Bchainvip is a weird looking crypto trading platform that claims to offer you derivatives trading as well. At first glance, their entire platform looks confusing and the finer details aren’t exactly reassuring. Management side is shying away from the public.
Unfortunately, we have nothing good to say about them. Most of the things they offer cannot be tested without signing up. For obvious reasons, we did not proceed forward with them. After all, we cannot risk our data, especially with an unregulated entity, right?
Crypto realm is rapidly changing. Sadly, it is indeed difficult to find a reliable exchange that can serve all types of traders. If you are interested in knowing more about this platform, then take a look at the following paragraphs. We are pretty sure that the following data will help you make the right decision.
Bchainvip Licenses and Certificates
Regardless of which type of platform we review, we always take a close look at the legality factor. In most cases, firms with proper licenses serve the end users well and are more likely to have less conflict of interest.
Bchainvip does not share any details about their whereabouts. Contact information is absent. The only way to reach them is via Live chat. Note that the response time is also too slow.
By now, it was clear to us that they showcased a lot of red flags and anything they say cannot be taken at face value.
There is no information about the licenses they hold. Lack of clarity displayed by them is unparalleled. In short, there is no such thing as intervention by the government when it comes to their policies or platform.
This platform claims to offer a spot and derivatives platform. Interface is too limited and there are plenty of hiccups present. We could not test out the charting aspect. For the reason stated before, we cannot comment anything about the kind of trading tools present as well.
Bchainvip offerings are limited and information about things like leverage and margin are too scarce. In short, it is indeed dangerous to proceed with them without knowing all the factors involved. Given the number of better regulated options, it does not make sense to use this exchange at least for the time being.
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Fees and Charges
Regardless of which approach you take, as a trader one needs to be aware of the fees and other charges involved. Generally speaking, scalping and other short term trading strategies involve a lot of fees.
The funding mechanisms in crypto also vary and depending upon which side of the transaction you are, it can make or break your account. It was hard for us to find information on any of the fees charged by them.
Margin requirement was also not outlined clearly. Just like everything with them, there was a lot of gray area.
Bchainvip Payment Methods
Payment methods available on this platform are also hard to pin-point. They appear to accept crypto deposits. However, the fee structure is not made clear. The exact number of confirmations they need before reflecting the balance on the dashboard is also a mystery.
Processing time for withdrawals is also a question mark. All in all, the mysteriousness around the funding and withdrawal methods is too much to handle. If you do decide to deposit with them, talk with the customer support or else you might end up with a dent in your pocket.
Unlike many other platforms, this one does not offer telephone support or email assistance. The only way to reach the support team is via Live Chat. Response time in general is slow.
During our investigation, the person on the other end was answering select questions only. Simply put, the customer support aspect is a facade and they only entertain you if they can benefit from you.
Bchainvip Customer Reviews
We did not find many reviews about them online. Low trust rating is too evident and the lack of social mentions speaks volumes about them. They also falsely claim to have an Ios app.
Looking at the trail of broken lies and narratives, we strongly suggest you research more about them before opening an account. After all, lack of transparency is often the biggest flag the retail crowd doesn’t recognise.
Is Bchainvip Scam or Legit?
Bchainvip does not appear to be legit regardless of which way we look at them. They display shady characteristics and there are no clear policies or guidelines showcased by them. If you deposit your funds on their platform, it would indeed be a big hassle to get it back.
Pathetic user experience and customer support is also something which will bother you a lot sooner or later. So, walk away from them and always stick with exchanges that have a good reputation.
Verdict: Is BChainVIP Legit?
Cryptocurrency world is not something that is fully regulated yet. There will be a lot of hiccups on a regular basis which is why you need to stick with established platforms.
Exchanges like Bchainvip have a lot of problems and they most likely will never be the ideal fit for the average user. As the situation is easier to see through, think rationally and do your own research.
Thanks for reading our Bchainvip Review.
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