Before Trading with Bitsquared, See if Bitsquared is the Right Broker in this Bitsquared review and Why It’s on Our Broker Alert List
Before you consider trading with Bitsquared, it’s important to evaluate whether this broker is the right choice for you. Bitsquared.com has been flagged on our broker alert list due to several red flags that suggest potential risks for traders. This comprehensive Bitsquared review will assist you in making an informed choice. For more information on the main issues with this broker, see the Bitsquared review.
Website: www.bitsquared.com
Website Availability: No
Official Address: NA
Regulation: Unregulated
Warned By: Ontario Securities Commission (Ontario)
Domain Status:
- Name BITSQUARED.COM
- Registry Domain ID 1866369649_DOMAIN_COM-VRSN
- Registered On 2014-07-10T18:40:00Z
- Expires On 2026-07-10T18:40:00Z
- Updated On 2023-04-24T13:49:18Z
Facts that Determine Bitsquared is a Fraudulent Broker
Bitsquared is suspected of operating as a fraudulent platform. Its website, www.bitsquared.com, is currently unavailable, raising concerns about its legitimacy. The platform lacks an official address and operates without regulatory oversight, making it untrustworthy for financial transactions. Furthermore, the Ontario Securities Commission has issued warnings against Bitsquared, urging users to exercise caution. Unregulated platforms often exploit users, making it essential to verify a company’s credentials before investing. Without transparency and legal compliance, Bitsquared appears to exhibit classic red flags of a potential scam. Individuals are advised to avoid engagement and report any suspicious activities linked to this entity.
Key Points to Consider When Deciding if a Broker is Reliable or a Scam
There are important considerations to make when reviewing any broker, including Bitsquared, to determine whether the broker is trustworthy or potentially fraud:
- Regulation and Licensing: One of the most important aspects of any reputable broker is their regulatory status. A trustworthy broker should be licensed by recognized financial authorities such as the Financial Conduct Authority (FCA), Australian Securities and Investments Commission (ASIC), or the U.S. Commodity Futures Trading Commission (CFTC). Without these licenses, there’s little oversight of the broker’s practices, which increases the risk of unfair practices and financial loss.
- Customer Reviews and Reputation: Reviews from existing or past users provide valuable insights into a broker’s reputation. However, you must ensure the reviews are authentic. Fraudulent brokers often generate fake reviews or manipulate user feedback to create a false image. If the reviews are overwhelmingly negative or too good to be true, they may not be genuine.
- Withdrawal Issues: A hallmark of fraudulent brokers is their difficulty or refusal to allow traders to withdraw funds. If you find it hard to get your money back, it could be an indication that the broker isn’t trustworthy. Always ensure you can easily withdraw your funds from a broker before deciding to trade.
- Clone Websites and False Claims: Scammers often create clone websites that closely resemble the legitimate broker’s website to mislead traders. Be cautious if you come across websites claiming to offer the same services without clear identification of their regulatory status.
- Hidden Fees or Charges: Fraudulent brokers may have unclear or hidden fee structures that make it difficult for traders to understand the cost of trading. A transparent and fair broker will provide clear details about any fees or charges before you make any commitments.
Claim a Refund from Bitsquared?
- Gather Evidence: Keep detailed records of all your communications with Bitsquared, including emails, chat logs, and screenshots of your account activity.
- Chargeback Process: If you made payments via credit card or other secure methods, you may be able to initiate a chargeback. A chargeback can reverse a payment, which may aid in retrieving your funds. Contact your bank immediately to start this process and inform them about the potential fraudulent activities of Bitsquared.com.
- File a Complaint with Authorities: If a chargeback doesn’t work or isn’t possible, your next option is to file a complaint with the relevant authorities. Regulatory bodies can often investigate and take action against brokers operating without proper licenses or engaging in fraudulent activities.
Why Bitsquared is Under Scrutiny – Broker Alert
Several issues have brought attention to Bitsquared, such as its lack of regulatory oversight, poor user experiences, and other issues raised by traders. You should be cautious when dealing with brokers who don’t provide enough details about their business operations or regulatory status.
At Fraud Complaints, we are dedicated to assisting individuals who have been misled by fraudulent brokers and other deceptive schemes. Our team of experts works to help victims and provide a free consultation.
Be aware of other potential schemes in the trading world, such as Forex Trading Scams, Cryptocurrency Scams, Pump and pump-and-dump tactics, Investment Deceptions, Fake Trading Platforms, Phishing Attacks, Binary Options Deceptions, and more. If you have fallen victim to any fraudulent schemes, including those related to Bitsquared, take action immediately to protect your funds.
If you have already fallen victim to Bitsquared fraud, take quick steps to recover your money. While the process can be tough, patience and completing the proper steps can improve your chances of receiving your money back from Bitsquared.com.
Check more about fraudulent brokers
Visit our Facebook Page
Visit Twitter
Note: The Bitsquared review is influenced by some existing Bitsquared reviews online and we have created an original Bitsquared review based on known facts. We are not responsible for any legal actions taken by any entity favoring Bitsquared.com company.