Bitfargo is a cryptocurrency-focused offshore broker. Offshore brokers and crypto-focused brokers are both notorious for one thing and one thing only: they are generally frauds. Rest assured, Bitfargo exhibits all of the typical warning indicators of a fraud. It is not licensed in any way, and its Terms and Conditions are rather hostile. Furthermore, the broker’s trading software is mediocre, and its trading conditions are mediocre – so even if it weren’t so dodgy, dealing with Bitfargo would be a bad decision.
Is BitFargo a Licensed Broker?
No, we believe that a “legitimate” broker is one who has a license granted by a regulatory agency, and Bitfargo is not one of them. The firm is registered in St. Vincent and the Grenadines, one of the worst offshore fraud havens in the world.
Bitfargo’s registered address is the infamous Suite 305, Griffith Corporate Centre, Beachmont, Kingstown. This location is well-known for the numerous fraudulent trading firms that have registered there. Bitfargo is handled by another well-known fraud firm, Wilfred Services Ltd., thus we see no reason for you to trust a company with so few credentials that are most likely part of a larger scam operation.
Why Should Not You Trust an Unlicensed Broker?
The offshore jurisdiction has no authority over its Forex markets. Indeed, it has issued a statement clarifying its approach, essentially telling traders that they are on their own.
This has made it extremely appealing to fraudsters, who swarm to the nation to set up shop. Of course, there is the issue of unregistered brokers unable to handle market volatility and failing – whether the firm is a scam or not, it has a high possibility of failing and taking your money with it!
Can BitFargo Be Trusted?
We were sure after reading BitFargo reviews that this trading organization is a well-known fraud. Even clients believe that the firm produces all of the positive reviews since it is difficult for anyone who has ever been associated to mention anything nice.
Warnings From Financial Regulators
We researched the FCA and numerous Canadian agencies for BitFargo regulation because the broker is primarily engaged in Canada and the United Kingdom. As you may guess, we are still dissatisfied.
Given that the United Kingdom is one of the broker’s primary markets, it’s no surprise that the country’s regulatory authority was the first to issue an official warning.
The FCA declared BitFargo to be a dishonest broker without a license, which you should avoid at all costs based on several accusations.
Afterward, the Italian authority CONSOB published a similar message.
What Do Traders Think Of BitFargo?
After reviewing several online forums and social media reviews, we are pretty sure that there is not a single happy client exists from BitFargo. Though some positive reviews were found, it is confirmed that they are paid or fake.
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Platform Offered by BitFargo
Bitfargo provides both a web-based platform and desktop software. Both lack essential features that have nearly become synonymous with MetaTrader 4 and MetaTrader 5, such as pre-programmed Expert Advisors and the ability to construct your own trading bots and indicators using the MQL4/MQL5 languages.
The desktop software nearly reminded us of MT, and although it wasn’t horrible, it lacked a lot of features we would have liked to see. Furthermore, even fraudsters occasionally provide remote working platforms.
Country Serving by BitFargo
BitFargo mainly operates in the UK, Italy, and Germany. But we also received complaints from USA people too.
BitFargo Range of Trading Markets
Leverage was not mentioned on the website anywhere, but the platforms indicated that it was 1:200 and could not be changed. The legal limit in the EU and the UK is 1:30, which is far lower than that. We wouldn’t do business with organizations that offer high leverage if we were you. Although having 200 times the trading potential of what you would typically have on your own is tempting, high leverage is risky. Trading with such leverage has caused a lot of people to lose a lot of money quickly.
Minimum Deposit and Withdrawal Terms of BitFargo
Bitfargo states that the minimum deposit is $10,000, which is outrageous considering that most trustworthy Forex brokers only charge $10 for micro accounts.
On the website, we could make deposits and withdrawals using credit cards, wire transfers, and several e-wallets. On the site, however, we discovered that it is far simpler to deposit directly to the broker’s Bitcoin wallet than any other transaction option, which needed a lot more information and direct interaction with the business. When a broker encourages you to make a deposit in bitcoin, it’s clearly a bad indicator because such payments are irrevocable and you cannot request a chargeback.
Ways to Make a Deposit
Bitcoin and wire transfers are both accepted for deposits on Bitfargo. These techniques all share the fact that they are not subject to chargebacks, so use caution when utilizing them.
Victim of BitFargo Scam? Report Your Story To Us.
The most crucial thing right now is to maintain your sanity and not believe any “recovery agents” that offer to get your money back for a nominal charge. This is merely another trick that is occasionally carried out by the same con artists who stole your money in the first place.
Just send us a report. Simply contact us for a free consultation, and we’ll give you the correct advice and suggest the best recovery services to help you get your money back.