Bit&Coins Forex Broker provides real users with * positive reviews, * neutral reviews and 1 exposure review!
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Scammer alert! So this this 2 girls said that they are like consultan dan help us to gain profit by trading bitcoin. When we want to withdrawal, the customer service asked us "personal income tax" and stil we cant withdraw and asked more money for other reason. Beware!! They contact us from facebook and then communicate by Line
Summary: The Bit Coins brokerage has garnered significant scrutiny, with numerous sources labeling it as an unregulated and potentially fraudulent platform. Key concerns include the lack of transparency regarding its regulatory status and user complaints about withdrawal difficulties. Despite some positive aspects, the overall consensus leans heavily towards caution for potential investors.
Note: Its important to recognize that different entities may operate under similar names across various regions, which can lead to confusion. This review aims to provide a fair and accurate assessment based on available data.
| Category | Rating (out of 10) |
|---|---|
| Account Conditions | 2 |
| Tools and Resources | 3 |
| Customer Service and Support | 2 |
| Trading Setup | 3 |
| Trustworthiness | 1 |
| User Experience | 2 |
| Overall Score | 2.14 |
We derive our ratings based on user feedback, expert opinions, and factual data from multiple sources.
Bit Coins, operating under the domain bit-n-coins.com, has emerged as a contentious player in the online trading landscape. While the exact year of establishment remains unclear, it has been flagged as unregulated and potentially fraudulent by multiple review platforms. Notably, the brokerage claims to provide access to a variety of trading instruments, including forex, commodities, indices, and cryptocurrencies, but lacks the necessary regulatory oversight that ensures investor protection.
The platform reportedly operates a web-based trading interface, but users have raised concerns about its functionality and reliability. Furthermore, Bit Coins does not support widely recognized trading platforms like MetaTrader 4 or 5, which are standard in the industry.
Bit Coins claims to be regulated by the Global Financial Authority (GFA); however, investigations reveal that GFA is not a recognized regulatory body. This lack of legitimate oversight raises significant red flags regarding the safety of user funds and the overall credibility of the brokerage.
The platform offers various deposit methods, including credit cards and e-wallets, but specifics on supported currencies are vague. Users have reported difficulties in withdrawing funds, which is a common complaint among unregulated brokers.
The minimum deposit requirement to open an account with Bit Coins is reported to be $250. This threshold is relatively standard among brokers but raises concerns given the platform's lack of regulation and negative user feedback.
Bit Coins advertises various promotional bonuses, but these are often tied to stringent trading conditions that can complicate withdrawal processes. Users are advised to approach these offers with skepticism, as they may hinder access to funds.
The brokerage claims to offer a wide range of tradable assets, including forex pairs, commodities, indices, and cryptocurrencies. However, the actual availability of these assets is uncertain, and users have reported limited options, especially concerning cryptocurrencies.
Bit Coins has been criticized for its opaque fee structure, with reports of withdrawal fees and other hidden charges. The spreads are also said to be relatively high, which could significantly impact trading profitability.
The platform offers leverage up to 1:400, which can amplify both potential gains and losses. While high leverage can be attractive to traders, it also poses substantial risks, especially for inexperienced investors.
Bit Coins does not support popular trading platforms like MT4 or MT5, instead offering a proprietary web-based platform. This lack of familiarity may deter users accustomed to more established trading environments.
The platform does not clearly outline which regions are restricted from trading, but given its unregulated status, it is likely that it operates in a legal gray area, making it essential for potential users to conduct thorough research.
Customer service options are limited, with reports indicating poor responsiveness and support. This is a critical factor for traders who may require assistance, especially in a volatile market.
| Category | Rating (out of 10) |
|---|---|
| Account Conditions | 2 |
| Tools and Resources | 3 |
| Customer Service and Support | 2 |
| Trading Setup | 3 |
| Trustworthiness | 1 |
| User Experience | 2 |
| Overall Score | 2.14 |
The account conditions at Bit Coins are concerning, primarily due to the lack of transparency and regulatory oversight. Users have reported challenges with account management and withdrawal processes, leading to significant dissatisfaction.
While Bit Coins claims to provide various educational tools, the effectiveness and accessibility of these resources are questionable. Many users have noted that the platform lacks comprehensive guides and support for both novice and experienced traders.
Customer service is a significant pain point for Bit Coins users. Reports indicate that responses are slow, and support is often unhelpful, which can be detrimental, especially in the fast-paced trading environment.
The trading setup on Bit Coins is described as basic and lacking the functionality found in more established platforms. This can lead to a frustrating user experience, particularly for those accustomed to advanced trading tools.
Trustworthiness is perhaps the most critical issue for Bit Coins. With no legitimate regulatory backing and numerous reports of user complaints regarding withdrawals, it is advisable for potential investors to exercise extreme caution.
Overall, the user experience on Bit Coins is reported to be subpar, with many users expressing frustration over the platform's limitations and customer service issues.
In summary, the Bit Coins review indicates that potential users should approach this broker with caution due to its unregulated status and numerous negative user experiences. It is advisable to consider more reputable alternatives that offer better security, transparency, and customer support.
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