Bitech Max Review – Danger Trading With This Scam Broker
Bitech Max’s ‘push it to the limit’ principles grabbed our attention. Thus, we decided to do the Biteck Max Review and see what this suspicious broker really has to offer. It sure can talk the talk but can it walk the walk?
Beyond the visually perfect website, we discovered chilling facts that every potential investor needs to read. Sit back and watch us apply maximum pressure on this dubious con artist.
|Blacklisted as a Scam by:
|Types of Assets:
|Forex, Crypto, Indices, Commodities, Stocks
|Free Demo Account:
|Accepts US clients:
Bitech Max Is a Scam Platform? – The Truth About Regulation
Our expedition in search of the truth about Bitech Max has led us to the far east, i. e. Singapore and Hong Kong. This fraudulent provider claims to be registered in both countries. Singapore and Hong Kong are famous trade hubs. If one desires to set up a business there, a license issued by the local regulators is necessary. Let’s check whether Bitech Max has it.
Bitech Max is an anonymous and phony broker that allegedly provides services without an official license with the aim of scamming unsuspecting traders from the UK, the Netherlands, Canada and Switzerland.
Some Reasons Why It Is Better To Trade With a Licensed Broker
We’re afraid our little financial swindler is unlicensed. It should be noted that the net capital requirements in Singapore and Hong Kong are $50,000-$5 million and $645,000, respectively. Hence, forget about a segregated account in a top-tier bank. Also, indemnification in case of the broker’s bankruptcy is unlikely.
If you want to have all that as well as regulations in place, then trust a broker that’s licensed, preferably by the FCA, CySEC or ASIC.
What Trading Software Does Bitech Max Offer?
According to Bitech Max’s website, the illicit broker offers clients access to WebTrader. “State-of-the-art platform,” yeah, right. The state you’ll find yourself in after you’ve attempted to use WebTrader is maxed frustration.
Reject all that this cyber fraudster has said about how this platform is world-class, it’s not! In reality, it’s lackluster and ineffective. For a magnificent trading experience, you will need Meta Trader 4 or 5, the industry’s best software.
Access The Platform From a PC, Laptop, Tablet or Phone
For the sake of the scammer’s own convenience, clients can access the platform from multiple devices. We say that it only benefits Bitech Max because you’ll be on the losing end.
WebTrade is an incredibly dull and rudimental platform, per se. Regardless of which device you use, you’ll never have advanced features like live-market reports, API integration, analytical tools and automated trading. Plus, the broker’s unlicensed so the platform could be rigged as well.
What Сan Be Traded? – Assets List
Here’s what Bitech Max listed as trading assets:
- Forex pairs;
That’s it. The available instruments for each asset were not specified. Something’s fishy there, wouldn’t you agree? Nevertheless, having a license beats everything else regarding trading aspects in terms of importance.
Bitech Max – Countries Of Service
We’ve already mentioned that the unscrupulous broker known as Bitech Max is not registered as an official entity in Singapore and Hong Kong. However, after some more research, we found out that the fraudster actually targets traders elsewhere:
- United Kingdom;
- The Netherlands;
Residents of these four countries are Bitech Max’s prey. It will attempt to entice them using sweet talk and cunning tactics. So, beware of its persuasive agents.
What Do We Know About Bitech Max Account Types?
There are five different account types available:
- Micro – GBP 5,000, 1% commission;
- Advanced – GBP 20,000, 0.75% commission;
- Silver – GBP 100,000, 0.5% commission;
- Gold – GBP 250,000, 0.5% commission;
- VIP – customizable.
Leverage? Spreads? Nope. Who needs that anyways? The minimum deposits are off the charts for these account types. It’s just not worth the risk.
Can a Trader Open a Free Demo Account?
No. We haven’t found a demo account option anywhere. Yet another red flag we ascribe to the scam broker. If it were really regulated, a demo account would’ve been available. This way, you are forced to pay a huge amount before you even get a small taste of the package.
About Leverage, Spreads and Fees
As mentioned, there’s no info on key trading aspects such as leverage and spreads. Finding anything on leverage was like searching for a niddle in a haystack. There’s talk about 1:50 as the cap. However, the maximum level in both Singapore and Hong Kong is 1:20. Spreads are still a mystery.
High Minimum Deposit and Withdrawal Terms
First of all, the minimum deposit amount is a staggering GBP 5,000. Can you imagine that?! For a micro account? Get out of here! There’s a sea of legitimate brokers that demand up to a 20 times smaller amount to enable trading. It seems that this fraudulent broker has no patience; it just wants to grab as much money as possible and disappear.
Choice Of Payment Methods
As for the payment methods, or should we say method because there’s only one, we have only Bitcoin available. Shady as hell, to say the least. Scammers generally prefer crypto payments since it allows them maximum anonymity. After all, that’s how Bitech Max rolls.
Scammed by Bitech Max Broker? – Let Us Hear Your Story
Being scammed by such wrongdoers must feel terrible. Don’t worry, dear trader, we’re here to assist you. We can report the scammer, for starters. Then, we’ll tell you a bit about crypto tracing. Although crypto transactions are irreversible in most cases, it’s not impossible to get a refund.
But What Is A Chargeback?
If you’ve deposited funds via crypto (in this case, Bitcoin), getting your money back can be problematic. However, it is achievable. The transaction can be traced to a wallet within a crypto exchange and only then can you request a refund from the exchange. There’s no time to waste!
What Is Bitech Max?
Bitech Max claims to be a legitimate provider of financial and trading services, based in Singapore and Hong Kong.
Is Bitech Max a Scam Broker?
Bitech Max is undeniably a scam broker because it is anonymous and unlicensed. It is not registered anywhere.
Is Bitech Max Available in the United States or the UK?
Bitech Max is available in the United Kingdom as well as in the United States.
Does Bitech Max Offer a Demo Account?
Bitech Max does not offer a demo account anywhere on its official website.