Bitvancoin is a cryptocurrency broker that has been accused of being a scam. The company has no legitimate regulatory licenses and has been the subject of numerous complaints from customers who have lost money.
Company Overview
Bitvancoin claims to be a leading cryptocurrency broker that offers a variety of trading services, including spot trading, margin trading, and derivatives trading. The company also claims to offer a variety of educational resources and a dedicated customer support team.
However, there is no evidence to support these claims. Bitvancoin does not have a legitimate regulatory license and has been the subject of numerous complaints from customers who have lost money.
Team
The Bitvancoin website does not list any information about the company’s team. This is a red flag, as legitimate brokers are typically transparent about their team members.
Services or Products
Bitvancoin claims to offer a variety of trading services, including spot trading, margin trading, and derivatives trading. However, there is no evidence to support these claims. The company’s website does not have a trading platform or any educational resources.
License and Regulations
Bitvancoin is not regulated by any financial regulator. This is a major red flag, as it means that the company is not subject to any oversight or regulation. Unregulated brokers are more likely to engage in fraudulent activities.
Why Dealing With An Unlicensed Broker Is Risky
There are several reasons why it is risky to deal with an unlicensed broker. First, unlicensed brokers are not subject to any oversight or regulation. This means that they are more likely to engage in fraudulent activities, such as front-running, ghosting, and market manipulation.
Second, unlicensed brokers are not required to keep client funds in segregated accounts. This means that your money is not protected in the event that the broker goes bankrupt.
Third, unlicensed brokers are not required to provide dispute resolution mechanisms. This means that if you have a problem with your account, you may have no recourse.
Legal Warning Against Bitvancoin
The Financial Conduct Authority (FCA), the UK’s financial regulator, has issued a warning against Bitvancoin. The FCA warns that Bitvancoin 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 several reviews of Bitvancoin online. The reviews are overwhelmingly negative, with most customers complaining about losing money.
One customer says that they deposited $10,000 into their Bitvancoin account and then lost all of their money when the market crashed. Another customer says that they were unable to withdraw their money from Bitvancoin and that the company’s customer support team was unresponsive.
Feedback About Their Trading
The reviews of Bitvancoin’s trading services are also negative. Customers complain about the high spreads and commissions, as well as the lack of liquidity.
One customer says that they were unable to close a trade because of the high spreads. Another customer says that they lost money because of the lack of liquidity.
Feedback About Their Customer Service
The reviews of Bitvancoin’s customer service are also negative. Customers complain about the long wait times, the lack of responsiveness, and the unhelpfulness of the customer support representatives.
One customer says that they waited 2 hours to speak to a customer support representative. Another customer says that the customer support representative they spoke to was not able to help them with their problem.
How Can “Reviews Advice” Help You If You Get Scammed?
If you have been scammed by Bitvancoin or another unlicensed broker, Reviews Advice can help you get your money back. We have a team of experts who can help you get the proper guidance and the right recovery service recommendations to help you recover the lost funds.
Final Thought
Bitvancoin is a scam broker that should be avoided. If you are considering trading with Bitvancoin, we advise you to reconsider. There are many legitimate brokers out there that offer safe and secure trading services.
