Bitchain Review – The Best Strategies Used by Scam Brokers
Atomic Trade is a broker that claims to provide FX and CFD trading services. Yet, they are completely anonymous broker without any essential information provided. Furthermore, their non-competitive trading conditions may make it difficult for professional traders to make deposits with them.
If you want to gain a complete understanding of this broker, it’s essential to read this Atomic Trade review thoroughly.
|Broker status:||Unregulated Broker|
|Regulated by:||Unlicensed Scam Brokerage|
|Blacklisted as a Scam by:||CSA Canada|
|Supported Platforms:||Web trader|
|Cryptocurrencies:||Yes – BTC, ETH, LTC|
|Types of Assets:||Currency pairs (Forex), Indices, Shares, Commodities, Cryptocurrencies|
|Free Demo Account:||No|
|Accepts US clients:||No|
Bitchain Is A Fraud Broker Without License?
As anonymous broker, we can’t guess what country regulations they comply with. Therefore, we are checking only the most trusted ones. Like FCA, BaFin and ASIC. As expected from a broker like this, they are not in any of those databases.
Furthermore, there is the first sign of a scam. With this in mind, you know that you can’t have any fund protection measures here. From guaranteed stop loss, negative balance protection or anything more demanding than that. All funds that traders deposit here are already thrown away.
Unlicensed and anonymous broker. They don’t provide any legal information about their ownership. Uncompetitive trading conditions and trading software. There are no pros.
Warning Issued by Financial Authorities
Additionally concerning fact is the warning from the Canadian CSA. Since February 2023 they are on their warning list for unauthorized activities.
As that being said, it’s just a matter of time when other regulators will expose this investment scam. Check it out yourself.
The Opinions of Traders On About Bitchain
Another key point is that 85% of reviws on Trustpilot are with a 1-star rating. Even though it’s only 13 in total it’s quite relevant.
Most traders complained about withdrawal issues. Primarily, brokers don’t allow withdrawal until they stop responding to any communication.
What Platforms Does Bitchain Offer? – Available Trade Software
Trading software plays a key role in choosing a broker. Many traders are looking now for algorithmic and copy trading.
Those are mostly available with Meta Trader and some other platforms. Yet, this broker doesn’t have any of those trusted software. But only a proprietary platform.
Bitchain trading company only offers poorly designed web-based software. Because of its fairly unattractive features, it’s not good even for beginners.
Only basic indicators and charting options are available. Moreover, it’s eligible for market manipulation. Which makes it even more dangerous.
Bitchain ‘s Trading Assets and Instruments
Bitchain broker proudly presents access to all 5 major instrument classes. However, without reputation nothing becomes relevant. Those classes are:
- Currency pairs (Forex) GBP/EUR, USD/SGD, EUR/NOK
- Indices UK 100, US 500, AU 200
- Shares Amazon, General Motors, Walt Disney
- Commodities natural gas, crude oil, cotton
- Cryptocurrencies BTC, BCH, BNB
The scary fact about trading here is the leverage of up to 1:600. This can wipe your account balance in a blink of an eye.
Bitchain Countries Of Service
As you can see from many Bitchain reviews, they are not quite an honest broker. They are mainly scamming traders from:
- United States
Germany and the United states primarily have very strict regulations. It’s just a matter of time before this broker is going to vanish.
Bitchain List of Account Types
The broker has listed 7 account types. What they offer is:
- Basic $250
- Bronze $5.000
- Silver $10.000
- Gold $25.000
- Platinum $100.000
- Diamond $250.000
- Black On request
Mainly benefits are coming from advisor support, webinars and educational materials. Traders don’t get any trading benefits or better trading conditions. Important to realize is that it takes 5 business days to approve a withdrawal with a basic account.
Information About Demo Account
As expected from a shady broker like Bitchain, they don’t offer a demo account. Not only that but not even micro-accounts.
Therefore, traders don’t have any risk-free options. Which is crucial to determine if the broker suits your needs or not.
Negative Balance Protection
In general, the regulation requires the broker to have strict trading conditions. They are mostly protecting traders. One of the features is negative balance protection which prevents traders from getting into debt.
However, Bitchain scam broker doesn’t have that feature available. So, don’t be surprised if they tell you that you owe them money.
What Kinds of Bonuses Does Bitchain Offer?
This scam broker provides traders with welcoming bonus. The bonus range from 35 to 75 percent of the initial deposit. These are heavily banned worldwide. Especially in the EEA zone.
The main reason for that is a hidden clause that traders don’t know. In fact, they need to make trading volume 30-50 times bigger. Only then they can request a withdrawal.
Terms of Service for Bitchain
All terms of service are questionable with this broker. They don’t have regulation and whatever they say is fictive.
From funding methods, they only accept debit/credit cards and cryptos. It’s worth mentioning that due to AML policies traders need to request a withdrawal with the same method used for a deposit.
Leverage, Spreads and Fees
A leverage of 1:600 violates for instance all EU regulations. Spreads starting from 3 pips are quite unattractive. Especially with the industry average of 1.5 pips. Moreover, they have insanely high fees. Primarily for withdrawals $35 and a 10 % fee for an unreached target.
Scammed by a Bitchain Broker? – We Want To Hear Your Story.
You are not the first or last that got scammed. But it’s important to share your experience. Only that way traders can know what to expect. Let us know what happened to you. In the best case, we can assist you with our fund recovery expert team. Get in touch now to book your free first consultation!
What Is the Chargeback Procedure?
We always suggest traders make deposits with debit/credit cards. In case anything goes wrong you can file a chargeback request. However, you can only do that in a certain period. Don’t let them get away with it. Contact us!
What Is Bitchain?
Bitchain is an anonymous trading company without any credibility for providing its services.
Is Bitchain a Scam Broker?
Yes. Unlicensed broker with a warning from the regulator and many negative reviews.
Is Bitchain Available in the United States or the UK?
Bitchain broker only offers services to US clients, but not UK ones.
Does Bitchain Offer a Demo Account?
No. Traders don’t have any risk-free option for trading with this broker.