Bitdach Review – Trusting Bitdach Would Be a Mistake
Bitdach is not a legitimate Forex trading platform, as the website purports. On the contrary, the platform is fraudulent. Operating under a veil of deception, the sham broker has preyed on unsuspecting investors for months.
Bitdach’s antics have recently been exposed and blacklisted by Germany’s Federal Financial Supervisory Authority, BaFin. This alarming revelation prompted us to do the Bitdach Review and warn potential traders about the dangers associated with the shady platform.
|Unregulated Scam Broker
|Is This Company Safe?
|No, the platform is blacklisted
|Have Warnings from:
|Forex, Indices, Commodities, Stocks, Cryptocurrencies
|Free Demo Account:
|How to Withdraw from This Company?
|Since this company is unlikely to return your money – contact your bank or financial regulator, or simply reach out to us for professional assistance in recovering your funds.
Legal Info: Is Bitdach Regulated?
Bitdach is a virtually anonymous website with no information regarding the firm’s legal background and regulatory status. We checked the provided address only to find out that the platform had been blacklisted by the German BaFin market watchdog, as was the case with Euprofits.
On January 17, 2024, BaFin launched an official investigation into the shady business, issuing a warning to domestic traders and investors not to invest in the platform.
Suspected of providing unauthorized financial and investment services, Bitdach’s operations seriously breach laws by operating without regulatory oversight. Consequently, investors face the risk of losing their funds under dubious circumstances.
Selecting a regulated financial service provider is crucial to protect your funds. We advise you to choose companies that are controlled by esteemed financial authorities, including the FCA (UK), ESMA (Europe), CFTC & NFA (US), ASIC (Australia), IIROC (Canada), JFSA (Japan), MAS (Singapore), and others.
Regulated brokers follow strict guidelines and provide safeguards such as negative balance protection, segregation of client funds in top-tier banks, and compensation plans to mitigate potential losses.
Who Are Bitdach’s Targets?
According to godaddy.com/whois, the bitdach.com website domain was created on October 27, 2023. Since then, the financial swindler has been targeting mainly unwary traders and investors who reside in the following countries:
Germany is a rigorously regulated jurisdiction, known for stringent laws and meticulous supervision of the financial market. BaFin’s goal is to prevent unauthorized entities from running fraudulent schemes.
The stern regulator requires each financial market participant to obtain the necessary permit to operate. To reiterate, Bitdach has no license, meaning the broker directly violates German, i.e. European regulations.
Trader Reviews – Sharing Experiences
The Bitdach reviews on popular forums such as Trustpilot are mixed, with several users claiming they were scammed by the dubious brokerage firm. We assume the digital thieves behind the platform are targeting potential victims through various social media platforms or by running dishonest marketing campaigns.
Therefore, we strongly discourage our readers from sharing personal information with suspicious profiles and anonymous accounts. It is crucial to discern honest reviews regarding a specific provider to determine whether the business is legitimate. Exercise caution to protect your financial assets.
Which Trading Platforms Are Available?
Despite promising MT4, Bitdach fails to deliver any credible software. The only available trading platform is a rudimental web terminal supporting the trading of popular instruments such as Forex currency pairs, CFDs, and cryptocurrencies. However, it lacks advanced tools.
This dubious terminal allegedly supports Bitdach AI trading but given the provider’s questionable background, it’s likely that the AI bots are just a ruse and that the platform is being manipulated to deceive users.
For a more comprehensive trading experience, we strongly advise opting for a licensed provider that incorporates reputable third-party software such as MetaTrader 4, MetaTrader 5, or cTrader.
MT platforms support advanced features such as automated & algorithmic trading, sophisticated charting, real-time market reports, API integration, 20+ timeframes, Expert Advisors (EAs), and instant order execution. Just make sure your provider is licensed to offer such services.
Leverage, Spreads, Commissions, Demo Account
The maximum leverage Bitdach offers is unknown. Keep in mind that the legal cap in Europe & Australia is 1:30 and in North America 1:50 for retail clients. High leverage is a double-edged sword; it can bear significant profits but also lead to devastating losses. Unreliable broker firms such as AcapitalGroup.co are known for exposing users to such risks.
As for the trading costs, i.e. spreads and commissions, the bogus website did not reveal any relevant information, raising concerns about the platform’s legitimacy.
Another notable red flag is the lack of a demo account. Such a risk-free trading account serves as a crucial tool for novices, allowing them to practice with virtual funds before venturing into the high-pressure realm of trading with real money. Every legitimate broker offers a demo account nowadays so choose your provider wisely.
Deposit and Withdrawal Process
The website listed three payment methods that can be used to fund live trading accounts and withdraw generated profits:
- Credit/debit cards;
- Wire transfers;
The Bitdach minimum deposit, as well as the related fees, remain a mystery. Just bear in mind that this broker isn’t worth a single penny.
Given the negative aspects of this platform we have outlined thus far, Bitdach withdrawal issues are likely to befall all users, requiring them to explore fund recovery methods.
For funds deposited through MasterCard or VISA credit/debit cards, users have the option to request a refund through a chargeback at the issuing bank within 540 days. For transactions using wire transfers, initiating a recall is a potential solution, but its efficacy depends on whether the transaction is complete.
Key Facts To Consider About Bitdach
Let’s recap what we’ve covered so far – Bitdach is an anonymous trading scam targeting German and Tunisian traders. Due to operating unlicensed, the broker got blacklisted by the German watchdog BaFin. We do not recommend this platform mainly because it is not regulated or approved by a reputable financial authority.
In case you have lost money to the Bitdach scam, you must seek our professional help to recover your funds! A chargeback is your best option.
Use the form below to book your free consultation with Scam Brokers Reviews and tell us more about your case. Our team will gladly guide you through the fund recovery process and assist you every step of the way.
Book your free consultation here and start the chargeback process.
What is Bitdach?
A fraudulent cyber trap disguised as a Forex/CFD trading platform. This isn’t a transparent provider.
Is Bitdach a Legit Broker?
No, the broker has been blacklisted by the German BaFin watchdog for violating laws and regulations.
What is CipherTrace?
A software used to trace crypto transactions to facilitate the fund recovery process. Contact us to learn more.