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The United Kingdom’s Financial Conduct Authority has issued a warning against Bitsummate fx in October 2023
If you are looking for a reliable and trustworthy forex broker, you may have come across Bitsummate fx. This is a relatively new broker that claims to offer low spreads, fast execution, and high leverage. But is Bitsummate fx legit or scam? In this review, we will examine the features, advantages, and disadvantages of this broker, and help you decide if it is worth your time and money.
What is Bitsummate fx?
Bitsummate fx is a forex broker that was founded in 2020 and is registered in St. Vincent and the Grenadines. The broker offers trading services on various instruments, such as forex, commodities, indices, stocks, and cryptocurrencies. The broker claims to have over 200,000 clients from more than 100 countries.
The broker operates on the MetaTrader 4 platform, which is one of the most popular and widely used trading platforms in the industry. The platform offers advanced charting tools, indicators, and automated trading options. The broker also provides a web-based platform and a mobile app for traders who prefer to trade on the go.
The broker offers four types of accounts: Basic, Standard, Premium, and VIP. The minimum deposit for the Basic account is $250, while the maximum leverage is 1:500. The spreads start from 1.5 pips for the Basic account and go down to 0.1 pips for the VIP account. The broker also charges a commission of $6 per lot for the VIP account.
The broker claims to offer fast and secure deposit and withdrawal methods, such as credit cards, bank transfers, e-wallets, and cryptocurrencies. The broker does not charge any fees for deposits or withdrawals, except for bank transfers, which may incur some charges from the banks.
The broker also offers various educational resources, such as webinars, ebooks, videos, and articles. The broker also provides customer support via phone, email, live chat, and social media.
What are the pros and cons of Bitsummate fx?
- Low spreads and high leverage
- Multiple trading instruments
- MetaTrader 4 platform
- Web-based platform and mobile app
- Various deposit and withdrawal methods
- No fees for deposits or withdrawals
- Educational resources
- Customer support
- Offshore registration
- Lack of regulation
- No demo account
- Commission for VIP account
- Limited information on website
Is Bitsummate fx legit or scam?
Based on our research and analysis, we cannot recommend Bitsummate fx as a legit and reliable broker. The main reason is that the broker is not regulated by any reputable authority, such as the FCA, CySEC, ASIC, or NFA. This means that the broker does not have to comply with any rules or standards regarding the safety of client funds, fair trading practices, or dispute resolution. This also exposes traders to the risk of losing their money in case the broker goes bankrupt or engages in fraudulent activities.
Another red flag is that the broker is registered in St. Vincent and the Grenadines, which is known to be a haven for shady and unregulated brokers. The registration process in this jurisdiction is very easy and cheap, and does not require any verification or supervision from the authorities. Therefore, many scammers use this location to operate their businesses without any accountability or transparency.
Furthermore, the broker does not provide a demo account for traders to test their services before investing real money. This is a common feature among reputable brokers that allows traders to practice their skills and strategies without risking their capital. The lack of a demo account suggests that the broker does not have confidence in its own services or wants to lure traders into depositing money as soon as possible.
Additionally, the broker charges a commission of $6 per lot for the VIP account, which is quite high compared to other brokers that offer commission-free trading. This means that traders have to pay extra fees for every trade they make, which can reduce their profits significantly.
Finally, the broker’s website does not provide much information about its background, history, team, or vision. The website also contains some grammatical errors and typos, which indicate a lack of professionalism and attention to detail.
In conclusion, we advise you to stay away from Bitsummate fx and look for a more reputable and regulated broker that can offer you better trading conditions and security. There are many other brokers that have proven their legitimacy and reliability over the years and have earned positive feedback from thousands of satisfied clients. You can check out our list of recommended brokers here.
What to Do If You’ve Lost Money with Bitsummate fx?
If you have been scammed by Bitsummate fx or any other broker, you’ll want to seek assistance from brokercomplaintregistry.com immediately. Our experts will consult with you and bolster your claim to help you get your money back. Brokercomplaintregistry.com is a leader in recovering your funds and will help you retrieve your funds from a broker scam.