de | cn | ru

Bitmaxtrade Review -is it scam or safe?

Bitmaxtrade Review - is bitmaxtrade.com scam or good binary options broker?

RATING: 1 / 1 REVIEWS ForexBrokerz Bitmaxtrade
Bitmaxtrade is not regulated. We cannot guarantee your money is safe.

RECOMMENDED BROKERS


Trading Accounts and Conditions

 

Trading account  Min. deposit Payout
Standard  $250 up to 85%

 

Bitmaxtrade is a binary options broker that says to offer more than 100 assets available for trading on some web-based interface. Unlike most such brokers, this one doesn’t seem to offer different account types for clients to choose from. That being said, we have far more serious concerns regarding Bitmaxtrade – it is not regulated and seems involved in a serial scam scheme. Read on to get all the details.

 

 

Bitmaxtrade Advantages

 

High payouts promised

According to the information on the broker’s FAQ section of the website, payouts on EUR/USD options are as high as 85%, which sounds all too good.

 

Copy trading service allegedly available

Generally speaking, copy trading is investing into a trading account run by a strategy manager. In return, investors receive a portion of any profits made by that account. It is largely used in forex trading by either beginners, or experienced traders looking to diversify their portfolio and bring in a greater revenue.

 

 

Bitmaxtrade Disadvantages

 

Operated by a notorious company which isn’t licensed

Bitmaxtrade says to be owned and operated by Algobit Ltd., a company registered on the Seychelles. Brokers in such offshore zones are not licensed, nor supervised by any governmental agency, which means that their clients are subjected to various risks – commingling, platform intervention, and all kinds of investment scam you can think of.

 

What is worse, Algobit Ltd. isn’t unknown to us – the company operates several other brokerage brands, and each of them has been blacklisted by some financial regulator: Worldwide CapitalFX and Lite Options have both been flagged by the Cyprus Securities and Exchange Commission; The Spanish financial watchdog issued a warning against FinRally, and the British Columbia Securities Commission (BCSC) has also blacklisted WorldWide CaitalFX.

 

We should note that in most cases financial regulators issue warnings against unregulated brokers after they have received complaints and alerts from traders who have fallen victims to scams.

 

Demo accounts available after depositing funds

As you know, the demo accounts are practice ones, which don’t involve any investment with actual money. With Bitmaxtrade, however, one is only able to try out a demo account after depositing the minimum investment required for live trading.

 

Click on the image to view larger.

 

 

No real platform

So, we proceeded to register a live account (without depositing any money) in order to take a look at Bitmaxtrade’s platform. As a result, we got access to some strange dashboard with quotes from major forex brokerages and crypto exchanges: 

 

 

Click on the image to zoom in.

 

As you can see from the above image, this is not a real trading platform, but only a dashboard to propel the illusion. This inclines us to suspect that Bitmaxtrade doesn’t support any trading platform whatsoever, and only aims at receiving deposits from clients that are unaware of its ill-minded intentions. That being said, most brokers offer trading on the ever-popular MetaTrder4 (MT4) platform, as it is preferred by the majority of traders.

 

 

>> Choose some of the best MT4 brokers <<

 

 

Conclusion

 

Bitmaxtrade is an offshore forex and binary options broker with very low credibility. It is operated by an offshore company, but seems to target European investors, and was therefore blacklisted by CySEC and the CNMV with regards to other brokerage brands it runs. Overall, we suspect that the people behind the brand are running some sort of investment scam, and therefore advise our readers to stay away from all brokers associated with Algobit ltd.

 

After ESMA banned binary options altogether (as of July 2, 2018), there have remained no reliable regulators in this sector. Previously, most regulated binary options brokers were holding licenses from the Cyprus Securities and Exchange Commission (CySEC). That is why we suggest that investors turn their attention to forex and CFD brokers, whose offering is similar.

 

 

>> Check out the top-tier forex brokers in Cyprus <<

 

 

And finally, here are the highlights of the present review of Bitmaxtrade:

 

Pros Cons

Generous payouts

Operated by a notorious company which isn’t licensed

Copy trading service allegedly available

No real platform

 

Demo accounts available after depositing funds

 

Latest news about Bitmaxtrade
No news about Bitmaxtrade . Check back later.
Forex
Broker Country Regulation Platform Min Deposit Review
US CFTC, NFA MT4, Web,
in-house
$50 Review Website
US NFA, CFTC MT4 $250 Review Website
Cyprus, UK, Mauritius CySec, FCA, FSC MT4, MT5, Web $10 Review Website
Australia, Cyprus ASIC, CySEC MT4, MT5, Iress $100 Review Website
Cyprus, Australia CySec, ASIC MT4, MT5 $5 Review Website
UK, Australia, South Africa FCA, ASIC, FSCA MT4, Trading
Station,
NinjaTrader
$50 Review Website
UK, Cyprus, UAE, South Africa FCA, CySEC, DFSA, FSB MT4, MT5, FxPro
Markets,
cTrader
$100 Review Website
Cyprus CySEC MT4, MT5, Web $1 Review Website
Belize IFSC MT4, MT5 $100 Review Website
Cyprus, UK, South Africa, UAE CySec, FCA, FSCA, DFSA MT4, MT5, Web $5 Review Website
Cyprus, UK CySEC, FCA MT4, MT5 $1 Review Website
UK FCA MT5 $5 Review Website
UK FCA MT4, Web, MT4
for Mac
$100 Review Website

Traders` reviews for Bitmaxtrade

Spread

Pros

Cons

 

 

Slippage

Pros

Cons

 

 

Requotes

Pros

Cons

 

 

Price feed

Pros

Cons

 

 

Platform

Pros

Cons

 

 

Deposit/Withdraw

Pros

Cons

 

 

Customer service

Pros

Cons

 

 

Summary

Pros

Cons

 

 

de | cn | ru