BitTrust Review – Don’t Fall for its Tricks

BitTrust Review

Have you decided to engage in online trading? If you have, then you know that the services of a broker are a key ingredient in this recipe. This means that you have to be very careful in choosing one because even a slight miscalculation can ruin the entire outcome. The broker provides you everything you need for trading, so it has to be up to the mark. Many people find this a challenge because there are numerous options to choose from and shady and fraudulent ones have so many tricks up their sleeves that it can be difficult to figure things out. This BitTrust review shows just how tough this can be.

Everyone is aware of the obvious signs of a scam, but most of the fraudulent brokerages do not display them. Over the years, they have gotten smarter and now present you with an attractive offering that most find hard to resist. On the surface, they look quite similar to a number of other legitimate brokerages and this has resulted in many people becoming victims. What does this tell you? This shows that you have to look under the surface to ensure you don’t become yet another statistic.

Rather than falling for their tricks and illusion, you need to go beneath the surface and find the reality. It can save you from mishap and regrets in the future. BitTrust is a prime example of how these scams operate, as it is presented as one of the leading platforms in the world. The brokerage claims to have its headquarters in Zurich, Switzerland, with another secondary office located in London. They are also guaranteeing returns to their clients and are offering access to the highly popular cryptocurrency market.

When you put all of this together, it makes BitTrust a very attractive and irresistible package. But, this is where you have to resist and learn the truth, rather than fall for their tricks. It has all the hallmarks of a fraudulent brokerage, which are:

No license

The first thing to check about a brokerage is their regulation because it provides you with a level of security. A regulated and licensed broker is worth trusting because they can offer you protection, along with transparent and fair services. Most scam brokers turn out to be unregulated, so it is a given that you should avoid those. In the case of BitTrust, they have mentioned that their headquarters are located in Zurich, Switzerland.

Therefore, it means that the brokerage should have a license from the Swiss Financial Market Supervisory Authority (FINMA). But, a check of its register shows that BitTrust is not listed, which means it is either not based in the country and is lying about it, or is operating illegally. Both scenarios make it an unworthy option. It has further claimed that it also has an office in London.

The regulatory authority for the UK is the Financial Conduct Authority (FCA), but a check of its register also shows that BitTrust does not have a license. This means it is not regulated anywhere and this should be enough to disregard it.

Virtually anonymous

Sure, when you go through the BitTrust website, you will find that it offers you addresses to make you believe it is based where it claims to be, but this information cannot be relied upon. These days, anyone can make a website on the internet and add whatever information they want; this does not make it true. The only way for you to be able to verify a broker’s credentials is via their regulatory status and it has already been established that BitTrust does not have any.

Guaranteed returns

It is obvious that when people decide to trade in the financial markets, they want to make money. The fact that BitTrust is offering you high returns and that too with limited risks can be quite appealing. But, you have to bear in mind that any brokerage making such claims should be considered shady straight away. Why? This is because the financial markets are highly volatile and unpredictable, particularly the crypto space.

Thus, it is not possible for anyone to guarantee you returns, not even the most professional traders and experts. The fact that BitTrust is doing so shows that they are only fooling you. Furthermore, brokerages in regulated jurisdictions like the EU and UK are actually required by the authorities to provide details about the losses clients make on their platform, which it does not do.

It should also be noted that guaranteeing returns can also be a conflict of interest for BitTrust because profits for clients would mean losses for the broker because they are market makers by nature. This means that they should not be guaranteeing returns at all and if they are, it makes them fraudulent.

Bonuses with strings attached

You will discover quickly that there are generous trading bonuses available on the BitTrust website and this often draws people in. However, you should bear in mind that this practice has been banned in several jurisdiction, including the EU and UK, where the broker claims to be based. Hence, the broker’s offer of trading bonuses is itself a problem.

Secondly, you should note that these trading bonuses have been banned because of the conditions associated with them, which can be considered exploitative. This is apparent in the case of the policy that BitTrust has also outlined. It clearly mentions that traders have to first meeting a minimum trading volume requirement before they can make withdrawal requests. Only after they have met them can they withdraw and trying to do so before would have their requests canceled.

The trading volume requirement is deliberately kept high by scam brokers like BitTrust to ensure that their clients will not be able to withdraw at all. Even if they do manage to achieve the requirement, it is merely increased to prevent them from withdrawing.

Conclusion

Once you understand just how BitTrust is trying to scam you, it is a must that you not fall for their tricks.