BIT Markets Review: Crypto Portal With Weird Payout Terms

This firm is prominent on social media and involved with numerous sports sponsorship deals. With over ten years of service, one would think such a business would become one of the industry leaders.

Unfortunately, there are several issues that severely hamper their growth. Read more in our BIT Markets review.

 Registration Info

The BIT markets exchange operates through several shady entities. First one is Bitmarkets, UAB from Lithuania, registered in 2022, with its main activities being computers and software, as well as cryptocurrencies. 

Now, there’s a reason why a ton of questionable crypto platforms are registered in Lithuania and Estonia to offer services to EU traders. Regulatory constraints in these countries are lax, which makes it far easier to operate a crypto exchange from these countries than more heavily regulated ones.

Margin and futures trading services, on the other hand, are supposed to be provided by another ridiculously named brand – Unicorn Technologies Ltd. This entity is claimed to be registered in the Marshall Islands, an offshore zone where regulatory standards don’t exist. Therefore, we’d advise anyone interested in trading crypto to go for a properly regulated firm.

Stable Crypto Service

The company has been in business for over a decade now, following trends and quickly adapting to the shifting market conditions. While the service is not exemplary, the company can stand shoulder to shoulder with some industry giants.

Word of mouth is the main means by which clients are attracted to the site. To facilitate this, BIT markets crypto exchange owns numerous social media profiles. They may be found on Facebook, Instagram, X and LinkedIn.

A recent sponsorship deal with Panathinaikos BC AKTOR has made the company something of a household name with sports enthusiasts.

Platform Usage Geographics

The bitmarkets.com domain has been around for quite a while. According to the WhoIs registry, it was first created in early 2010, making it one of the early adopters of the newly created blockchain technology.

Many of the company’s clients are traders from these areas:

• United States
• Australia
• Canada
• France

Note that some schemes like Deribit purposely acquire old domains to fool automatic scam detection. If you believe you’ve been defrauded by one such company, feel free to contact our legal team.

Surprisingly Small Number of Reviews

For an online platform that’s been around for ages, this one has a small number of customer testimonials. The majority of BIT markets reviews are on TrustPilot, where the exchange has an approval rating of 87%.

Now, don’t take these scores for granted. Various online hoaxes like Raze Markets use review seller networks to artificially boost their reputation. Seeing how this exchange has a lax license, make sure to consult other sources before investing.

Trading Platforms – Web Apps

If you’re interested in spot and futures trading, you can access the BIT markets app, which is adapted for web browsers. The rudimentary software is user-friendly and doesn’t require special knowledge or experience to navigate. The plus is the basic functionality based on TradingView charting along with standard customization features. 

However, don’t forget that these software solutions are easily manipulated and lack premium security measures, so the data shown isn’t always reliable.

Mobile App for Android Only

Although the company has been promising an iOS version of their platform for a while now, they only offer a solution for Android users. This software can be downloaded from the Google Play Store. With only about 5k downloads and no reviews enabled, it doesn’t exactly instill trust, especially compared to leading trading terminals.

Wealth Management and Unreal ROI

Whenever you see options for fund allocation and automated AI trading that promises huge returns, you know the offer sounds too good to be true. 

After acquiring a new BIT markets login, clients can opt for one of these VIP services. These are supposed to bring stable income to those willing to burn at least 5,000 USDT to join one of the programs that last 365 days:

• Dynamic – Estimated ROI 86.96% APY
• Balanced program – Estimated ROI 43.47% APY
• Conservative program – Estimated ROI 25.36% APY

Tiered Fee Discounts

Requirements for becoming eligible for a fee discount on spot trading are related to trading volume on a monthly basis. Depending on this, there’s a total of 6 VIP levels. The starting level has Maker/Taker fees set at 0.16% / 0.18% while the highest level VIP members enjoy discounts of 0.01% to 0.02% on fees.

In the same manner, futures trading fees vary from 0.10% / 0.10% to -0.01% / 0.02%. Margin trading fees range from 0.10% / 0.10% to 0.01% / 0.03%. 

The maximum available leverage is capped at 1:100, which is far above any limits imposed by prominent EU, UK, and US regulatory institutions.

Restrictive Withdrawal Conditions

Deposits are handled through the usual channels, including crypto and FIAT payments:

• Bank Cards – Visa, MasterCard, AmEx
• Bank Wires
• E-Wallets – Stripe, PayPal
• Crypto Transfers

Finding out the exact withdrawal procedure is not an easy task. You’ll have to dig through the Terms and Conditions document that is displayed in such a small format the letters are absolutely tiny.

Reading through it, we can see that the company requires a minimum trading volume prior to approving a payout. If the client does not meet the requirement, the exchange will charge a whopping 13% withdrawal fee!

That’s not all, as the minimum amount for a payout is $100. This means that a very small number of highly profitable accounts will actually see any money back from the exchange.

Final Thoughts

The BIT markets scam will not only deceive you into thinking money making is what their platform is most competent for. They will also force you into bankruptcy by extorting huge amounts of money from you for the alleged AI trading amenities and high passive profits.

Please don’t refrain from asking for our help with fund recovery. Our specialists have the technology needed to help you retrace the transactions and locate your lost funds. For additional details, please book a free consultation with our chat agent.

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