Bitfreezy Review: Scam or Legit CFDs Broker? - Topedgefx.com

Bitfreezy Review: Scam or Legit CFDs Broker?

Welcome to the Bitfreezy review.

The name of this CFDs broker, Bitfreezy sounds awkward. It’s almost like they’re going to freeze their customer’s Bitcoin at some point.

Bitfreezy.com is owned and operated by Bitfreezy Financials LLC. They list their physical address as First Saint Vincent Bank Limited Building, James Street, P. O. Box 1574, Kingstown, VC0100, Saint Vincent and the Grenadines.

Nowhere on the website did they mention their regulatory status. There is only a disclaimer at the footer of their website warning that trading margin products involves a significant risk.

If you want a good Forex and Crypto broker, we implore you to visit this page because we have sourced and listed down very reputable Forex, Crypto and stocks brokers. 

Bitfeezy Review

Bitfreezy offers 3 categories of products. Wealth management, trading and partnership program where individuals earn revenue from traders they introduce.

On their website, the company states that it is offering over 80+ financial instruments on the popular MT5 trading platform.

These include Forex pairs, Cryptocurrencies as well as CFDs on metals, indices and energies.

Alongside this, the company offers 3 account types for traders with different needs. We’ve listed them on the relevant tabs below.

[tabs][tab title=”Standard”]

  • Spreads From (EURUSD) : 1.7
  • Execution Type : Market
  • Commission : $0.00
  • Min Deposit : $10
  • Leverage : 1:1000
  • Margin Call : 100
  • Stop Out : 30%
  • Hedging : Allowed
  • Hedge Margin : 25%
  • Swap : no
  • Scalping : Allowed
  • Expert Advisor : Allowed
  • Negative Balance Protection : Yes

[/tab] [tab title=”Pro”]

  • Spreads From (EURUSD) : 0.9
  • Execution Type : Market
  • Commission : $0.00
  • Min Deposit : $100
  • Leverage : 1:500
  • Margin Call : 100
  • Stop Out : 30%
  • Hedging : Allowed
  • Hedge Margin : 25%
  • Swap : no
  • Scalping : Allowed
  • Expert Advisor : Allowed
  • Negative Balance Protection : Yes

[/tab] [tab title=”DMA”]

  • Spreads From (EURUSD) : 0.1
  • Execution Type : Market
  • Commission : $6.00
  • Min Deposit : $500
  • Leverage : 1:200
  • Margin Call : 100
  • Stop Out : 30%
  • Hedging : Allowed
  • Hedge Margin : 25%
  • Swap : no
  • Scalping : Allowed
  • Expert Advisor : Allowed
  • Negative Balance Protection : Yes

[/tab][/tabs]

While their website looks very attractive and professional, Bitfreezy Forex broker offers asset management service which is similar to a HYIP. This wealth management product is purportedly returning 1.5% daily.

Again, based on the impression they’re trying to create, Bitfreezy would have made for a good Forex and Crypto broker were it not for the fact that they don’t have a license.

Bitfreezy review

By the way, lack of a license is a factor that will significantly lower the credibility of this Forex broker.

Majority of traders won’t deposit any funds with a broker like BitFreezy due to the fear that their funds will be frozen.

After all, unlicensed brokers often do this to unsuspecting traders which ends up in an ugly exchange until the broker is exposed on trading forums for being a scam.

While this is the pure truth, we also see some positives about Bitfreezy Forex and Crypto Broker.

MT5 Trading platform is available

MT5 is considered one of the best trading platforms since it comes fully equipped with advanced trading charts, tools, live Forex rates and many more.

Trading indicators can be customized according to the needs of the trader and the platform also accepts any EA for automated trading.

While this is the extent that MT5 platform can serve, MT4 platform is also as good.

Bitfreezy offers a number of financial products

They claimed that their website is offering over 80+ financial instruments.

Clients can trade CFDs on Forex, Crypto, indices, shares and commodities.

When it comes to commodities, they have a variety which includes cotton, coffee, cocoa, sugar etc. In terms of Crypto, they offer trading in Bitcoin, Ethereum, Dash, Ripple and Litecoin.

Minimum deposit is acceptable

From the table above, you can see that the minimum deposit accepted by Bitfreezy is $10 only.

We can say that this package is being used to attract the less experienced trader so they can familiarize themselves with how trading works.

At the same time, trading with such a restrictive amount of money can be a challenge for the more experienced trader.

It is recommended that you start with at least $1000 (if you’ve been trading for a while). This money should however be deposited with a regulated broker not Bitfreezy.

Bitfreezy review: The disadvantages include not being regulated among others

This company is based in Saint Vincent & the Grenadines and are claiming to be regulated. When we do more research, we find out that they’re “incorporated as an International Company in the Islands”.

The Financial Services Authority (FSA) in the island does not regulate Forex brokers like Bitfreezy because its main mandate is to regulate banking institutions and insurance companies.

This basically means that the broker is not regulated and so there’s no accountability on how they handle their customers funds.

Having said this, it simply means that trading with Bitfreezy will be a risky endeavor for anyone to take. It shows that they lack integrity.

You should be trading with brokers who are regulated by the FCA in UK, CySEC or the Australian Securities and Investments Commission.

Bitfreezy broker is a market maker with conflict of interest

They claim to manage funds for their clients.

A broker like this one won’t manage your wealth the way you want it and we also doubt whether this broker will return 1.5% daily.

The problem is that you’re likely to lose your entire deposit because there will always be conflict of interest and lack of transparency.

Conclusion

Bitfreezy is a dubious broker who thrives by creating the impression that they are professional and can be trusted.

Despite the fact that they’re offering MT5 trading platform in addition to a number of attractive features associated with professional brokers, they cannot be trusted for lack of having a proper license.

Like Analyzed Options, and many other shady brokers, Bitfreezy will soon attract a number of complaints and negative reviews.

We know that they’ve posted fake reviews on the infamous Trust Pilot forum. This forum is either not being monitored or is moderated by some of the most dishonest admins on earth.

Note: Spam comments from robots or individuals promoting fake fund recovery schemes will not be approved.

One Response

  1. Marcelo Junqueira March 29, 2020

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