When it comes to online trading, choosing a reliable and trustworthy broker is crucial. However, with the increasing number of scam brokers in the market, it is essential to do your research before investing your money with any broker. This review discusses BitZoom, an online broker that claims to offer trading services in cryptocurrencies, forex, and commodities.
Company Overview
| Broker Name | BitZoom |
| Website | https://tobitzoom.com/ |
| Location | Unspecified |
| Regulation | NFA, MSB |
| Warning | Multiple |
Team
BitZoom has not provided any information about its management, founders, or team members. The lack of transparency in this regard raises red flags and calls into question the legitimacy of the company.
Services and Products
BitZoom provides traders with a range of products and services that include CFDs on indices, forex, metals, and cryptocurrencies. The company claims to offer low spreads, leverage of up to 1:500, and the ability to trade on the MetaTrader 4 platform. Additionally, BitZoom claims to provide traders with access to educational resources, trading tools, and personalized account management services.
Trading Platform
This broker claims to offer a robust crypto exchange platform for traders. But, we did not find any example or demo for this platform.
License and Regulation
License Status
On the front page, they provided these two certifications. One is from NFA and another is from MSB.
Though, when we searched on NFA, we found that the license number is for another company Equinox Ltd. But we did not find any relation between these two companies.
Also, the Equinox company is not an NFA member, so it has no oversight from NFA.
Then we searched with MSB registration. Luckily, we found their registration under their own name, but please check the red-marked area.
MSB itself says this certification does not support the legitimacy or regulation of any organization.
Regulation Status
From the above images, we can clearly say that this broker is not regulated or licensed properly. Also, we tried to find other regulatory websites but did not find any regulations.
Why Should Not You Trust An Unlicensed Broker?
Selecting an unlicensed broker puts your funds at considerable risk since it means that they are not governed by any regulatory body. This leaves you vulnerable to various fraudulent activities and mismanagement of your trading account. Moreover, you do not have a recourse option if things start to go wrong with the broker.
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.
Legal Warnings Against BitZoom
Several regulatory bodies, including the UK Financial Conduct Authority (FCA), have issued legal warnings against BitZoom. The FCA warns that the broker is operating without necessary authorization and may be involved in fraudulent activities.
Client Feedback About BitZoom
About Their Trading
The broker claims to offer trading services in a range of financial instruments, including forex, metals, indices, and cryptocurrency markets. However, with an unlicensed brokerage, it is impossible to verify the accuracy of quotes and pricing offered by BitZoom, which may affect final earnings for traders.
About Their Customer Service
BitZoom claims to offer a 24/5 client support service. However, customers have reported that they are unresponsive and that it can take up to several days to receive a response from the broker. This is alarming, given that timely customer support can help resolve issues that may arise when using a trading platform.
How Can Reviewsadvice Help You If You Get Scammed?
If you get scammed by this broker, you can submit your case to us. We will evaluate your case and will provide you with a free consultation and service recommendations to help you in recovering the lost funds.
Final Thought
BitZoom is an unlicensed broker that operates under dubious jurisdiction, without regulatory oversight, and with a lack of transparency. We do not recommend BitZoom as a legitimate trading platform. Always exercise caution and verify the legitimacy of any broker before trading with them or investing money.
