The choice of an honest brokerage is a crucial task. If your broker is a crook, even a sensible position of a respectable size supported by sound technical analysis might end up in ruins.
Because we aim to facilitate decision-making, we’ve put up this Bitky evaluation that covers all the services the broker provides. So let’s skip any more time wastage and get to the review.
Overview
Bitky is a relatively young brokerage that specializes in CFD trading for cryptocurrencies. Unfortunately, the broker doesn’t actually define when it was founded but based on its earliest online presence, the broker was only founded in 2019, or one year ago.
Website | bitky.io |
Regulation | No regulation |
Minimum deposit | $250 |
Demo account | N/A |
Trading platform | MT4 |
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Is Bitky.io Regulated?
As we anticipated, there isn’t much to discuss as the broker continues to withhold information on its registration information, operational location, and possession of any license documents demonstrating its legitimacy. We’re beginning to suspect that the Bitky hoax is real.
On the one hand, Bitky brags about its security features, like negative account protection, “state-of-the-art” account protection procedures, and a variety of other things, but the license, which is the most crucial component, is absent from the website. This means that there is never a guarantee that a user won’t be drawn into a financial Ponzi scheme and have their money stolen by the broker.
Warnings From Financial Regulators
The flourishing cryptocurrency marketplaces entice investors to make every investment they can. The FCA advises against using cryptocurrency CFDs as an investment vehicle.
Is Bitky.io Can Be Trusted?
Bitky is a Dominican Republic-based offshore broker. As a result, we might conclude that it is unreliable. We advise using a broker that is regulated at tier 1 by the FCA or ASIC.
Let’s discuss the terms and conditions of trade. There isn’t much to say regarding spreads, bonuses, or other promotions because, as we said before, we couldn’t locate any precise information about them. Nevertheless, we were able to maintain the website’s leverage ratio at its maximum of 1:400.
We wouldn’t object if it were made available to Forex traders because several FX firms are notorious for having large leverage ratios. The leverage offerings on all other markets, as well as on cryptocurrencies, are far lower.
What Kind Of Currency Pair Do They Offer?
Bitky.io invests their whole portfolio in cryptocurrencies. The broker describes themselves as an authority in CFDs for cryptocurrencies. Naturally, they also provide the typical CFD options, like as equities and commodities. The broker also supports deposits and withdrawals in a variety of cryptocurrencies.
Customer Support
As like the other scam website, Bitky has no direct contact information. You cannot directly call them or email them. They will contact you when they think you are a potential customer for them.
Trading Method (MT4 or MT5)
You may trade using Bitky’s own unique WebTrader, which was developed by the broker. To be fair to the devil, there are some significant benefits to this piece of software, including its simplicity, ease of use, and availability of several functions including an economic calendar and risk management.
You can know details by reading my article about MT4 vs MT5.
However, there are some concerns regarding the Bitky scam that could fairly easily take advantage of WebTrader’s shortcomings: in contrast to other software programs like MetaTrader or cTrader, which are available to the public and are regularly checked by their user bases, proprietary WebTrader is much less accessible. On the one hand, there isn’t a sizable user base that keeps track of the platform’s ins and outs.
What Do Traders Think Of Bikty.io?
After thorough research on several social media platforms and online forums, we found that traders are giving one word – ”Bitky scam.”
What To Do If You Get Scammed?
If you get scammed by Bitky, you can directly report it to us. We can analyze with our expert team and will find a way on how to get back your lost money.
File A Complaint Against Scam Broker's
Final Thoughts
Overall, we find Bitky’s offers and trading terms to be somewhat disappointing. As a result, Bitky receives a score of 1 out of 5 from us, and we do not advise doing business with it.
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