Distinguishing Between Reliable Companies and Scammers in Trading
Even experienced traders sometimes find it difficult to differentiate an honest company from a scammer. Professionals, however, exercise caution and rarely fall victim to fraud. Naive traders, on the other hand, often fall into the traps of scammers. To navigate this, it’s helpful to refer to expert reviews and feedback. However, such data often surfaces too late to prevent deception. Bitstoic, one of the scammers, is not worthy of traders’ trust. We will delve into the reasons in this review.
Key Facts About the Broker
The company in question boasts a four-year experience in this field and claims to have the trust of 380,000 clients. It declares a daily turnover of $150 million and 434,000 transactions. Nonetheless, archival data suggests that the company’s website was established before the company itself, which raises doubts. In the internet archive, one can find information indicating that the website belonged to Magento Commerce, a company specializing in the online sale of various goods.
User reviews indicate that Bitstoic’s support completely ignores clients’ technical and financial issues. It was also discovered that the address of the office in Nuremberg belongs to a residential building, which is quite peculiar for an office establishment. Moreover, the company possesses a fake phone number and doesn’t disclose the actual location of its office.
Legal Basis Verification
Bitstoic claims to hold licenses from three regulators – British, Mauritian, and Belizean. However, upon checking the registries of these regulators, no license for Bitstoic was found.
In several CIS countries, this pseudo-broker operates without the approval of local regulators, violating legislation. This poses a risk for traders to be left without protection in case of financial issues.
Commercial Offer
Bitstoic promises low commissions and various cooperation conditions but does not provide an opportunity to practice trading risk-free. To start trading on the platform, a balance of $150 is required. The company offers different tariffs with varying conditions, such as minimum deposit, leverage options, access to precious metals and cryptocurrencies trading, and other services.
User reviews highlight that Bitstoic lacks proper payment discipline and prefers engaging in financial manipulations.
Reviews About Bitstoic
At the time of analysis, there were few reviews about Bitstoic, but the company already had a bad reputation. Network participants can share their reviews about the broker to exchange experiences with other traders.
Scammers’ Actions
Bitstoic was founded by a group of experienced scammers, likely belonging to several similar projects. They employ a simple scam scheme, luring newcomers with minimal deposits, maintaining the appearance of successful trading, and ultimately depriving them of all funds.
Review Conclusion
Dealing with Bitstoic exposes you to the risk of losing all your investments. The company uses psychological influence on traders, creating an illusion of successful trading, whereas, in reality, it’s just deceit. It is recommended to steer clear of this company and warn other traders against collaborating with it.
I am utterly disappointed with Bitstoic’s service in 2022. Their platform is riddled with constant technical issues, causing significant delays in executing trades. The customer support has been less than helpful in resolving these problems, leaving me feeling neglected as a client. Transparency is an issue as well, as the broker charges undisclosed fees and provides inadequate explanations for transaction costs. I’m unimpressed with the lack of reliability and would not recommend Bitstoic to anyone seeking a smooth and efficient trading experience.