BIT Markets has been identified as a risky opportunity by Intelligence Commissioner users. It is similar to Finmax. We’ve received over 4 complaints against BIT Markets.
Bit-Markets provides a variety of trading accounts, each with unique terms and risks. However, it is unregulated, indicating possible fraudulent activities. Without regulation, consumers face considerable dangers, such as loss of investment and a lack of remedy. Scammers frequently use deceptive tactics, such as bogus reviews and aggressive sales strategies. Investors should exercise caution and choose regulated platforms to reduce the dangers associated with uncontrolled organizations such as Bit-Markets.
Get Your Money Back From These Scammers!
Key Takeaways
Is BIT Markets Regulated? Do They Have a License?
Bit-Markets offers multiple trading accounts, each with unique conditions and risks.
- Silver Account: Requires a $250 minimum deposit, leaves maximum leverage unknown, and has an excessive spread of around $148.15 (2.30%).
- Gold Account: The entry threshold is set at $5,000, with crucial elements such as leverage and spread left unspecified.
- Platinum Account: Requires a large $25,000 minimum deposit, with no information on leverage or spread.
- Diamond Account: The premium option, requires a startling $100,000 minimum deposit with no specified leverage or spread.
The lack of regulation or the presence of poor regulation is a huge red flag. It means BIT Markets is a scam and most likely, an illegal operation.
Companies offering investment services or opportunities without having a license can vanish without leaving a trace. Furthermore, the lack of a regulatory license allows them to get away with it and face no legal consequences.
That’s why it’s vital for you to always check a company’s regulation status as well as its license information. The presence of a license allows consumers to reach out to an authority if something goes wrong.
In the case of BIT Markets, victims have nowhere to go due to the absence of a watchdog or license.
You should ask yourself the following questions when you come across a new investment firm or opportunity:
- Does the investment provider maintain transparency about its CEO?
- Do they have a license from a renowned regulatory authority?
- If the need arises, can I reach out to an authority to report this company as a scam?
Trading Conditions and Deposit/Withdrawal Methods at BIT Markets
Bit-Markets, located at bit-markets.com, should not be confused with other websites with the same name. Bit-Мarkets is a CFD broker, not a cryptocurrency exchange like BitMarket. This distinction, however, gets hazy due to the platform’s major transparency difficulties.
Questionable Advantages
- Varied Cryptocurrency Selection: Bit-Мarkets offers a wide selection of cryptocurrencies for trading, focusing on significant ones against USD and EUR pairs. However, this comes with its own set of hazards.
- Various Payment Methods: While the platform offers a number of payment methods, this feature is eclipsed by the lack of governmental control.
Significant Red Flags
- Regulatory Ambiguity: Despite claiming a UK base, Bit-Мarkets is not regulated by the Financial Conduct Authority (FCA), which raises concerns about its validity.
- Opaque CFD Offering: The platform fails to expressly state that it deals in Contracts for Difference, which may mislead inexperienced consumers.
- Vague Trading Conditions: Essential trading characteristics such as leverage and spreads are not provided, as is typical of unregulated cryptocurrency brokers.
- Prohibitive spread costs: The BTC/USD spread is disturbingly big, around $150, much beyond the average and significantly raising trading costs.
- Inadequate trading platform: The given web-based platform resembles a binary options interface and employs a dangerous risk management strategy.
- Restrictive Deposit and Withdrawal Policies: To begin trading, a large minimum deposit is required, followed by severe withdrawal restrictions and fees.
- Inconsistent Bonus Terms: Bonus criteria are not enforced consistently, creating further ambiguity and potential withdrawal restrictions.
However, it’s worth noting that many scammers disable their payment channels before shutting down their operations.
They might give you multiple reasons including:
- A technical error
- A glitch in their system
- Banking issues
- A “hacking attack”
And many others.
But in 9/10 cases, the scammers actually stop making payments and keep the money to themselves. Hence, the payment methods we discussed here might not work.
