Warning Investors Bitrade-Market – Regarding registration of issuance, offer or sale of securities/derivatives, and reporting requirements. Found at www.bitrade-market.com is not registered in Ontario to engage in the business of trading in securities.
Introduction To Bitrade-Market:
Bitrade-Market is a website that claims to provide access to various cryptocurrency markets, such as Bitcoin, Ethereum, Litecoin, and Ripple. The website states that it has over 10 years of experience in the industry and that it offers low fees, high leverage, fast execution, and secure transactions. However, there is little information about the company behind Bitrade-Market, its location, or its legal status.
Regulation and Compliance Of Bitrade-Market:
According to the OSC, Bitrade-Market is not registered in Ontario to engage in the business of trading in securities. This means that Bitrade-Market is operating illegally and may not comply with the rules and regulations that protect investors and ensure fair and transparent markets. The OSC warns that investors who deal with unregistered platforms are exposed to various risks, such as losing their money, identity theft, or becoming victims of fraud or scams.
Customer Support Offered By Bitrade-Market:
The website of Bitrade-Market provides a contact form, an email address, and a phone number for customer support. However, there is no evidence that these channels are responsive or reliable. Moreover, there are no social media accounts or online forums where customers can interact with Bitrade-Market or other users. This raises doubts about the credibility and accountability of Bitrade-Market.
Customer Reviews Of Bitrade-Market:
There are very few customer reviews of Bitrade-Market available online. The ones that can be found are mostly negative and complain about issues such as withdrawal problems, hidden fees, poor customer service, or being scammed. Some customers claim that Bitrade-Market is a Ponzi scheme that uses fake testimonials and manipulated trading results to lure unsuspecting investors.
Measures To Avoid Fraud Brokerages:
To avoid falling prey to fraud brokerages like Bitrade-Market, investors should always do their due diligence before investing in any online platform. Some of the measures that can help investors protect themselves are:
– Checking the registration status of the platform with the relevant authorities in their jurisdiction.
– Reading the terms and conditions of the platform carefully and understanding the risks involved.
– Verifying the reputation and track record of the platform through independent sources such as online reviews, forums, or social media.
– Avoiding platforms that promise unrealistic returns, charge excessive fees, or pressure investors to deposit more money.
– Using secure payment methods and keeping records of all transactions.
– Reporting any suspicious or fraudulent activity to the authorities.
Conclusion:
Bitrade-Market is an unregistered and unregulated online platform that claims to offer cryptocurrency trading services. However, the OSC has warned that Bitrade-Market is not authorized to trade in securities in Ontario and may pose significant risks to investors. Therefore, investors should steer clear of Bitrade-Market and exercise caution when dealing with any online platform that offers similar services.
