Buckle up, folks, you’re in for a bumpy ride if you decide to trust this illicit provider. In the Bitcoin Convert Review, you’ll find out why. There sure are a lot of shady facts surrounding this financial swindler and we intend to expose everything. Afterward, you won’t hesitate to distance yourself from the fraud.
Also, avoid the trading frauds Admiral Trades, Vestapros, and Sato4x at all costs! Moreover, before investing, always look into the past of internet trading firms!
| Broker status: | Unregulated Broker |
| Regulated by: | Unlicensed Scam Brokerage |
| Scammers Websites: | Bitcoin-Convert.Io |
| Blacklisted as a Scam by: | BaFin |
| Owned by: | Bitcoin Convert Trading Group |
| Headquarters Country: | Switzerland, Cyprus, UK |
| Foundation year: | 2010 |
| Supported Platforms: | WebTrader |
| Minimum Deposit: | $250 |
| Cryptocurrencies: | Yes – Bitcoin, Ethereum, Litecoin |
| Types of Assets: | Forex, Crypto, Shares, Commodities, Indices |
| Maximum Leverage: | 1:20 |
| Free Demo Account: | Unavailable |
| Accepts US clients: | No |
| Site Grid: | N/A |
Bitcoin Convert – Unlicensed And Risky Brokerage?
Let’s address the problematic legal background of this suspicious broker. Bitcoin Convert Trading Group? Founded in 2010? Never heard of it. There’s nothing on the web either. Oh well, guess we’ll have to check the three addresses provided by Bitcoin Convert. Yup, one in Switzerland, one in Cyprus, and last but not least, in the UK.
Pretty ambitious. Let’s see what the local financial regulators have to say about it. As expected, we found nothing, thus we conclude that this con artist is indeed unlicensed and dangerous.
Bitcoin Convert is a fraudulent and unauthorized broker that claims to provide Forex, CFDs and crypto trading services while hiding behind an anonymous website and plotting to scam unsuspecting victims.
Why Is Trading With a Licensed Broker Preferable?
As you can see, Bitcoin Convert is not registered with any authority. Automatically, everything you invest could be up in the air immediately. It’s really important that your broker is licensed by top-tier regulators such as the aforementioned FCA, CySEC, ASIC or FINMA.
This ensures numerous security and trading conditions such as negative balance protection, segregated bank account, indemnification up to GBP 85,000 (UK) or EUR 20,000 (EU) as well as cutting-edge technology and resources.
Warning from BaFin
Bitcoin Convert failed to land in an official register but sure did make a name for itself in a negative way. In other words, the broker’s been blacklisted by none other than the German financial market watchdog – BaFin. We wouldn’t want to be in the fraudster’s shoes. May this warning deter you from investing a dime in Bitcoin Convert!
Details About The Bitcoin Convert Trading Platform
Bitcoin Convert did a great job promoting its platform. In vain, we’re afraid since WebTrader cannot be saved. It’s a web-based platform with limited options without advanced tools for cry’s sake. Aside from basic charts and indicators, there’s not much to it. On top of that, the broker is unlicensed and shady, meaning it could steal your funds at any moment.
If you yearn for real trading experience, you should seek a legitimate, i. e. licensed provider that offers leading software such as Meta Trader 4 or 5. These cutting-edge platforms come with superb tools and modern terminals that fully facilitate trading. Feel free to rely on automated trading, live-market reports and docked charts.
Mobile Device Compatible
WebTrader is known for always being available for mobile phones. It’s simple – the scammer looks for ways to enable you to deposit funds, be it via PC or mobile. It doesn’t matter. The browser-based platform can be rigged anywhere, hence why you should avoid it. Moreover, mobile versions are pretty much always inferior to desktop ones.
What Сan Be Traded?
Unsurprisingly, Bitcoin Convert took a bunch of lists from TradingView, as most scammers do, and posted them as if it offers all those instruments. Maybe it does, maybe not, it’s unimportant. What matters is that you have no guarantee that you’ll be able to trade them. Nevertheless, we’ll list them below:
- Forex pairs – EUR/USD, AUD/CHF, GBP/AUD…
- Commodities – crude oil, natural gas, gold, silver…
- Indices – S&P500, GERMANY30, DOW30…
- Stocks – Microsoft, Apple, Visa…
- Crypto – Bitcoin, Ethereum, Litecoin, Ripple…
AnyDesk, TeamViewer, and Screenleap
Customer support? Right… The purpose of including these apps that allow one user to access the PC of another is to enable Bitcoin Convert to gain insight into your personal data.
Yup, that’s right. If you allow the scammer access, it will undoubtedly pick up anything bank-related that you have on your PC. No wonder it keeps popping up on the website in a very pushy manner.
Bitcoin Convert Account Types
Bitcoin Convert offers five different account types. What’s unusual here is that only the first one is funded with the dollar currency while the rest roll with Bitcoin. The rest of the specifications are rather vague. This loyalty credit reminds us of shady and illegal bonuses, it could be the same thing.
Can a Trader Use a Demo Account?
No. Shocker. We anticipated this from the start. Scammers aren’t known for including a demo account. It’s mandatory according to law, thus every legitimate broker offers it. Meanwhile, our little fraudster failed to do so.
As well, stay away from the trading scams The Liberty International, BCH Advance, and Allfina Group! Furthermore, before investing, always investigate the history of internet trading firms!
About Leverage, Spreads, and Fees
As for the trading conditions, the leverage caps at 1:20. We have to admit, we didn’t expect that since scammers typically exceed the legal limit by a considerable mileage. Bitcoin Conver, however, managed to stay within the legal limit of 1:30 imposed by the UK and EU regulators.
When it comes to spreads, it’s allegedly 0.3 pips for FX major pairs. That’s great per se, but we still don’t trust the fraudulent broker after everything we’ve found out about its shady scheme.
High Minimum Deposit and Withdrawal Terms
As mentioned, the minimum deposit is $250, a bit too much for an unlicensed broker. Furthermore, paying in dollars applies only to the standard account. Other types accept only Bitcoin. Aside from crypto payments, the illicit broker also listed credit/debit cards and wire transfers.
As for the fees, the scammer really went over the top on this one. Don’t take our word for it, see for yourself.
Scammed by Bitcoin Convert Broker? – Let Us Hear Your Story
If you’ve fallen victim to this unscrupulous scam, it’s very unfortunate. You must feel terrible and we get it. However, now’s the time to pick yourself up and try to do something about it. Don’t worry about reporting the scammer, we got that one in the bag. Your concern should be refund methods, i. e. chargeback, recall and crypto tracing.
But What Is A Chargeback?
- A chargeback is a process of reversing credit/debit card transactions. It can be requested at the issuing bank within 540 days.
- A chargeback is a process of reversing credit/debit card transactions. It can be requested at the issuing bank within 540 days.
- A chargeback is a process of reversing credit/debit card transactions. It can be requested at the issuing bank within 540 days.
FAQ
What Is Bitcoin Convert?
Bitcoin Conver poses as a legitimate broker and falsely claims to have offices in the UK, Switzerland and Cyprus.
Is Bitcoin Convert a Scam Broker?
Bitcoin Convert is a scam broker because it has been blacklisted by the German BaFin.
Is Bitcoin Convert Available in the United States or the UK?
The Broker Bitcoin Convert is available in the United Kingdom but not in the United States.
Does Bitcoin Convert Offer a Demo Account?
This Broker, Bitcoin Convert does not offer a demo account anywhere on its website.
