BitWorld foreign exchange brokers specializing in providing foreign exchange trading services, the company's official website https://www.bitworldforex.com/en/read.jsp?id=21, about the company's legal and temporary regulatory information, the company's address 4d Salisbury Road,Weston-Super-Mare,Somerest,United Kingdom ,BS22 8EW.
BitWorld Forex Broker
Basic Information
United Kingdom
2-5 years Suspicious Regulatory License Suspicious Scope of Business High potential riskCompany profile
Rating Index
Bitworld Forex Broker - Complete Information Guide
1. Broker Overview
Bitworld, officially known as Bitworld Capital Ltd, is a forex broker that has been operational for approximately 2 to 5 years. The company's headquarters is located in the United Kingdom, specifically at 4D Salisbury Road, Weston-super-Mare, Somerset, BS22 8EW. Bitworld operates as a private company, focusing primarily on providing trading services to individual retail clients interested in forex and cryptocurrency trading.
The broker has positioned itself in the rapidly evolving digital asset market, catering to a diverse clientele that includes novice traders as well as experienced investors. Over the years, Bitworld has introduced various trading instruments, including forex pairs and cryptocurrencies, aiming to meet the growing demand for digital trading solutions.
While the company has made strides in establishing its presence, it has also faced challenges related to regulatory compliance and transparency. The lack of clear information regarding its founding year and operational milestones has raised questions among potential clients. As a broker, Bitworld follows a retail forex model, providing users access to a variety of trading platforms and instruments.
2. Regulatory and Compliance Information
Bitworld operates in a regulatory environment that lacks oversight. Currently, there is no valid regulatory information available regarding the company, raising significant concerns about its legitimacy and the safety of client funds. The broker does not hold licenses from major regulatory authorities such as the Financial Conduct Authority (FCA) or the Cyprus Securities and Exchange Commission (CySEC), which are essential for ensuring investor protection.
The absence of regulatory oversight means that clients may not have access to investor compensation schemes, which could have offered some level of security in the event of financial disputes. Furthermore, Bitworld does not appear to have a clear policy for client fund segregation, which is crucial for protecting client assets from potential misuse.
In terms of compliance, there is no information available regarding Know Your Customer (KYC) and Anti-Money Laundering (AML) measures, which are standard practices in the financial industry. This lack of transparency raises serious questions about the broker's commitment to maintaining a secure trading environment.
3. Trading Products and Services
Bitworld offers a range of trading products aimed at catering to the diverse needs of its clientele. The broker provides access to a variety of forex currency pairs, though the exact number of available pairs is not explicitly stated. Users can expect to trade major currencies, which typically include pairs like EUR/USD, GBP/USD, and USD/JPY.
In addition to forex trading, Bitworld also offers Contracts for Difference (CFDs) on various asset classes, including cryptocurrencies, commodities, and indices. The availability of cryptocurrency trading is particularly appealing to investors looking to capitalize on the volatility of digital assets. However, specific details regarding the types of cryptocurrencies available for trading are limited, necessitating further inquiry from potential clients.
The brokers offerings also include unique products and services, such as margin trading with leverage up to 5x, enabling traders to amplify their positions. However, the lack of clarity regarding product updates and the introduction of new trading instruments may deter some investors.
Bitworld's business model appears to focus primarily on retail trading services, with limited information available concerning institutional client services or white-label solutions. The absence of detailed information about asset management services further complicates the broker's appeal to a broader market.
4. Trading Platforms and Technology
Bitworld provides its clients with access to several trading platforms, including support for the widely used MetaTrader 4 (MT4) and MetaTrader 5 (MT5) platforms. These platforms are known for their user-friendly interfaces, advanced charting capabilities, and robust trading tools, making them suitable for both novice and experienced traders.
Additionally, Bitworld may offer a web-based trading platform, although specific details about its features and functionalities are not readily available. The broker also supports mobile applications for both iOS and Android, allowing traders to manage their accounts and execute trades on the go.
