These days, a lot of people are feeling apprehensive about choosing a broker because they have read the countless stories of scam and fraudulent platforms. You don’t want to lose your hard-earned money or become a victim, but it is easier said than done. For the most part, these brokerages are very good at presenting themselves as legitimate and authentic platforms and even a little bit of negligence on your part can lead you straight into the trap. So, how do you stay safe? Reading through this Bitawave review is one way to go about it.
Bitawave is one of the brokers you will find when you check out the options at your disposal and even though the website appears to be put together well enough, you still need to pay close attention to their offerings. Doing so will help you in learning the truth about them, which affects your decision at the end of the day. How? Let’s check their offerings first:
False regulation and licensing claims
The regulation and licensing of a broker is a clear indication of their authenticity and most people who don’t know better will be impressed with what they find at Bitawave. As per its website, the brokerage is owned and operated by a company named Bitawave Global Limited, which is regulated and authorized by the Cyprus Securities and Exchange Commission (CySEC). This is one of the most renowned regulators in Europe and a license from them means that Bitawave can offer its services throughout the European Union.
This begs the question that if Bitawave is truly licensed by the CySEC, then why has the Commissione Nazionale per le Società e la Borsa (CONSOB), which is the regulator in Italy, issued a warning about it. Bitawave has been blacklisted in Italy because it is offering its services to Italian investors without authorization and that is only applicable if it doesn’t have a CySEC regulation.
Moreover, it is also worth noting that Bitawave appears to be operating from the United Kingdom, which would require a license from the FCA (Financial Conduct Authority), which it doesn’t have. In addition, it also breaches the FCA policy about offering trading bonuses, which means it is not a legitimate company.
No Terms and Conditions
To make matters worse after Bitawave’s lies about regulation, you will discover that they have not mentioned any Terms and Conditions on their website. This is a major red flag because every authentic broker would provide these legal documents, as they highlight the policies they follow and the conditions they offer. Every client would want to check these before signing up because they want to know what they are agreeing to. Hence, lack of such vital information indicates that Bitawave is not a genuine company.
Worst trading platform
The problems only get worse as you continue checking Bitawave’s offerings, as you will discover that they are offering one of the worst trading platforms in the market. The industry standard MT4 and the MT5 trading platforms are known for their powerful tools and advanced technology that allows them to offer automated trading and other features.
Most authentic and professional brokers offer these trading solutions to their clients, yet you will find no such option at Bitawave. In fact, what they have offered is one of the worst platforms in the market because it has a very basic interface and doesn’t have any such features that can be helpful for traders. The platform is also very slow and lags, which means your performance will suffer drastically.
Along with these major flaws in Bitawave, you will find that they are offering an absurd leverage ratio to their clients, which is 578:3. This results in a leverage of 129.9:1 and this doesn’t really make any sense. Obviously, it is only trying to confuse its clients, which is not something a genuine and legitimate platform would ever do.