Read our Bitwaultway review to see if this broker is a scam or legit. Just to clear doubts, this is a bitwaultway.com review.
The cryptocurrency market has been generating a lot of hype nowadays. These digital currencies have taken the world by a storm and have become a force to be reckoned with in just over a decade. Many people are eager to dip their toes in the crypto market because these currencies are being considered money of the future and people want to jump on the bandwagon.
Like other markets, this also means signing up with an online broker to get started. But, you have to be extremely cautious, or you could end up with a fraudulent broker. This Bitwaultway review can help you understand just how these entities operate.
The popularity of the crypto market has also drawn the attention of scammers who are ready to take advantage of people who do not have a lot of knowledge about crypto assets and are eager to invest in them.
The complexity of these assets and the increasing interest has given an edge to fraudsters because they have ample ground to set up their operations and pocket people’s money. Therefore, you will hear a great deal about crypto market scams.
One of the ways these scams manifest is by establishing themselves as CFD providers that are focused on crypto assets. They deliberately present such lucrative offerings that people can find hard to resist, especially when they are eager to get a piece of the crypto space.
But, you have to be cautious if you do not want to lose your funds to a crypto scam and you can do this by carefully reviewing the brokerage you are considering. Make sure there are no red flags and if there are any, you should discard it as an option straight way.
It is best to do the same with Bitwaultway brokerage that claims to offer you leveraged crypto trading services. Just because it has an attractive website is not reason enough for you to sign up with Bitwaultway and you need to ensure that it does not have any red flags. Unfortunately, you will find that it has a bunch of them that make it an unsuitable brokerage. What are they? You can know more about them here:
False information about location
The best way for you to know the truth about any online broker is to check their license. A licensed and regulated broker is one you can trust because you know that they are answerable to a third party and can be held accountable for their actions.
Plus, they have to comply with different policies and offer a high standard of service. This gives you peace of mind and minimizes the risk of scam, but you need to verify the license in order to be sure.
The first red flag that you will come across at Bitwaultway is about its location. According to its website, the brokerage is owned and operated by a company called CRYPTO ARBY TRADE LIMITED and it is registered in England.
The UK market is overseen by one of the toughest and strictest regulatory authorities in the world known as the Financial Conduct Authority (FCA). No brokerage can operate in the United Kingdom without a license from this authority.
If they do, then they are doing so illegally. However, the problem here is that you do not need to check the FCA register to verify whether Bitwaultway is licensed or not. This is because it is not possible for the company to operate from the UK at all due to a policy of the FCA.
The regulatory body has imposed a ban on crypto CFDs in the UK because of the risk of scams and the complexity of crypto. This means that Bitwaultway cannot be based in the UK at all since it is illegal to offer crypto CFDs in the country.
It is likely that Bitwaultway has shown a fake address because it is the norm for scams to do so and a UK-based address is a great way to add some authenticity.
Basic trading platform
The trading platform that you are offered by Bitwaultway is another red flag that should make you reconsider your decision about signing up with this broker. Most professional brokerages would offer you a powerful and advanced trading platform like the MT4, or the MT5 that are equipped with sophisticated trading tools and charts that can be immensely useful.
Instead, you will find that Bitwaultway is offering a basic web trader that is lacking in a number of ways and has nothing special to offer to you. It is a rudimentary platform that is quite common amongst scam brokers that are pretending to be authentic brokerages.
Another major red flag that you will find at Bitwaultway is that it is offering you very high leverage of 1:5. This may not seem like much when you consider it in light of other assets, but where cryptocurrencies are concerned, this level of leverage is downright dangerous.
Crypto assets are already very unpredictable and volatile and this can only add more to your risks. The approved leverage for crypto assets is not more than 1:2, but Bitwaultway is offering more because it does not have your best interests at heart.
Only crypto payments
If you are looking for more red flags that show that Bitwaultway is not a trustworthy broker, you only need to look at its payment methods. You will find that the brokerage only gives you the option of making deposits in crypto like Bitcoin and this is what most scams do. The best thing about crypto payments is that they are not eligible for a chargeback.
This means that once you make a deposit with Bitwaultway, you will not be able to get a refund because the payments are final. In addition, since crypto payments also tend to be anonymous for the most part, it is easy for the company to steal your funds and walk away with them.
These red flags that you uncover about Bitwaultway can help you see that this is yet another crypto scam that you need to avoid.