Beware! BitXtream 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.
BitXtream is yet another offshore broker calling itself a leader and claiming to offer unrivalled services, ultra-fast execution and comfortable trading. Well, that’s pretty much enough for us to put this entity on the list of suspected scams because it creates a false sense of hope. Of course, it’s typical for scammers to be noisy, make fraudulent claims and exaggerate everything possible, but BitXtream goes to extremes. Read the following review to find out what we are talking about.
BitXtream REGULATION AND SAFETY OF FUNDS
BitXtream is trying to present itself as legitimate by saying it’s St. Vincent and the Grenadines regulated. You need to know that such a statement is utter nonsense as SVG does not regulate or in any possible way control Forex brokers created on the island. Beyond dispute, your funds won’t be safe if you deposit because BitXtream is unlicensed, and it also exposes itself as fraudulent with its absurd proclamations.
Moreover, BitXtream is allegedly a brand of Optimum Standard International Group (SVG) Limited. Well, St. Vincent and the Grenadines is so shady that it’s impossible even to verify there is such an IBC in existence. However, a few years ago, a company bearing the same name was exposed as a scam scheme by the financial regulators in Hong Kong and Sweden. Of course, it could be merely a coincidence, but that’s a fact worth noting.
Anyway, BitXtream is a scam, so you’d better consider the high-rated EU brokers and British brokers, which are adequately regulated and, most importantly, covered by deposit insurance funds. Namely, if you trade with a CySEC broker, you can claim up to 20 000 EUR in compensation, while the British protections are up to 85 000 GBP per person. Basically, that guarantees an extra layer of protection, so it’s worth opening accounts with European companies if eligible to do so.
BitXtream TRADING SOFTWARE
BitXtream provides MetaTrader5, which is a leading platform, but the broker is a scam, so that’s not a positive feature in this case. In fact, the implications can be rather negative as many people may indeed fall into the trap, assuming BitXtream is trustworthy because of the MT5. Well, it’s not, so you should avoid this fraudulent business, notwithstanding the excellent trading software provided.
That said, you can consider the high-rated MetaTrader4 brokers and MetaTrader5 brokers, which are safe and won’t rip you off. We recommend the MTs because they are packed with sophisticated features such as Expert Advisors, complex indicators, and first-class charting tools. MetaTrader also comes with an unrivalled bonus- a Marketplace where clients can find more than 10 000 apps and other trading solutions.
The EUR/USD spread is 2.5 pips, which is a tolerable Buy/Sell difference but not the best on the market, so the broker is costly to trade with. In contrast, most of the regulated companies offer much more competitive spreads of 1 pip and below, so it’s not worth wasting your time with the otherwise fraudulent BitXtream.
The maximum leverage is 1:500, an overly risky ratio having the potential to inflict severe losses on traders if they are not careful enough. In fact, it’s so dangerous that many authorities imposed a leverage cap to restrict its usage. As a result, 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. On the other end, most of the high-leverage FX companies are unlicensed or poorly regulated, i.e., untrustworthy, so you’d better stay alert.
BitXtream DEPOSIT/WITHDRAW METHODS AND FEES
The minimum deposit is said to be $100, a requirement overall meeting the industry standards. However, the funding methods prompted us to raise another red flag because the broker simply can’t stop lying. BitXtream claims to accept a variety of payment systems such as Skrill and Neteller, but that’s falsehood. In fact, the only methods available are Bitcoin and the Indian wallet Razorpay. Well, the digital coin payments are final and non-refundable, while the latter one is simply not as safe as its counterparts, so BitXtream apparently wants to evade chargebacks. We can understand why- it’s a scam!
As BitXtream is fraudulent, we’d like to offer our lists with Skrill brokers, Neteller brokers, FasaPay brokers, Sofort brokers, and Bitcoin brokers if you have trusted payment systems. The companies topping the lists are adequately regulated, and you won’t face scammers if you choose among the high-rated ones.
On the other hand, the absence of Terms leaves us unaware of critical provisions related to withdrawals, fees, inactivity procedures, bonuses, if any, refund policy etc., and we can’t discuss this broker any further.
Overall, BitXtream is a scam scheme we exposed in this review, so make sure to stay away from this illegal business.
HOW DOES THE SCAM WORK
Today, the Internet is plagued by scammers and their deceitful deals. It all starts when you click on an appealing fraudulent offer and provide your e-mail and contact numbers. Scammers, as seasoned manipulators, would ring you at once, insisting that you should start investing as soon as possible. During the phone call, you’d be presented with bonuses, promotions, risk-free offers, Bitcoin opportunities, and anything else you could possibly imagine. Scammers would claim to work with reputable firms, banks, governments, and so on, trying to make their business appear legit. Those thieves lie big time and would promise you anything to gain your confidence and get a deposit from you.
However, the first deposit is just the beginning. Day by day, scammers would carry on asking for funds. If you lost, they’d persuade you to put more money and recover the losses. If you are profitable, you’d be asked to put more money and increase the gains. The headaches start as soon as you ask to take your money back. The scammers would do whatever it takes to discourage you and would even urge you to deposit again if you want to withdraw. The scammers’ mantra is “give me your money”, they’d push you to transfer more money over and over again for no obvious reason. Urgency is a treacherous sign, so if someone forces you to invest ASAP, that’s a scam.
WHAT TO DO WHEN SCAMMED
Unfortunately, no one is safe from scams. If you get defrauded, the first thing you need to do is to protect yourself from further risk. Deactivate your card immediately, contact your bank and ask for advice.
Report what happened to you, file a complaint, contact the financial regulator, contact other government institutions related to trading and investing, call the police if you feel necessary. Seek help actively!
Remember, it’s crucial not to rush blindly trying to recover your funds because fraudulent fund recovery agencies are trying to double scam the victims. They ask for upfront payment, take the money but don’t do anything to help you!
Last but not least, share online your experience; it’s important to inform the public about scams. Be responsible!