Table of Content
BitAurox Review – The Scam Behind BitAurox.Com Broker
Table of Content
BitAurox website doesn’t look distinctively genuine compared to any other illegal brokerage company. No name of the owning firm is given. The only company address mentioned seems to be London, UK.
Proofs of possessing a license are nowhere to be found. Other legal documents are not available either. Suspicious looking website seems to be poorly designed and maintained, as the only language options are provided by a third party translator.
Despite no confirmation about being regulated, BitAurox diligently explains how investing with this broker is sure to yield profitable results.
None of their claims should be taken seriously considering the fact this brokerage firm is completely unlicensed.
|Leverage||From 1:100 to 1:1000|
|Spread||From 1 pips|
How Are You Protected at BitAurox? Broker Regulation
It is fairly easy to conclude that BitAurox is a fake brokerage business from the look of the website and lack of regulatory information. We’ve still decided to inspect this more closely.
Company claiming to have their HQ located in London, would have to be regulated by the local jurisdictional regulator in order to be allowed to offer financial services. This authorisation is not so easily given by the UK financial authority – FCA.
Top tier regulator like FCA requires strict standards and conditions to be met by all broker firms aiming to be regulated. Needless to say, FCA register of licensed brokers does not include BitAurox.
Every brokerage company regulated by FCA has to own minimum capital to invest into their business to make it stable and lasting. Clients’ funds are kept safe and separated from the company’s budget by being held on segregated bank accounts. The UK regulator requires a compensation scheme to be secured for a sum of up to even £85 000. Leverage restriction is kept at 1:30 to reduce the risk of losing. Bonuses are banned.
Other various requirements are included, but since BitAurox fails to be regulated, we can assume they do not provide or meet any of the mentioned.
Full transparency concerning transactions and enhanced client protection methods are required by all financial authorities and rule enforcers like MiFID and ESMA.
Being completely anonymous, BitAurox cannot be in compliance with the mentioned legal framework and therefore, cannot be trusted!
Available Trading Software at BitAurox
Just a promise of a functional and reliable trading platform is not enough for trading. This, sadly, seems to be everything BitAurox is able to offer.
Trying to access the only platform mentioned, a web-based one, is impossible without making a deposit first. After making an account we are conditioned to fund it first before seeing the trading area.
No direct links are given. It remains a complete mystery if BitAurox even has a trading software to offer.
Regulated brokers usually offer state-of-the-art trading softwares like MetaTrader 4 and 5. Known for their reliability, speed and adjustable features for beginners and professionals alike, these softwares rule the online trading industry today.
Account Types Offered by BitAurox
Seems like fraudsters of this scale have similar options for account types. They’re all absurdly expensive and allegedly offer features and services they can hardly ever be able to actually provide. Account choices are the following:
- Bronze (MT4 & MT5, spreads from 1, leverage 1:100, min deposit $100)
- Silver ($25 000, spreads from 1, leverage 1:200)
- Gold ($50 000, spreads from 1, smallest trade size 0.01 lot, stop out level 80%, personal account manager, leverage 1:400)
- Premium ($100 000, max trade size 60 lots, phone trading, personal analyst and account manager)
What Market Instrument Can Be Traded at BitAurox?
One of the advantages advertised mostly is the ability of investors to trade over 70 major, minor and exotic currency pairs with highly competitive conditions. Generally, traders are supposed to have access to over 600 trading instruments in total.
Tradable assets available at BitAurox traded through CFDs are:
- Currency pairs (USD/EUR, AUD/USD, CHF/EUR)
- Indices (S&P 500, Dow 30, Nikkei 225)
- Futures (Corn, Crude Oil, Natural gas)
- Crypto (BTC, ETH)
Bonuses and Promotions Available at BitAurox
One of the illegitimate brokers tricks is offering attractive bonuses. Dragging in unsuspecting victims, usually trading novices, is easier with promises of quick money gain.
Regrettably, these bonuses come with strings attached. These can be temporary withdrawal suspensions, high trading volumes required and more fees imposed on the investors.
Depending on the jurisdictional regulator, licensed brokers could be forbidden from giving bonuses. So beware of dealing with BitAurox as an anonymous bogus broker.
Deposit and Withdrawal Procedures for BitAurox
Minimum deposit required is said to be $100. Although, clients will not be able to get any trading perks until they’ve invested at least $10 000 for the Bronze account.
There’s no additional information at all considering accepted ways of funding your trading account. Unscrupulous broker sites are usually only accepting crypto depositing.
Withdrawals aren’t explained in any way either. Without full transparency and detailed info, this fraud cannot be trusted in the slightest.
How Do I Recover My Money If BitAurox Scams Me?
Recovery of funds lost to fraudsters is a long and complex process. It can be made easier by turning to government institutions for help and support with taking legal action.
If the depositing was done via credit/debit card, the bank in charge should be contacted immediately. Your financial account can be protected easier if you change your relevant card details so further abuse is avoided.
Avoid investing in crypto!
The withdrawal process in that case is even harder to go through with. The scammers are remaining anonymous and get away with theft easier.
- No regulation and license
- Unprovable existence of a trading platform
- No details on deposit and withdrawals
- Unreasonably expensive trading accounts
FAQs About BitAurox Broker
Is My Money Safe with BitAurox?
Illicit brokers like BitAurox cannot provide the safety of funds and works with the goal of defrauding you.
Does BitAurox offer Demo Account?
Trading with virtual funds on Demo account is not available at BitAurox.
What Are The Funding Methods For BitAurox?
It is not precisely explained what depositing methods are available with this broker.