August 30, 2020

Bit-Markets Review

Overview:

Bit-Markets with domain Bit-Markets.io has a name similarity with BitMarket. However, these both are not connected. The broker under consideration provides CFDs over cryptocurrencies. It provides four trading accounts. But the trading conditions are not mentioned. Nevertheless, the broker is not regulated and has other issues. In this Bit-Markets review, we will cover all the issues of this broker, please stay with us and read the full review.

About Bit-Markets:

The offered four distinct accounts are Silver, Gold, Platinum, and Diamond. The minimal initial deposit of $250, $500, $25000, and $100000 required respectively. To make every review unbiased and unique we must consider possible advantages and disadvantages of Bit-Markets.

The possible advantage of Bit-Markets is its wide trading instruments. It has more than 30 cryptocurrency pairs. It includes BTC, ETH, XRP, LTC, DASH, NEO and others. They can be traded with USD and EUR. The other possible benefits can be it’s many payment methods. Bit-Мarkets accepts payments via Bank Transfers, Credit Card payments, Bitcoins.

Here we will talk about the possible disadvantages of Bit-Markets. The broker claims to be operational from London but there is no information about the official address in London. However, we can see the Edinburgh based address. The broker operating from the United Kingdom must be regulated by the Financial Conduct Authority. Nevertheless, the broker Bit-Markets is not regulated by FCA or any other authority. On the official website of this broker, it provides a whole lot of information on Bitcoins but the broker never clearly indicates that it offers Contract For Difference. The broker is unregulated cryptocurrency brokers that do not specify leverages and spreads available. Which is a bit of a sad thing. However, while testing out the provided trading platform we can see high spreads on BTC USD fx pair close to $ 150. That is three times higher than the average spreads. The trading platform provided is web-based and isn’t that impressive. The minimum deposit required is of Dollar 250. Being unregulated this minimum deposit is higher. The withdrawal amount is capped at $100 and dollar 25 is charged as withdrawal fees. The broker offers bonuses but terms and conditions are applied. On a different trading account, there are different bonuses.

Is Bit-markets scam or legit?

The broker claims to be operational from the United Kingdom but does not have regulation by the Financial Conduct Authority. Furthermore, the trading conditions are not specified and MetaTrader is not supported by Bit-Markets. Overall, we can say that the broker Bit-Market is a potential Australian trading scam.