Bithash Review – Don’t Easily Trust This Unlicensed Crypto Exchange
Bithash is a Singaporean crypto exchange with headquarters located in Seychelles, because offshore zones provide potential for financial manipulation outside of legal directives. Established in 2017, this exchange is owned by PHOENIX TRADING SOLUTIONS LTD.
Neither does the regulatory body in the Seychelles (FSA) oversee Bithash, nor does their parent company appear in the registry of companies kept by the government of Seychelles. The following Bithash review explores the conditions this crypto exchange offers and just how safe it is to invest here.
|Regulated by:||Not regulated|
|Is This Company Safe?||Unlicensed entities aren’t safe.|
|Have Warnings from:||N/A|
|Trading Platforms:||Online terminal|
|Maximum Leverage:||No leveraged trading available|
|Minimum Deposit:||Depends on the currency|
|Deposit Bonus:||Not available|
|Free Demo Account:||Not available|
|How to Withdraw from This Company?||Every unregulated crypto platform is dangerous|
Bithash – Legal Framework
Bithash, the crypto exchange platform established in 2017 by PHOENIX TRADING SOLUTIONS LTD has a questionable legal status. Firstly, the Bithash website claims their platform to be fully legal, yet it appears that no financial authority oversees their activities.
The firm owning the brand isn’t registered anywhere. We first checked with Singaporean MAS, FSA of Seychelles and the government business registries of both countries.
Since the platform also isn’t regulated by any Tier 1 regulatory institution, they immediately put a stamp on their business. That warns off investors, as it proves Bithash to be an unregulated crypto platform!
That further implies that the safety is jeopardized and your funds may be in danger. Crypto markets are strictly regulated and all the activities outside of legal directives put you as an investor in danger.
Common Platform Users
Over the course of several years Bithash has built up a client base with investors who understand the risks, gains and limits of these endeavors. Traders from the following countries are investing with Bithash the most:
- United States
Bithash has their ways of attracting investors. Firstly they offer quick and comprehensive terminals for crypto buying and selling. The TradingView chart is accurate and reliable and Bithash uses that to their advantage. All traders have to do is place crypto orders whenever they find the market to work in their favor. Crypto transfers are also basically instant and allow quick maneuvering.
The downside is the lack of regulation and the fact that this platform operates in the gray area. Don’t be surprised if you encounter issues with this or any other similar exchange. We’re here to help if that happens, though.
What Do Traders Have To Say?
There are many overly positive reviews about the Bithash Exchange. Most of these are a paid service published by Review Seller Networks. Fraudulent companies often use this kind of an approach, another example would be Fantex.
Here are what the actual victims that got burned say about Bithash:
“ This website is scam and every positive responses or reviews here are fake and to trick people into falling for their scam, I deposited money into this website just for them not to give me my money , it’s over 24 hours I deposited usdt and it’s not in the wallet “
“ money never arrived, support never responded. SCAM. “
“ This is a one way service. You put money in and they keep it. Fortunately only lost about $100 USD. Fancy site and reviews built to take your crypto. There is no customer support, just a black hole to send your email to. DO NOT USE THIS SERVICE! BUILT TO STEAL YOUR MONEY! “
If you have been defrauded by the Bithash Scam, you shouldn’t stay quiet about it. We would like to hear your story, and help with recovering your lost money.
Bithash Prices And Other Charges
There is no company in the world that provides their service for free. Bithash advertises just that – a zero fee policy on all transactions. What they advertise is completely different from their Terms and Conditions document, however.
In it, we can see that they charge a Make Fee and a Taker Fee, 0.1% each. The deposits incur a 0.5% – 2.5% fee, and withdrawals a fixed 1.5% fee. This is not very pricey, but judging from client testimonials, we can clearly see that Bithash is a scam that is more likely to outright steal all your deposits.
Bithash Trading Tools And Options
We wouldn’t exactly call the Bithash technology as the most sophisticated. A rudimentary platform, constructed around a TradingView widget, should represent reliable software. The website doesn’t present various opportunities for account types and the registration isn’t even available at the moment. All seems like a mediocre offer not worth the risk.
Bithash Trading Platform
With Bithash, you can trade and exchange cryptocurrencies instantly with only the form on their website. For this, Bithash implements the TradingView, which is the most widespread charting platform today. It is quite adequate for its intended purpose, but not very reliable.
While we were testing the trading application, a multitude of server errors frequently stopped the charts from refreshing. No proprietary mobile app exists.
Being a crypto- focused exchange, Bithash distinctively deals only with digital currencies. You can buy them for EUR, USD, and RUB and then exchange them through the terminal for a fee. These are the most commonly traded digital coins: BTC, ETH, DASH, ETC, LTC, EOS, XMR, XRP, ZEC, DAI and MATIC.
There is no specific page dedicated to the Bithash Account Types. As it stands, only one type of an account is available to clients. Also, you don’t get to see what features it offers until you buy it.
There is also no demo account, in which you can test the trading environment without taking financial risks. The majority of scam companies omit a demo, like Canz Trades for instance.
Bithash Referral Program
After registering with Bithash, you will be provided with your personal referral link. Sharing the link and getting people to join and invest with Bithash could supposedly bring you passive income. Depending on the number of active referrals and their deposits, you can climb the levels and earn more commission from their successful trades.
Problems With Bithash Withdrawal
The Bithash Crypto Exchange openly advocates for irreversible payments. They claim that this is the best way to trade. Unfortunately, this is the exact opposite of true. With anonymous, irreversible and untraceable financial transfers, Bithash can easily hide from authorities.
Tracking Crypto Transfers is inherently difficult without specialized software like Cypher Trace. If you have troubles with a Bithash Withdrawal, feel free to contact our recovery experts and book a free consultation via the Live Chat option.
The Bithash support can be contacted only via an online form. No phone numbers, no email addresses or physical locations of their offices are given. Same case with account opening – you can send an inquiry and grow old waiting for a reply. Not in the least reliable and promising. Especially if you’re in a problem and need urgent assistance to solve it.
Despite the seemingly polished surface and attractive conditions, Bithash doesn’t have a license, which automatically makes them dangerous. Not just because of a borderline unreliable software, but the lack of transparency and safety precautions that all regulated entities are required to take.
If you’re facing issues while trying to force a payout, you are free to contact us for legal help. Our expert team is well educated and experienced in chargeback and retrieving funds from unscrupulous sites.
How Does Bithash Work?
This online crypto exchange allows you to buy several crypto currencies using USD, EUR or RUB and then exchange them using their platform.
Is Bithash Licensed?
Neither is this platform or their parent company licensed. Jurisdictional regulators and other Tier 1 entities do not have any info on them.
How Do I Withdraw Money From Bithash?
Bithash withdrawal might be impossible without legal action. Our team of chargeback experts are on hand to help you with a chargeback.