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BitmaX

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

https://bitmax4u.com/

Website

Rating Index

Contact

+447520644393
https://bitmax4u.com/
148 Strovolos Avenue, 2048, Strovolos, P.O.Box 28132, Nicosia, Cyprus

Licenses

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

Single Core

1G

40G

Open Now

Contact number

English

+447520644393

Broker Information

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Company Name

Safecap Investments Limited

Company Abbreviation

BitmaX

Platform registered country and region

Cyprus

Company website

Pyramid scheme complaint

Expose

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Warning: Low score, please stay away! 3
Previous Detection : 2024-05-26
  • It has been verified that this broker currently has no valid regulation. Please be aware of the risk!
  • The CyprusCYSEC regulation (license number: 092/08) claimed by this broker is suspected to be clone. Please be aware of the risk!

WikiFX Verification

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BitmaX · Company Summary

Note: BitmaX is to operate via the website - https://bitmax4u.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

The Cyprus CYSEC regulation (license number: 092/08) claimed by BitmaX is suspected to be a clone. Please be aware of the risk!

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 Suspicious Clone
Market Instrument forex, commodities and indices
Account Type Basic, Silver, Gold and VIP
Demo Account N/A
Maximum Leverage 1:10
Spread N/A
Commission N/A
Trading Platform N/A
Minimum Deposit $300
Deposit & Withdrawal Method Bitcoin and credit/debit cards

BitmaX, a trading name of Safecap Investments Limited, is allegedly a forex broker registered in Cyprus that claims to provide its clients with various tradable financial instruments with leverage up to 1:10 via four different live account types.

As for regulation, it has been verified that BitmaX holds a suspicious clone Cyprus Securities and Exchange Commission (CYSEC) license. That is why its regulatory status on WikiFX is listed as “Suspected Fake Clone” and receives a relatively low score of 1.34/10. Please be aware of the risk.

General Information & Regulation
General Information & Regulation

Market Instruments

BitmaX advertises that it mainly offers three different kinds of trading instruments in financial markets, including forex, commodities and indices.

Account Types

There are four live trading accounts offered by BitmaX, namely Basic, Silver, Gold and VIP. Opening a Basic account requires a minimum initial deposit amount of $300, while the other three account types have much higher minimum initial capital requirements of $3,500, $11,500 and $25,000 respectively.

Leverage

The maximum leverage ratio provided by BitmaX is up to 1:10. Bear in mind that leverage can magnify gains as well as losses, and inexperienced traders are not advised to use too high leverage.

Trading Platform Available

When it comes to trading platforms available,BitmaX claims to give traders an award-winning platform, however, we didn‘t find something more specific on its official site. The world’s most widely-used MetaTrader4 and MetaTrader5 trading platforms are not available.

Deposit & Withdrawal

BitmaX accepts deposits via Bitcoin and credit/debit cards only. The minimum deposit requirement is $300, while the minimum withdrawal amount is $50 with a withdrawal fee of $30.

Fees

Apart from withdrawal fees, BitmaX also charges its clients a fixed account maintenance fee of as high as $100 once in three months.

Customer Support

BitmaXs customer support can be reached by telephone: +447520644393. Company address: 148 Strovolos Avenue, 2048, Strovolos, P.O.Box 28132, Nicosia, Cyprus.

Pros & Cons

Pros Cons
• Multiple account type options • Suspicious clone
• Website inaccessible
• High minimum initial deposit required

Frequently Asked Questions (FAQs)

Q 1: Is BitmaX regulated?
A 1: No. It has been verified that the Cyprus CYSEC regulation (license number: 092/08) claimed by BitmaX is suspected to be a clone.
Q 2: Does BitmaX offer the industry-standard MT4 & MT5?
A 2: No.
Q 3: What is the minimum deposit for BitmaX
A 3: The minimum initial deposit to open a Basic account is up to $300, while $3,500 for the Silver account, $11,500 for the Gold account and $25,000 for the VIP account.
Q 4: Does BitmaX charge a fee?
A 4: Yes. BitmaX does charges a maintenance fee. While the information on other fees like spreads, commissions, deposit & withdrawal processing fees are missing.
Q 5: Is BitmaX a good broker for beginners?
A 5: No. BitmaX is not a good choice for beginners. Not only because of its unregulated condition, but also because of its inaccessible website and too high initial deposit.

User Reviews

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空空了了
more than one year
I was lured in by their enticing promises of high profits and advanced trading tools, but it turned out to be a complete scam. First of all, there was no regulation to speak of - no regulatory bodies overseeing their operations, which should have been my first warning sign. Secondly, their trading environment was extremely poor, with frequent system glitches and orders not executing properly. The platform was poorly designed and confusing to navigate, which only added to my frustration.
2023-03-27 11:10
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Mazzy star
more than one year
A girl I met on a social platform introduced me to this platform and deposited $2,000. After a few days of trading on it, I found that the spread was very high. I asked to withdraw money, and they asked me to pay an additional 20% of the withdrawal fee. How shameless, damn black platform!
2022-12-13 12:30
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