With activities beginning in 2019, Bitky.io is a relatively young player in the FX and CFD market. Solar Ventures is their corporate parent. Dominica is the broker’s base of operations. Brokers typically decide to operate out of Dominica in order to escape stricter financial laws elsewhere. Although the broker hasn’t been in business long enough for a reliable consensus to develop, their overall offers don’t seem very compelling.
Is Bitky.io a Licensed Broker?
And as we predicted, there isn’t much to say as the broker continues to withhold information on its registration, base of operations, and possession of any license documents that would attest to its legitimacy. We’re beginning to suspect that the Bitky hoax is real.
On the one hand, Bitky brags about its security features, like negative account protection, “state-of-the-art” account protection procedures, and a variety of other things, but the license, which is the most crucial component, is absent from the website. This means that there is never a guarantee that a user won’t be drawn into a financial Ponzi scheme and have their money stolen by the broker.
Why Should Not You Trust an Unlicensed Broker?
When a broker is unregulated or is regulated by a body that is not in your country, you have little to no legal remedy if your money is stolen. If there is theft, complaints can only be filed if the broker has a license from the regulatory body in your country.
Beware of InstaForex scam with offshore entities. Furthermore, you should beware of Antrush scams.
Can Bitky.io Be Trusted?
We constantly advise clients to evaluate a broker’s regulatory documentation and trustworthiness anytime they are looking for a broker. This is so because the broker will almost always be subject to tighter limitations on its financial activity if the licence documentation is legitimate.
On bitky.io, where we were seeking for a license, we were unable to find anything—not even a single hint about any regulatory information. Here, there are two conceivable outcomes: either the broker has a license but doesn’t reveal it, or it doesn’t. In any case, our doubts are growing stronger, utterly upending our Bitky beliefs, and leading us to believe the broker is a fraud.
Warnings From Financial Regulators
Traders are enticed to invest in bitcoin markets in whatever way they can. Cryptocurrency CFDs are not a good way to invest, and the FCA warns against them. If a bitcoin CFD broker has your deposit, you may contact us right away to get your money back.
What Do Traders Think Of Bitky.io?
Following some study on several social media sites (Facebook, Twitter, Instagram), as well as online trade forums, a prevalent pattern arose in which people were disappointed with their Bitky experience. Based on this customer feedback, it looks that Bitky is a shady broker, and as a result, utmost caution should be exercised before investing through their brokerage platform.
Platform Offered by Bitky.io
MetaTrader 4 is not available at the broker. Instead, they provide traders with a web interface that has few relevant features. Furthermore, aspects such as their economic calendar are linked into the platform. Regardless, there is no reason to favor this platform over the industry-standard MetaTrader 4.
Country Serving by Bitky.io
Bitky is serving for UK, USA, Canada and Australia.
Bitky.io Range of Trading Markets
We are unable to analyze these deals because to our inability to locate anything precise concerning leverage and spreads, much alone a Bitky bonus or anything fancy like that. The broker simply cites leverage being much larger in the Diamond account bundle than in other accounts.
Minimum Deposit and Withdrawal Terms of Bitky.io
The minimum deposit required comes next. As previously stated, Bitky’s Basic account has a $250 deposit minimum for new clients. This amount of money, in our opinion, is still a lot for newbies, especially if we’re talking about crypto trading, which is famously one of the most costly trading sectors.
Because your assets are never secure with an unlicensed broker, you should file a withdrawal request as soon as possible. And this is when things become complicated.
If you try to withdraw your money, regardless of whether you have earnings or not, they will postpone the procedure for months. If they postpone it for six months, you will be unable to submit a chargeback and your money would be lost forever. You will NOT receive your money back, no matter how many times you remind them or insist on removing it. And if you signed the Managed Account Agreement, or MAA, which effectively gives them permission to do whatever they want with your money, they will lose it all.
Ways to Make a Deposit
There is no mentioned way of making a deposit.
Victim of Bitky.io Scam? Report Your Story To Us.
If you are a victim of Bitky scam, report your scam to us. Our expert team will analyze your case and will contact you to find the best solution to get the lost fund.