Bitrade-Market Review

Who is Bitrade-Market:

Bitrade-Market is a website that claims to be a leading provider of cryptocurrency trading and investment services. According to its website, Bitrade-Market offers various products such as Bitcoin, Ethereum, Litecoin, Ripple, and other altcoins. It also claims to have a team of experts and analysts who can help clients achieve their financial goals. However, there is little information about the company’s background, ownership, or legal status. The website does not provide any contact details or physical address, except for an email address and a phone number.

Regulation Of Bitrade-Market:

One of the most important factors to consider when choosing a broker is whether it is regulated by a reputable authority. Regulation ensures that the broker follows certain rules and standards to protect the interests and rights of its clients. However, Bitrade-Market is not regulated by any authority and does not have a license to operate in any jurisdiction. In fact, the OSC has issued a warning that Bitrade-Market is not registered in Ontario to engage in the business of trading in securities and may be participating in unregistered activity that harms investors or is otherwise contrary to the public interest.

Location Of Bitrade-Market:

Another factor to consider when choosing a broker is where it is located and whether it complies with the local laws and regulations. However, Bitrade-Market does not disclose its location or origin on its website. It is unclear where the company is based or where it operates from. This raises questions about the legitimacy and transparency of Bitrade-Market and makes it difficult for clients to seek legal recourse or assistance in case of any disputes or issues.

Services Offered By Bitrade-Market:

Bitrade-Market claims to offer a variety of services related to cryptocurrency trading and investment. These include:

– Access to over 100 cryptocurrencies and tokens

– Competitive spreads and commissions

– Fast execution and low latency

– High leverage and margin trading

– Advanced trading tools and indicators

– Educational resources and market analysis

– 24/7 customer support

However, these claims are not verified or supported by any evidence or testimonials. Moreover, some of these services may involve high risks and costs that are not clearly disclosed or explained by Bitrade-Market. For example, leverage and margin trading can amplify both profits and losses and may result in losing more than the initial investment. Additionally, some of the cryptocurrencies and tokens offered by Bitrade-Market may be illiquid, volatile, or subject to manipulation.

Reviews Of Bitrade-Market:

One of the best ways to assess the reputation and performance of a broker is to look at the reviews and feedback from its clients. However, there are very few reviews of Bitrade-Market available online. The ones that are available are mostly negative and warn potential clients to stay away from Bitrade-Market. Some of the common complaints include:

– Difficulty in withdrawing funds or closing accounts

– Unresponsive or rude customer service

– False or misleading advertising

– Unauthorized charges or fees

– Account manipulation or hacking

These reviews suggest that Bitrade-Market is not a trustworthy or reliable broker and may be involved in scamming or defrauding its clients.

Customer Service Of Bitrade-Market:

Another way to evaluate the quality and professionalism of a broker is to look at its customer service. A good broker should provide responsive, courteous, and helpful customer service that can address any issues or queries that its clients may have. However, Bitrade-Market does not seem to have a good customer service record. As mentioned above, many clients have reported difficulty in contacting or communicating with Bitrade-Market’s customer service representatives. Some have also reported being ignored, insulted, or threatened by Bitrade-Market’s staff.

Securing Your Investments Against Unscrupulous Brokers:

Given the risks and red flags associated with Bitrade-Market, it is advisable to avoid dealing with this broker altogether. However, if you have already invested with Bitrade-Market or are considering doing so, here are some tips on how to secure your investments against unscrupulous brokers:

– Do your research before choosing a broker. Check its reputation, regulation, location, services, fees, reviews, and customer service.

– Read the terms and conditions carefully before signing up or depositing any money. Understand the risks, costs, and obligations involved in using the broker’s services.

– Use only secure and reputable payment methods when transferring funds to or from the broker. Avoid using anonymous or untraceable methods such as wire transfers, cryptocurrencies, or prepaid cards.

– Keep records of all your transactions and communications with the broker. Save any receipts, confirmations, emails, chats, or phone calls that you have with the broker.

– Monitor your account activity regularly and report any suspicious or unauthorized activity to the broker and the relevant authorities.

– Withdraw your funds as soon as possible and do not reinvest them with the same or another unregulated broker.

– Seek legal advice or assistance if you encounter any problems or disputes with the broker.

Conclusion:

Bitrade-Market is an online platform that claims to offer cryptocurrency trading and investment services. However, it is not regulated by any authority and has been warned by the OSC for operating illegally in Ontario. Bitrade-Market also does not disclose its location or background and has received many negative reviews from its clients. Bitrade-Market may be a scam or a fraud that aims to deceive or exploit its clients. Therefore, it is recommended to avoid dealing with Bitrade-Market and to secure your investments against unscrupulous brokers.