BitWayMarket Review – Can you Depend on this Broker?

BitWayMarket Review

Finding a dependable and professional broker for your online trading needs can make all the difference. You can talk to experienced and skilled traders and they will tell you that the right broker can actually be the difference between success and failure in the financial markets. This is because they provide you all the trading essentials, from the platform to the conditions and the tools, all comes from the broker you choose. The issue is that finding such a company is akin to looking for a needle in a haystack. There is a huge number of them in the market and many of them are scams, as this BitWayMarket review will highlight.

With an increasing number of scammers operating in the market, it can be immensely difficult for traders to find an authentic and dependable broker that can help them achieve their trading goals. Of course, this doesn’t mean they don’t exist because they really do. But, you have to put in effort and time in order to find them and know how to sort through a scam. BitWayMarket is one of the many brokerages that exist in the financial markets today.

When you check out their website, you will find that BitWayMarket is presented as one of the biggest forex and crypto broker and is promising a profitable and reliable source of income for traders. All of this can sound like exactly what you are looking for and this is how people get fooled by fraudulent platforms. They are presented with an attractive shell and this can make it difficult to resist signing up. Instead of doing so, you need to peel a few layers because that’s when you learn the truth. This BitWayMarket review can help you do this:

Regulatory status and licensing

When you want to assess the authenticity and reliability of a broker, you start with their regulatory status and licensing. This can help you establish their credibility because any brokerage worth their salt will obtain a license from the regulatory authority in the region they operate. It is not easy to do so, which is why such companies can be relied upon because they go to the trouble of securing a license and can be held accountable. You will discover that BitWayMarket does not belong to this category.

The problem with BitWayMarket is not just the absence of licensing and regulation, but also the absence of any other information on their website. It comes off as a virtually anonymous broker because you can go through their website and find absolutely no details about them at all. The only thing the broker has mentioned is an address in the UK.

To be able to have an office in the United Kingdom, BitWayMarket would require a license from the Financial Conduct Authority (FCA), which is the regulator on British soil. But, you can check their online register and not find the brokerage listed. There is no information about what company owns and operates the broker, so you cannot check for it. As a matter of fact, there is not even a phone number mentioned on their website, which means you will have no way of contacting the broker in case of a problem and they can just up and disappear without any warning.

Trading Platform

The primary feature that online brokers offer to their clients is their trading platform. This is the software required to connect to the trading markets and execute trades. It is also equipped with trading tools that are used for making decisions. Therefore, it is a key element and can have a big impact on your overall trading experience and performance as well. You need to know what trading platform is available at BitWayMarket and should be prepared for disappointment.

This is because there doesn’t seem to be a platform available at BitWayMarket at all. Once you have registered with them, you will get access to a user dashboard that boasts some third-party charts. These show quotes from some notable brokers like FXCM and that is all. It is a dysfunctional platform that doesn’t even have the option to trade. Its sole purpose is to create an illusion of a trading platform and nothing more.

Genuine brokers, on the other hand, will offer you trading platforms like the MT4 and the MT5, but you will not find any of these available at BitWayMarket because they are a clear scam.

Leverage

You should be aware of what kind of trading conditions you can expect from a broker and this applies to BitWayMarket as well. The leverage is one of the most important details because it can help you increase your trading potential. The leverage ratios available here are between 1:300 and a whopping 1:5000. It might be tempting to try out a broker that’s offering to increase your potential so significantly, but you have to remember that high leverage comes with high risks. You can also lose everything, due to which regulators impose caps on the leverage brokers can offer. This only confirms that BitWayMarket is not a regulated broker at all.

Payment Methods

As you will be expected to make deposits and withdrawals routinely during online trading, it is a good idea to know what payment methods are available. A look at BitWayMarket shows that they only offer Bitcoin, Ethereum, Litecoin, Perfect Money and Payeer as payment solutions. This might make the broker seem advanced because they offer cryptocurrencies and online payment solutions. However, you should remember that these methods, particularly cryptocurrencies, are irreversible and anonymous for the most part.

Once you have made a payment through these options, you cannot get it back. BitWayMarket is not supporting credit cards like VISA and MasterCard, which are eligible for a chargeback. This allows traders to get their funds back in case of a problem. But, this option is not available.

What is the Verdict?

Keeping the numerous problems about BitWayMarket highlighted above, it is apparent that you cannot depend on this broker for any of your online trading needs.