Bitbinx Review – Perfect Example Of A Broker To Avoid
Bitbinx broker is not one of those with high transparency. They don’t reveal any credible information about ownership. Not to mention licensing which is important in the trading world. However, they put a statement that they deliver industry-leading service.
|Headquarters||St. Vincent and Grenadines|
|Minimum Deposit||1.000 €|
|Review Rating||Average 2.8 on Trustpilot|
Security and Compliance for Bitbinx
After a whole lot of digging, you can barely find anything about this broker. But, hard work pays off and we found they are registered in St. Vincent and Grenadines (SVG). Financial Service Authority (FSA) is the official regulator in the country. Thus, they dissociated themselves from issuing trading licenses. Mostly because of numerous scam brokers rising in this scammer nest.
To check the legitimacy we are always turning back to Tier 1 regulators. These provide much higher security standards, strict funds protection measures, and compensation funds in most cases. Some of those are FCA, CONSOB, BaFin, ASIC, CFTC, and many more. Unfortunately, none of these mentioned issued a trading license to Bitbinx broker scam.
Website’s Trading Platform Overview
In general, licensed brokers offer transparent access to trading software. Most likely because they are not hiding something. Unlike those, Bitbinx scam broker doesn’t provide such access. In fact, once you want to register they claim not to accept any more clients.
As we can see from the website presentation it’s nothing more than a proprietary web trader. The company advertises also a mobile app, but we highly doubt they have it. Any broker that has a mobile app listed in any store will transparently and proudly present it. The only potential benefit of this platform is a newsroom. Thus, you can get it with any other software or broker.
In general, this software doesn’t have any advanced trading features. They miss social and copy trading, expert EAs and automated trading options.
Account Types at Bitbinx
All account types with Bitbinx investment scams are designed to attract traders to deposit more. It would be fair if the broker is making money through spreads or commissions. On the other hand, this scam broker claims not to have brokerage fees.
There are 6 options for traders:
- Opening 1.000 €
- Horizon 5.000 €
- Heritage 15.000 €
- Fortune 50.000 €
- Great Fortune 150.000 €
- Infinite 300.000 €
Nothing presented in these account types is practically beneficial. Traders are getting training, e-books, limited trading support and robotics. But also, questionable, deposit insurance and protection funds. These options are less possible due to missing regulations. Simply, the broker can say anything they want and get out with it. Nobody monitors its activities.
Deposit and Withdrawal for Bitbinx
Generally speaking, funding methods with licensed brokers are completely transparent. So as costs and processing time. But after some digging, we found it takes 2-5 business days for them to process card withdrawals. Thus, with Bitbinx broker it’s not the case. As we can see from Bitbinx reviews, that’s exactly why traders couldn’t get their money back. But also because of the malicious withdrawal policy.
Firstly, this broker offers trading bonuses. These are banned in a range of countries. Simply because the broker requires you to reach a certain trading volume before you can withdraw anything. Most of the time unreachable one. Also, this investment scam has other tricks. The company reserves right to deduct any fees or taxes from the balance. In addition to that, they can also withdraw any promotions or bonuses.
How Did This Brokerage Perpetrate Fraud?
As we already know, the broker lures traders on different social platforms. Whether it’s through ads or platforms like LinkedIn, they have one goal. To extract as much money from you and vanish. Let’s get back to withdrawal issues that you can expect.
The company reserves the right to withdraw any bonuses they provided to you. Once you decide to withdraw any profits made, you will face several challenges. Firstly, they can ask you to provide additional documentation. Most likely because of AML laws. But even if you do so, they can come up with non-existent fees or taxes.
Firstly, you’ll be asked to pay those to get a withdrawal. Which doesn’t make sense. But that’s why the broker has a clause saying that they can withdraw any funds for fees or taxes themselves. Therefore, you can easily end up with nothing. After all, if you somehow avoid all that they can withdraw bonuses. Thus, you can’t diversify how much money you made with a bonus and how much with real money.
Overall, there is nothing attractive about the Bitbinx scam broker offer. Firstly, they are not regulated. Secondly, they don’t provide trusted and transparent trading software. Lastly, they have a shady withdrawal policy. Also, they have a higher minimum deposit requirement.
All these combined are a perfect recipe for an investment scam. If you already got caught by some feel free to reach out to our fund recovery team. You can start the money recovery procedure already today. The first meeting with our team is completely free. Contact us today.
FAQs About Bitbinx Broker
Is My Money Safe With Bitbinx?
No. They claim to provide some protection measures. But lack of regulation doesn’t back it up.
What Is The Minimum Deposit for Bitbinx?
The minimum requirement is four times higher than the industry average and starts at 1.000 EUR.
Does Bitbinx Offer Demo Account?
No. Nowadays, Bitbinx scam broker prevents traders from even opening a live trading account.