Bitawave (bitawave.com) faces severe allegations of fraud from CONSOB. The regulator claims the platform uses abusive financial intermediation. With such a red flag, it makes complete sense to back away from the platform. Hundreds of investors are already ruing the decision to sign up. It also appears that the platform is now blocking withdrawals and deleting member accounts. Learn more in our detailed BITAWAVE REVIEW.
On their about us page, the platform sells itself as a leading provider of CFDs. In addition, Bitawave boasts of providing investors with a chance to increase profits. But, far from it, the platform only takes away from members.
There's a reason why such a reputable regulator would issue a warning. The reason for it being the high number of complaints from investors. It is clear bitawave.com is taking advantage of investors.
You must avoid such platforms at all costs. The platform promises heaven but delivers hell. These are the reasons that make trading with unregulated platforms a high financial risk. There's no guarantee that you will ever see your funds.
We recommend using tested and transparent investment strategies. These include Coin Staking, DeFi, and Masternoding. These are some of the best ways of investing without risking a lot. So go for any of these options and start making realistic ROIs.
What we have is a platform that wants to mimic a genuine investment platform. The problem is that we can see several red flags on the platform. We don't have any information on their background or history.
Your first step in finding the best investment platform is doing thorough research. Make sure to find out what others are saying about that particular platform. It will give you a better understanding of what to expect with the platform.
Surprisingly, Bitawave fails to mention any account types on the platform. And this means investors are blindly signing up without knowing account features. For example, there's no information on available leverage or spreads.
We also don't know the acceptable minimum deposit on the platform. The platform could ask for any amount and deliver basic account features. For example, you could deposit 4,000 Euros and get the same trading features as one who deposits 100 Euros.
These are some of the major issues investors face with the platform. You should know beforehand the available account features. Signing up blindly leaves you open to unfair trading conditions.
The platform can impose harsh trading conditions such as high leverage. For example, most regulators in Europe set maximum leverage at 1:100. In the States, leverage is set at 1:50 for retail traders. So get to know the acceptable trading conditions before signing up.
When opening an account with Bitawave.com, the platform makes it look transparent. You get to fill in your address, contacts, and full names. When you open an account, the platform will insist on a fresh deposit to start trading.
It's when you click your withdrawal will the platform ask you to verify the account. And this is where matters get interesting as the platform asks for critical documents. These sensitive documents include a copy of your ID, bank statements, and credit card information.
We don't see the reason why the platform would ask for such valuable documents. There are other ways of verifying trading accounts. And the platform chooses this time for a reason. The owner knows you will do and send any documents to withdraw funds.
A Cybersecurity expert warns of such platforms. There's a claim that these platforms are harvesting banking data from investors. You could later see your credit card being charged for online goods and services.
With forex trading being the core of their service, there are five classes of trading instruments. These include Commodities, Crypto, Forex, Indices, and Stocks. In addition, you can trade a barrage of trading instruments, including energies, gold, silver, wheat, and more.
The platform also avails several Crypto coins for trading. These include Bitcoin, Ethereum, and Litecoin. Moreover, you get to trade leading Cryptos with major currencies such as EUR and USD. With the crypto market being volatile, you can earn huge with crypto trading.
Forex trading has the potential of making returns for a lifetime. The problem with Bitawave.com is the lack of leverage information and spreads. You also get to trade with several major currency pairs.
The stock market offers investors a chance to trade with shares from leading stocks. And this makes it a competitive market for all. You also get to trade with global markets such as DA X, Dow Jones, NYSE, and more.
Bitawave is not a regulated platform and faces a warning from CONSOB. Such platforms will only take advantage of investors. Kindly stay away from such platforms as the safety of funds is out of the question.
Although the platform claims to offer several bonuses, these are well-laid traps. For the naïve investor, it makes sense to open an account with platforms offering deposit bonuses. However, there's a considerable risk that comes with it.
Even regulators have stepped in and insisted no such bonuses are allowed. These platforms will later use the bonus to ransom your account. You won't get to withdraw funds unless you deposit a fresh amount equal to the bonus.
If your account has enough funds to see off the bonus, the platform demands a fresh deposit. It makes no sense at all. These bonuses are gifts to members for signing up. Instead, the platform uses them as loans.
Bitawave offers four bonuses, one of them being a cashback of $5,000. Other notable extras include a contest worth $500,000. There's also a bonus prize of $20,000 worth of air ticket prices.
Once you register with the platform, you get a 20 percent bonus of the amount you deposit.
On their about us page, we see contradicting statements regarding ownership. There are two companies mentioned as owners of the platform. The two include BITA System Ltd and Bitawave Global Limited.
Both of these platforms are not registered despite attempts by the platform to make them appear so. As a result, we have companies with no actual CEOs or CFOs and no names of staff members. It makes Bitawave an anonymous investment platform.
Despite having a chat tab, you don't get to chat with a live representative. Instead, what you get is a bot that fails to answer relevant questions. The best form of communication is direct, and the platform fails to offer one.
We see it as a way of the platform trying to control the communication channels. It makes it easier for them to call you and, at the same time, dodge your calls. Makes sure to use a platform that's open to direct communication.
Once you open an account, the platform sends an email with instructions on how to deposit. Therefore, withdrawing funds with the platform is not likely. However, there have been several complaints regarding the platform's willingness to release funds.
Your funds are not secure with a platform with a warning from a top regulator. We suspect the platform is pooling funds into an offshore bank account. There's no segregation of accounts taking place.
The best way of investing is going for proven platforms with innovative strategies. So try out the best investment platforms the industry has to offer.
If you have any queries, feel free to drop a comment.
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