Bitkort presents itself as “the world’s largest and safe FX trading platform,” with high leverage, deep liquidity, and no trading costs, while also claiming to be “the world’s fastest expanding worldwide cryptocurrency trading platform with the cheapest fee and commissions.” Because forex brokers sell CFDs, particularly cryptocurrency CFDs, but not actual Bitcoin, whereas crypto exchange platforms just assist traders’ buying and selling of cryptocurrency. To cut a long tale short, a cryptocurrency exchange does not act as a brokerage firm and vice versa. Read this Bitkort review, and know the red flags.
Bitkort’s issues, however, do not end there. Bitkort promises to be Europe’s most trustworthy broker, however, this is difficult to believe given that the website is unregulated, looks to be practically anonymous, and has all the signs of fraud. If you’re still on the fence about whether or not it’s a good idea to invest your money with them, keep reading.
There Is No Valid License
Regardless of whether Bitkort is a brokerage firm, a cryptocurrency exchange, or a hybrid of the two, they should be registered with the Financial Conduct Authority (FCA) in Uk, which they aren’t. We checked the FCA registers and discovered no brokerage firm named CRYPTO FINANCE SOLUTIONS LTD, which appears to be the identity of the organization that owns and manages Bitkort. And that’s a big clue that we’re working with scammers.
Furthermore, the website looks to be completely anonymous. If we can’t verify the broker’s accreditation by cross-checking them in the registries of the relevant regulatory authority in this case, the FCA—you have no reason to think anything Bitkort would say, including the veracity of its claimed Uk address.
Guaranteed returns that are unrealistic
Bitkort promises daily guaranteed returns ranging from 1.3 percent to 2.6 percent, as well as signing bonuses. They also give us a helpful investing calculator to help us visualize our gains – for instance, if you deposit 30,000 dollars for 3 months, you’ll make a profit of 250 percent, or 75,000 dollars.
If you’re wondering what’s wrong, consider the fact that trading in the capital sector isn’t risk-free, particularly when using highly leveraged products like CFDs, so any firm that tries to persuade you differently – then your earnings are assured—is clearly trying to deceive you.
The Unusual Policy Of Withdrawal
Take a closer look at the broker’s withdrawal policy if the above doesn’t convince you that they are scammers. According to the site’s withdrawal policy, Bitkort retains the right to “block the user’s money withdrawal in case of illegal user’s actions and the unconstitutionality of funds put by the customer into his /her account,” whatever that means.
Keep in mind that legitimate brokers would never restrict you from the option to withdraw money from your trading account, regardless of the circumstances. What exactly does “illegal User’s behavior” imply? That could be anything, thus Bitkort is simply declaring that they have the authority to decline your withdrawal requests at any time and for any reason.
Incompetent Trading Platform
Bitkort claims to provide a simple, attractive, and safe platform, however, it does not appear to be a fully operational trading platform. Remember that legitimate brokers provide legitimate trading platforms such as MetaTrader4, or MetaTrader5 and that if no such competent platform is available, you are working with fraudsters.
Only Cryptocurrencies Are Accepted
And that’s still another red flag that we’re dealing with a fraudster. Keep in mind that any brokerage that demands payment in cryptocurrencies, a bank wire transfer, or a gift card is most likely attempting to defraud you. When it comes to scams, scammers rely on the fact that the aforementioned payment methods are entirely irreversible.
If, on the other hand, you placed your deposit with a credit card and later discover that something isn’t quite right – for example, you’ve been deceived – you’ll still be able to file for a refund within 540 days.
If you partner with this broker, you shouldn’t expect any returns as it is a scam broker.