BitPrime Fx Review – Scam or Genuine?

BitPrime Fx Review

Thinking about trading in the forex market? You may want to trade stocks, or could be cryptocurrencies that may have garnered your interest in the financial markets? No matter what instrument you want to trade, the services of an online broker are required in order to accomplish this goal.

The actual challenge is picking a brokerage from the thousands of options you will find. It is a vital decision because you do not want to end up with a scam company, as plenty of those exist. This BitPrime Fx Review can help you identify one of them.

The reason why most people find this challenging is that they are not aware of what to look for. Even if a broker is not genuine, the criminals behind it can be quite accomplished and know how to do window-dressing.

This means that they put forward a good website that seems to meet the right criteria and you may not be able to see the issues. But, it is still a scam at the end of the day and it will not be able to hold up once you start checking some essential details.

The devil is indeed in the details and you need to make a bit of an effort to check them out in order to know who you are dealing with. This means that you do not just go through the content and believe everything you come across. You have to confirm that what the company is claiming is actually true.

If it is, then you are good to go. Otherwise, you need to look for a different brokerage altogether. With BitPrime Fx, it will not take you long to go through the details and see the problems.

At first glance, BitPrime Fx comes off as very convincing because it is quite bold in its claims of being licensed in the US markets and having its headquarters in the UK. After all, these are two of the well-regulated markets in the world, but once you go into the details, the real picture emerges. What details should you look into? Let’s find out.

Licensing of BitPrime Fx

Start with the licensing claims of an online broker because this can help you determine if you can expect any kind of security and reliability from the platform you are considering. A licensed broker is compliant with some of the top security policies, so it can ensure safety of funds.

Likewise, it can also offer quality and transparent service to its clients because its activities are monitored by a regulatory authority, which requires it to maintain certain standards.

As mentioned earlier, one of the top claims of BitPrime Fx is that it is licensed and regulated by the US Security and Exchange Commission (SEC). Plus, it also claims to be registered in the United Kingdom.

But, the problem here is that the SEC is not the regulatory authority for the forex industry in the United States. This responsibility falls onto the Commodity Futures Trading Commission (CFTC) and the National Futures Association (NFA).

When you check their online registers, you will not find BitPrime Fx listed anywhere. This means that it is certainly not licensed to provide its services in the country. As far as the registration in the United Kingdom is concerned, it is only possible to have that with the permission of the Financial Conduct Authority (FCA).

This is the regulatory body in the UK, but a check in its online register does not show BitPrime Fx. This makes it another lie and shows that you are not dealing with a genuine broker.

Trading platform at BitPrime Fx

In order to start executing your trades, you need to connect to the financial markets and this means that you need a trading platform. It is the job of an online broker to provide you this platform and it comes with the tools and features that are required for you to be able to open and close trades. The platform that you will be able to use depends on the brokerage you sign up with, which means your experience can vary.

When you check out the trading platform that BitPrime Fx offers, you are in for a nasty shock because it turns out that there is no platform at all. It is shocking because this is the primary offering of any brokerage because there cannot be any trading without it. Yet, what you will find is a funny-looking dashboard on the BitPrime Fx website that is meant to create an illusion and help it in furthering its hoax because it is not functional at all.

Why would you bother opening an account with BitPrime Fx when it does not have a trading platform? Therefore, it creates the illusion to fool people. A genuine brokerage would otherwise offer the MT4, or the MT5, which are recognized as the top trading platforms in the market.

Trading conditions at BitPrime Fx

Knowing what kind trading conditions a brokerage offers is a must because it affects your bottom line, but it is worrying that BitPrime Fx does not shed any light on its trading conditions. Thus, you do not know what kind of spreads it offers, or leverage ratios and whether any commission is applicable. It should be noted that a professional broker is always open and transparent from the get-go.

Payment options at BitPrime Fx

You will find that when you want to fund your account at BitPrime Fx, you are only given two options to do so; Bitcoins and Ethereum. This is not surprising at all because you have realized up till now that it is not a genuine brokerage. Therefore, it would obviously prefer crypto payments because these payments tend to be final.

There can be no chargebacks filed, which means people cannot get a refund after they have made a deposit. Hence, your money will end up in their hands and you will not be able to get it back.

Conclusion

The details of BitPrime Fx reveal that you are dealing with a scam broker and need to continue looking for a genuine one.