Introduction to Bitengecko Review:
Bitengecko advertises itself to be a cryptocurrency trading firm that also offers various other tradable assets such as forex, commodities, stocks, indices, etc. This brokerage firm had not revealed much of the information on their homepage which left us no option but to create an account to investigate further. Bitengecko assures a safe environment for their customers to trade freely. However, none of their claims are true as we will see in this review. Read on to know more about Bitengecko in this Bitengecko review.
Debunking the claims:
In this section of the review, we will be specifically addressing the red flags hoisted by Bitengecko. We will also be providing explanations on why you should not be trading with firms such as Bitengecko in this Bitengecko review.
Address and Regulations:
In their defense, Bitengecko claims to be a legit brokerage firm with addresses of offices in Switzerland and Ireland. However, all of this is a complete lie. Bitengecko is a fraudulent broker and does not have any office in the claimed areas. Bitengecko is UNREGULATED. Moreover, the Belgium regulator FSMA has even blacklisted Bitengecko and warned their citizens to stay away from this scam broker. You must never trade with a brokerage firm that does not have a license from any of the leading regulators around the world such as the Financial Conduct Authority of the UK or the FCA, The Australian Securities, and Investment Commission of Australia, or the ASIC, etc.
Trading Software:
Bitengecko does not use the famous trading software that is widely used by the regulated brokerage firms such as the Meta Trader 4 or the MT4 and Meta Trader 5 or the MT5. Instead, Bitengecko uses its own trading platform and advertises it as the best platform available. Upon checking this so-called leading trading platform, we found out that the platform lacks various new-age tools that are necessary for trading. It also takes a lot of time to load fully which is yet another drawback. This poses yet another red flag against Bitengecko in this Bitengecko review.
Minimum deposit:
The regulators advise against minimum deposits as it is unnecessary. Due to this reason, the regulated brokers demand a minimum deposit in the range of $5 to $10. However, in our case, Bitengecko demands a minimum deposit of $500. Clearly, it is much higher than what is demanded by the regulated brokerage firms. This poses yet another red flag against Bitengecko in this Bitengecko review.
Conclusion:
To sum up, all that has been said above, we leave the decision of whether Bitengecko is a scam or not upon our readers. If you are trading with Bitengecko or are thinking about it, be careful as Bitengecko is a potential scam. If you have been scammed by Bitengecko or any other scammer, do not worry. All you have to do is to file a complaint with us. Our experts will look into the complaint and get back to you at the earliest with the best solutions possible for fund recovery.
You can also visit our Facebook page
Have a look at the latest scam broker review – Fixedrateguru