Caution Investors Bitrade-Market – Regarding registration of issuance, offer or sale of securities/derivatives, and reporting requirements. Found at www.bitrade-market.com is not registered in Ontario to engage in the business of trading in securities.
Overview of Bitrade-Market
Bitrade-Market is a website that claims to be a leading provider of trading services in various digital assets and forex markets. According to its website, Bitrade-Market offers access to over 100 trading instruments, including Bitcoin, Ethereum, Litecoin, Ripple, Dash, and more. It also claims to offer low spreads, high leverage, fast execution, and secure transactions. Bitrade-Market claims to have been operating since 2014 and to have over 500,000 clients worldwide.
Regulation and Compliance of Bitrade-Market
However, despite its claims of being a reputable and trustworthy platform, Bitrade-Market has been flagged by the OSC as a potential scam. The OSC is the regulatory body that oversees the capital markets in Ontario, Canada. The OSC warns that Bitrade-Market is not registered in Ontario to engage in the business of trading in securities or derivatives. This means that Bitrade-Market is operating illegally and without any oversight or protection for investors. The OSC also warns that Bitrade-Market may be soliciting investors through online advertisements, social media platforms, or cold calls. The OSC advises investors to exercise extreme caution when dealing with Bitrade-Market or any other unregistered online trading platforms.
Customer Reviews of Bitrade-Market
A quick search on the internet reveals that Bitrade-Market has received many negative reviews and complaints from customers who have used its services. Many customers have reported that Bitrade-Market is a scam that does not allow them to withdraw their funds or profits. Some customers have also reported that Bitrade-Market has manipulated their trading accounts, charged them hidden fees, or closed their accounts without any explanation. Some customers have even claimed that Bitrade-Market has threatened them with legal action or harassment if they try to expose their fraudulent activities.
Products and Services Offered By Bitrade-Market
According to its website, Bitrade-Market offers four types of trading accounts: Basic, Silver, Gold, and Platinum. Each account type has different minimum deposits, spreads, leverage, commissions, and bonuses. Bitrade-Market also claims to offer a demo account for beginners who want to practice their trading skills without risking any real money. However, as we have seen above, these claims may not be true or reliable. Bitrade-Market may not honor its terms and conditions or provide the services it promises.
Location of Bitrade-Market
Bitrade-Market does not disclose its physical address or contact information on its website. This is a red flag that indicates that Bitrade-Market may be hiding its identity or location from regulators and customers. The only way to contact Bitrade-Market is through an online form or an email address. However, these methods may not be responsive or helpful for customers who have issues or queries with their accounts or transactions.
Customer Service Provided By Bitrade-Market
As we have mentioned above, many customers have complained that Bitrade-Market has poor or nonexistent customer service. Customers have reported that Bitrade-Market does not answer their calls or emails, does not resolve their problems or disputes, or does not provide any support or guidance for their trading activities. Customers have also reported that Bitrade-Market has rude or abusive staff who do not treat them with respect or professionalism.
Defensive Measures Against Fraudulent Brokers
If you are looking for a legitimate and regulated online trading platform, you should avoid Bitrade-Market and any other unregistered platforms that may be scams. You should always check the registration status of any platform you are considering using with your local securities regulator or authority. You should also do your own research and due diligence before investing your money in any platform. You should look for platforms that have positive reviews and ratings from reputable sources, such as Trustpilot or Forex Peace Army. You should also look for platforms that have transparent and fair terms and conditions, clear and reasonable fees and charges, secure and convenient payment methods, and responsive and helpful customer service.
Conclusion
Bitrade-Market is an online platform that claims to offer trading services in various cryptocurrencies and forex markets. However, it is not registered in Ontario to engage in the business of trading in securities or derivatives. The OSC has warned that Bitrade-Market may be a scam that may be involved in fraudulent activities. Many customers have also reported that Bitrade-Market has scammed them of their money or profits. Therefore, we recommend that you avoid Bitrade-Market and any other unregistered online trading platforms. Instead, you should look for legitimate and regulated platforms that can provide you with safe and reliable trading services.
