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BidAskBit Review – All You Need to Know About BidAskBit.Com
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Talking big is what all scam brokers have in common. The same goes for an unscrupulous broker we are examining today – BidAskBit broker. It professes as a leading crypto exchange provider with a decade-long experience, claiming its customers can enjoy full control of their finances, exceptional service, and a state-of-the-art trading platform.
As a matter of fact, this shady brokerage operates unlicensed, uses manipulative trading software, and is involved in fraudulent trading activities.
In addition, its leverage of 1:500 doesn’t comply with what is fixed for retail traders in most jurisdictions. For instance, it is restricted to 1:30 in the EU and UK, while in the USA, it is limited to 1:50.
So, we have done this BidAskBit broker review to help people avoid becoming the next victim of this online trading scam. Please continue reading for more info.
|Headquarters||Malawi (holding company, Ace Holdings Limited)|
|Broker Type||Forex broker|
|Platforms||Internet-based trading platform|
Is BidAskBit Legit or a Scam Brokerage?
As it goes with anonymous brokers, BidAskBit provides very scarce company information. According to its website, this bogus brokerage is a part of Ace Holdings Limited, its parent company registered in Malawi. Other than that, there is no information about BidAskBit trading credentials and regulations, indicating it is an unlicensed brokerage. Operating in a such manner is illegal and implies that there are no money withdrawal guarantees.
Unlike an unauthorized forex provider, an authorized online financial trading company holds a broker’s license with a respective financial market regulator (e.g., FCA, CySEC, FINMA, AISC, etc.) and adheres to strict legislations – ensuring service quality and funds protection. If a certified firm breaks the law, it will be prosecuted, fined, and its permit will be suspended.
Aside from this, approved brokers implement risk management strategies to mitigate trading risks, such as negative balance protection (an investor can’t suffer a loss greater than an initial deposit) and segregated accounts (a trader’s money is held separately from the broker’s funds).
On the other hand, your investment is at risk with a not legit broker like BidAskBit since it is a 100% trading scam. Therefore, you should take no chances with trading with these fraudsters.
BidAskBit Trading Software Overview
When it comes to trading platforms, this bogus broker claims it offers the most advanced trading platform that enables tailored trading, risk management, ease of use, and data analysis, and is available in different versions (browser-based platform and mobile trading app).
In reality, BidAskBit trading software (dXmercato Platform) is a weak imitation of the actual trading platform. It is nowhere near as good as MetaTrader4 and MetaTrader5, which come with advanced features (e.g., automated trading, copy trading, stop loss, expert advisors, user-friendly interface, etc.) and are utilized by genuine forex brokers. Thus, more reasons for blacklisting this scam broker.
BidAskBit Account Types Available
Speaking of trading accounts, BidAskBit offers two options.
The first one is a demo account that allows traders to practice trading for free, without risks, and under real-life conditions, of which I am skeptical that it is available at all.
The second one is a live trading account, but there are limited account details, such as terms of exchange and trading commissions, which doesn’t surprise me since it is an investment scam.
BidAskBit Trading Instruments
Concerning trading instruments, you can only trade with cryptocurrencies at BidAskBit, making it a solely crypto exchange broker. It enables traders to buy/sell all major crypto assets, including Bitcoin (BTC), Litecoin (LTC), Ethereum (ETH), Ripple (XRP), Bitcoin Cash (BCH), and Dogecoin (DOGE), to name a few.
Kindly note, I wouldn’t take BidAskBit offers for granted due to many complaints about the broker and obvious warning signs.
Deposit and Withdrawal Procedure
Following the same pattern, BidAskBit only supports funding methods through the following cryptocurrencies: Bitcoin, Bitcoin Cash, Litecoin, Dogecoin, Ripple, Ethereum, Dash, Cardano, Tether, Tron, EOS, and NEO. Minimum deposits and withdrawals are between 0.0016 and 1000 in crypto.
According to its website, as soon as you deposit, you can start trading; so, there are no checks (e.g., identity, proof of address, etc.), and anyone can set up an account and start trading at BidAskBit; yet, again a sign of cyber fraud. As for withdrawals, they can be done 24/7, and the processing time is from 1 to 48 hours. Anyhow, we wouldn’t bet on it is possible to draw out funds from this unscrupulous broker.
Got Scammed by BidAskBit? Get Your Money Back!
Nevertheless, if you have been defrauded by the BidAskBit scam, you should know that getting your money back is possible. It is important to act fast and take appropriate action. You can seek advice from cyber security experts to help you with cashback.
Also, you should leave negative BidAskBit reviews on social media and the Internet to warn others about this fraudulent broker. So, don’t feel ashamed since scams can happen to anyone! Report scammers to relevant authorities, and remember, think twice before taking any risks while investing money.
When all is said and done, the key takeaways of our BidAskBit review are as follows.
- We can verdict that all scam allegations and complaints against the broker are justified due to BidAskBit being an untrustworthy, not transparent, and illegal broker.
- Aside from being a financial swindler, BidAskBit offers limited tradable assets for trading (cryptocurrencies only) and an inadequate trading platform and accepts only crypto payments (red flag). Not to mention the lack of appropriate customer support and educational resources.
- All in all, to prevent being one of its unsuspecting victims, steer clear of BidAskBit and similar not trustworthy companies.
FAQs About BidAskBit Broker
Is My Money Safe With BidAskBit?
No, it is not. It is contrary since BidAskBit is a dishonest scam broker.
How Long Do BidAskBit Withdrawals Take?
According to the BidAskBit website, the processing time takes from 1 to 48 hours.
What Trading Asset BidAskBitOffers?
BidAskBit offers only crypto assets, such as Bitcoin, Litecoin, Dogecoin, Ripple, Ethereum, and Tether.