BIT markets is a growing crypto platform that makes you believe their out of the ordinary technology, prices and customer support is better than anyone else’s. They also make several claims related to a potential license that aren’t in the least true.
Even if the license talk was more convincing, you’d immediately be able to tell from the trading parameters that the regulatory breaches are happening everywhere. Read our BIT markets review as we untangle the regulatory confusion revolving around this offshore crypto provider.
BIT markets (UAB BITmarkets) is possible to find in the general business register of Lithuanian companies under the registration number of 306062346. However, the site claims this to be their license number, but it is not.
The Lithuanian Bank is the regulatory authority overwatching the financial markets in Lithuania and they have not issued a license to BIT Markets – we made sure of that by checking their database of regulated market participants.
Furthermore, BITmarkets margin trading of derivative products is provided by Unicorn Technologies Ltd – a company from Marshall Islands, that is also not found in the GLOFSA register of licensed firms.
Additionally, the contact number on the site bares the UK dial code, but the firm is not found in the FCA register.
The personal reviews about BIT markets are predominantly positive, but we need to remember that there are always those who will jeopardize their journalistic integrity for a quick buck. We have found multiple cases of fake client testimonials as well.
Here is what the traders have to say:
“ Worse experience with this company’s so-called trading expert. If you value your money, do not consider this company “
“ High quality support service “
“ Really well done history charts. And customer support in 20 languages. “
It seems strange that so many people focus on customer support in these testimonials. Of course, BIT markets has received an award for the quality of their customer service. Does this mean they pay people to advertise this? We’ll let you decide.
BIT markets have a large online presence, and are very active on social networks. There were cases of BIT markets approaching Facebook users, and offering financial compensation for sharing their company profile on the wall.
If you suspect foul play from BIT markets, you can always book a free consultation with our legal experts via the live chat on our website.
BIT markets platform was first launched in 2022, and made available to these demographics:
We have seen how BIT markets claims that the cryptocurrency markets are unregulated, but this is far from the truth. Almost all of these nations have recently imposed strict regulation on cryptocurrencies. This would require multiple licenses issued by additional regulators, for any non-EEA nation. Licenses that BIT markets don’t have, we’re afraid.
Spot and futures trading at BIT markets is conducted on an overly simplified, rudimentary web terminal. What additionally undermines its reliability is that the charts aren’t integrated into the platform, but are borrowed from the TradingView website. Besides the buy and sell options, you’re pretty tied to what the terminal limits you to, without much space for interface changes and customization.
One convenient tool is All-in-one Order Book, which we know the traders value to keep an eye on all buy/sell orders on trading pairs. Whatever the benefits, we do not salute the fact that desktop users have to rely on a shaky web trader instead of a downloadable desktop software.
At the time being, the mobile app developed by BIT markets is only available for Android users. Although, there’s promises of the firm soon launching an iOS terminal for Apple users. This is certainly a plus, but considering BIT markets lacks a proper regulation, we still wouldn’t recommend them.
BIT markets allow purchase of Bitcoin and Ethereum crypto coins for FIAT currencies. The company is primarily a cryptocurrency exchange, where clients may exchange one coin for different ones. The number of individual trading instruments is around 100, which is much below the industry average which numbers in tens of thousands.
Here are a few examples of BIT markets tradable assets:
In comparison to other highly reputable crypto platforms, BIT markets doesn’t specify which types of accounts they offer. From what it seemed to us after registering, there’s none of them to speak of. A single package is what you get when you sign up. Deposit expectations depend on the method chosen. Generally, the requirement ranges from $10 up to $200.
Unfortunately, trial trading with a virtual sum isn’t available at BIT markets. Although exchange websites often do not provide this service, it would be immensely helpful to the traders. Especially beginner crypto enthusiasts. In order to start trading at BIT markets, you have to deposit real money.
What alarmed us is the fact that BIT markets offer leveraged trading of cryptocurrencies, with up to 1:100 leverage. European financial regulators have imposed a leverage restriction of 1:30 for traditional instruments, while cryptocurrency max leverage is set at 1:2! Did BIT markets not receive this memo? Or are they ignoring the leverage restriction on purpose in order to make a cash grab?
Taker and Maker fees range from 0.5% for the base account tier, and 0.025% for VIP tiers. For some FIAT channels, deposit fees can range from $25 up to 7% of the total amount deposited. Withdrawals incur a fee of up to 6,5%, again depending on the selected method.
Crypto deposits are completely free of charge, but incur a withdrawal fee calculated in the fraction of the selected cryptocurrency. For instance, the fee for withdrawing in Bitcoin is BTC 0.0005 (~$15).
Referral programs are common with most cryptocurrency exchanges today. Just like in video games, they let users earn different benefits from inviting new people to the platform. The site assures traders to be able to earn 10% trading fees of your direct referrals and an additional 5% from the earnings of your friends’ referrals.
Although withdrawals at BIT markets are simple and quick enough, a client might never be able to withdraw a single cent from the platform, as the minimum withdrawal amount is 100€, or 0.001BTC.
This is due to the heavy involvement of various tutors and account managers, of which we spoke earlier in our BIT markets Review. Remember – it is in the best interest of BIT markets that you lose your entire investment and come back to deposit more money.
You may always consult with our legal specialists if BIT markets start inventing any problems with your withdrawal. We are available 24/7 via the live chat, and our first consultation is absolutely free.
It is clear that not everything is in order with BIT markets. The company lacks regulation and authorization necessary to provide the cryptocurrency exchange service. Furthermore, it repeatedly ignores the standards set by financial regulators, which serve to protect the client.
BIT markets have shown us enough evidence to raise suspicions of fraudulent intent. If you have any problems with BIT markets, let us know via the live chat. Our team of professionals is on hand to help you with asset recovery, or any further issues you might have. The first consultation is free of charge.
BIT markets is a crypto platform that offers spot and futures trading without a license.
The site does claim to have a license, but the registration number doesn’t equal regulation, so no, they’re not.
At BIT markets you can buy crypto, trade spot, futures and keep a thorough track of all your trades.
Due to a missing license, we cannot verify the safety of funds, so be careful with investing here. If you’ve already put real cash into the scheme, contact us for legal support.
The post BIT markets Review – Recently Repurposed Domain Without License appeared first on Global Fraud Protection.