BidAskBit Review: Avoid This Broker At All Costs

BidAskBit review is about a broker that is a typical example of a fake crypto platform. Crypto assets and CFDs based on them are very attractive grounds. This unfortunate fact is due to the lack of regulation over the crypto market and the ignorance of an average crypto investor.

Overall, we don’t recommend doing business with BidAskBit, but you should read the whole article, and see what are the things we don’t like about this trading provider. Also, we will be talking about legitimate brokers, as well.

Furthermore, we advise you to avoid utilizing shady brokers like as CapitalCore, EGMarkets, and The Active Traders.

How Are You Protected at BidAskBit?

BidAskBit crypto broker presents itself as a brand of Ace Holdings Limited with authorization number 13403160. But there are no details about the headquarters or legal jurisdiction. If an issue arises, we have no idea which court would be in charge of the owner and their brand.

This makes them an anonymous enterprise since we don’t know who we are dealing with. Since they don’t mention any regulations we started searching through regulators ourselves.

We searched the databases of the FCA, ASIC, BaFin, CONSOB, and CNMV, and there is no trace of BidAskBit. 

It is important to state that since this is supposedly a crypto exchange, formal regulation does not play such an essential role as with forex brokers. However, many crypto exchanges have gotten into trouble with financial authorities in recent years because they didn’t have a license. That’s why many of them are trying to meet requirements and become regulated. 

BidAskBit Trading Platform Overview 

BidAskBit offers cTrader, a web-based trading platform. It’s decent, with some analytical tools and a user-friendly interface, but it doesn’t have advanced features like MetaTrader 4 and MetaTrader 5. BidAskBit login is supported through the cTrader mobile app for Android and iOS.

However, a decent trading platform is not a reason to go with a fraudulent enterprise, when you pick a legitimate broker plus get better trading software.

MetaTrader 4 is the most popular online trading platform used by Forex traders. It was released in 2005, giving millions of users easy access to the financial markets. 

Although MT4 was specifically built for Forex trading, the platform can also be used to trade other assets such as stocks, indices, and commodities via CFDs.

Both beginners and experienced traders appreciate MT4 because it is multi-functional, user-friendly, and allows users to customize the interface to their needs. It also offers advanced trading tools that allow traders to implement their favorite strategies.

MetaTrader 5 is a multi-asset trading platform that enables you to trade stocks, forex, and futures. It offers advanced tools for price analysis, algorithmic, and copy trading. Launched in 2010, five years after the launch of MetaTrader 4, MT5 is considered more improved and diverse with better charting, exclusive indicators, and its widespread ability to trade over 500+ markets.

Account Type at BidAskBit

Based on the website information, there is only one type of live trading account. The website says customers can access all features, get reliable support, and customizable account settings. There are no mentions of the risks and perks.

Allegedly, they offer demo accounts, as well. Of course, trading with virtual funds and real money is not the same. The risk-free account is just a lure. Keep that in mind. 

BidAskBit Funding Methods

BidAskBit only accepts crypto deposits, which is not a surprise. Crypto deposits are problematic for two reasons. The first one is anonymity since you don’t know you’re paying. They cannot be traced to a specific person, just to a wallet. Be careful about to who you transfer money when using this payment method.

And the second is – there are no chargebacks. Such transactions are irreversible – once you have transferred money, you would not be able to get a chargeback. 

However, this is not necessarily the norm with crypto trading platforms. Most big crypto exchanges like Binance, Coinbase, and Bitstamp offer their clients deposits with a credit or debit card, via wire transfer, or through PayPal. 

BidAskBit also offers bonuses – the problem is that we were not provided with a comprehensive bonus policy. The company states that there are some additional conditions to its bonuses but fails to mention what those additional conditions are. Bonuses are often tied up to minimum trading volume requirements which are very hard to reach.

How Does The Scam Work?

Fraudsters are always looking for new ways to scam consumers. These scammers may cold-call you, but they may also contact you via email, or social media, or you may receive calls after submitting your details online. That’s why we always tell you not to leave any information on their website.

They are ready to do anything to convince you to invest in them. If something looks “too good”, it probably isn’t. Don’t believe in their stories of getting rich overnight. 

However, if you got scammed, you should not be embarrassed. However, by keeping quiet, you are keeping their scheme alive. Always spread the word about a scam broker!

BidAskBit Summary

BidAskBit is an anonymous enterprise. We call them like that because they don’t mention their headquarters or legal jurisdiction. We tried finding it on our own, by looking in some regulators, but we didn’t manage to find the name of BidAskBit.

This company is unregulated, and if you decide to choose them as your broker, there is a good chance that your money will get stolen. 

The only half-decent thing about them is their trading platform. However, there are much better offers out there. Always pick a licensed trading provider. For your own safety.

FAQs About BidAskBit Broker