If you were looking for a brokerage with the highest number of security warnings and scam accusations, BitcoinWelt could definitely compete. With 5 warnings that we found, this broker lists a red flag after a red flag. Read our BitcoinWelt review and check what’s so wrong with the company.
|Regulated by:||Unlicensed brokerage|
|Blacklisted as a Scam by:||FMA, FINMA, CONSOB, FSMA, DFSA|
|Supported Platforms:||Web trader|
|Types of Assets:||FX, commodities, indices, shares, cryptocurrencies|
|Free Demo Account:||No|
|Accepts US clients:||No|
BitcoinWelt Regulations and Security
BitcoinWelt is an online trading brokerage without financial regulations. The shady brand hasn’t listed any owner or headquarters, so we can only assume it operates from an offshore country. Therefore, we’ve checked a couple of offshore registers, such as GLOFSA, FSA, FSC, and more, but found nothing. We’ve also searched through the FCA, BaFin, ASIC and got no results. Based on this, we can conclude BitcoinWelt is a scam brokerage you should avoid at all costs.
BitcoinWelt Warnings From Financial Regulators
Since the broker’s website is in German and English, we could conclude these areas are the most targeted. So no wonder the first to publish an official warning against the BitcoinWelt scam was the Austrian FMA.
This warning was followed by the same one coming from Swiss FINMA.
Belgium FSMA noticed BitcoinWelt as well and warned its citizens not to accept any offers from the brokerage.
Danish DFSA stated the same, inviting anyone who has been a victim of the BitcoinWelt scam to report it immediately.
In the end, the Italian CONSOB gave us the same – BitcoinWelt is a scam, do not fall for it.
Fund Withdrawal Issues
With everything said above, nobody was surprised to learn there are severe withdrawal issues with the brokerage. Apparently, BitcoinWelt enjoys taking funds from clients and has no problem providing excellent support while waiting for the money. However, once a client submits a withdrawal request, all support stops and their account is immediately blocked. As there’s no official regulatory jurisdiction and no official owner, clients have to look for alternative money-back solutions as they cannot even sue the company.
If you have been scammed by BitcoinWelt, let us know immediately.
As regulators and anyone else who read this BitcoinWelt reviews, traders do not have an excellent opinion about the broker either. Most of them are disappointed by the poor support system, bad trading platform (only a web trader), and the broker’s general behavior. While clients are willing to deposit more, everything is tremendous. Yet, the situation changes when they’ve had enough, and they would like virtual profit to become money in their banks.
How Does Online Trading Scam Work?
Online trading scams are part of our everyday life, unfortunately. With too many scam companies and too little time for regulators to check each and every new market player, there’s a vast number of frauds. Almost all of them start with a fake trading ad published on social media. After you sign up for such an ad and provide your personal information, you will be persuaded to invest money. However, we would strongly advise you to check the brokerage before doing so. For example, if you checked BitcoinWelt broker, you would immediately notice a lack of regulation and license.
For further help in the choice of a brokerage, talk to us via chat.
Scammed by BitcoinWelt?
So, If you were scammed by BitcoinWelt or any similar bogus brokerage, let us know immediately. Our support team will assist you in filing a dispute and requesting a chargeback.
But what is a chargeback?
It’s a way for your bank to reverse the funds in case you have been scammed. For further details, chat with us and book a free consultation! Let’s get your money back before it’s too late!
What is BitcoinWelt?
BitcoinWelt is an online trading brokerage without financial regulation.
Is BitcoinWelt a scam?
There are 5 official warnings against the BitcoinWelt scam all over Europe.
Is BitcoinWelt regulated?
Broker is not regulated. It’s blacklisted by 5 different regulatory bodies and marked as a scam.