BCSC has made the unilateral decision to issue a warning on Bit-Finance. It's because the platform has been blocking withdrawal attempts from members. And this prompted them to inform the regulator of the current stalemate. Other regulators in the greater EU region also plan to follow suit. So we have the reasons that made the regulator issue a stern warning. Please find out more in our detailed BIT-FINANCE REVIEW.
On their about us page, the platform claims to have a growing reputation as a reputable forex service provider. We don’t know where that came from, but we are certain it’s not the case. As a result, members are ruing the decision to sign up with them.
The platform chooses a name that would resonate easily with investors. Bit Finance is an enticing name. However, we also have to consider that it’s a clone as there are other blacklisted entities with the same name.
Bit-finance.io, following the same road as bit-finance.com, both now have regulatory warnings. However, Bit-Finance is trying to make itself appear to be more on the Crypto trading side. The platform claims to offer a fast and memorable trading experience.
When choosing an unerring investment platform, you have to consider whether it’s proven. And this is why we recommend expert-backed investment platforms with groundbreaking alternatives. For example, have you heard of Coin staking, DeFi, or Masternoding?
Bit Finance, on the other hand, is only interested in your deposit. So once you fund the account, there’s no way new members are making withdrawals. And this is the reason why we must shun the platform.
You should only invest in a platform after doing due diligence. By this, we mean reading reviews and knowing the experience of other investors. You will stand a better chance of going in with prior information of what to expect.
Bit-Finance offers four account types, and getting in means having to deposit a minimum of $5,000. The four accounts include Basic, Silver, Gold, and Platinum. Here’s a closer look at the four accounts;
Basic
As the name suggests, it’s the most basic account with a minimum account balance of $5,000. Its way above the industry required amount of $250. The platform expects newbies to deposit that much with little or no trading skills.
Silver
For the silver account, you have to deposit $10,000 to get started. However, the account comes with several features, including email, SMS, and Widget alerts. Members also get Chapter 7 price patterns.
Gold
There’s a minimum deposit of $25,000 required to start using the gold account. The account comes with the same features as the silver account. There’s no other difference apart from the insane deposit amount.
Platinum
It’s the most exclusive account, with members having to get an invitation to join. You get 150 tradable assets and an optional trading bonus. Other features include low spreads and a dedicated ARM.
With these accounts, we don’t see a reason why you should invest. The amount to invest in doesn’t come close to the available features. You can get the same features at an affordable price with proven investment platforms.
Your funds are far from safe with a platform that does not offer any realistic chances of withdrawing. The platform is blocking withdrawals which put your funds at risk. There’s no reason to sign up with such a platform.
The regulator also issued a warning as the platform does not comply with industry regulations. For example, Bit Finance does not deposit the minimum required amount to offer forex investment services. And this means there’s no insurance cover for deposits made by investors.
Bit-Finance claims to have a trading platform that eases how you trade. It’s a custom-built trading platform with claims it’s certified. The problem is that experts have not tested their platform.
Complaints about slow execution have been rampant, with members also claiming poor interface. For example, the terminal does not offer real-time price charts and, at times, fails to load. These are the problems you get from an unstable platform.
We recommend using reliable trading terminals such as MT4, MT5, and SIRIX. If a platform insists on using its platform, something is amiss. It would be best to opt for downloading the above platforms, which are compatible with any device.
Although it looks like an enticing option, the bonus will later come back to bite members. The platform is only using a bonus to try and get more sign-ups. Once you get the bonus, you will later payback in full.
It does not make sense to offer a bonus and later have to pay it back. After all, the bonus is a gift for signing up. So when it comes to withdrawal, the platform insists you pay back the full bonus amount. Failure to make a new deposit results in the closure of the account.
There’s no way of pointing who owns or runs the platform. But, surprisingly, the phone number comes with a Mongolian country code. And this means the people behind it are probably based in Mongolia.
And this is why there are no names mentioned, as they want to remain anonymous. It would help if you stayed away from anonymous websites. With anonymity, there’s no guarantee your funds are safe. Ensure you sign up with a proven and reliable platform at all times.
To avoid any mishaps, the platform does its best to limit member interaction. On the contact page, they put up a Swiss address which we know for a fact is false. There’s no phone number apart from the Mongolian digits which go to voicemail.
We have seen this before countless times when platforms want to control the communication process. The platform can contact you with ease since you gave them your contacts when registering.
You can deposit funds using a bank and wire transfer. Despite offering crypto trading, the platform does not include crypto deposits. Once you fund the account, the balance will reflect on your account within 24 hours.
After that, you can start trading and even make reasonable trades. But, unfortunately, the first time to withdraw also happens to be your last. Once you click the withdrawal tab, the platform claims to process it. And that’s the last you will hear of it.
For the past few weeks, members haven’t been making any withdrawals. Attempts to reach out to the platform have fallen on deaf ears. Although, no one knows the platform’s agenda, and we know that Bit Finance will soon shut down.
Bit-Finance is not a registered entity and does not have any documents to prove it. There’s a warning out from the British Columbia Securities Commission. With the warning, it’s best to stay away from them.
Without any regulatory framework, the platform is free to operate as they please. And this is why there’s no mention of available leverage. It’s a dismal platform simply trying to take advantage of naïve investors.
These are the main reasons why we also have to add Bit Finance to our blacklist
Now you know the risks that come when you invest with Bit-Finance.
Choose appropriate investment options that offer realistic returns. Go for innovative and transparent investment platforms.
Feel free to leave a comment or write to us.
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