Bitkrabs is a forex and CFD broker that claims to offer a wide range of trading products and services. However, there is a growing body of evidence that suggests that Bitkrabs is a scam.
Company Overview
Bitkrabs is a relatively new broker, according to their few previous clients. The company is registered in the Marshall Islands, but it does not have any other regulatory oversight.
Team
The Bitkrabs website lists a team of executives, but there is no way to verify their credentials. The company also claims to have offices in London and New York, but there is no evidence to support this claim.
Services or Products
Bitkrabs offers a variety of trading products, including forex, CFDs, and cryptocurrencies. The company also offers a variety of trading tools and educational resources.
However, there are a number of red flags about Bitkrabs’ trading products and services. For example, the company does not disclose its spreads or commissions. This makes it difficult to know how much you will actually pay to trade with Bitkrabs.
License and Regulations
Bitkrabs is not regulated by any major financial regulator. This is a major red flag, as it means that the company is not subject to any oversight or accountability.
Unregulated brokers are more likely to engage in fraudulent or unethical practices. They may also be more likely to disappear with your money.
Why Dealing With An Unlicensed Broker Is Risky?
There are a number of reasons why it is risky to deal with an unlicensed broker. Here are a few of the most important reasons:
- Unregulated brokers are more likely to engage in fraud.
- Unregulated brokers are more likely to disappear with your money.
- Unregulated brokers are not subject to any oversight or accountability.
- It is difficult to get your money back from an unlicensed broker if you are scammed.
Legal Warning Against Bitkrabs
The Financial Conduct Authority (FCA), the UK’s financial regulator, has issued a warning against Bitkrabs. The FCA has warned that Bitkrabs is not authorized to provide financial services in the UK.
The FCA’s warning is a further red flag about Bitkrabs. It suggests that the company is not legitimate and that you should avoid it.
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.
Client Feedback
There are a number of negative reviews about Bitkrabs online. These reviews allege that Bitkrabs is a scam and that the company has stolen money from its clients.
One reviewer said that they deposited $10,000 with Bitkrabs and then the company refused to let them withdraw their money. Another reviewer said that they were promised high returns on their investments, but Bitkrabs never delivered on its promises.
Feedback About Their Trading
The feedback about Bitkrabs’ trading is mixed. Some traders have reported that they have been able to make money with the company, while others have said that they have lost money.
It is important to note that there is no way to verify the authenticity of the feedback that is posted on Bitkrabs’ website. It is possible that the company is posting fake reviews in order to make itself look more legitimate.
Feedback About Their Customer Service
The feedback about Bitkrabs’ customer service is also mixed. Some traders have said that they have had good experiences with the company’s customer service team, while others have said that they have had difficulty getting in touch with the team.
It is important to note that customer service is often the first line of defense against fraud. If a broker has poor customer service, it is more likely that the company is a scam.
How Can “Reviews Advice” Help You If You Get Scammed?
Reviews Advice is a company that helps people who have been scammed by forex and CFD brokers. The company provides a variety of services, including:
- Free Consultation
- Access to premium educational resources and recovery service recommendations
- Providing emotional support
If you have been scammed by Bitkrabs or any other broker, Reviews Advice can help you get your money back.
Final Thought
Bitkrabs is a scam broker. The company is not regulated by any major financial regulator and there is a growing body of evidence that suggests that Bitkrabs is stealing money from its clients.
