Bitonext Review – Is this a Reliable Brokerage?

Bitonext Review

One of the key ingredients in your online trading recipe is an online broker which gives you access to everything that is integral for trading in the financial markets. Therefore, it is understood that the choice of a broker can have long-term repercussions and is directly connected to your bottom line.

No matter how excited you are about trading online, you need to be cautious and prioritize choosing a reliable brokerage instead of a flashy one. Even a slight miscalculation can send you into a trap, as this Bitonext review will show.

Do you really want to start your online trading journey with losses? Everyone ventures into the world of online trading for making profits, so you should be willing to work for it. This means dedicating time to research different companies before you opt for one.

Bear in mind that the fraudulent and shady ones are going to use every tactic in the book to fool you. They set up a front of a legitimate broker and it is not easy to distinguish them at first glance.

You have to peel away the lawyers to identify flaws, if any and then decide what to make of the broker. Of course, no company will be perfect, but there are some indicators that show that a brokerage is completely unreliable and should not be trusted at all.

You only have to look closely to be able to find them and it can help you avoid disastrous consequences. This approach should be taken in the case of every broker you are considering, including Bitonext that claims to be a reliable broker.

It should be noted that each company will claim to be the utmost professional, transparent and reliable broker, but whether they are so or not is for you to determine. The same can be done in the case of Bitonext. Let’s get started.

License and regulation

When you want to determine the reliability and authenticity of a brokerage, it is best to begin with their licensing and regulation.

This involves checking out where they are based and then going through the online register of the regulatory body of the region to see if they are truly licensed or not. It will give you peace of mind to trade with a licensed and regulated brokerage because they have to maintain certain standards of services.

In addition, they also provide safety of funds, along with fair and transparent services, or else they can be held accountable.

You will find that most scam platforms are unlicensed and unregulated, which makes it even more important for you to opt for one that has been authorized to offer their services. Where does Bitonext come in? A look at their website shows that they are operating from the UK.

To be able to operate from the UK, a brokerage needs a license from the Financial Conduct Authority (FCA), which is one of the renowned regulatory authorities in the world. But, a look at their register does not give you the name of Bitonext and this means the brokerage is not licensed.

It will also become evident that Bitonext is not licensed by the FCA when you go through their offerings because it is offering bonuses that are against the rules of the regulatory framework of the UK.

Thus, either it is lying about where it is based, or Bitonext is operating illegally, none of which make it legitimate.

Terms and Conditions

Going through the terms and conditions of a brokerage is of the utmost importance before you open an account with them because these provide you with details of what to expect. Essentially, they outline the contract you sign with the brokerage, which include the costs you will be charged and the policies you will have to comply with.

It is best to go through them beforehand in order to know what to expect and to avoid any rude surprises. The problem is that when you try to do the same with Bitonext, you will be disappointed because their website does not have the Terms and Conditions available.

There is absolutely no legal documentation that can be found, whether it is T&Cs, or Client Agreement, or something similar. This means that when you sign up with Bitonext and they ask you to agree with their Terms and Conditions, you will be doing it blindly.

They can implement any policy, or charges, and you will not be able to do anything about it, since you have already agreed to everything.

Furthermore, you cannot know what bonus policy is applicable, as trading bonuses come with strings attached. It is why they have been banned in the UK and several other jurisdictions.

Yet, Bitonext is offering these bonuses, which are typically used for preventing people from making withdrawals, so they have turnover requirements, or a non-deposited funds clause involved. But, as there is no legal documentation available, there is no way to determine what Bitonext is going to demand.

Trading conditions

Checking the trading conditions of a broker is also vital because they will directly impact your profits. It is good that you do this with Bitonext because you will discover that their conditions are absolutely terrible. The spreads offered by the brokerage start at 2 pips for the EUR/USD pair, which is too high, as most brokers have spreads beginning from 1 pip.

Likewise, if you check out the leverage ratios that Bitonext offers, you can get further proof that the brokerage does not and cannot operate from the UK. The leverage ratios are as high as 1:200, which is excessive. Most regulatory authorities, including the FCA in the UK, have imposed a cap on the amount of leverage that can be offered to retail traders.

This is because leverage can be very risky and while it does have the ability to multiply your profits, it can do the same to your losses.

Ending Thoughts

None of these features and offerings make Bitonext a reliable broker, which shows that you should not be fooled by its appearance.