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BitSquared Review – Everything is Fair and Square for Fraudsters

BitSquared Review

Financial scammers have always been absolutely ruthless with their fraudulent strategies and deceptive tactics. Online trading markets are being flooded by an abundance of anonymous service providers that do nothing but sell snake oil for a high price. 

Under the pretense of being able to make you rich overnight, these miscreants will empty all your bank accounts, down to the very last penny. Read this BitSquared review to familiarize yourself with some of the most prevalent scam methods.

General information
Name BitSquared
Type of the company Broker
Regulation status Unregulated
Warnings from Financial Regulators NSSC
Website link
Active since 2023
Registered in N/A
Contact info Data is hidden
Trading platforms X8 Web Trader
Majority of clients are from United States, Canada, United Kingdom, Nigeria, India
Customer support Yes – online form
Compensation fund No

No Trace of Legal Info

BitSquared broker is so anonymous that no corporate information about this firm is available anywhere online. It remains a complete mystery who the platform is owned by and where their headquarters are located. Since the website run by this shady company doesn’t publish any useful information, we checked what legal documents say. 

Alas, the several links that should have led to the legal papers were all inactive. Whenever we attempted to load the document, the same error 404 kept appearing. Apparently, legal papers weren’t even uploaded.

At this point we had no other choice but to start searching regulatory databases. Although we started from premium regulators like FCA, BaFin, CySEC and CNMV, no results came up. However, something else did.

Regulatory Warnings

Unfortunately for the fraudsters, even a false Forex investing portal that was anonymous didn’t escape the diligent eye of the financial regulators. In December 2023, this suspicious business was blacklisted by the financial regulator in Nova Scotia – NSSC.

Public was warned about the predatory tactics employed by the BitSquared Forex scam. The firm evidently didn’t operate under any supervision, and the conduct was not given a license to sell financial services online.

Source of Victims: Social Networks

The fact that the platform received no BitSquared reviews on any of the popular sites, the conduct is present online. Majority of their social media profiles are inactive, and appear as if they were abandoned immediately after being created. Such is the case with their Facebook and X profile.

We did manage to dig out one of their bigger pages – Instagram. Over 5 thousand followers are being led to believe that this firm can offer them the most competitive and most transparent trading conditions. 

At that, these charlatans promote high returns and bonuses always available. To quickly gain access to their victims’ data, they convince targets to install remote control software, such as AnyDesk which can be downloaded from the site.

Bogus Trading Technology

Prestigious and allegedly most rich in features, the BitSquared EX 8 platform cannot be accessed directly from the site. In order to preview it, a client needs to register for an account and then get to the platform from the user panel. 

Nothing promising or particularly attractive is offered by the simplistic web trader found in the trading room. It lacks basic functionality, so it’s most probably been heavily altered and controlled by these schemers that won’t let you earn a single penny.

There’s also promises about a Forex heatmap, events and news, as well as technical analysis being available as support, but it is all just imported Trading View tools.

Instruments to Trade

The broker doesn’t pay particular attention to listing the variable financial instruments. There’s not even examples of the specific ones presented as regulated firms like CM Globals allow. For the majority of information we had to rely on details from inside the platform:

  • Commodities – Cotton, Oil, Gold
  • Shares – Tesla, Amazon, Boeing
  • Indices – CAC40, DAX, NSDQ
  • Digital Currency – BTC, LTC, XRP

Costs of Trading

Huge leverage and no BitSquared trading costs included seems to be one of the central lies sold to Forex novices. Since it is impossible to have low spreads and no commissions included we highly doubt any of the available information about charges is valid. 

Leverage can get up to 1:300 if you deposit more. Trading commissions apparently don’t apply as they’re promised to be $0 regardless of the account you choose. Starting spreads are 1.5 pips and they depend on the packages purchased. Another unregulated service provider that is shady with costs is GensMarkets, so beware of them, as well.

Account Options

There isn’t a rich choice of particularly well-designed trading accounts on this website. All three of them claim to offer scalping, hedging, signals, no BitSquared withdrawal fees and premium execution speed. As you’ve already guessed, these are nothing but common lies and the work of false advertising, meant to entice potential victims.

What gives the scammers away is how sloppy they were at putting together the offer, since they couldn’t even come up with different names for the packages:

  • Traditional – €250
  • Business – €2,500
  • Traditional – €250 (slightly more options and higher leverage)


Several types of bonuses are available for every new registrant. First of all, there’s a BitSquared deposit bonus of 10%-15% added on every account funding. 

There’s also a referral bonus and all of these are allegedly available to use as investment capital and even withdraw the profits later. Of course, the notorious trading volume requirement probably applies, even if it’s not revealed.

Basic Funding Terms Hidden

What immediately had us convinced in the BitSquared scam is the fact that the absent legal documents and lack of license. There’s a mention of credit cards being available, but no options are given. All you can do is submit a deposit or withdrawal request by choosing the amount of money. 

Then you have to get clearance from your account manager in order to proceed to the next step! This is another known strategy as including the boiler room operators who impersonate Forex veterans is a way to extort more money from victims.

Trade Without Risks!

Cyber criminality flourishes thanks to social networks and the advancement of the boiler room communication strategies. Whoever has been online long enough must have encountered a fraudulent offer at least once.

If you don’t want to go through the headache of dealing with unscrupulous investment schemes, contact us for advice. Our company offers funded trading solutions to all talented Forex traders. You can get funded with up to $180.000 so book your free Zoom consultation today.


What is BitSquared?

BitSquared is a fraudulent Forex trading platform that operates from an unknown location.

Is BitSquared Legit?

No, the broker is completely anonymous, has no license and is actually blacklisted by NSSC.

Why Choose Prop Firm Over a Broker?

With a good prop firm you don’t have to worry about losing your own capital. Therefore, we suggest you try out our recommendation.

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