Bitromax has been identified as a scam Forex and CFds broker that is unable to provide a healthy trading environment even if you use the best signals or trading software. Bitromax is able to trap unsuspecting victims by advertising raw spreads, fast execution, deep liquidity and a wide range of tradeable instruments which can be accessed on the company’s MetaQuotes-branded trading platform.
Bitromax.net is operating out of Seychelles and claiming to be a regulated Forex broker. We doubt this ascertion, considering that the broker is a well-known scam, plus the local financial regulator’s register does not indicate that this broker is licensed. These clues are helpful because they prevent traders from risking their monies unnecessarily by trusting shady brokers who end up stealing from them.
We didn’t like their website because it seems to have been done hastily using cheap labor. It has no fancy bells and whistles, which makes us wonder how they still manage to scam individuals.
The website provides a quick overview of tradeable instruments on board, which is nothing really special as all brokers running the MT4 and MT5 trading platforms have all of these instruments for trading.
Bitromax also appears to be incomplete as most of the pages on this website don’t work except the contact us page and a few other pages which they feel are important.
This unprofessionalism is wanting. We’ve seen fraudulent brokers doing the best of their work, making it difficult to be detected. But in the case of Bitromax, it’s all in the open. Even a less intelligent individual can comfortably pick the clues.
Bitromax account types, min deposit, spreads, leverage and other fees
They provide 3 account types. No minimum deposit has been disclosed. Most of the time these shady brokers will ask you for at least $250.
Spreads are 0.0 pips, something which we do not believe because a legit Forex and CFds broker can only generate revenue by charging spreads.
This one does not even talk about commission. So Bitromax is leaving us with even more red flags.
Now, it’s quite interesting that Bitromax is claiming that a third-party provider is showing data of this broker’s EURUSD spreads being 0.0 pips.
This appears to be false because the broker does not provide a link to the third-party’s website or the report in question.
Bitromax is not licensed, plus their background is suspicious
Their website has listed a company called VP Holding Management LTD. This company is allegedly based out of Sychelles.
We’ve done a bit of research concerning the company in question but instead of getting answers, we hit a dead end.
This information should be readily available even on the internet. Therefore, we suspect that no such entity has been incorporated in Sychelles.
What to do if this broker has scammed you
It can be really painful to lose money to a dishonest broker who initially takes advantage of your emotions only to give you disappointments.
I published this review to help those of you who may have lost a significant amount of money such that coping with the loss is difficult.
Did you notice that I included a form at the start of this review? You need to fill in the details of your case and click contact. Someone will engage you either through email or phone call to discuss how you can successfully initiate a chargeback.
You can also use the live chat down below because I feel this option is easier. Either way, be sure that your money may not have been lost.
Do not trade or invest with a broker like Bitromax. That’s because there are red flags everywhere on their website.
We also warn you against trading or using the services of websites that have never received even one client feedback.
Thanks for reading this review.