Bitky Review – Truth Behind Bitky.Io
As anonymous as it gets, this broker offers FX and CFD trading services for a couple of years. The first thing to remember, they are owned by Solar Ventures based in Dominica. This explicitly puts them in a basket of offshore scam companies.
Generally, brokers choose to operate out of Dominica to avoid more stringent financial regulations elsewhere. So, from operating offshore to falsely claiming they are regulated, there is a lot to cover in this Bitky broker review about this investment scam.
|Broker Status:||Unregulated scam broker|
|Blacklisted as a Scam by:||FCA|
|Broker Owner:||Solar Ventures|
|Online Trading Platforms:||WebTrader|
|Crypto Asset Trading:||Yes (BTC, BCH, ETH)|
|CFD Trading Option:||Yes|
|Available Trading Instruments:||Forex, CFDs, cryptocurrencies|
|Free Demo Account:||No|
|Accepts US clients:||No|
Is Bitky a Legit Broker? Safety and Regulation
Specifically because of the licensing, we can’t trust the Bitky broker. While many regulated brokers disclose their licensing as the primary security option, Bitky didn’t bother.
In the hope that they will surprise us, we checked the Tier 1 regulators database. However, there is no mention of Bitky.io in ASIC, BaFin or FCA registers.
Not only is Bitky an offshore broker, but also completely anonymous. Transparency and security are not their main goals.
Because of that we do advise you to find a good and reputable broker that holds an actual license and will not scam you out of your money.
Supported Trading Platform at Bitky
Usually, scam companies tend to at least pretend they are legitimate. But the Bitky broker doesn’t have MetaTrader4 or MetaTrader5.
Instead, they offer traders a browser platform with few useful features. In addition, elements like their economic calendar are integrated into the platform.
Consequently, they didn’t provide any advanced trading options like social or copy trading, advanced EAs or more sophisticated indicators.
Bitky Account Available
Bitky.io has five different accounts for traders. Those accounts include the following ones:
They start with a Basic account, running up to their Diamond account. Similar to most other brokers, their Basic account requires a $250 minimum deposit. The broker doesn’t claim to offer any better features with higher accounts.
Instead, the only benefit with higher accounts is their deposit bonuses. Traders receive a greater percentage of their initial deposit at each level.
Given that these guys are here just to extort as much money as they can, they don’t offer a demo account.
By all means, their main goal is just to scam you for real money. Not to educate you about trading. In general, demo accounts are only suitable for beginners. That way they can familiarize themselves with the trading software and broker.
Deposit and Withdrawal Options
In regards to the deposit methods, Bikty broker offers only debit and credit cards and of course, the favorite deposit methods among scam brokers, crypto.
In general, we suggest clients use cards in the beginning because of a chargeback.
With illicit brokers like Bitky, that might be of use in case you are scammed. Unfortunately, other payment options and information are missing.
Important facts are AML and bonus policies that make withdrawals even harder. In the end, the broker will make up any possible excuse.
How the Fraud Is Conducted
All these fraudsters pose as brokers to take advantage of the general public’s lack of knowledge of trading. And the agents calling are professionals who have many ways to get you on board with making an investment.
Ads that can be found online are full of fake stories promising easy earnings. Once you decide to leave your personal information in order to find out more about this, the agents will call you daily to try and convince you that what they are offering is a legit thing.
So, in case you have ever been scammed by this broker, remember that getting your money back is possible but it just takes time. We would be thankful if you can share your experience with us since we can help you report your scammers to the authorities.
While conducting this broker review we found that Bitky is a Dominica-based broker that follows no regulations and therefore offers no safety for trader’s funds. Like many other scam brokers that are trying to look legit, this one is also falsely claiming to be regulated. Additionally, they managed to get an official warning issued to them by Uk’s regulatory body FCA.
The minimum deposit requirement is set at 250 EUR, which is just too high and almost never seen with a regulated firm. On top of that, their trading platform is just a basic webtrader that doesn’t even work properly. Overall, they are not worth your time or money.
Lastly, the broker doesn’t even offer a proper demo account for potential traders, which never happens with licensed brokers. A good rule to follow is to carefully review as many forex companies as possible before you swipe a card. And also remember to always think twice before investing anywhere and make sure you read the reviews first.
FAQs About Bitky Broker
Is Bitky Regulated Broker?
No, Bitky is not a regulated or licensed firm you can trust when it comes to trading.
What Is the Minimum Deposit at Bitky?
The minimum deposit for Bitky customers is set at $250, common with financial frauds of this kind.
What Account Types are Available at Bitky?
The account types available at Bitky are basic, silver, gold, platinum and diamond.