BITFINCORP Review – The Issues You Will Find

BITFINCORP Review

The internet has brought the entire world at our fingertips. A lot of things that had seemed beyond reach are now easily accessible, one of which are the financial markets. There was a time when trading in the forex industry, or other markets was only something you could wish for, but now you can do it from almost anywhere.

The services of an online broker have played a key role in making this possible, due to which you should always do your homework when you are shopping for one. This BITFINCORP review tell you that this can be a wise decision in the long run.

Once you have made up your mind to start trading online, it can be difficult to resist opening an account with the first decent brokerage you find. But, you do need to do so because you have to check the brokerage thoroughly before you make up your mind about opening an account.

Just because they have a good website does not guarantee that they will be able to offer you good services as well. Doing some homework is a must because there are lots of scams operating in the market as well.

One of their preferred tactics is to set up fraudulent brokerages and lure in people to get them to make a deposit, which they can then steal and walk away.

You will find that this has happened countless times already and you do not want to become the next victim. How can you ensure that? It requires you to show a little patience when you are looking at brokerages and do your homework before you commit to one. Otherwise, you could fall into a trap like the one BITFINCORP seems to have set.

At first glance, you will find that BITFINCORP is just the brokerage you want to sign up with. The fact that it claims to be authorized and licensed by the financial authorities in Britain is a huge achievement, given that they are one of the top ones in the world.

But, once you start looking into the company, you will find the issues that indicate it just intends to pocket your money. What are these issues? Let’s take a look:

Lies about licensing

These days, everyone is aware that opting for a licensed and regulated brokerage is the smart move because this ensures you are not being scammed.

These companies are under the oversight of regulatory authorities, have to comply with policies and rules, maintain top standards of service and offer safety of funds and investor protection. You do not need to worry about their legitimacy and can trade with utter peace of mind.

But, all these benefits are only possible when the brokerage is actually licensed and regulated. Many companies claim to be so, but are lying about it and this seems to be the case with BITFINCORP, which shows why doing your homework is important.

According to the BITFINCORP website, the company has its headquarters located in London, which means it is licensed and regulated by the Financial Conduct Authority (FCA) in the United Kingdom.

It is one of the leading regulatory bodies in the world and a license from the FCA is considered quite valuable. But, you cannot take anything for granted and need to check the FCA’s online register for BITFINCORP and this is when you find out that it is lying.

The brokerage is not mentioned anywhere and this means that you are dealing with scammers who have no problem in lying to you.

No trading platform

What is the most important offering of an online brokerage? It is the trading platform they provide because this software gives you access to the market and allows you to execute your transactions.

While the trading platform that you are provided can vary from broker to broker, they need to offer one if they intend to offer you trading services. Thus, the fact that BITFINCORP is lacking a trading platform altogether is a major issue, showing that it has no intention of providing you any service.

Why else would you sign up with BITFINCORP if it cannot give you a trading platform you need for executing your trades?

In lieu of a platform, you are provided a bunch of funny looking charts that cannot be used for doing any trading. Their aim is to just present an illusion of a platform, which they do, but they cannot serve as one.

Extremely high leverage levels

The leverage offered by an online broker determines how much flexibility you can have, but it also affects your risks, so you need to evaluate it carefully. Here, you can find further proof that BITFINCORP is lying about its regulation and licensing because it is offering leverage levels that are not permitted by the FCA.

The regulatory authority has imposed a limit on the amount of leverage that can be given to retail traders, which is 1:30, yet you will find that BITFINCORP is offering leverage that goes as high as 1:400.

High minimum deposit

You will also find that the minimum deposit that you have to make at BITFINCORP to open an account is $500, which is definitely not a good sign. This is because most brokers now let their clients open accounts for as low as $10. Even if standard deposits are followed, the amount should not be more than $250, but this is twice as much.

Only crypto payments

The lies don’t just stop when it comes to fraudulent brokerages like BITFINCORP and you will find another one when you check their payment methods. They have advertised options like Skrill, Neteller and MasterCard, which are quite secure and give you the option of chargeback.

But, when you check out the actual payment methods, it turns out to be crypto only. These payments tend to be final and cannot be reversed, which means that BITFINCORP can keep your money and you cannot file for a chargeback.

Final Word

With these issues that you come across at BITFINCORP, it is apparent that the brokerage is not legitimate and you need to discard it right away.