Bitsterzio Review – Bitsterzio.com Is An Anonymous and Illegal Broker
Welcome to the Bitsterzio Review. So many warnings issued against this fraudulent broker were a clear signal to us to do the review and show our readers why Bitsterzio is dangerous.
First of all, lying about the official address is inadmissible. Claiming to provide Forex, CFD and crypto asset trading while unlicensed is even worse. To learn more about this foul scheme, keep reading!
On top of that, we seriously recommend you not to invest in the fake brokers Lamelle Financial, Stam Capital Invest, and Main Bit. Do not trade with these unlicensed brokers if you want to save your money!
|Broker status:||Unregulated Broker|
|Regulated by:||Unlicensed Scam Brokerage|
|Blacklisted as a Scam by:||FSMA, CONSOB, CNMV, AFM, ATVP, FI, FSC|
|Headquarters Country:||UK (allegedly)|
|Supported Platforms:||Propriety platform|
|Minimum Deposit:||500 USD|
|Cryptocurrencies:||Yes – BTC, ETH, XPR…|
|Types of Assets:||Forex, Crypto, Indices, Commodities, Stocks|
|Free Demo Account:||Unavailable|
|Accepts US clients:||Yes|
Bitsterzio is Not a Legitimate Scam Broker?
Of course not. Bitsterzio is anonymous, i. e. it’s just a bogus website full of lies, not a legit company. Tough luck getting a license with such a lack of transparency, Bitsterzio.
There’s a London address on the Contact Us page, but that’s just a hoax. Every UK-based broker has to be registered with the Financial Conduct Authority (FCA) in order to operate in that country. Bitsterzio, on the other hand, is not.
Bitsterzio is not a UK broker. It’s a scam meant to defraud unsuspecting traders from the United Kingdom, Italy, Iceland, Israel and Greece. Bitsterzio is unlicensed to provide Forex, CFD and crypto trading services
Arguments For Trading With a Licensed Broker
Since the UK is one of the most heavily regulated states in the world in terms of the financial market, local brokers have to fulfill some strict conditions.
Namely, they have to have a minimum of 730,000 GBP as their operating capital. Also, clients’ funds need to be segregated while clients themselves should receive negative balance protection, leverage restriction (1:30) and a compensation scheme (up to 85,000 GBP).
Warnings Issued Against Bitsterzio
Oh boy, seven regulators know about this scheme. Thus, we found Bitsterzio on seven warning lists. That’s pretty alarming. The Spanish CNMV, Italian CONSOB, Belgium FSMA, Dutch AFM, Slovenian ATVP, Swedish FI and Hungarian FSC all flagged this as a scam.
Analysis of Customer Reviews of Bitsterzio
At the time of this writing, Bitsterzio had a score of 1.6 on Trustpilot, which is terrible. Furthermore, Trustpilot warned us that several fake reviews were deleted.
Most legit reviews were in Italian but here’s one in English that should be enough to deter you from trusting this cyber fraudster. Read the shocking experience of this poor trader:
A scam from start to finish, they are fine if you deposite but when you want to withdraw you dont hear anymore. How can they trade and not be regulated.– Trustpilot user, November 30, 2022.
Description Of The Trading Platform Offered by Bitsterzio
Bitsterzio promises two platforms – a downloadable one and a browser-based terminal. However, the shady broker did not provide us with a free demo account. Thus, we weren’t able to uncover this mysterious downloadable software.
As for the web-based platform, it could be a simple WebTrader – the rudimental platform that might be good for beginners but doesn’t do justice to real trading.
What Financial Instruments Does The Platform Include?
Since we don’t have access to the platform, all we can convey is what Bitsterzio advertises on its website. It’s a pretty neat list. But, don’t get fooled by it; anybody could’ve listed those assets. Take a look:
- Forex pairs – EUR/USD, AUD/CAD, GBP/CHF…
- Indices – S&P500, DAX30, FRA40…
- Commodities – gold, crude oil, wheat…
- Stocks – Samsung, Apple, Google…
- Crypto – BTC, XPR, XLM…
We assume this is the platform that’s available. WebTrader is oversimplified. You have some basic charts & indicators and that’s about it.
