Is BitPayPro Legit or Scam?
The overwhelming evidence points towards BitPayPro being a scam broker. Here are the red flags:
- Falsified Licenses and Fake Regulation: BitPayPro claims to be licensed by various regulatory bodies, but these claims are demonstrably false. They’ve been blacklisted by multiple regulators for their fraudulent behavior.
- 1-Star Ratings and Limited Reviews: While the low rating is telling, the small number of reviews suggests many victims may not be aware they can share their experiences.
- Deceptive Tactics: BitPayPro uses boiler room tactics and referral programs to pressure people into depositing funds, which are unlikely to be recovered.
- Newly Launched Website: Despite claiming to be established in 2000, a simple search reveals their website was launched in mid-2023.
- Non-Functional Platform and Hidden Information: The BitPayPro website is riddled with broken pages, lacks a functional demo account, and obscures crucial details like trading instruments, costs, and withdrawal methods.
Company Overview
Broker status: | Unregulated Scam Broker |
Regulated by: | No Regulation |
Operating Status: | Active Forex Trading Scam |
Known Websites: | bitpaypro.net |
Blacklisted as a Scam by: | FCA, CONSOB, CMVM, IOSCO |
Owner: | Bitpaypro Limited |
Headquarters Country: | US (alleged) |
Foundation Year: | 2023 |
Online Trading Platforms: | None |
Mobile Trading: | No |
Minimum Deposit: | £100 |
Deposit Bonus: | No |
CFD Trading Option: | Available |
Crypto Asset Trading: | Yes – Bitcoin, Ethereum, Litecoin, Cardano |
Available Trading Instruments: | Forex, Cryptocurrencies, CFDs (alleged) |
Maximum Leverage: | N/A |
Islamic Account: | No |
Free Demo Account: | No |
Accepts US clients: | US clients are accepted |
Services or Products
BitPayPro claims to offer Forex and CFD trading, but the specific instruments are not disclosed on their website.
If you have lost money to companies like LexaTrade, or Tixee; please report it to us on our report a scam form.
Trading Platform & Leverages
No information is available regarding the trading platform, leverage options, or trading conditions.
Spreads and Cost of Trading
BitPayPro conceals all details about spreads, commissions, fees, and other associated costs, making it impossible to assess trading expenses accurately.
License and Regulations
BitPayPro is not regulated by any legitimate financial authority. Their claims of being licensed are demonstrably false, and they have been blacklisted by multiple regulators for fraudulent activities.
Legal Warning Against BitPayPro
Several financial regulators have issued warnings against BitPayPro, highlighting their illegal and deceptive practices.
Deposit and Withdrawal Methods
BitPayPro is opaque about deposit and withdrawal methods. Their “Buy Crypto” section is non-functional, suggesting they might handle deposits directly through agents, similar to other known scams.
BitPayPro Pros and Cons
Pros | Cons |
None Identified | Unregulated broker |
None Identified | False regulatory claims |
None Identified | Deceptive marketing tactics |
None Identified | Non-functional website |
None Identified | Hidden fees and costs |
Why Dealing With An Unlicensed Broker Is Risky
Unlicensed brokers operate outside the legal framework and are not subject to the same oversight and accountability as regulated firms. This lack of regulation exposes you to significant risks, including:
- Loss of funds: There’s no guarantee your money is safe, and you may have no way to recover it if the broker goes bankrupt or disappears.
- Manipulation: Unlicensed brokers can manipulate prices and trading conditions in their favor, making it difficult to make profitable trades.
- No legal recourse: If you encounter problems with the broker, you’ll have limited options to seek compensation or resolve disputes.
Client Feedback
Client reviews on platforms like Trustpilot are overwhelmingly negative, with users reporting difficulties withdrawing funds and suspecting fraudulent activities.
How Can “ReviewsAdvice” Help You If You Get Scammed?
While “ReviewsAdvice” cannot directly help recover lost funds, they can offer guidance and resources, including:
- Reporting the scam to relevant authorities.
- Seeking legal advice to explore potential options for recovery.
- Sharing your experience to warn others and prevent future scams.
We will provide you recovery service recommendations, which will help you in recovering the lost funds or you can report to us today by the below form.
Get Your Money Back from Scammers.
Final Thought
BitPayPro exhibits all the hallmarks of a scam broker. Their deceptive practices, lack of transparency, and blacklisted status by multiple regulators should serve as a strong deterrent from ever considering them.
If you’re considering investing in online trading, always thoroughly research and verify the legitimacy of any broker before committing your funds. Choose a broker that is regulated by a reputable financial authority and offers clear and transparent trading conditions.
