Bitnomics Review: Stay Away from This Fraudulent Broker
Bitnomics is a primarily anonymous offshore broker that is allegedly registered and based in Estonia.
With its registration in 202, they have already earned a bad reputation. In general, if your services are exposed as a scam, there is no reason for anyone else to trust their money here.
But that is not all this investment scam has lied about. Their website lacks a lot of information, such as the leverage and account types, but they also present themselves as regulated and licensed brokerage.
But to discover more about this fraudulent company, read our Bitnomics broker review.
|Broker Status:||Unregulated scam broker|
|Blacklisted as a Scam by:||BCSC|
|Broker Owner:||MoneyFlow OÜ|
|Online Trading Platforms:||WebTrader|
|Crypto Asset Trading:||Yes|
|CFD Trading Option:||No|
|Available Trading Instruments:||Cryptocurrencies|
|Free Demo Account:||No|
|Accepts US clients:||N/A|
License and Regulations of Bitnomics
Firstly, Bitnomics is claiming to be based in Estonia but we have found that they are an offshore trading company. Most fraudulent companies that have made their headquarters are at Saint Vincent and Grenadines. What FSA suggests is that brokers apply for licenses in the country where they provide services since offshore countries don’t overlook forex trading.
In other words, the broker is not regulated. There is already a warning from the BCSC. There is also a non-competitive trading platform. Leverage is not even disclosed and non-transparent trading conditions. On top of that, Bitnomics doesn’t even offer a demo account.
One of the main countries targeted here is the UK. All companies providing trading services there must have an FCA license or TPR (Temporary permission regime). But upon checking the register of FCA, also BaFin and ASIC, we couldn’t find any license information for the Bitnomics scam broker.
Trading Platform Available at Bitnomics
Another key point for experienced clients is trading software. Nobody wants an uncompetitive platform with almost no features. What Bitnomics scam broker offers is a plain web trader with minimal trading options available.
It has only basic charting options, a small number of indicators and basic trading options. If you were looking for social or copy trading, you can forget it. Not to mention that mobile users can only get access to the platform through the browser. In general, nothing available can compare it to the best option in the industry – MetaTrader.
Bitnomics Account Types
In regards to the trading accounts that Bitnomics offers, we were unable to find them. The only thing we managed to see on the scammers website are some levels which could be a trading account but we are unsure. Those levels include the following ones:
- Level 1 €200
- Level 2 €15,000
- Level 3 €50,000
We can count this as account types but at the end of the day there is not much information about any of these levels besides the amount they are looking for which is extremely high.
On top of that, this illicit broker doesn’t even offer a Demo account.
Deposit and Withdrawal Methods
When it comes to the deposit methods, on the Bitnomics website we saw that they offer the following:
- Visa or Master credit or debit card
After we have tried to activate the account, we weren’t able to use any of these methods which leaves us to believe that the broker prefers crypto since it is untraceable.
Many scam brokers such as StarTrader and RoboticsForex, prefer this method since withdrawing is impossible. So stay alert and avoid these types of brokers.
Offshore Brokers Fraudulent Tactics
You’ve probably heard of this type of scam as they are quite common as of lately especially with brokers like StarTrader or RoboticsForex.
It all starts with various internet ads promising you to get the rich fast fairytale. After people get interested and read a couple more or less believable stories of others getting rich just by trading through their platform, individuals get tempted and decide to make an account.
After that, comes multiple e-mails and calls from various agents telling you how you should invest your money, and of course- the more you invest the more you’ll get. Although we don’t know their minimum deposit, we are sure an agent contacting you will tell you to invest as much as you probably can and continue to be very persuasive until you say yes and give your credit card information. Be sure that once they get your money, they will disappear.
In this Bitnomics review, we talked about this alleged Estonia-based scam broker that allegedly gives clients an opportunity to invest in crypto. As people are getting more and more interested in making an additional income with crypto trading, it’s easy to become a victim of this type of lousy scam. But in reality, all this broker is doing is pocketing traders hard earned money and creating false profit on their website.
Not only are they unregulated and unlicensed broker that falsely claim to be and provide some fake license number on their website. In conclusion, we advise you to stay away from them since you would be putting yourself and your funds at risk. Remember to always be careful with where you invest your money and don’t forget to read reviews made online.
FAQs About Bitnomics Broker
Is Bitnomics Regulated?
No, Bitnomics is an unregulated scam broker that is operating with a sole purpose of stealing clients money.
What is The Minimum Deposit for Bitnomics?
The minimum deposit that Bitnomics seeks in order for you to start trading with them is $200.
Is Bitnomics a Trustworthy Broker?
No, as they have no licenses for providing trading services, they cannot be considered trustworthy.