you usually see them offering extraordinarily huge leverages. Not to mention, it puts the trader in a lot of danger as well. BitXTrade offers its clients 4 different types of trading accounts – the Starter Plan, the Premium Plan, the Delux Plan, and the Exclusive Plan.
Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.
While we were doing research about this company’s registration and regulation status, we dug up some even more disturbing information about this broker. Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes. In fact, everything points to this entity being a scammer that has defrauded customer many times before. This critical document is missing on BitXTrade’s website. Therefore, if you do register with this broker, you are basically agreeing to any conditions that they have placed – without knowing what they are.
You get trading bots so that you can carry out automated trading. You also get market indicators and charting tools to analyze the market trends better. If you trade with BitXTrade, then the only way you can make deposits and withdrawals is through Bitcoin. There is no other payment method offered by this broker.
First, to be able to offer financial services in the UK, a company needs to be registered with the FCA (Financial Conduct Authority). Being registered with the Companies House is not enough. Therefore, we can safely say that this broker is unregulated and thus operating outside the law. The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders. However, creating a trading platform is not an easy affair.
Before you finally register with a new broker, you are asked to go through the Terms and Conditions that broker has put in place. There is usually a link that you can click on the registration form that takes you to the Terms and Conditions page. BitXTrade claims to be a legal investment company that is based out of and incorporated in the US. There are seriously no advantages you will get from trading with BitXTrade.
This is a tactic that is adopted by serial scammers who try to rake in as many deposits as they can before the scam is noticed. After this, they launch a new domain address and start the process all over again. This is the reason why we advise all traders to first carry out a background check on any broker they wish to contract with – before they invest in them. At the same time, the company also states that it is incorporated in the UK – and presents us with a certificate to prove it. The broker also provides a registration number from the UK’s official register of businesses, the Companies House.
They might have some great strengths as well, but their non-professionalism mars that image badly. When we opened a new account with this broker to check the trading conditions and the type of platform, we found out that there was no platform. In its place was a rudimentary dashboard where the only thing you could do was make deposits in Bitcoin.