Bitforex Trade/ Bitforextrade Review

When choosing where to trade cryptocurrency, safety and reliability are very important. Bitforex Trade (often confused with Bitforextrade) is a platform that many people consider using. But, you should ask: Is Bitforex Trade safe, or is it a scam? The best way to avoid forex scams is to spot them early. Before opening an account with any online broker, check if the broker is regulated by legitimate authorities. In this review, we’ll help you understand whether Bitforex Trade is a safe option or a scam for your investments.

🏢 Headquarters	United States
🗺️ Company Name	BitforexTrade
🗺️ Company Address	NA
🗺️ Website	https://bitforextrade.live/
🗺️ Contact	info@bitforextrade.live
💻 Regulatory Status:	No Regulation
🗺️ Type of License	No license
💰 Should I trade with it	No (We don’t recommend)
⭐ Scope of Business	Suspicious

What is Bitforex Trade / Bitforextrade?

BitForex is a cryptocurrency exchange. It lets people trade different cryptocurrencies and offers other financial services like loans. Some people say BitForex cheated. They think BitForex lied about how much people were trading on its platform. In January 2024, BitForex said it had traded over $4.2 billion. But some people investigated and found something fishy. The CEO, Jason Luo, left suddenly in January 2024.

Later, it seemed like BitForex stopped working. People couldn’t take out their money. BitForex’s website and social media accounts stopped working too. People think BitForex did this on purpose to run away with people’s money.

Is Bitforex Trade / Bitforextrade safe?

Bitforextrade isn’t regulated in the UK. The UK’s financial watchdog, the Financial Conduct Authority (FCA), issued a warning about it. Bitforextrade, claimed to be a US-based broker, isn’t registered with the National Futures Association (NFA), another red flag. They promise big returns and guaranteed profits, which is suspicious. Bitforextrade lacks proper regulation, making it risky. Despite displaying a certificate from the Companies House (CH), it doesn’t authorize financial activities.

The FCA’s warning indicates Bitforextrade’s unauthorized status. Dealing with it could lead to fraud or identity theft since it’s not regulated. It’s safer to choose a regulated broker.

FAQs

Is Bitforex Trade safe to use for cryptocurrency trading?

Bitforextrade lacks proper regulation and isn’t authorized by financial watchdogs like the FCA or NFA, raising safety concerns for users.

What is the risk of trading with Bitforex Trade?

Bitforextrade promises significant returns and guaranteed profits without proper regulation, posing a risk of potential fraud or identity theft for investors.

Why should I avoid Bitforex Trade?

Bitforextrade’s lack of regulation and warnings from financial authorities like the FCA make it safer to choose a regulated broker to avoid potential scams or financial losses.