The world of online trading can be a lucrative business, but it is not without risks. There are many scam brokers out there, looking to take advantage of unsuspecting traders. One of these brokers is Bitfidu. In this article, we will review them and explore why you should avoid dealing with this broker.
Company Overview
Bitfidu is an online trading broker that offers its services to traders all over the world.
| Broker Name | Bitfidu |
| Website | https://bitfidu.com/ |
| Location | 264 George St, Sydney NSW 2000, Australia |
| Regulation | Not regulated by Australian Financial Authority |
| Warning | Multiple |
Team
The team behind Bitfidu is unknown, and there is no information available about the people who run the company. This lack of transparency is a red flag, as it is difficult to trust a company that does not provide any information about its team.
Services and Products
Bitfidu offers trading services for a range of assets, including forex, commodities, stocks, and cryptocurrencies. The company provides traders with access to a variety of trading tools, including charts, technical indicators, and market analysis. They claims to offer competitive spreads and fast execution speeds.
Trading Platforms
Bitfidu offers its clients access to the MetaTrader 4 (MT4) trading platform. MT4 is a popular trading platform that is widely used by traders around the world. The platform is user-friendly and offers a range of features that make it easy for traders to manage their trades.
But we did not get any glimpse of their platform or any demo account. This is clear that they are not actually providing MT4 as they promise.
License and Regulations
License Status
Bitfidu claims to be licensed and regulated by the financial authority in Australia AFCA. However, our investigation has revealed that they are not licensed or regulated by the AFCA. This means that the company is operating illegally in Australia
Regulation Status
We did not find any regulatory confirmation from any of the regulatory websites. We already showed that the AFCA also does not regulate them.
You also can go through our other scammer lists such as the SEC Blacklisted Companies, FCA Unauthorised Firms List, ASIC Blacklisted Companies, & Bank Guarantee/SBLC Review.
Why Dealing with Unlicensed Brokers Is Risky?
Dealing with unlicensed brokers is risky because these brokers are not subject to any regulatory oversight. This means that they can engage in fraudulent activities, such as manipulating prices, stealing funds, or refusing to pay out profits. If you deal with an unlicensed broker like Bitfidu, you are putting your money at risk.
Legal Warnings Against Bitfidu
Several financial regulators have issued warnings against them. The Australian Securities and Investments Commission (ASIC) has issued a warning advising traders to avoid dealing with them. The New Zealand Financial Markets Authority (FMA) has also issued a warning, stating that Bitfidu is not registered or licensed to provide financial services in New Zealand.
Client Feedback About Bitfidu
We have found several negative reviews of them from clients who have used the company’s services.Â
About Trading
Many clients have complained about the difficulty of withdrawing funds from their accounts. Some clients have also reported that Bitfidu engaged in fraudulent activities, such as manipulating prices and closing trades without their consent.
About Customer Service
They also have complained about their customer service. There is no customer service section or contact us section to get them in touch. After you signup, you will be contacted by them.
How Can Reviewsadvice Help You If You Get Scammed?
If you have been scammed by Bitfidu or any other unlicensed broker, you can seek help from Reviewsadvice. Please submit your case today and get a free consultation from us. We will also provide you with some recovery service recommendations to help you in recovering the lost fund.
Final Thoughts
Bitfidu is an unlicensed and unregulated broker that you should avoid dealing with. The company is operating illegally in the UK and has been the subject of several warnings from financial regulators. If you are looking for a reputable forex broker, we recommend that you choose a regulated and licensed broker.
