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/10

BITEX TRADER

Germany|2-5 years|
Suspicious Scope of Business|High potential risk|

https://bitextrader.com/

Website

Rating Index

Contact

+49 (30) 56838059
support@bitextrader.com
https://bitextrader.com/
Georgia, City Kutaisi, Automshenebeli str. №88

Licenses

No valid regulatory information, please be aware of the risk!

VPS Standard
No restriction on the broker account. Support service provided by WikiFX

Single Core

1G

40G

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Contact number

English

+49 (30) 56838059

Broker Information

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Company Name

BITEX TRADER

Company Abbreviation

BITEX TRADER

Platform registered country and region

Germany

Company website
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Warning: Low score, please stay away! 2
Previous Detection : 2024-05-23
  • It has been verified that this broker currently has no valid regulation. Please be aware of the risk!
  • The current information shows that this broker does not have a trading software. Please be aware!

WikiFX Verification

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BITEX TRADER · Company Summary

Note: BITEX TRADER is to operate via the website - https://bitextrader.com/, which is currently not yet functional and no information about the company was immediately available. Therefore, we could only gather relevant information from the Internet to present a rough picture of this broker.

Risk Warning

Online trading involves significant risk, and you may lose all of your invested capital. It is not suitable for all traders or investors. Please ensure that you understand the risks involved and note that the information contained in this article is for general information purposes only.

General Information & Regulation

Feature Detail
Regulation No Regulation
Market Instrument cryptocurrency
Account Type N/A
Demo Account yes
Maximum Leverage N/A
Spread N/A
Commission (withdrawal fee) $30 per transfer
Trading Platform web
Minimum Deposit $250
Deposit & Withdrawal Method cryptocurrencies of Bitcoin | Ethereum | Litecoin

BITEX TRADER is allegedly a forex broker registered in Germany that claims to provide its clients with a web-based trading platform.

As this brokerage's website cannot be accessed, we were unable to obtain further details about its trading assets, leverage, spreads, etc.

As for regulation, it has been verified that BITEX TRADER currently has no valid regulation. That is why its regulatory status on WikiFX is listed as “No License” and receives a relatively low score of 1.35/10. Please be aware of the risk.

General Information & Regulation

Market Instruments

BITEX TRADER advertises that it is a forex broker, however, the only available trading asset class is cryptocurrency. However, more specific information about tradable assets cannot be found on the Internet.

Account Types

According to the information on the Internet, BITEX TRADER appears to offer demo and live accounts. And the minimum initial deposit requirement to open an account is $250. In comparison, licensed brokers allow setting up a starter account with a minimum deposit of $100 or even less.

Trading Platform Available

Instead of the world's most advanced and popularly-used MT4 and MT5 platforms, BITEX TRADER gives traders a web-based trading platform. Anyway, you had better choose the broker who offers the MT4 and MT5, which are highly praised by traders and brokers alike due to their ease of use and great functionality. The MT4 and MT5 offer top-notch charting and flexible customization options. They are especially popular for their automated trading bots, a.k.a. Expert Advisors.

Trading Platform Available

Deposit & Withdrawal

The only real funding method available with BITEX TRADER is through cryptocurrencies of Bitcoin, Ethereum and Litecoin. The minimum initial deposit requirement is said to be $250. The minimum withdrawal amount is $50, but there is a fixed commission of $30 per transfer. The withdrawal processing is said to be 3 within business days, but if the period has passed, a new request must be submitted.

Deposit & Withdrawal

Bonuses & Fees

BITEX TRADER claims to offer some bonuses. In any case, you should be very cautious if you receive a bonus. Bonuses aren't client funds, they're company funds, and fulfilling the heavy requirements that are usually attached to them can prove a very daunting and difficult task. Note that brokers are prohibited from using bonuses and promotions by all leading regulators.

Also, the broker will charge a fixed maintenance fee of $100 every three months on the account, in case there are funds available. If the funds are less than the amount specified, there will be a notification and in case there is no response from the trader, the broker reserves the right to close or archive the account.

For accounts that are inactive for more than 90 days, BITEX TRADER might close your positions. However, the broker doesnt bother to disclose the specific information on the inactivity fee.

Hedging positions, on the other hand, are subject to an administration fee of 0.1% of the volume of the account and these can be closed after 21 days without further notice to the trader.

Fees

Customer Support

BITEX TRADERs customer support can be reached by telephone: +49 (30) 56838059, email: support@bitextrader.com. You can also follow this broker on social networks such as Twitter, Facebook, Instagram, YouTube and LinkedIn. Company address: Georgia, City Kutaisi, Automshenebeli str. №88.

Pros & Cons

Pros Cons
N/A • No regulation
• Website inaccessible
• Only cryptocurrency trading offered
• High commission charged
• High minimum initial deposit required
• Only cryptocurrency payments supported

Frequently Asked Questions (FAQs)

Q 1: Is BITEX TRADER regulated?
A 1: No. It has been verified that BITEX TRADER currently has no valid regulation.
Q 2: Does BITEX TRADER offer demo accounts?
A 2: Yes.
Q 3: Does BITEX TRADER offer the industry-standard MT4 & MT5?
A 3: No. Instead, BITEX TRADER offers a web-based trading platform.
Q 4: What is the minimum deposit for BITEX TRADER
A 4: The minimum initial deposit with BITEX TRADER is $250.
Q 5: Does BITEX TRADER charge a fee?
A 5: Yes. BITEX TRADER charges a fixed withdrawal commission of $30 per transfer, as well as other fees such as the administration fee.
Q 6: Is BITEX TRADER a good broker for beginners?
A 6: No. BITEX TRADER is not a good choice for beginners. Not only because of its unregulated condition, but also because of its high initial deposit and commission fees.

User Reviews

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FX1473030999
more than one year
I have recently been using BITEX TRADER for my online trading needs and I’ve had quite a smooth ride so far. The layout is intuitive and user-friendly. The selection of trade options is extensive. Recently, however, I've been having issues with accessing their website. Hope they can troubleshoot this soon!
2024-05-16 11:52
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MISS TT
more than one year
Fast deposit & withdrawal, with a variety of intruments to choose from & a very strong supporting team.
2024-03-18 01:54
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