Bit-Trading.com review – 5 things you should know about Bit-Trading

Bit-Trading.com review - 5 things you should know about Bit-Trading

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Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.

Warning! Bit-Trading.com is a Crypto exchange which is as clear as mud! Upon opening the website we were instantly able to detect at least a few scam signs showing that it’s a rather fraudulent enterprise. And we weren’t at all wrong, because Bit-Trading.com was blacklisted by one of the strictest and most reliable financial regulators in Europe. Read on to find out everything you need to know about this scam creature in the full Bit-Trading.com review.

Bit-Trading.com is a scam exchange which was officially blacklisted by FCA, the British financial authority:

In its website, however, Bit-Trading.com lists an Estonian address and an UK contact number. Our search in the register of the Estonian financial authority didn’t produce any results, which was expected, fairly speaking.

On the other hand, the Terms and Conditions are made to be US compliant, which doesn’t make any sense whatsoever. No warnings needed for us to prove that Bit-Trading.com is a scam broker which should be avoided.

Your funds are not safe if you make a deposit with Bit-Trading.com, it’s unlicensed, unauthorized and unregulated scam broker which should be avoided! Report immediately if someone from Bit-Trading.com approach you in the internet or over the phone.

Do not ever trust anonymous and offshore Forex brokers, stay safe and choose legit and regulated entities, such as the European ones. EU and UK are known for the strict rules imposed and the security of their financial sectors. There are many customer protection measures taken, but most importantly money protection schemes were created that further contribute to the health of the system.

ICF under CySEC in Cyprus and FSCS under FCA in UK are two of the most prominent deposit protection funds. In Cyprus you can make a claim of up to 20 000 EUR per client and in UK of even up to 85 000 GBP per client, in case a Forex broker faces difficulties to meet its financial obligations. If it was an offshore entity, however, it would simply disappear and you would lose all of your investments, instead of making profits elsewhere!

Bit-Trading.com doesn’t offer Metatrader4 or Metatrader5 accounts to its customers. They present some Frankenstein trading platform that consists of a TradingView chart and Crypto pairs. Have a look:

No spreads and no leverage levels known, because trading is not available in reality, the Buy/Sell buttons simply convert one Crypto coin into another for a fee of 0.02%.

Stay away from pseudo Forex brokers and exchanges that offer Crypto currency derivatives trading. The digital currency pairs are highly volatile, but most importantly they are prone to fraud and misuse, which made FCA to prohibit the trading of Crypto derivatives. The ban will come into effect on 6 January 2021.

The minimum initial deposit with Bit-Trading.com is 60 USD. The single funding method is a payment by Credit card, but it’s not a direct debit. Instead, you are supposed to buy Cryptos and further make the deposit with Bit-trading.com. You should know that once you make a crypto it’s practically impossible to get a refund.

The minimum withdrawal is said to be 60 USD, but the withdrawal process is totally absurd. There isn’t a standard withdrawal request, instead in your Dashboard you are supposed to select an amount to withdraw in Crypto and then chose your payment method. Once you do it, however, there will be a message which states that “You must close all open trades in order to withdraw funds”. Regardless of the fact that you don’t have any positions opened, the Proceed to Withdraw button will not work! It’s practically impossible to make any withdrawal, stay away from Bit-Trading.com, it’s a pure scam.

As Bit-Trading.com is neither a Forex broker, nor a real Crypto exchange, there isn’t available information about dormant account, bonuses, partnership programs or any other feature that is generally important for the traders. We have to repeat it once again, their T&Cs are created to be US compliant, but doesn’t include any valuable information for the customers. Stay away from Bit-Trading.com, it’s a pure scam!

The scam is a financial crime! It’s presumed that the scammers are going to defraud and rip you off, but the consequences might be much worse than you have ever expected, especially considering the Forex fraud, which is probably the most widespread one today. Once you get involved in scam, however, the risk becomes long-term and you might end up literally having your own life ruined! Here are five possible negative effects of scam:

  • Outright Fraud– you made a deposit and got robbed off, not much to discuss!
  • Debts– scam Forex brokers will allow an indebted account and it might turn out that you have to pay them eventually, because your balance went negative. Under CySEC and FCA regulation the negative balance protection of the clients accounts is a must!
  • Identity Theft– the scammers might also abuse your personal information submitted, they might drain up your account, make deals on your behalf, take credits and even register companies on your name!
  • Time Waste– the financial losses will accumulate because eventually you will spend hours trying to recover, instead of making money elsewhere, or gaining the interest from the money that you have already lost.
  • Emotional Distress– let’s be honest. No one enjoys being lied, tricked, defrauded, scammed or victimized in any type of crime. It bears psychological effects that will negatively effect your life.
  • That’s why it’s crucially important to be able to detect the scam as soon as you see it, even though at times it might turn to be a difficult task. Always do your research, be sceptical and do not buy the big promises, stay alert!

    No one is immune to scam, anyone can fall into the trap. Scammers are constantly looking for new and different ways to scam consumers. What you need to do first, in case you got scammed, is to protect yourself from further risks. Contact your bank and explain to them your situation, they will give you important instructions to follow and will help you, if possible, recover your money.

    Report what happened to you, file a complaint, contact the financial regulator, contact other government institutions related to trading and investing. Seek help actively!

    Share online your experience, it is important to protect others, as well. Be responsible!

