BitCapitals Review – Can You Trust This Forex Broker?
BitCapitals Forex Broker is an online financial platform for investors and traders. They claim to be a leading provider in offering a reliable, secure, and transparent trading environment for all kinds of customers, so we decided to check it. The most important thing while evaluating whether the platform is trustworthy or not is a decent license. Unfortunately, we could not find any information on whether this company is regulated or not, which is already a red flag, because it is impossible for customers to know if they can trust BitCapitals with their money. Not having a license means that if something inconvenient happens (e.g. they steal your money), the company will not face negative legal consequences and you are the one who might suffer from money loss or other issues.
The minimum leverage offered by BitCapitals is 1:100, but with a higher account, it can go up to 1:400. As for spreads, the Bronze account which is the lowest offers 2.8 pips, which is not very attractive. BitCapitals FX Brokerage uses MetaTrader 4 terminal, which is the most popular CFD trading platform available nowadays due to suitable interface, technical analysis package, etc. The minimum deposit requirement is set to $250. We were not able to find any bonus or promotional offers on the website, which leads us to believe that they do not have any. Customers have the possibility to open 4 different types of accounts including Bronze, Silver, Gold, and Premium. Using these accounts one can trade currency pairs, indices, metals, energies, and shares.
Is BitCapitals legit?
No, BitCapitals is not legit as they do not hold any license that would prove otherwise. This company is owned by Share Oracle Ltd. This is an offshore company that is based in Dominica and the main issue is that they are not regulated anywhere, which means that there is a high chance of stealing your money and if that happens, you will not be able to do anything about it. Generally, offshore areas seem to be the home to fraudulent companies – that’s why it is a good idea for you to go for more reliable websites that are fully licensed and regulated by reputable regulatory bodies such as the Financial Conduct Authority (FCA), or the Cyprus Securities and Exchange Commission (Cysec).
BitCapitals Review – Trading Features
In order to find out whether BitCapitals is worth your attention, we decided to provide you with some additional trading features offered by them. Let’s take a look at each of them, so your decision-making process will be easier.
As we already mentioned, the Bronze account gives 2.8 pips, which is very high compared to the industry’s standard (which is 1 pips). It is true that for higher accounts this indicator might be lower, but they come with other requirements, and overall, their spreads give us more reasons to not recommend this Forex broker.
We already said earlier in this BitCapitals Review that the lowest leverage available for customers is 1:100 which can be quite good, especially if you are a beginner. However, it can go up to 1:400 in several cases, which is too high and increases the risks of losing high amounts of money. Brokers usually offer such high leverages when they are scammers, and that’s the main reason why FCA (UK’s financial regulator) does not allow brokers to offer more than 1:30.
The basic account types include 4 different kinds including Bronze, Silver, Gold, and Platinum. Each of them has its own specifications, for instance, if the Bronze account has 1:100, the same ratio for the Gold account is up to 1:300. All of these come with a personal account manager, while the expert advisors are available for every type except the Bronze. The good news is that the site offers a demo account, which lets you learn Forex risk-free, without spending actual money.
Minimum deposit requirements vary depending on which type of account you decide to use. For Bronze, it is $250, which does not really correlate with the industry’s average (which is somewhere between 50 and 100 dollars), and for a Platinum account, it can even go up to $50000 which is super excessive. There are a lot of other reputable companies in the industry, that offer much lower minimum deposit requirements.
Bonuses are something that is quite common for such platforms, however, BitCapitals does not offer any, which is quite strange, as this is a great way to attract new customers, as well as keep the existing ones. Additionally, adding extra value to your current bankroll is never a bad idea. Maybe non-existing bonuses are one of the main reasons why the majority of BitCapitals Reviews are negative on the internet.
All in all, it is clear to see that trading features offered by BitCapitals do not really correlate with the industry’s standards, and that is why we do not recommend using this platform as a trading tool. Besides that, considering the fact that this industry is highly competitive, one can find better websites that are considered more safe and profitable.
BitCapitals – Final Verdict
Finally, we think that BitCapitals is not worth your time, mainly for the reason that they are not regulated and licensed. When there is even a little chance of losing your money, it is better to walk away and find something better. Despite the fact that this platform claims to be safe and reliable, this alone is not enough when things are not proven with accurate facts. Besides, other important indicators such as minimum deposits, leverage, and spreads do not seem very attractive to us.