Bitchain.info exhibits all the classic characteristics of a fraudulent broker. It lacks proper regulation, maintains total opacity regarding the company’s location, and employs questionable bonus practices. Therefore, there is no compelling reason to risk your time or money with this potentially untrustworthy brokerage. Read this complete Bitchain.info review to know why we added this broker to our scam brokers list.
Website – https://bitchain.info/
Address – NA
Warned By – Ontario Securities Commission (Canada)
Regulation – Unregulated
About Bitchain.info Regulation
Bitchain.info has only disclosed an email and a phone number, omitting any mention of its location or licensing status. Regarding the information offered about the company and its operations, it appears to be nothing more than unsubstantiated claims. The broker pledges “the utmost trading conditions supported by state-of-the-art industry innovations,” but remains conspicuously devoid of specific details.
Of additional concern is the alert issued by the Canadian CSA; since February 2023, they have included Bitchain.info on their warning list for engaging in unauthorized activities.
Bitchain.info Review: Trading Platform
The selection of a broker often hinges on the trading software it provides, particularly for traders interested in algorithmic and copy trading. These functionalities are typically found on platforms like Meta Trader and a few others. However, this broker lacks these reputable software options, offering only a proprietary platform.
Bitchain Company exclusively provides poorly designed web-based software. It lacks appeal due to its limited features, making it unsuitable even for novice traders. The platform offers only basic indicators and charting options, and, notably, it’s susceptible to market manipulation, heightening the risks associated with its use.
Bitchain.info Review: Trading Conditions
Bitchain.info provides two distinct trading account options: Starter and Advanced. With both account types, traders gain access to a diverse range of markets, including Forex, Shares, Crypto, Indices, Energies, Agricultures, and Metals.
While the broker asserts that it does not impose commissions, it offsets this claim with a considerably unfavorable spread. For instance, our assessment revealed a spread of approximately 3 pips on EURUSD, which translates to a $30 cost per lot traded. In contrast, many other brokers offer spreads as low as 1.5 pips, or even lower. This widespread contradicts Bitchain.info stated website promise of spreads starting from 0.13 pips on Basic accounts.
The leverage options extended by the broker are contingent on the chosen account type. Basic accounts offer leverage of up to 1:200, while Advanced accounts grant access to leverage as high as 1:600. Although we initiated trading with 1:200 leverage, we encountered difficulty in adjusting this exceptionally high leverage to our own preferred settings.
Deposit and Withdrawal Methods
Bitchain.info states that you can fund your account through Visa/MasterCard, wire transfer, or Bitcoin. However, when we attempted to deposit on the broker’s platform, we encountered technical issues preventing us from doing so. The minimum deposit for a Starter account stands at $250, whereas the Advanced account requires a higher initial deposit of $1000.
We cannot verify the availability of these deposit methods, as some fraudulent entities push for cryptocurrency deposits due to their non-reversible nature. What we can confirm is that Bitchain.info imposes significantly high withdrawal fees.
Negative Reviews and Complaints
It’s crucial to note that Bitchain.info got most of the reviews rated with just 1 star, which is not a good sign.
The primary grievance raised by most traders pertains to withdrawal issues. In particular, brokers tend to halt communication and withhold withdrawals until all contact ceases.
Bitchain.info Review: Conclusion
If you’ve fallen victim to a Bitchain.info scam or any other fraudulent scheme, we urge you to register a complaint against the fraudsters. By filling out our online complaint form, you can arrange a free consultation with our experts to discuss the steps required for the fund recovery process. We are committed to safeguarding your financial well-being and are here to assist.
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