Bittradehouse Review: Signs That Bittradehouse.Com Is Fraud
Bittradehouse is a Forex broker that focuses on cryptocurrencies. As this broker has no regulations, it’s a clear sign that they are up to no good. Unlicensed brokers can potentially be running a scam, so it’s best to avoid them. With Bittradehouse, there aren’t many details available to give it legitimacy.
The company lacks security and doesn’t provide any regulatory facts on its website. What’s more, there are issues with its trading software that make it impossible to access. To learn more about the issues, read the full Bittradehouse review below.
|Broker Type||CFD, Crypto, FX|
License and Safety of Funds at Bittradehouse
This company’s site targets German CFD clients and is mainly in German. However, there’s no address available, and the company doesn’t have a license from BaFIN, the regulatory body in Germany.
Without regulation, it’s likely that Bittradehouse operates from scam havens worldwide. These jurisdictions don’t regulate their FX markets, making them fertile ground for scammers. Dealing with such firms is risky because they can steal your money instantly.
Also, without regulations, financial companies could take advantage of their clients in many ways. They can do that by charging high fees, offering poor-quality services, or engaging in scammy activities. This could lead to financial losses for many people, as well as more overall economic issues.
Regulations help to set standards for financial institutions and promote trust between everyone. Regulated institutions must disclose some details to their customers. For instance, they need to disclose fees and charges. This makes everything easier.
Moreover, regulations are vital for promoting stability in the financial markets. They help prevent financial crises by ensuring that companies are well-managed and that their risks are well-understood. This lowers the likelihood of firms engaging in risky behavior. You should keep this in mind.
Bittradehouse Trading Platform
Bittradehouse broker offers a web platform for trading. However, you have to deposit money before using it, which is not what licensed firms do. This is quite problematic because clients can’t see what they’re getting into without trying the platform first. Legit brokers typically offer micro or demo accounts, but Bittradehouse has none. Therefore, we couldn’t verify the platform’s quality.
Offshore entities often offer subpar software. It is possible that they may have MT5 as a standard platform. However, it’s still not wise to use their platforms because they tend to manipulate them.
MT5, also known as MetaTrader 5, is a popular trading platform used by many traders today. It’s software that allows you to trade many instruments, such as currencies, stocks, and commodities.
One of the reasons why MT5 is so popular is its user-friendly interface, which makes it easy for traders to navigate and use. It also offers a wide range of analytical tools, such as charts and graphs. All of these help traders make informed decisions about their trades.
Trading Instruments at Bittradehouse
Scam website Bittradehouse offers a variety of tools to help users maximize their profits. The platform supposedly provides access to markets such as FX, stocks, crypto, and commodities. Besides, Bittradehouse supposedly has avant-garde features like charting and technical analysis tools.
They also claim that they have a large education center that covers essential trading concepts. Overall, you should not trust this broker at all. This is a fact!
Bittradehouse Deposit and Withdrawal
Ironically, a company that requires customers to deposit to access basic features, does not have a working deposit page. There are no payment options available on it.
Moreover, it returns an error message. Of course, if you have managed to give any of your funds to the firm, seek a chargeback as soon as you can. This may be the only way to cash out from the shady company!
How Does This Scam Operate?
Offshore brokers usually like to offer tempting promotions. However, accepting them may lead to losing all your money due to turnover requirements. These requirements can be hundreds or thousands of times the bonus amount, making withdrawals virtually impossible. Please avoid such brokers as they are scams.
Scammers also deceive clients into thinking they are profitable, then insist on more deposits to keep winning. Withdrawal fees for these companies are often exorbitant, reaching up to 10, 20, or even 30% of your funds. Legit brokers do not demand withdrawal fees, so if a broker does, it’s a clear sign of a scam.
The Best Foreign Exchange Brokers
Take a look at the table below. You will find some of the best companies on the market.
|FXTM Broker||Cyprus, UK, Mauritius||4.5||$10||Forextime.Com|
|OctaFX Broker||Cyprus, SVG||4.4||$100||OctaFx.Com|
|FP Markets Broker||Australia, Cyprus||4.7||$100||FpMarkets.Com|
|XM Broker||Cyprus, Belize, Australia||4.7||$5||XM.Com|
|HFM HF Markets Broker||Cyprus, UK, South Africa, UAE, Kenya||4.3||$5||HFM.Com|
|FBS Broker||Cyprus, Belize, Marshall Islands||4.85||$100||FBS.Com|
Stay away from this fraudulent broker, as there are various reasons to do that. These include using fake trading software and other illegal practices.
If you have experienced any troubles with this broker, feel free to contact us. We are ready to help you report their unscrupulous actions. Be safe!