Bot4x Review – Reasons to Ditch this Broker

Bot4x Review

One of the key ingredients that you add to your online trading recipe is the online broker you use for accessing the financial markets and performing all your trading activities. Most people consider it just part of the whole and do not focus much on it, something they regret later. However, you should remember that if you do not have the right broker, it can affect your entire recipe and you will not get your desired outcome. Is that what you want? No one wants to see their efforts go down the drain, or their hard-earned money. But, this can happen and has happened to millions of people because they chose the wrong broker. This Bot4x review is an example of how a brokerage can be wrong.

Most people assume that the wrong choice simply means that the company is not providing some services or features you want. But, you should bear in mind that it has absolutely nothing to do with the quality of services. There are some platforms in the market that are completely bogus. They are fraudulent schemes that have been specifically design to exploit and con people and these are the ones that you need to ditch.

If you don’t do so, you will also become another statistic and nothing more because there is nothing you can do about it. Online scams are very common and they tend to disappear very quickly, so it is not possible for people to recover their money. Do you want your hard-earned money to be stolen? People enter the financial markets for making money, not losing it and this greatly depends on the broker you choose. One of the options to explore is Bot4x that boasts a good and attractive website and a decent trading platform to go with it.

It also claims to be a regulated brokerage and goes to great lengths to convince you that it is an authentic and worthy offering. But, you cannot just take their word for it and when you check Bot4x in detail, you will find that it is best to ditch this platform. Why should you do so? Here are some of the reasons:

Reason 1: It is not licensed

There are two categories of online brokers; licensed and unlicensed. The former are companies that have authorization to offer their services in a jurisdiction, which they obtain from the respective regulatory authority. Therefore, they have to follow their rules and maintain good standards when it comes to services and security. The latter, on the other hand, do whatever they like. It is obvious that the former are a better option and you need to check which category Bot4x falls into.

When you go through the Bot4x website, you will find that the brokerage claims to be owned and operated by a company named Bull Capital Trading INC Ltd. Furthermore, you will also discover that it claims to be regulated by the International Financial Market Relations Regulation Center (IFMRRC). The first thing you need to know is that IFMRRC is nothing more than just another anonymous website and it just issues dubious certificates to fraudulent companies.

This means that regulation from the IFMRRC is of no value at all. The address that Bot4x gives on its website is that of London, United Kingdom. The regulatory authority for the region is the Financial Conduct Authority (FCA) and it needs to have a license from it in order to operate. But, if you check their register, you will not find the broker listed at all. This means that either it is not based in the UK, or it is operating illegally from there.

Reason 2: It has no Terms and Conditions

When you decide to register with an online broker, you will be required to accept and agree with their Terms and Conditions. This is the norm for most online platforms, but when it comes to brokerage, you need to check the Terms and Conditions before agreeing with them. Why? This is because these are meant to outline the policies that you have to comply with when you open an account with them. Secondly, they also dictate other important things like the fees and charges you will have to face. You need to check what kind of Terms and Conditions Bot4x has before signing up.

You are in for a surprise when you decide to do so because Bot4x does not appear to have any Terms and Conditions on their website. You can go through the entire website and not find any legal document, whether Terms and Conditions, or a Client Agreement. This means that you have to blindly agree to whatever rules they decide to impose and this is not something you want to do because it gives them the opportunity to exploit you.

Another problem is that Bot4x seems to be offering trading bonuses to its clients, but since they do not have any legal documents available, you don’t know what bonus policy they have and this is another problem.

Reason 3: It has a high minimum deposit

When you decide to sign up with a broker, it is understood that you will have to make a deposit in order to open an account. When you check out the minimum deposit that you have to make with Bot4x, you will find that they are asking for $1,000. This is an extremely high minimum deposit and the brokerage should not be asking for this much.

These days, most professional brokers allow their clients to open a micro account for as little as $10. Even if the broker follows the standard rules, then Bot4x should not ask for more than $250 from their clients as minimum deposit, but they are clearly not doing so and this is something that should alert you.

Final Word

Other than these reasons, the high leverage levels of the broker and their lack of transparency in terms of payment methods are other reasons why you should ditch Bot4x and look for a different broker.