Address: NA

Regulation: Unregulated

Warning about Bitchain: Financial Conduct Authority (United Kingdom) and Ontario Securities Commission (Ontario)

Bitchain is completely anonymous. There is no information on their website about their regulation, address, or contact number. These websites should be avoided at any cost where no information about the identity is given.

Bitchain Review 2023 – Is Bitchain a good Forex broker or a scam?

There may be a risk of scams in online trading like Forex trading, Cryptocurrency trading, Binary trading, and others. Some of the major online scams we heard about are Forex scamsCryptocurrency scams, Investment scams, Romance/Dating scams, Pet scams, Binary scams, etc. Scam brokers have a common way of fooling victims either. They either do it through cold calling, creating fake websites, or pop-up advertisements. Similarly, after investigating the Bitchain broker, we found multiple proofs of scam activities done by Bitchain. The idea is to warn brokers about the possible scam activities of Bitchain. Read a complete Bitchain review to know more about this broker.

Beware of Unregulated Broker

If you’re considering as a broker, be cautious. They only provide an email and phone number, but no information on their location or licensing. They boast about providing the best trading conditions, yet fail to provide any specific details. Reputable brokers usually display their license numbers in the footer of their website, but does not. This suggests they are not regulated, making them a risky choice. Unlicensed brokers operate without supervision, which means they can conduct business in any way they like. This lack of transparency can lead to unfair treatment of clients, making them an unreliable option.

FCA and OSC Warnings Against Unregulated Broker Bitchain 

Bitchain has been flagged by both the Financial Conduct Authority (FCA) and the Ontario Securities Commission (OSC) for providing financial services or products without proper authorization. Bitchain has made no effort to provide details about its regulatory status, which is a clear warning sign of an unlicensed broker. Legitimate brokers typically display their accreditations and licenses prominently.

Investing with Bitchain is risky as there are no legal protections available to safeguard investors’ funds because the broker is not regulated by any governing body. It is undoubtedly a scam and should be avoided. The OSC has issued a warning against Bitchain, stating that the broker is not registered in Ontario to engage in the business of trading in securities.

Got scammed by Bitchain? File a Complaint against Bitchain for a recovery process

It is tough to recognize fake brokers at first glance, yet that is the place where we can help. If you want to invest in online trading, it is a good idea to look at the list of scam brokers 2023 and avoid the brokers present on the list. This will help you in safe trading and also keep your investments safe with the right broker.

All Scam Reports have a team of experts who work to get your money back from scammers. We have broad involvement in chargebacks, forex scam recovery, crypto scam recovery, and the ability to manage a wide range of cases. All Scam Reports Team advises the user to avoid investing here, as we have found that the Bitchain broker is suspicious, and operating without any legal license. There has been proof of some suspicious activities similar to the signs mentioned in the Bitchain review.

So it can be concluded from this Bitchain review that this broker is a potential scam.

Investors should always remember that scammers don’t have any right to take away their funds in illegal ways and hence, it is their responsibility to fight for it and get it back from the scammers. All Scam Reports Team is here to help you out in this situation of fund recovery. All you need to do is to fill out a small complaint form, and we will be in touch with you shortly with a free consultation.

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