In your search for a forex provider, in case you have come across the BitAurox broker, please stay away from it. There are many reasons why traders should avoid investing with this shady brokerage firm. Above anything else, it is an unlicensed and unregulated broker that can’t protect your funds but puts you at greater risk.
Other than this, this company is a shameless liar, deceiving people by providing misinformation about its services, headquarters, partners, and trading platforms. Please proceed with our BitAurox review and get all details about how this con artist conducts its trading scams.
Furthermore, we highly recommend that you avoid the scam brokers XpresTrade, Abshire Smith, and CertaInvest.
| Broker status: | Unregulated Broker |
| Regulated by: | Unlicensed Scam Brokerage |
| Scammers Websites: | bitaurox.com |
| Blacklisted as a Scam by: | N/A |
| Owned by: | N/A |
| Headquarters Country: | UK |
| Foundation year: | 2022 |
| Supported Platforms: | Web trader, MT4, MT5 |
| Minimum Deposit: | 100 USD |
| Cryptocurrencies: | Yes (Bitcoin, Ethereum, Tether) |
| Types of Assets: | Currency pairs, digital assets, indices, stocks, commodities |
| Maximum Leverage: | 1:1000 |
| Free Demo Account: | No |
| Accepts US clients: | Yes |
Signs of BitAurox Broker Scams
As indicated, BitAurox has typical features of a broker scam. First, it provides a fake address. Its London office is bogus and serves to draw people’s attention. Further, in the British Companies House, there are no details about this company, indicating that it is an unregistered entity.
Then, BitAurox operates with no authorization. Suppose that it is a UK-based broker. In that case, it should be licensed under FCA (Financial Conduct Authority). However, the FCA registers have nothing about BitAurox. Therefore, it can be concluded that this illegal broker is anonymous, representing a credible threat to your financial safety.
Some Reasons Why It Is Better To Trade With a Licensed Broker
For obvious reasons, it can be argued that investing with licensed brokers is the best option. Forex trading is risky, but legitimate companies minimize the risk by using negative balance protection and segregated accounts in trusted banks. Brokerage firms authorized by premium financial agencies like ASIC, BaFin, and FCA are particularly reliable. It is because they cover traders against adverse events with a compensation fund. For example, the German BaFin indemnifies up to 100,000 EUR per trader.
Is BitAurox a Legit Broker or a Scam?
BitAurox is a shady brokerage company claiming to be registered in the UK. But it fails to support it with evidence, and it also lacks compulsory trading credentials. Overall, this fake broker is a blatant liar that will hoodwink you.
What Platform Does BitAurox Provide?
Speaking of trading software at BitAurox, three trading platforms are allegedly available. Among them are advanced programs, MetaTrader 4 and MetaTrader 5. However, this is another pack of lies coming from this unscrupulous broker. As a matter of fact, only a web trader is provided by BitAurox. This platform is nowhere near enough modern and intuitive software like MT4, MT5, cTrader, and Sirix. What is more, a web trader is a browser-based platform, limiting your success and user experience. By comparison, the latest programs enable trading from any device, i.e., as a mobile trading app, computer software, or an internet-based trading platform.
What Сan Be Traded? – Assets List
When it comes to BitAurex trading, here is a quick outline of tradable assets.
- Currency pairs: EUR/USD, CHF/GBP, CAD/AUD;
- Digital assets: Bitcoin, Ripple, Litecoin;
- Indices: NASDAQ Composite, UK 100, BEL 20;
- Stocks: Bank of America, Meta Platforms, Lumen Technologies;
- Commodities: gold, crude oil, coffee.
No matter the offer, it doesn’t change the fact that BitAurex can’t be trusted. Wherefore, trading on the foregoing markets is questionable. In any case, we are sure that trading conditions are unpropitious.
What Are Traders Saying About BitAurox?
By going through BitAurox reviews on the internet, you might get the impression that you are dealing with a credible firm. Still, this is a decoy to lure traders. In fact, these online reviews are fabricated to seem appealing. Fraudsters usually use bots and fake customers to recommend their services. Thereby, one more reason to give BitAurox a miss.
