Beware! Bit-Finance.io is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
Bit-Finance.io is purportedly one of Europe and Canada’s leading financial institutions specializing in Forex and CFDs trading. They claim to have been the first choice for many traders due to the quality trading services and exceptional support for all of their clients. Well, to validate these claims we have to see a license. Find out whether the broker has one or not in the full Bit-Finance.io’s review.
Bit-Finance.io REGULATION AND SAFETY OF FUNDS
Bit-Finance.io is a brand of Bit-Finance Ltd, a company allegedly incorporated in the Marshall Islands. We say “allegedly”, because the jurisdiction mentioned is so shady that it’s even impossible to verify there is such a legal entity in existence. In fact, the islands do not even have financial authority, let alone regulated financial markets and that’s what makes the place overcrowded with scammers.
Worse, though, Bit-Finance.io pretends that their headquarters are located in London, but upon research, we found no such company on the address. Checking for licenses was pointless thereon. We can safely conclude that your funds will be in danger if you deposit with Bit-Finance.io because it’s unregulated, illegal and very likely a scam scheme due to the fraudulent information found on the website.
Below, we’ve put a screenshot to demonstrate why you should avoid dealing with unregulated brokers. According to the clause in the Terms, inactive accounts will be subject to a deduction of 10% per month. Well, if a licensed broker can act impose such unjustifiable fees it can get severely penalised by the regulator. Usually, licensed brokers take 5 to 10 dollars per month, not 10%!
Avoid the fraudulent Bit-Finance.io, and better see the high-rated EU brokers and British brokers on both lists. The European companies are adequately regulated, but most importantly, participating in deposit insurance funds created to protect investors’ money if things go wrong. For example, CySEC brokers’ clients can claim up to 20 000 EUR in case of bankruptcy, while the British guarantees are up to 85 000 GBP. The deposit funds guarantee extra customer protection, and if you can open accounts with European companies, you can safely do so.
Bit-Finance.io TRADING SOFTWARE
Bit-Finance.io provides a web-based platform that’s miles behind MetaTrader, for example. The EUR/USD spread is 0.1 pip, which is an exceptional Buy/Sell difference, if only the broker were legit. Still, most of the regulated brokers are offering similar spreads, so it’s useless dealing with the dodgy Bit-Finance.io.
That being said, we’d like to offer the high-rated MetaTrader4 brokers and MetaTrader5 brokers on both lists, which surely deliver the best Forex platforms. The MTs are packed with advanced features such as Expert advisors, many indicators, and excellent charting tools. The software also includes a marketplace with more than 10 000 apps and third-party developed solutions, which happens to be an unrivalled advantage. In fact, MT5 lately surpassed MT4 in the number of companies offering it but still lacks in volumes. Both platforms dominate the market, and you’d be much better off with adequately regulated MetaTrader brokers.
Bit-Finance.io provides fixed 1:200 leverage. That’s a risky ratio and clients are not allowed to adjust it by themselves. As we are unable to confirm that any changes are possible at all, we suspect that Bit-Finance.io knowingly creates a dangerous trading environment where clients can quickly lose their money. A red flag!
In fact, leverage is so dangerous that it’s now part of the regulatory framework in various jurisdictions. Namely, due to regulations, licensed EU, British and Australian brokers have to limit retail clients to 1:30 for FX majors, while Canadian brokers and US brokers to 1:50. Swiss brokers are reliable but not leverage restrained, so risk-tolerant traders eligible to open an account in Switzerland can safely go for it. Leverage is risky, and you’d better use it wisely.
Bit-Finance.io DEPOSIT/WITHDRAW METHODS AND FEES
The minimum deposit is $5000, or 50 times more than the regulated brokers’ requirements on average. Moreover, too many legit FX companies are now offering mini and micro accounts starting from as little as 5 dollars, so the hefty deposit demand is a good reason alone to stay away from the otherwise fraudulent Bit-Finance.io. The funding methods are Credit/Debit cards, Wire Transfers and OK Pay, but we didn’t test the deposit system due to ID verification issues. Well, Bit-Finance.io is very likely a scam, so we won’t submit any personal documents and you should follow our example if the broker asks you to do so.
Speaking of deposits, see our lists with Skrill brokers, Neteller brokers, FasaPay brokers, Sofort brokers, and Bitcoin brokers if you have a preferred e-wallet or a trusted payment system. The high-rated companies are well-regulated, and you won’t face scammers, so you can safely open accounts.
Next, we got on to some red flags. First off, withdrawal requirements and transaction fees are colossal. The minimum withdrawal is $250 for Wire Transfers and $100 for Credit/Debit cards. The fees are as follows: $50 charge for Wires and $25 for other methods (plus $10 for Credit/Debit cards). However, that’s not the end of the story. Unless clients executed 200 in turnover, there will be another 10% of the withdrawal sum. A red flag!
As already mentioned, the fee for inactivity is 10% of the balance monthly and the account becomes dormant after 6 months (no login, no trading). A red flag!
Bit-Finance.io offers bonuses and once again it didn’t miss to introduce fraudulent clauses. So, if clients accept incentives they have to execute a minimum volume of 25 times the bonus plus the deposit to become eligible for withdrawal. Unless they meet the requirements, clients can’t withdraw any money whatsoever or cancel the bonus. A red flag!
Overall, Bit-Finance.io is unregulated, which is enough for you to avoid it.
HOW DOES THE SCAM WORK
Fraudulent brokers and fishy websites come forth every single day. Nevertheless, most new scam projects represent a modification of common fraud that’s similar from country to country.
Nowadays, scammers are stalking victims mainly on the Internet and social media. Their offers look legit and present exciting opportunities to put your money in the Forex market. To get enticed, people will be reassured the broker can secure high returns and risk-free trading guaranteed by seasoned financial professionals. The scammers intentionally make people believe Forex is harmless, but precisely the opposite is true- you can lose everything if not careful enough.
In the usual scenario, scammers just pocket victims’ deposits and won’t send a dollar back. Sometime after the deposit, clients would ask for a withdrawal or a refund, but the con artists would delay or downright refuse to pay back. Make no mistake, scammers would find excuses to deny withdrawals and would even shamelessly ask for more money to let clients get their money. At the end, when fraud becomes evident, the scammers would simply cut the communication, leaving the victims defrauded. Then, sooner or later, the fraudulent broker will be abandoned, and another one will appear in its place. Scammers are professionals and will carry on forging crooked schemes, so you need to stay alert and always double-check.
WHAT TO DO WHEN SCAMMED
Unfortunately, no one is immune to scams. If you get scammed, the first thing you need to do is to consider the secondary risks. Deactivate your bank card immediately and contact your bank and ask for advice.
Then, report what happened to you, file a complaint, contact the authorities, call the police if you feel necessary. Seek help actively!
Remember, it’s crucial not to rush blindly to recover funds because fraudulent chargeback agencies and individuals are stalking, trying to double scam the victims. They ask for upfront payment, take the money but won’t do anything to help you!
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