There’s plenty wrong with Bitchain. The things we will discuss in the Bitchain Review are the broker’s trading license, or the lack thereof, the trading platform, areas of activity, conditions, and payment methods.
Please read this review carefully and you’ll see why Bitchain cannot be trusted. It’s time to expose this anonymous scam artist.
When it comes to Bitchain’s regulation, we’ve been left in the dark. This phony broker didn’t leave an official address, jurisdiction, or the name of the company that runs this monkey business.
The legal documentation contains the same recycled text we have seen countless times before. So much for transparency.
Just to be sure, we checked the databases of some reputable regulators like the FCA, BaFin, ASIC, FINMA, and CySEC but didn’t find an entity by the name of Bitchain. All we found regarding this fraudulent broker were official warnings against it.
That’s reason enough to forget about the Bitchain anonymous trading scam and find a reliable broker, preferably licensed by a Tier 1 financial authority.
Legit European brokers operate under the European Securities and Markets Authority (ESMA) while US-based providers must be registered with the CFTC and NFA. As for Canada, IIROC is your go-to for checking brokers’ status.
Bitchain is an anonymous scam broker with no trading license. This fraudulent cyber fraud has been active since 2021 and has scammed unsuspecting traders from the US, UK, Canada, Nigeria, Brazil, and Germany.
This means that Bitchain was sneaking around Canada, offering illicit services to unsuspecting Canadian traders. Fortunately, the regulators noticed it and issued these warnings.
Based on the negative reviews we found, Bitchain was pretty active in its fraudulent scheme. The financial swindler infiltrated some heavily regulated domains:
Bitchain has been active since January 2021 and the warnings from Canadian regulators were issued in February 2023, which means the broker was scamming traders under the radar for two years. If you reside in any of these countries, beware of Bitchain’s scheme.
It seems that Bitchain has no official social media listed on the website. The broker didn’t even include a phone number, just an email for contact. Our guess is that Bitchain runs deceitful marketing campaigns to find victims.
Similar scammers also use private WhatsApp & Telegram or even dating apps such as Tinder. Or, they hire agents to find victims for them.
Bitchain received fierce backlash from traders on Trustpilot. At the time of this writing, Bitchain has 18 reviews and an average score of 1.9 (poor).
There are numerous complaints against the broker. Withdrawal issues, dubious communication, account getting frozen, etc. Here’s one complaint we decided to share:
They will take all your money. Stop contacting with you when you ask for withdrawal. Please do not make any business with them. I have lost over USD$11000.00 with them.
Bitchain offers WebTrader, a browser-based trading platform. This online trading terminal can also be accessed via mobile phone (both Android & iOS).
The shady broker advertises this web platform as if it were some sort of amazing, cutting-edge trading tool. Besides basic charts, indicators and graphs, it has little to offer.
WebTrader is nowhere near advanced trading software such as MT4, MT5 and cTrader, all of which offer automated trading. Bitchain offers none of those platforms. To make matters worse, the broker is unlicensed.
Here’s a quick overview of Bitchain’s alleged trading instruments:
There’s very little info on Bitchain’s trading costs, i.e. spreads & commissions. When you open the broker’s bogus website, you read “spreads from 0.0 pips”.
However, the commissions weren’t listed, and since there’s no demo account, we weren’t able to check whether the spreads were really ultra-low.
Scammers such as Bitchain like to advertise tasty spreads and low costs to lure potential victims. But then you access the trading platform and see that the spread is way wider.
Bitchain offers seven different trading account types, according to the broker’s website:
Allegedly, all account types have customer service 24/7. Each subsequent type has a shorter withdrawal approval time (from five to one working day).
The leverage listed on the account type page ranges from 1:02 to 1:15, which is odd because Bitchain claims on the Home page that the max leverage is 1:600. These discrepancies are typical of anonymous scammers.
You cannot. We know, it’s terrible. By not including a free demo account, Bitchain basically forces you to invest real money right off the bat if you want to trade.
Any legitimate broker will offer you a demo account for training and getting to see the platform, spreads, etc. Please stick to licensed providers instead of scammers like Bitchain.
The unscrupulous broker offers bonuses. Based on what we read on the website, clients are awarded a 15-20% bonus on their initial deposit and a 10-15% bonus for inviting a friend.
You should know that bonuses are banned in Europe and Australia, precisely because scammers offer bonuses with strings attached in form of shady withdrawal policies.
Bitchain has this policy as well; namely, traders are required to achieve a minimum trading volume of 30 times the deposit amount plus the bonus, which is insane.
Bitchain says that three payment methods are available:
The minimum deposit is 250 $ but the Bitchain withdrawal fees are outrageous. The broker charges a 50 $ fee for wires, 25 $ plus a 10 $ processing fee for cards, and 25 $ for e-payments.
On top of that, there’s a levy of 10% for all accounts that have not achieved another impossible turnover of 200 times their deposit. Please avoid Bitchain at all costs.
If you’ve been tricked by this broker, know that you’re not the only victim of Bitchain scam. There are other cases as well.
Please let Global Fraud Protection if Bitchain violated any terms and conditions. We want to help you get your money back but you must act quickly.
Book a consultation with our experts and they will tell you more about bank chargebacks, recalls and advanced crypto-tracing methods such as CipherTrace.
If this broker steals your money, start the chargeback process. Contact us using Online Chat to book your free consultation and find out what you should do.
No. Bitchain has been blacklisted as a scam broker by two Canadian regulators. Do not invest in this trading scam!
No. Bitchain omitted a free demo account to force users to invest money right away and risk getting scammed.
No. Bitchain’s platform is browser-based so it doesn’t require a mobile app.
No. Bitchain’s WebTrader is pretty lackluster, i.e. has no advanced tools, plus the broker is unregulated.
No. Bitchain has been blacklisted as a scam broker by two Canadian regulators. Do not invest in this trading scam!
No. Bitchain omitted a free demo account to force users to invest money right away and risk getting scammed.
No. Bitchain’s platform is browser-based so it doesn’t require a mobile app.
No. Bitchain’s WebTrader is pretty lackluster, i.e. has no advanced tools, plus the broker is unregulated.
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