If you want to get your money back from a scammer, you’d need to file a chargeback.
BIT Markets Customer Service: Do They Handle Complaints Well?
When it comes to scammers, you should only measure the quality of their customer service if they respond to your complaint.
In the beginning, scammers tend to remain very accessible.
This means their representatives will keep calling you until you invest with them. Furthermore, they will act friendly and make it seem as if you’re one of their most valuable consumers.
However, they do all this just to win your trust.
Scammers understand that in order to convince someone to give them a large sum, they will need to seem like a friend.
Nevertheless, when you have invested a considerable amount of money and need to get it back, their customer support will become inaccessible.
All of a sudden, their numbers would either stop responding or become unavailable.
Still, they might remain accessible to convince you to invest further. Also, they might begin by making a few excuses regarding your payment.
However, in the end, the customer support won’t resolve your issues and become increasingly unavailable.
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BIT Markets Reviews: What Do Others Say?
It’s worth noting that many scammers tend to purchase fake reviews. Buying fake reviews has become extremely easy and it’s a multi-million dollar industry.
Scammers like BIT Markets tend to purchase fake reviews for their online profiles to make themselves seem more credible.
TIME Magazine investigated the fake review industry and estimated it to be worth more than $150 million. Certainly, there are a ton of scammers who want to seem legitimate and a bunch of fake reviews is the most effective way to do so.
That’s why you shouldn’t trust BIT Markets reviews easily.
It’s easy to identify fake reviews as well. You should look out for 5-star reviews that are posted by temporary accounts (profiles which only posted 1 or 2 reviews on the platform). Also, you should see if the positive reviews share any detailed information about their experience with the firm or not.
In the case of BIT Markets, chances are, you wouldn’t find many legitimate reviews.
Another prominent way scammers like BIT Markets enhance their credibility is by burying negative reviews and complaints under a lot of fake reviews.
This way, when you’ll look up “BIT Markets reviews”, you might not find many complaints. Or, you might find them buried within numerous reviews praising BIT Markets.
You should always look out for consumer complaints. In the case of BIT Markets, the most common complaints I found were about:
- Poor customer support
- Delays in payments
- High fees and charges
- Lack of transparency regarding their leadership team
- Aggressive sales staff
Do you have a similar complaint about BIT Markets? You can share your complaint in the comment section or submit an anonymous tip.
Is BIT Markets Legit Or Scam?
Despite claiming to be based in the UK, Bit-Мarkets does not have the appropriate regulatory monitoring to function as a cryptocurrency CFD broker.
The lack of transparency about its services, combined with exorbitant spreads and a problematic trading platform, make it an untrustworthy choice for traders. To minimize the risks of unregulated platforms like Bit-Мarkets, anyone interested in bitcoin derivatives should look for regulated and transparent alternatives.
BIT Markets is an unregulated entity. Although they might fall under the jurisdiction of a watchdog, they don’t have the license to offer financial services to consumers.
The lack of a license means they are not answerable to any regulatory authority. As a result, the people behind BIT Markets can run away with your money without any prior notice. You should be extremely cautious when dealing with an unregulated service provider.
The absence of a watchdog also means you cannot report to them to anyone.
Also, due to the absence of specific regulations, there is no provision protecting you from the insolvency of this entity. If they go bankrupt, you won’t be able to do anything about it.
Can You Trust BIT Markets?
All the evidence suggests that BIT Markets is a scam. If you have lost money to them, there is still a chance you can get it back.
To recover your funds, you’d need to file a chargeback.
Frequently Asked Questions
Is BIT Markets a scam?
Can I withdraw money from BIT Markets?
Where is BIT Markets Located?
How do I get my money back from BIT Markets?
How The BIT Markets Online Scam Works
Intelligence Commissioner investigates & reviews online money-making opportunities. We strive to provide critically helpful information to our readers and assist them in identifying scams. 
