BitTrader Zone Review Is Bittraderzone.com A Legit Forex Broker

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BitTrader Zone Review: Is Bittraderzone.com A Legit Forex Broker?

Bittraderzone.com Review: this is the name of a Forex broker that does not give clear location details. Is BitTrader Zone a scam Forex broker or a legit one? There are many scams at the moment, if you have this broker in mind, go through the review below before making a decision.

When we went to the website of this broker we could not find any address for us to pinpoint its location. However, in case it turns out that this an offshore broker, our readers should be aware of the following.

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Forex trading goes on without regulation in offshore locations, making it a choice base for scam companies. Trading with a Forex broker that is unlicensed pose many dangers to traders’ funds. Misappropriated funds may not be recoverable by the government as well.

Further, since no commission is monitoring them, they are not under obligation to trade fairly. They would be less likely to follow trading rules set to guide those involved in the Forex market.

It seems that BitTrader Zone focuses on crypto coin trading as they keep mentioning it all through the website. They claim that they make “minning easy by introducing investment plans for those that cannot afford minning”. There is an opportunity for clients to make profit from investment returns as well when they forecast for trades and investments.

It is common for Forex brokers to start out with claims of making clients richer. This is because everyone seeking out easier ways to trade effectively does so to make more profit.

However, traders need to be careful about believing everything they encounter in the business sphere. Some are geared to just deceive and steal their funds. Considering what is offered and proofs are effective means of discovering fraud as well as reading our reviews and comparing the offers to those of other legit brokers at the bottom of this article.

BitTrader Zone Trading Platform

BitTrader Zone mentions a trading platform without giving us any real detail. We hereby conclude this is a web-based platform and not a MetaTrader 4 or 5. The MetaTrader platforms are commonly used because they allow the use of trading robots.

Legit brokers are known to offer at least the popular MetaTrader 4 or 5 trading platform.

These platforms are very good signs as they have become some of the most widely used by experienced traders. They are found to be compatible with various devices’ operating system. All can be used on desktops, Linus, windows, iOS and Android.

Tools that comes with these trading platforms are also found to be useful for traders. It has proven to be user friendly as well and helps traders in analyzing the market easily.

Trading instruments offered to traders are not stated except for the repetition of Bitcoins and cryptocurrencies. We know that legit brokers offer currency pairs, indices, CFDs on many commodities and cryptocurrencies. It is important to let traders know the options open to them.

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Maximum leverages offered is not disclosed and we do not like this. Traders are to understand that some leverage offers may seem generous but they could pose danger. High leverages can lead to huge loss of funds as well. Spreads are revealed to be 0.1 pips on the EURUSD pairs on the demo account.

We want to say this is an impossible spread as it is too low for this kind of broker to afford. Traders are advised to be careful about what they see on demo accounts as they might differ on the live accounts.

Spreads of 1.5 pips or below are what is obtainable in the forex industry and traders are asked to look out for this. Leverages of between 1:30, 1:50 and 1:25 are also common among regulated brokers.

Deposit and Withdrawal methods on BitTrader Zone

The means of making payments and withdrawals on the Bit-Trader Zone broker is not also mentioned on the page. We find this to be fishy and disturbing as e-wallets are not mentioned as well.

This is because standard and legit brokers make deposit and withdrawals available via Visa, MasterCard and Wire Transfer. Many offer e-wallets like: Skrill, Neteller, UnionPay, FasaPay, and so on.

Minimum deposit required is not revealed making it impossible to tell if it is within or above the obtainable average of $100 – $250 among brokers. Withdrawal fees are not stated and this discouraging as we prefer fees to be mentioned upfront if they apply to avoid roping unsuspecting investors in.

This information is important so that clients can invest any little amount they can spare. In order to be able to first watch the working of the brokerage. If then they are satisfied with what they see, they can determine when to withdraw their money.

Is BitTrader Zone Licensed?

No. We do not find enough information about the location for us to check with the authority regulating trade in the region. Therefore, we speculate that it is an unlicensed company. Trading with a Forex broker that is unlicensed pose many dangers to traders’ funds. Misappropriated funds may not be recoverable by the government as well.

Further, since no commission is monitoring them, they are not under obligation to trade fairly. They would be less likely to follow trading rules set to guide those involved in the Forex market.

Regulated Forex brokers in Europe, America, Africa, Australia, and Asia are under many strict rules. The regulatory bodies like the FCA, FSCA, CySEC, AISC, NFA and many others have regulations protecting Forex traders from unfair brokers. This is why they come top as recommended Forex brokers.

Support

There is no means of contacting the broker or the customer care service provided on the website. This is also not an appreciated find and it makes the company look bad.