Keep in mind that trading with an unlicensed broker’s WebTrader can be really dangerous since you don’t know whether the platform is rigged or not.
Bitsterzio advertises mobile versions of its platform for both Android and iOS. Kudos to Bitsterzio, but we still don’t know which platform it is. Mobile trading is good on the go, but meticulous trading requires a desktop.
Bitsterzio’s Fraud Risk Zones – Service Countries
It’s important to point out where this shady con artist conducts its fraudulent activities. From what we gathered, Bitsterzio looks for unsuspecting victims in the following countries:
- The UK;
Italian CONSOB issued a warning against this scheme. More related and relevant info is always welcome.
Bitsterzio’s Features, Requirements, And Benefits of Each Account Types
Bitsterzio offers a total of seven different account types for trading, each selling more snake oil than the last:
- Basic – 10,000 EUR;
- Silver – 25,000 EUR;
- Gold – 50,000 EUR;
- Platinum – 100,000 EUR;
- Diamond – 250,000 EUR;
- Premium – 500,000 EUR;
- VIP – 1,000,000 EUR.
As you can see, these prices are insanely high. Imagine having to risk 10,000 EUR with an anonymous broker that’s nowhere to be found except on warning lists.
Furthermore, Bitsterzio has a discrepancy regarding the minimum deposit on the website. The basic account type requires 10,000 EUR but the broker says you only need 500 $.
Bitsterzio’s Free Demo Account
We couldn’t find it because there is none. That’s a red flag in our eyes. Without a demo account, we were left in the dark when it came to the platform and instruments.
There’s only a referral code option, which Bitsterzio sends to clients it considers potential victims.
Leverage, Spreads & Commissions
Leverage can be set at 1:400, which is significantly above the legal limit of 1:30. Such high leverage often brings enormous losses.
As for the spreads & commissions, it’s unknown to us since we couldn’t use a free demo account and test things out.
Promotional Types Bitsterzio Provides
This wouldn’t be your typical scam without a fake promotion. Yup, Bitsterzio promises to make you even richer if you bring in friends or family.
Of course, this is nothing but another manifestation of this scam. If you refer people to this program, you’re basically finding victims for Bitsterzio instead of the scammer.
Bitsterzio’s Terms & Conditions
The T&C section is full of misleading and vague information. Basically, there’s a lot of text that says nothing really. The broker goes on and on about compliance and regulation but doesn’t mention the jurisdiction or the regulator it adheres to.
Bitsterzio didn’t even mention the payment methods it deals with. All we know is that the con artist requires clients to pay withdrawal fees in advance without specifying the amounts.
Bitsterzio Broker Scammed You? – Please Tell Us Your Story
We could use all the info we get to help put Bitsterzio away for good. Therefore, if you have any insightful experience with this scam, please, do tell us.
As for your stolen funds, we can assist you in getting your money back. Depending on the method you used to deposit money, there are several ways to go about a refund. If you’re unsure what to do, give us a call.
What Is the Chargeback Procedure?
- A chargeback is used to reverse credit/debit card transactions and can be requested at the bank within 540 days.
- Wire transfers require a recall, which is only possible if the transaction is incomplete.
- Crypto payments can be traced to a wallet within a crypto exchange. You can then request a refund.
- If you’ve paid via e-wallet, you’ll have to contact the issuing company.
If you were scammed by a broker, let us know.
What Is Bitsterzio?
A scammer! Bitsterzio is anonymous and claims to offer Forex, CFD and crypto asset trading.
Is Bitsterzio a Scam Broker?
Obviously. There are seven warnings issued against this fraudulent broker by several regulators.
Is Bitsterzio Available in the United States or the UK?
Yes. Unfortunately, the broker accepts clients from both the US and the UK.
Does Bitsterzio Offer a Demo Account?
No. There’s no demo account, only a live account. There is a referral code option in the registration menu.