When choosing a broker for further cooperation at the trading platforms, it is important not only to understand the information presented on the company website, but also to try to look inside and read what is written between the lines. In an unbiased review of another so-called Bitorex brokerage project, bitorex.com, we will show what pitfalls may be hidden in an attractive and profitable (at first sight) company. After reading the review about the Bitorex scammer project, the trader, especially a beginner, will understand how to study the broker before entrusting his money to it.
Scammers are getting more and more inventive every year, so their "business" aimed at stealing money from clients is flourishing. It is about beautiful websites, bright promises and colorful descriptions of profitable trading conditions.
As for investors, in fact, a profitable project becomes unprofitable: a trader loses his money, not only the earned money but also the invested ones. This does not mean that one should not devote time to the sphere of online trading. The main thing is to choose a broker with caution and thoroughly check the company which you are going to cooperate with later.
Only such an approach allows you to avoid stealing, as well as to multiply your starting capital.
Types of trading accounts offered by Bitorex
If you stumble upon the company Bitorex among a list of modern online brokerage projects - beware! This company is run by skilled fraudsters who deftly gain the trust of inexperienced investors and capture their money.
On the official website of the platform, there is no detailed information about the trading accounts, typical for such companies in this niche.
Scammers offer their clients to blindly become participants in their trading platform. In other words, it looks like this: you register, enter your personal data into our database, and then we will tell you about the minimum deposit in more detailed conditions.
Since we do not observe any requirements for the minimum initial deposit, it is difficult to say anything about this issue. For example, it is unknown whether this company has intermediaries, whether it is profitable for newcomers to cooperate with this platform and with what order of figures is accepted in general for traders who potentially plan to cooperate with this project.
What is known is that investors have access to the following replenishments of trading accounts. It is possible to do this by using:
- Bitcoin cryptocurrency benchmark;
- credit/debit cards;
As for the use of bank transfers, this tool cannot be used on the Bitorex platform.
If a trader asks about the amount of commission that the broker charges for the withdrawal of funds (one of the sources of profit of normal brokers), there is also no information about it. In general they write that there is no commission, but most likely this information is false and commissions are hidden, as brokers earn on commission charges.
For the processing of a withdrawal request, this so-called broker spends from two to five days.
Investors should take into account the fact that if their account is inactive for 30 days (by the way, until recently this period was specified as three months or six months "for six (3) months"! i.e. with this error), the broker will make their account inactive. You can find detailed information about it, if you seriously "dig" in the pages of the official site, because it is hidden like this: AboutUs - Legal - Deposit and Withdrawal Policy.
Now the broker has eliminated this drawback but significantly reduced the time during which the trader may not use his trading account without fear of losing his account.
Moreover the broker reserves the right to change the conditions and the trader has only to accept them which he confirms by his agreement upon registration.
In fact, this is a clear indication that the site is operated by fraudsters. In order to avoid losses, it is better to stay away from the dubious broker Bitorex, because it is not real, but the most fake Forex broker!
Bitorex Trading conditions
Now about the basic trading conditions. Here, too, you have to try hard to understand.
What does Bitorex actually offer? Clients do not get access to Metatrader4 or Metatrader5 accounts, as inexperienced traders might think. Clients have to deal with a basic web-based trading platform. In fact, it is a primitive tool, which, moreover, is quite difficult to manage and use.
When compiling this review, we consider it necessary to elaborate on the registration procedure.
According to Bitorex, they offer over 300 instruments.
Swindlers tell about the availability of marketplaces Forex, indices and commodities. In fact, these instruments are out of reach.
Investors can deal exclusively with the cryptocurrency pairs (for example, BTC/USD, BTC/EUR, ETH/EUR, ETH/USD).
As for the spreads, for example, for BTC/USD, the figures are over 50 points! For a beginner, this data will not tell much, but an experienced investor will immediately understand that with such a difference between bid and ask you'll never get profit!
Now about the leverage.
