WikiFX Review: is Bitbinaryfxtrade a legit broker or scam?

The currency market, which is filled both opportunities and risks, is unpredictable. While many investors have gained considerable returns after investing in the forex market, those who suffered great losses have learned painful lessons. Today, WikiFX is going to review a forex broker named Bitbinaryfxtrade (bitbinaryfxtrade.com) for investors and traders.

First let's search Bitbinaryfxtrade on WikiFX APP to take a look at the details page. WikiFX is an authoritative global inquiry platform providing basic information inquiry and regulatory license inquiry. WikiFX can evaluate the safety and reliability of more than 36,000 global forex brokers. WikiFX gives you a huge advantage while seeking the best forex brokers.

As you can see, based on information given on WikiFX (https://www.wikifx.com/en/dealer/1240685482.html), Bitbinaryfxtrade currently has no valid regulatory license and the score is rather negative - only 1.32/10.

WikiFX also paid a visit to the brokers website. Bitbinaryfxtrade invites you to join more than 230 000 traders around the globe and trade forex pairs and CFDs on indices, commodities, shares, bonds, energies and precious metals, with one of the most trusted and reliable brokers in the forex industry.

And although the offer might sound legit and attractive at first glance, especially since the Bitbinaryfxtrade are said to be based in California, you should be aware that in reality Bitbinaryfxtrade is nothing more than a unregulated, virtually anonymous website, which bears all the hallmarks of a scam.

Bitbinaryfxtrade says to be one of the most trusted and reliable brokers in the forex industry, but in reality they do not even offer forex and CFDs, but just binary options. That said, WikiFX should also stress that they are not regulated anywhere, which basically means that their legitimacy is virtually zero, and any operations they might have on strictly regulated markets like for example the U.S., the EU, the UK, Australia or Canada, are anything but legal.

And Bitbinaryfxtrade do claim to be based in California, but WikiFX strongly doubts it. Honestly, some obscure Californian post box address simply does not mean anything without a proper license.

To operate as a forex broker in the US, a company must be registered with the Commodity Futures Trading Commission (CFTC) and to be a member of the National Futures Association (NFA). But there is no trace of Bitbinaryfxtrade in the NFA database:

Bear in mind that all forex and options brokers in the U.S. do need to be licensed and authorized by the local Commodity Futures Trading Commission (CFTC) as futures commission merchants (FCMs) and foreign exchange dealers FEDs, and to be accepted as members of the National Futures Association (NFA). A license, which comes with quite a demanding capital requirement – all U.S. brokers should maintain no less than 20 000 000 USD in operational capital – an amount which kind of explains why only a handful of really major brokers are actually authorized to service the U.S. market.

Not to mention that binary options, as offered by Bitbinaryfxtrade, are altogether banned in the European Union and the UK.

Bitbinaryfxtrade also says to be owned and operated by Spacefxtrade Ltd – a company about which we have no further information whatsoever.

Furthermore, the trading software offered by Bitbinaryfxtrade is based on the browser, and it‘s not too good. The charts do not belong to the broker, but to TradignView, a third party, and there are no values for the assets. WikiFX isn’t sure if the platform offers FX trading. It might just be here for show.

As for deposit and withdrawal methods, the Bitbinaryfxtrade websites FAQ section claims clients can fund an account through Skrill, Neteller, FasaPay, UnionPay, Visa, MasterCard. However, only the bitcoin payment methods were available to WikiFX; all others were said to be unavailable to WikiFX because of our location. This is a smart way for the broker to push its users into investing through BTC, which is an untraceable payment method, meaning that all deposits through it are lost without a trace!

In a nutshell, it's not wise to invest in Bitbinaryfxtrade. WikiFX reminds you that forex scam is everywhere, you'd better check the broker's information and user reviews on WikiFX before investing.

You can also expose forex scams on WikiFX. WikiFX will do everything in its power to help you and expose scams, warn others not to be scammed. In addition, scam victims are advised to seek help directly from the local police or a lawyer.

Don't trust individuals or organisations who claim to be able to get your money back - they may be selling hope and scamming you again. This is especially true if they ask you to pay in advance, which is a “recovery scam”.