Bittra foreign exchange brokers specializing in providing foreign exchange trading services, the company's official website https://bit-tra.com/, about the company's legal and temporary regulatory information, the company's address 1099 18th Street, Denver, Colorado, United States.
Bittra Forex Broker
Basic Information
United States
2-5 years Suspicious Regulatory License Suspicious Scope of Business High potential riskCompany profile
Pros
User-friendly interface for trading.
Offers a demo account for practice before live trading.
Quick account setup and deposit process.
Cons
No valid regulatory information, posing potential risks.
Limited popularity and user base, indicating a lack of trust.
Recently established, raising concerns about long-term reliability.
Bittra Forex Broker - Complete Information Guide
1. Broker Overview
Bittra, officially known as Bittra LLC, was established on September 8, 2023. The company is headquartered in Denver, Colorado, United States. It operates as a private entity, focusing on providing trading services to a diverse client base, including both retail and institutional traders.
Since its inception, Bittra has aimed to facilitate the trading of various financial instruments, including stocks, indices, commodities, bonds, and cryptocurrencies. Despite being a relatively new player in the market, Bittra has positioned itself as a user-friendly platform, promoting its mobile trading application that can be downloaded from both the Apple Store and Google Play.
The company's development has been marked by a commitment to offering a digital trading experience that emphasizes accessibility and convenience. However, it is crucial to note that Bittra operates without regulatory oversight, which raises significant concerns regarding its legitimacy and operational practices.
As of now, Bittra's business model primarily revolves around retail forex trading, providing a platform for users to engage in various financial markets. The lack of a desktop version of its trading platform has raised questions about its efficiency, as mobile trading can limit user experience due to screen size constraints.
2. Regulatory and Compliance Information
Bittra is currently not regulated by any official financial authority. Despite claiming to have a registration with the National Futures Association (NFA), verification checks reveal that Bittra is not a member and thus lacks a valid trading license. This absence of regulatory oversight poses significant risks for traders and investors, as it implies that all funds deposited on the platform could potentially be at risk of loss.
The NFA registration number associated with Bittra is 0560186, but it is important to emphasize that this license is not valid for operational purposes. The lack of regulation means that Bittra does not adhere to the stringent requirements mandated by recognized financial authorities, such as the Financial Conduct Authority (FCA) in the UK or the Commodity Futures Trading Commission (CFTC) in the US.
Bittra has not established any customer fund segregation policies or investor compensation schemes, further exacerbating the risk for clients. Additionally, the broker does not provide clear information regarding its compliance with Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations, which are critical for ensuring the safety and legitimacy of financial transactions.
3. Trading Products and Services
Bittra offers a range of trading products, including:
- Forex Currency Pairs: The broker provides access to a selection of currency pairs, although the exact number and major pairs offered have not been specified.
- CFD Products: Bittra supports trading in various asset classes, including indices, commodities, stocks, and cryptocurrencies. However, the specifics regarding the types of CFDs available are not clearly mentioned.
- Unique Trading Products: There is no indication of any exclusive or unique trading products that differentiate Bittra from other brokers in the market.
- Product Update Frequency: Information regarding the frequency of product updates or the addition of new trading instruments is currently unavailable.
- Retail Trading Services: The platform is primarily focused on retail trading, providing a mobile interface for individual traders.
- Institutional Client Services: There is no mention of services specifically tailored for institutional clients.
- White Label Solutions: Information about any white label solutions offered by Bittra is not provided.
- Asset Management Services: Bittra does not appear to offer asset management services at this time.
4. Trading Platform and Technology
Bittra operates an exclusively mobile-based trading platform that is designed to be user-friendly. However, it does not support MetaTrader 4 or MetaTrader 5, which are popular trading platforms among forex traders. The absence of a desktop version raises concerns about the overall functionality and user experience of the platform.
The mobile application is available for download on both iOS and Android devices, allowing traders to manage their accounts and execute trades on the go. However, the limited screen size of mobile devices may hinder comprehensive market analysis and trading efficiency.
Bittra does not provide specific details regarding its execution model, such as whether it operates on an ECN, STP, or Market Making basis. Additionally, there is no information available regarding the server locations or the underlying technology infrastructure supporting the platform.
