Bitcoincash is a cryptocurrency trading platform that claims to offer a variety of services, including spot trading, margin trading, and derivatives trading. However, there are a number of red flags that suggest that Bitcoincash is a scam.
Company Overview
The Bitcoincash website does not provide any information about the company’s team or management. This is a major red flag, as legitimate brokers are typically transparent about who they are and who is running the business.
The website also does not provide any information about the services or products that it offers. This is another red flag, as legitimate brokers are typically very clear about what they offer to their clients.
License and Regulations
Bitcoincash is not licensed or regulated by any financial regulatory authority. This is a major red flag, as trading with an unlicensed broker is very risky. Unlicensed brokers are not subject to any oversight, which means that they can operate with impunity.
Why Dealing With An Unlicensed Broker Is Risky?
There are a number of reasons why dealing with an unlicensed broker is risky. First, unlicensed brokers are not subject to any oversight, which means that they can operate with impunity. This means that they can engage in fraudulent or unethical practices, such as front-running orders or refusing to pay out withdrawals.
Second, unlicensed brokers are not required to keep client funds in segregated accounts. This means that your money is not protected if the broker goes bankrupt or disappears.
Third, unlicensed brokers are not required to comply with anti-money laundering regulations. This means that they could be used to launder money or finance criminal activities.
Legal Warning Against Bitcoincash
The Financial Conduct Authority (FCA), the UK’s financial regulator, has issued a warning against Bitcoincash. The FCA states that Bitcoincash is not authorized to provide financial services in the UK and that it is likely to be a scam.
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 Bitcoincash online. Some users have complained that they have been unable to withdraw their funds, while others have said that they have lost money trading on the platform.
Feedback About Their Trading
Users have complained that the trading platform is not user-friendly and that it is difficult to make trades. They have also said that the spreads are too high and that the fees are too expensive.
Feedback About Their Customer Service
Customer service is said to be non-existent. Users have complained that they have been unable to get in touch with customer support and that their tickets have gone unanswered.
How Can “Reviews Advice” Help You If You Get Scammed?
If you have been scammed by Bitcoincash, there are a few things you can do. First, you should report the scam to the FCA. You can also file a complaint with the Financial Ombudsman Service.
You can also try to get your money back through a chargeback with your bank. However, this may not be possible if you have already withdrawn your funds from Bitcoincash.
Finally, you can take legal action against Bitcoincash. However, this can be a long and expensive process.
As you see, they are a long process, you can contact us for a quick solution. You will get a free consultation and service recommendations to help you in recovering the lost funds.
Final Thought
Bitcoincash is a scam. If you are thinking about trading with this platform, we advise you to reconsider. There are many legitimate cryptocurrency trading platforms available, so there is no need to risk your money with Bitcoincash.