    Rich Snippet Data

    Reviewer

    TheForexReview

    Review Date

    2020-10-23

    Reviewed Broker

    Bit-Trading.com

    Broker Rating

    11stargraygraygraygray

    Source: theforexreview.com


    WazirX ties up with EdTech startups, promotes cryptocurrency as career option

    WazirX ties up with EdTech startups, promotes cryptocurrency as career option

    NEW DELHI: WazirX, one of India’s largest cryptocurrency exchange platform has launched its educational initiative with the intention of spreading knowledge about cryptocurrency and its operations. WazirX community members have come forward as ‘WazirX Warriors’, in a bid to reach out to families, friends and the society at large.
    The emergence of crypto-trading in the global currency exchange marketplace has propelled cryptocurrency to a market cap of $348 billion as of today. India has just woken up to the various possibilities of crypto trading, with many realizing the promise it holds for the future.
    Indian crypto exchanges like WazirX have seen their trading volume grow by over 574% in the February 2020 to August 2020 period alone, clocking close to $220 Million in August 2020. Further to this, WazirX has witnessed a whopping 473% increase in monthly signups on the platform since February 2020.
    WazirX has so far conducted webinars on cryptocurrency and blockchain at some of the most prestigious academic institutions and business schools in the country including, IIT Bombay, IIM Ahmedabad, IIM Indore, XLRI, NMIMS, etc, opening gates to young professionals, so that they understand and lead the world of crypto and blockchain technologies.
    In addition to these developments, WazirX has also forged key partnerships with five emerging EdTech companies. It is also currently in talks with four more e-learning platforms. Currently, partnerships have been established with the Indian Blockchain Institute, Corum8, Zubi, Qualki Academy, and Inblox Academy. Crypto and Blockchain are both emerging as viable career options for students, and the biggest multinational corporations have already begun hiring talented professionals who possess the requisite skills in these fields.

    Source link

    Source: otcpm24.com

    Author: News Bureau


    PayPal Offers Bitcoin And Crypto Payments

    PayPal Offers Bitcoin And Crypto Payments

    PayPal announced its entry into the cryptocurrency market, according to multiple reports. PayPal customers will be able to use cryptocurrencies like Bitcoin and other virtual currencies to shop at any merchant in its large network starting from early 2021, the company said.

    Those virtual coins could then be used to buy things from the 26 million sellers which accept PayPal, it said.

    PayPal plans to roll out buying options in the US over the next few weeks, with the full rollout due early next year.

    Bitcoin prices rose alongside the news, breaking the $12,000 (£9,170) mark.

    The other cryptocurrencies to be added first will be Ethereum, Litecoin, and Bitcoin Cash (a spin-off from Bitcoin).

    All could be stored “directly within the PayPal digital wallet”, the company said.

    Cryptocurrencies have remained a niche payment method, partly down to the rapid change in prices they can experience compared with traditional state-backed currencies. That has made them popular among some types of investors.

    The firm said it was aiming “to increase consumer understanding and adoption of cryptocurrency”.

    “As part of this offering, PayPal will provide account holders with educational content to help them understand the cryptocurrency ecosystem,” it said.

    But David Gerard, author of Attack of the 50 Foot Blockchain and the forthcoming Libra Shrugged: How Facebook Tried to Take Over the Money, said PayPal was describing “a crypto day-trading market”.

    “I’m at a loss as to who the market is for PayPal as a crypto-exchange,” he said.

    He likened it to playing the stock market, but with Bitcoin – whose volatile and less well-regulated nature was like “gambling on penny stocks”.

    “Have a flutter, drop $10 on it, you’ll learn things you wouldn’t learn any other way – but you are gambling,” he warned.

    He said there were “a lot of big players who manipulate the price”, and ordinary people risked losing their money.

    “I don’t expect much of a market for this beyond existing crypto holders… I’m baffled that PayPal would offer this, and it’s not clear what they’re trying to do here,” he said.

    “There must be someone at PayPal who is very interested in cryptocurrencies,” he added.

    Other payment firms, such as Square’s Cash app and Revolut, have already offered cryptocurrencies for sale. But PayPal has one of the largest merchant networks in the world.

    When it comes to using the virtual coins, PayPal will convert the cryptocurrency into the relevant national currency, so the company being paid will never receive the virtual coins – just the correct amount of pounds or dollars.

    PayPal said the system meant there would be “certainty of value and no incremental fees”.

    But using Bitcoin to pay at ordinary merchants is not due to launch until “early 2021”.

    Cryptocurrencies’ volatile prices – along with their historical use as a less traceable payment method for illegal purposes – have led to numerous calls for them to be regulated.

    PayPal has been granted permission for its operation from the New York State Department of Financial Services, in the form of a conditional “Bitlicence” – the first such licence granted.

    To begin with, the service will work with an existing cryptocurrency provider in the US, the Paxos Trust Company.

    But it is not PayPal’s first venture into the area.

    The firm was once a partner in Facebook’s digital currency Libra, but became the first to pull out of the alliance, just a few months after it was announced.

    The scheme was controversial, attracting attention from financial regulators in several countries.

    Earlier this year, Facebook was reported to be “rethinking” the idea amid the resistance.

    This article is sourced from:https://news.yahoo.com

    Source: allthingscryptocurrency.io

    Author: About Comfort Obey

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