This dubious broker specifies a ratio of up to 1:500. That's real madness, isn't it? By comparison, brokers that are controlled by reputable regulators cannot offer leverage greater than 1:30!
Moreover, such a leverage ratio should be specified when the only available asset for trading is cryptocurrency.
What do these trading conditions mean for the investor? When opening a trade, most of the available margin will be absorbed by the huge spread. At the same time, the stop-loss indicator will be "on the edge", which is a risky proximity to the opening price. Just a slight step of the highly volatile bitcoin in an undesirable direction and the trader's account will seem empty, zeroed out instantly.
If you want to trade successfully and protect your capitals from a lightning failure - avoid such fraudulent projects that do not guarantee anything but high risks for your deposits!
With trading conditions and deposits more or less everything is clear: it is difficult to call them profitable. Turning to one of the most important questions: the legitimacy of the Bitorex project. Does the company have a license as a Forex broker?
Whatever the official Bitorex website says, the answer is no. Our verdict is quite reasonable: we are ready to provide evidence.
About Bitorex location
Where this project operates from is unknown. There is no information about where their office is located. Where they were registered - is not clear. On the key details of regulation and their managers, the broker does not distribute.
It is only possible to contact them via email. In other words, if there are any questions, we can only hope that the broker deigns to answer.
In the footer, in small print, it is written that the project is owned by Capital Consulting Group Limited, which operates in accordance with the rules of Vanuatu Services Financial Commission.
Of course, we checked this information on the site of the mentioned regulator. The so-called parent company has a license.
But where is the proof of the connection between this company and the hero of our review? That's right, there isn't any. It turns out that the swindlers only say that they are allegedly registered offshore, but the Bitorex brokerage project itself works illegally and has no right to offer financial services to traders, and moreover, to take their money.
Moreover, there are many companies with the same vague name around the world.
When you look deeply into the information on the official website, for example, the T&C section of the Bitorex project, they claim to be a regulated broker and belong to the Marshall Islands, and all disputes are brought before the Court in the UK.
This is nonsense! Either the scammers do not understand what they are writing about, or rely on the inexperience of traders, because the activity of FX on the specified territory is not controlled and not regulated.
All this negatively affects the reputation of an already dubious broker, which is definitely not worth doing business with.
Fraudsters claim to have over 45 years of experience!
We have seen that even the so-called parent company is only registered in July 2020.
Let's see what the domain name of the site www.bitorex.com tells us through the WhoIs IP and domain name verification service.
It turns out that the site was registered in 2005. There is a huge discrepancy of information and dates. Although it is very possible that the site belonged to another project, and then it was bought by crooks. Here we have the date of update: May 2021.
In general, the project Bitorex has all sorts of questions, so they definitely do not trust the money.
Bitorex Reviews Online
If you look at the search, Bitorex is a perfect broker: all traders vying with one another to praise it. There is not a single negative feedback on the Internet! It would seem - it is the best advertising for an online broker.
But in reality it is not so bright.
The scammers who run this shady structure are very active: they send lots of positive feedback praising Bitorex and presenting it as the best Forex broker with great service, automated trading and other super offers!
As for the negativity, such information is closely monitored by Bitorex staff and deleted.
The facts of the check during the review confirmed that this broker is a guaranteed fake, which even gives customers the opportunity to use the trading platform Metatrader, etc.
Safety and security of funds with Bitorex
When cooperating with Bitorex, there is no need to talk about the safety of funds. When you fund an account with an unlicensed Bitorex broker, which lies about the basic facts of its existence and work in general, as well as deliberately trying to mislead customers, you are literally giving your money to fraudsters.
It is better not to deal with Bitorex and ignore any invitation for cooperation from them.
Bitorex is a broker, which deceives its clients as much as possible, but it does not have any license, deliberately omits the key information about itself on its website and all its promises are not realized in practice.
Choosing such a broker for cooperation is extremely risky and threatens financial ruin for the investors.