Bilitex Review – Learn the Truth about this Broker

Bilitex Review

Unless you have been living under a rock for the last decade or so, you have heard of the phenomenon of cryptocurrencies. These digital currencies may have had a slow start, but they have picked up in the past few years and are now considered a major trend.

Their volatility has helped many in making massive returns, thereby increasing the demand for online brokers to help people access the market. You will come across plenty of them offering you top-notch trading services, but this Bilitex review shows that not everything is what it appears to be.

The crypto market is undoubtedly lucrative, but not only for investors. It has also become attractive for scammers and criminals because most people do not have an in-depth understanding of the market due to its complexity and evolving nature.

This gives them the perfect opportunity to exploit them and the eagerness they show to get started. Hence, you will read about a ton of crypto-related scams happening in the market and this should immediately put you on alert.

As appealing as the influx of crypto brokers is, it should also be a warning sign because not all of them are telling you the truth about their intentions. Many of these are scammers looking to pocket your money and your goal is to ensure they do not succeed.

How can you do that? You can accomplish this goal by doing your research into a brokerage to ensure you know the truth about it. Scammers are going to do their best to hide their true nature, so you need to look closely to see if everything is as they present it.

One of the crypto brokerages that you will find in the market is Bilitex that is offering you advanced trading, lightning fast execution and access to some of the top cryptocurrencies in the market. Anyone who wants to jump on the crypto bandwagon would find the company appealing, but is Bilitex telling you the truth? You can find out below:

Licensing and regulation

Nothing will tell you the truth about an online broker than its licensing and regulation. This is issued by the financial authorities in the region where the company is based. You can check their online register to ensure that the broker you are looking at has the appropriate license and then open an account with it.

Regulated brokerages are monitored by the authorities, which can give peace of mind to their users because they know they will be protected in case of a problem.

So, where does Bilitex come in? A look at its website shows that it is owned and operated by a company named Bilitex.com Finance LLP, which boasts about being registered in the United States and operating in accordance with its laws.

This is just a claim until you verify it and this can be done by checking the online registers of two regulatory bodies in the US that oversee forex brokerages; the Commodity Futures Trading Commission (CFTC) and the National Futures Association (NFA).

But, when you do actually follow up and check these two regulatory bodies’ registers for Bilitex, you will be left disappointed because it is nowhere to be found.

This makes it evident that the company is lying about where it is based and such a platform cannot be trusted at all. Most importantly, this means that you are dealing with an anonymous brokerage because it is clearly not licensed and you do not know where it is based.

Trading platform

In order to execute your trades, you will need to use a trading platform and this is one of the key offerings of an online broker. Every company provides you a platform, but which one they offer is at their discretion.

There are a variety of them that can be found in the markets and each come with their own features and tools, which can shape your trading experience. When you are going through the offerings at Bilitex, you will find that it promises an advanced trading platform.

It is understood that you want an innovative and powerful trading platform because that means a smooth and profitable trading experience, but when you actually look at the platform that Bilitex offers, you will not find it to be anything worth noting.

It is an oversimplified web trading platform that countless shady and scam brokers also offer and has only the basic tools that cannot help you in the long run.

Bear in mind that all legitimate brokerages offer their clients a good and professional platform like the MT5.

Trading conditions

The trading conditions that you are given by an online broker can determine the profits you can make via trading at the end of the day.

Therefore, they should always be relevant when you are looking for a broker to open an account with. You will discover that Bilitex is offering you high leverage ratios that can go up to 1:100. These levels can impress many traders, but you should be worried.

Why? First off, it is confirmation that Bilitex is not operating from the US because the regulatory authorities there have limited leverage ratios to 1:50 for retail traders. But, the broker is clearly breaking the rules here. Secondly, such ratios are downright dangerous and show that Bilitex does not have your best interests at heart.

Payment methods

The payment methods are essential because you want the option of getting a refund in case of any issues. But, you will come to know that Bilitex has made that impossible since it is offering just one payment method; cryptocurrencies.

It wants you to deposit your money in bitcoins, or other crypto tokens, which means the payments are final and cannot be reversed.

There is no option of a chargeback when you use crypto to make your payments and they are also anonymous, which works in favor of shady and scam brokers like Bilitex.

The Truth

Once you have taken a close look at Bilitex, you can determine that the broker is a scam and can offer you nothing good.