FxBitCapital appears to be an offshore broker that may initially appear decent. Nevertheless, upon closer examination, several features undoubtedly suggest it is a deceitful and unreliable entity. For a comprehensive review of this questionable broker, one can find all the necessary details in the full FxBitCapital review.
One concerning aspect is the complete absence of any legal documentation, which raises alarming red flags. Additionally, the account funding methods offered do not favor their clients in any manner. While the provision of the MT4 platform might be seen as a positive point for FxBitCapital, there are also certain issues associated with it.
Website – https://fxbitcapital.com/
Website Availability – Yes
Address – Suite 305, Griffith Corporate Centre, P.O. Box 1510, Beachmont -Kingstown, St. Vincent and the Grenadines
Warning – Not recommended by review website like Scam Bitcoin
Regulated – Unregulated, Offshore
Domain Age –
|Date Registered||January 03, 2020|
|Domain Age||3 years, 6 months, 17 days, 11 hours, 39 minutes, 56 seconds|
FxBitCapital Review: Regulation
FXBitCapital operates under the jurisdiction of St. Vincent and the Grenadines as an International Business Company (IBC) under FXBitCapital Group Ltd. However, there are no indications of any other linked companies associated with FxBitCapital. As a result, the broker exists in a non-regulated jurisdiction, which poses significant issues for traders and investors.
The local financial regulator, SVGFSA (St. Vincent and the Grenadines Financial Services Authority), does not provide any licensing or oversight for Forex companies operating in the region. This lack of regulation can be concerning for those considering trading or investing with FxBitCapital, as there may be limited protection and recourse in case of any disputes or fraudulent activities.
FxBitCapital Review: Customer Support and Details
The company’s contact information is quite limited, with no telephone contact provided. They rely solely on an email address, firstname.lastname@example.org, to communicate with traders. Additionally, support staff is available through live chat for user assistance. However, we noticed an unusual requirement during live chat communication. Users are asked to provide their name and email address before receiving help, which seems inappropriate. The assistance should be readily available without users having to disclose personal information upfront. This approach raises concerns that and may not align with the standard practices of customer support, where users expect assistance without unnecessary data sharing.
FxBitCapital Review: Trading Software
FxBitCapital offers MetaTrader 4 accounts that are compatible with iOS, Windows, and Android devices. We effortlessly downloaded and installed their customized version of the platform. However, when using their standard Demo account, we observed a concerning EUR/USD spread of 2 pips. This spread is twice as high as what regulated brokers typically offer. It’s important to note that the Buy/Sell difference contributes to the overall trading costs, and lower rates can significantly benefit traders by enhancing trading conditions. In the FX market, there are numerous legitimate brokers who provide spreads of 1 pip or even lower, making FxBitCapital spread less competitive in comparison.
Deposit and Withdrawal Methods
The minimum deposit requirement at FxBitCapital is somewhat ambiguous, as conflicting information is presented. While the standard account page suggests traders can start with as little as $5, the Home Page states a minimum of $50. While both amounts align with industry standards, this inconsistency in information is concerning and raises a red flag. Clarity regarding the minimum deposit requirement is crucial for potential clients, and such discrepancies may deter traders from feeling confident in their decision to choose FxBitCapital as their broker.
The only available funding method with FxBitCapital is direct cryptocurrency payment, as they mention on their website. This raises a warning sign since such transfers are entirely anonymous, making them non-refundable and final. The lack of alternative funding options may concern traders who prefer more secure and reversible payment methods.
FxBitCapital Review: Conclusion
Navigating the expansive online market demands keen attention and discernment from investors when making decisions. Conducting comprehensive research and identifying a trustworthy broker are crucial steps in this process. Being well-informed empowers investors to make sound choices and instils confidence in their chosen broker, ensuring a secure and successful investment journey.
If you find yourself unfortunate enough to have fallen victim to a scam, whether it involves FxBitCapital or any other deceitful broker, there is still hope for taking action. You have the opportunity to complain about these dishonest entities. The Scam Bitcoin website mission is to assist victims in their efforts to recover their funds. By completing a complaint form on our platform, our experts will provide a free consultation to guide you through the fund recovery process.
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