API access and support for automated trading are also not mentioned, which may limit the capabilities for algorithmic traders seeking to implement automated trading strategies.
5. Account Types and Trading Conditions
The details regarding Bittra's account types and trading conditions are vague. Here are the known aspects:
- Standard Account Conditions: The minimum deposit requirements, spreads, and commissions are not specified on the platform.
- Advanced Account Types: Information about any advanced or specialized account types, such as VIP or professional accounts, is not available.
- Special Accounts: There is no mention of specific account types like Islamic or corporate accounts.
- Demo Account Policy: Bittra does not offer a demo account, which is a significant drawback as most brokers provide this feature for traders to practice without risk.
- Leverage Range: The leverage offered by Bittra is unknown, with no information provided about the maximum allowable leverage for different products.
- Minimum Trade Size: There is no information regarding the minimum trade size required on the platform.
- Overnight Fees Policy: Details concerning overnight fees or swap rates have not been disclosed.
6. Fund Management
Bittra provides limited information regarding its fund management policies. Here are the known aspects:
- Supported Deposit Methods: The specific deposit methods supported by Bittra, such as bank transfers, credit cards, or e-wallets, are not clearly outlined.
- Minimum Deposit Requirements: There is no information available regarding the minimum deposit required for different account types.
- Deposit Processing Time: The platform does not specify how long deposits take to process.
- Deposit Fees: There is no information regarding any fees associated with deposits.
- Withdrawal Methods and Restrictions: The withdrawal methods supported by Bittra are not detailed, and there may be limitations on withdrawal amounts.
- Withdrawal Processing Time: There is no information on how long it takes for withdrawal requests to be processed.
- Withdrawal Fee Structure: Bittra does not provide any details regarding withdrawal fees.
7. Customer Support and Educational Resources
Bittra offers limited customer support options:
- Support Channels: Customers can reach out via email at admin@bit-tra.com. There is no mention of phone support or live chat options.
- Service Hours and Time Zone Coverage: The operating hours for customer support are not specified, leaving users uncertain about when they can receive assistance.
- Multilingual Support: There is no information on the languages supported by Bittra's customer service.
- Educational Resources: Bittra provides some educational materials through its blog, covering various trading topics and platform features. However, the extent and quality of these resources are unclear.
- Market Analysis Services: There is no mention of any market analysis services, such as daily analysis, news updates, or research reports.
- Trading Tools: Information regarding any trading tools, such as calculators, calendars, or signal services, is not provided.
8. Regional Coverage and Restrictions
Bittra primarily serves clients in the following regions:
- Main Service Markets: The broker accepts clients from countries such as the United States, Japan, United Kingdom, and Sweden.
- Regional Office Distribution: There is no information available regarding regional offices or physical presence in any of these countries.
- Countries/Regions Not Accepted: Bittra does not appear to accept clients from countries with stringent regulatory frameworks, but specific exclusions are not listed.
- Special Restrictions: The platform is not authorized to provide trading services in the United States, which is a significant limitation for potential clients in that region.
In conclusion, while Bittra presents itself as a user-friendly trading platform, the lack of regulatory oversight, transparency regarding trading conditions, and limited customer support options raise significant concerns for potential investors. The absence of a demo account and unclear fund management policies further complicate the decision to engage with this broker. It is advisable for traders to approach Bittra with caution and consider regulated alternatives for their trading needs.
Bittra Similar Brokers
Latest Reviews
bjworst
Japan
When I went through the withdrawal procedure this morning, I was told that the internal rules had changed since February 1st, and that I would not be able to withdraw money unless I paid 20% of my account balance. In my case, it's about 760,000 yen, but I don't know why. Also, if the amount to be transferred is less than 1 million yen, only foreign personal accounts can be prepared, similar to the last time the bank was frozen. In the previous history, even if BITTRA specified a transfer account, it was the user's responsibility if the account was frozen. I can't believe this idea. My principal is in it, so I want to get it back, but I may not be able to trust the person.