Conclusion

Bit-Trader Zone lacks proper licensing information and many details. We do not have much to say about the company that is encouraging in anyway. Our advice is for traders to look for other legit brokers and avoid BitTrader Zone.

COMPARE WITH A TRUSTED BROKER

Fortrade

Fortrade is a UK-based broker with address at Michelin House, 81 Fulham Road London, SW3 6RD, United Kingdom. They are among the best brokers in the industry offering trades in numerous assets including stocks, commodities, currencies, indices and cryptocurrencies. Fortrade is regulated and licensed by the FCA(Financial Conduct Authority) in the UK well as ASIC in Australia which makes client funds safe. They accept traders worldwide.. visit their official website

BitTrader Zone review – is Bittraderzone.com a scam or legit forex broker?

BitTrader Zone is a brokerage supposedly located in the US. There is a lack of clarity regarding the corporate information of the broker. Read the whole review to find out the benefits and disadvantages in dealing with the brokerage!

BitTrader Zone Disadvantages

Lack of regulation

The corporate information presented on the website is quite chaotic. We only read a mention of US regulatory laws in the terms and conditions which does not give us much to go on. Furthermore, we find no information pertaining to the company behind the brokerage, nor even its name. We remind readers that brokerages operating on the territory of the US have to be members of the National Futures Association which has very strict rules and requirements. Upon running a search in the online registry of the financial watchdog we can safely conclude that BitTrader does not fall under any regulatory oversight whatsoever.

Furthermore, we must emphasize, as we have countless times, that missing regulation brings together with it uncertainty regarding the most crucial aspect of a brokerage – the safety of the clients funds. We have no guarantee of the segregation of accounts i.e. we do not know whether the brokerage handles the money of their clients separately from their own, which greatly increases the chance for fraud. Clients also do not participate in a compensatory mechanism, such as the Investor Compensation Fund of the Cysec authorities, where by the traders losses may be covered in the unlikely case of the brokerage’s bankruptcy. All this, and much more, impels us to advise interested traders search for better and safer trading conditions. Here is a list of our top Cysec-regulated forex brokers:

BitTrader Zone Advantages

No fees or commissions

Due diligence always requires us to go through the lengthy terms and conditions of the brokerage in search of potential fees or commission that may be hidden there. Such fees should be taken seriously, because they do not show up on the home page of the brokerage, but may significantly drive up the cost of trading. After a thorough research on our part, we can confirm that BitTrader Zone does not have such surprises in store for potential clients. However, we do point out that having in mind the staggering lack of clarity regarding the product the website offers, such an advantage isn’t all that important.

Conclusion

Going through the brokers website and its trading platform – we found many disconcerting things. There is a serious lack of information on crucial aspects of a brokerage, as well a lack of clarity as to precisely what the brokerage is offering. However, what we must most emphasize is that BitTrader Zone is an anonymous website and it operates under no regulatory oversight whatsoever which means the safey of the client’s funds is in serious jeopardy.

Broker Advantages

FXTM a regulated forex broker (regulated by CySEC, FCA and FSC), offering ECN trading on MT4 an MT5 platforms. Traders can start trading with as little as $10 and take advantage of tight fixed and variable spreads, flexible leverage and swap-free accounts.

XM is broker with great bonuses and promotions. Currently we are loving its $30 no deposit bonus and deposit bonus up to $5000. Add to this the fact that it’s EU-regulated and there’s nothing more you can ask for.

FXCM is one of the biggest forex brokers in the world, licensed and regulated on four continents. FXCM wins our admirations with its over 200,000 active live accounts and daily trading volumes of over $10 billion.

FxPro is a broker we are particularly keen on: it’s regulated in the UK, offers Metatrader 4 (MT4) and cTrader – where the spreads start at 0 pips, Level II Pricing and Full Market Depth. And the best part? With FxPro you get negative balance protection.

FBS is a broker with cool marketing and promotions. It runs an loyalty program, offers a $100 no-deposit bonus for all new clients outside EU willing to try out its services, and an FBS MasterCard is also available for faster deposits and withdrawals.

FxChoice is a IFSC regulated forex broker, serving clients from all over the world. It offers premium trading conditions, including high leverage, low spreads and no hedging, scalping and FIFO restrictions.

HotForex is a EU Regulated broker, offering wide variety of trading accounts, including Auto, Social and Zero spread accounts. The minimum intial deposit for a Micro account is only $50 and is combined with 1000:1 leverage – one of the highest in the industry.

BitTrader Zone Review: Is Bittraderzone.com A Legit Forex Broker?

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