Where Does BitAurox Engage In Fraud? – Countries Of Service
As evidenced, BitAurox holds no license and renders services illegally. According to victims, it can be said that this broker is focused on scamming traders from
- Germany
- France
- Austria.
For reference, all brokerage services in the aforesaid markets are accredited by BaFin, AMF, and FMA. All in all, be cautious of any offer coming from BitAurox if you are based in any of these countries.
Provides BitAurox With Bonuses?
Keep in mind that a combination of an unlicensed brokerage firm and generous rewards is always a warning sign. Scam brokers use this trick to entice traders. In the same manner, BitAurox offers an early bonus and BitAurex Visa Card. The former reportedly allocates a reward to accounts of new traders, while the latter allows 8% cashback on all spending. Anyhow, bonus terms are at the whim of a fraudster. For this reason, promotions are prohibited in many jurisdictions.
What Are the Different BitAurox Account Types?
Regarding BitAurox trading accounts, the following types are on offer.
- Bronze: 10,000 USD minimum deposit, leverage 1:100;
- Silver: 25,000 USD minimum deposit, 1:200;
- Gold: 50,000 USD minimum deposit, 1:400;
- Premium: 100,000 USD minimum deposit, leverage 1:1000.
As you can observe, these accounts are pricey. If compared with the industry norm, they are non-competitive. Moreover, conditions are analogous to classic scamming schemes.
About Leverage, Spreads, and Fees
Concerning terms of exchange, as presented above, the maximum leverage of 1:1000 is unreasonable. Also, it doesn’t comply with legislation. Commonly, its ratio is capped at 1:20 to 1:50 in most markets (EU, UK, US). Even though the high proportion is helpful for earning, it is risky.
Thus, many financial market regulators limit it to protect retail traders. In addition, spreads allegedly start from 1.0 pips. Nonetheless, we are sure that all conditions are misrepresented to appear beneficial.
High Minimum Deposit and Withdrawal Terms
More often than not, fraudulent websites consist of discrepancies. By the same token, the BitAurex web page is inconsistent in terms of a minimum deposit. Thus, it is either 100 USD or 10,000 USD. The latter is more likely than the former. Anyhow, both amounts are unnecessary risks, given the reputation of this phony broker.
As for withdrawals, BitAurex doesn’t reveal details about processing time and fees. But take into account that there are no money withdrawal guarantees with unauthorized brokers.
Payment Methods Available
As regards how you can transfer money to and from BitAurox, you can allegedly use credit and debit cards and wire transfers. These payment methods are safe; accordingly, it is less probable this investment scam actually accepts them. In reality, such a swindler insists on crypto wallets. However, more about dirty tricks concerned with means of payments are in the next section.
Scammed by BitAurox Broker? – Let Us Hear Your Story
In the event you are defrauded by the BitAurox scam, we would like to hear from you. You can contact our company to assist you with reporting the fraud and getting your money back. Don’t be ashamed since anyone can be tricked. Also, remember to inform the relevant authorities and leave negative reviews to alert other traders.
How Does Chargeback Work?
In connection with retrieving funds, our chargeback specialists can assist you with any type of cashback. On a related note, VISA and credit cards are secure since they can be refunded. Likewise, bank transactions are cancelable, but don’t forget to annul a transfer on time.
On other hand, crypto payments are challenging due to being anonymous. Anyway, with cyber security experts, crypto wallets can be reversed. Therefore, get in touch with us today.
What Is BitAurox?
BitAurox is a fake broker operating without required trading credentials and regulations.
Is BitAurox a Scam Broker?
Yes, BitAurox bears all the hallmarks of an investment scam. Although it hasn’t yet been exposed, it is just a matter of time before it becomes.
Is BitAurox Available in the United States or the UK?
Yes, BitAurox provides services both in the US and the UK. However, it is not authorized to trade anywhere.
Does BitAurox Offer a Demo Account?
No, BitAurox doesn’t offer a demo account. By doing so, BitAurox is like all other scammers.