Exposure
2024-02-22
bjworst
Japan
At around 10:30 in the morning on February 2nd, I was trying to increase my capital in FX (584,000 yen) and asked Mr. Kamijo, a BITTRA support person, to introduce me to an account, but I found out that the recipient of the transfer was a foreigner. I refused, but was informed that they could only introduce foreign accounts for amounts less than 1 million yen. I guess I had no choice but to transfer money to a foreign account, but I didn't receive any response regarding the transfer until around 11pm on February 2nd. It was a capital increase to trade at the big market price at 10:30pm on the night of February 2nd. 5-10 minutes after the big market transaction ended, Mr. Kamijo told me in the attached chat that the account I made the transfer into was frozen, and that I should immediately notify the bank to cancel the transfer, and that the FX trading account was suspected of being a money launderer. I was contacted to immediately transfer 600,000 yen as it would be frozen. It was a malicious tactic, such as going out of its way to contact me after a large market trade had been completed and I had made a large profit. After that, we communicated many times, but I heard a lot of strange Japanese, and I realized that the person was pretending to be Japanese. As a result of questioning, four people, including myself, were forced to leave the investment course the next morning. At the moment, Mr. Kamijo's chat is not marked as read despite my message. We have now realized that we were victims of fraud by an overseas fraud group.
Exposure
2024-02-05
Geminy
Russia
Trading hours are extensive, covering all major market sessions, so I never miss an opportunity. But spreads widen during certain times.
37130
2024-08-01
FX1704459312
United States
Been trading on Bittra for a few months. Really like the variety of assets and the platform's ease of use. Had a bit of a wait for customer support once, but overall, it's good.
37130
2024-06-27
FX1494189055
United States
Jumping into trades with Bittra was a unique experience. Their platform has a sleek, user-friendly design with a pretty versatile range of assets to trade, from stocks and bonds to commodities and cryptos. I appreciated the real-time market data and the handy trading tools. However, while the overall look and feel was professional, the text on the site felt pretty generic and not super specific to what Bittra specifically offers. Expect a better Bittra.
37130
2024-05-15
bjworst
Japan
When I was trying to increase my capital in FX, a BITTRA/support representative introduced me to a transfer account, but the account was in a foreigner's name, so I refused the transfer. However, the BITTRA representative told me that they can only introduce foreign accounts for amounts less than 1 million yen, so I had no choice but to transfer money to that account, but no matter how many times I urged them, there was no response regarding confirmation of the deposit until around 11:00 pm on the same day. That evening, I finally got a chat with the person in charge and was told that the account I made the money into was frozen. However, not only that, my FX trading account was also frozen on suspicion of money laundering, and I was immediately instructed to ``transfer additional security deposit.'' This is a malicious tactic where they go out of their way to make large profits after completing large market trades and then freeze not only the transfer account but also the securities account. In addition, regarding the security deposit transfer for which there was an additional transfer instruction, the instructor of the LINE investment course (an ``impersonation'' of former Mizuho Bank employee ``Daisuke Karakama'') sent a photo of his driver's license as a guarantee for the deposit transfer. However, this is clearly a "fake driver's license" (confirmed at the police station). When I pointed out to BITTRA that it was a scam, I was forced to leave the FX investment study group the next morning. After that, after communicating with the BITTRA representative many times on LINE, I managed to get a promise to withdraw the funds from my account without any additional deposit, so I contacted them with my bank account information, but the BITTRA representative stopped contacting me immediately. Moreover, the LINE account of the person in charge of BITTRA was also deleted and it became impossible to contact them. After that, the trading software provided by BITTRA was also disconnected from the server, and the exchange appeared to be closed. Therefore, BITTRA ran away with my account funds. At the same time, the "Karakama Daisuke impersonator" has also become unreachable. Furthermore, when I checked with the police, it was discovered that all the bank accounts I used to make the transfer had been frozen by the fraud victim. Once again, I realized that I was a victim of fraud by a "malicious exchange." I later found out that BITTRA's support person had five LINE accounts and was using them for different purposes, so he seemed to be a repeat scammer. I had the opportunity to speak directly with them once, but the BITTRA representative's voice was male, not female. Even now, I use another LINE account to check my LINE posting history once every 10 days, but BITTRA still hasn't withdrawn the funds from my account. Based on the above, BITTRA can be said to be an organized criminal group.
Exposure
2024-05-25