If you are getting into the world of trading, then choosing a good, reliable broker should be your top priority. Given the number of scams present, it is really of paramount importance to stick with the regulated firms. BitProfit is an unregulated broker that offers 50 plus currency pairs along with over 300 CFDs.
There are a lot of flaws present with this brokerage which a newbie might not notice at first glance. Nonetheless, if anyone makes the mistake of depositing with them, then the situation will quickly turn into a nightmare and the chances of getting back your money will go down exponentially. Moreover, they have lied about their legal status and their trading conditions are mysterious to say the least.
On the other hand, they do push the clients towards spending more money for so-called VIP services, but at the end of the day it isn’t worth it. Clearly, there are a lot of things to go over on this post which is why we suggest you read it till the very end?
BitProfit Certificates, Registration and Support
By now, we are pretty sure that a vast majority of the retail traders know the dangers present while dealing with an unregulated broker. From manipulating the data feed to great lengths to making the withdrawal process difficult, they have control over the client’s fund to an extreme degree.
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The best way to escape all the hassles and at the same time ensure not only fair treatment, but also the security of your trading capital is by choosing a regulated counterpart. Remember, fully licensed and regulated brokers might not always have the newest feature or the bells and the whistles. However, in the end they are always comparatively reliable and accountable.
As a rule of thumb, look for brokers who are under the radar of FCA, CySec or ASIC as they uphold the highest standards in the sector. BitProfit claims to be associated with Aronex Corporations Ltd which is a firm regulated in the Seychelles. We conducted a thorough background check and found out that BitProfit has no connection with the firm they have mentioned on their website.
So, it is clear that they are bluffing about their status and are operating outside the boundaries of law. If you invest with this broker, then there will be no such thing as security and sooner or later, they will cause a dent on your bank account.
As far as contact information is considered, we found a UK phone number and an email address on their homepage. Looking at their website and characteristics, we don’t think you can expect decent service from them.
Phone -+44 7451273740
Email – email@example.com
Account Types, Leverage and Trading Instruments
BitProfit platform seems to be a sister concern of Prolivetrading.com and both the websites interlinks to one another. In case if you are wondering, know that even prolivetrading.com is unregulated and not trustworthy. There are 3 account types offered by them wherein to unlock more features, clients have to commit with a large upfront capital.
Strangely, they haven’t mentioned the features of any account types and the minimum balance to open an account is also unknown. We don’t know the leverage available on this brokerage or the kind of platform they support. Moreover, the spreads on any asset class is not revealed. In short, unless you complete the KYC policy, it is impossible to figure out the trading conditions.
We haven’t come across any broker who portrays themselves in such a vague manner. Lastly, note that they haven’t even mentioned whether they support any form of automated trading or copy trading. At the end of the day, putting your money on this platform is like taking a shot in the dark and the odds will always be against you.
Deposit and Withdrawal
Just like we mentioned above, the minimum deposit or withdrawal amount is not mentioned by them. After going through their trading policies, we found out that they do not allow any kind of arbitrage trading.
Sadly, we couldn’t find any information on inactivity fees and any other fees associated with the transactions. Furthermore, we don’t know the time required by them to process the withdrawals too. They claim to support the following payment methods.
Is BitProfit Legit or Scam?
Without any sort of hesitation, we can say that BitProfit is a scam. From their license details to their trading conditions, everything about them is full of lies and flaws. Their support team is almost non-existent and if you run into troubles on their platform, there isn’t much you can do about it.
So, for your own benefit, choose a regulated broker and given the number of platforms available, it won’t be a problem to find the perfect one which takes care of all your trading needs.
Recover Bitcoin from BitProfit Scam
We understand that it is frustrating to lose money to offshore brokers. While reporting them to appropriate authorities might help you in the recovery process, the results aren’t guaranteed and quite often they might not act up on it. If you have made payment using a credit card, then for the most part filing a chargeback within a fixed time period will enhance your probability of getting your funds back.
However, some scams are clever and they might prevent your bank from tracing the funds. Nonetheless, that doesn’t mean that you should accept defeat. For best results, get in touch with our experts by filling the contact form and they will show you the quickest solution. Remember, we never charge for our services which means there isn’t any reason holding you back from reaching out to us.
The world of retail trading is growing exponentially and enabling more people to access the markets at nominal cost. However, one should not get involved with the markets if they don’t understand it fully and they should only risk the kind of money they are comfortable losing. Lastly, remember to stick with regulated entities in your journey or else you will have to face a lot of consequences.