In terms of execution models, Bitworld appears to operate primarily on a Market Making model, though further confirmation is needed. The broker's server locations and technical infrastructure details are not disclosed, which could impact the trading experience, particularly in terms of latency and execution speed.
For traders seeking automated trading options, Bitworld does not provide clear information about API access or support for algorithmic trading, which could limit opportunities for high-frequency traders or those utilizing trading bots.
5. Account Types and Trading Conditions
Bitworld offers several account types to cater to different trading needs. The standard account allows clients to open an account with a minimum deposit of $25, with trading fees typically around 0.2% per transaction. This account is designed for novice traders who are just starting their trading journey.
For more experienced traders, the broker offers a premium account, which comes with increased withdrawal limits and reduced trading fees, often around 0.1% or less. However, this account type requires a monthly fee of $10 to maintain its benefits.
Additionally, there is a corporate account option aimed at businesses and organizations handling larger volumes of cryptocurrency. This account type offers advanced features such as multi-signature wallets and the ability to negotiate custom trading fees based on transaction volumes, but it requires a subscription fee of $100 per month.
Leverage options are available up to 5x, allowing traders to control larger positions with a smaller amount of capital. However, this increased leverage also comes with heightened risk, as potential losses can be magnified.
The broker does not provide detailed information regarding its demo account policy or whether it offers an Islamic account option, which may be a consideration for some traders.
6. Fund Management
Bitworld supports a range of deposit methods, including bank transfers, credit/debit cards, and cryptocurrency wallets. The minimum deposit requirement across different account types is generally set at $25, making it accessible for new traders. However, the minimum withdrawal amount is set at $20, which may pose challenges for those looking to withdraw smaller amounts.
Deposit processing times vary, with deposits made via bank transfers taking 1-3 business days, while transactions through credit/debit cards and cryptocurrency wallets are processed instantly. However, it is important to note that a 2% fee applies to deposits made via credit/debit cards, and a 1% fee is charged for withdrawals using these methods.
The lack of clarity regarding withdrawal methods and processing times may raise concerns for potential clients. The absence of detailed information about withdrawal fees and restrictions further complicates the decision-making process for traders considering Bitworld as their broker.
7. Customer Support and Educational Resources
Bitworld's customer support is limited to email communication, with no direct phone support or live chat options available. Clients can reach out to the support team at service@bitworldforex.com. The lack of diverse support channels may deter potential clients who prefer immediate assistance.
The broker does not provide comprehensive educational resources on its website, which could hinder the learning process for novice traders. While there are mentions of resources like Bitworld Academy and a blog, specific details on their content and accessibility are lacking.
Market analysis services, including daily updates and research reports, appear to be absent, which may impact traders' ability to make informed decisions. The limited educational offerings may pose challenges for new traders looking to enhance their skills and knowledge in the trading arena.
8. Regional Coverage and Restrictions
Bitworld primarily serves clients in the United Kingdom and potentially other regions, although specific details about its market presence are not extensively documented. The broker's website lacks clarity regarding its regional offices, which may raise questions about its operational footprint.
Notably, Bitworld does not accept clients from certain jurisdictions, particularly those with stringent regulatory frameworks. The specific countries or regions from which clients are restricted are not disclosed, creating uncertainty for potential clients considering the broker's services.
In summary, Bitworld presents itself as a forex broker with a focus on cryptocurrency trading, but it operates without clear regulatory oversight and lacks transparency in several key areas. Potential clients are advised to conduct thorough research and consider the risks associated with trading through an unregulated broker.
This guide aims to provide a comprehensive overview of the Bitworld broker, covering essential aspects of its operations, regulatory status, trading conditions, and customer support mechanisms. As always, prospective investors should exercise caution and due diligence when selecting a broker for their trading activities.
FX3776582438
Hong Kong
At the beginning, the withdrawal was promised, and later I was asked to pay tax, which was reduced from 30% to 10%. I still haven't received my money after I paid my taxes! Everyone keeps your eyes open
Exposure
2022-04-18