Bitrue is a cryptocurrency exchange that has been operating since 2018, offering services for buying, selling, and trading cryptocurrencies. While it has gained a certain degree of popularity in the crypto community, some people have raised concerns about its legitimacy, prompting a review of the platform.
Is Bitrue a Licensed Broker?
One of the main concerns about Bitrue is its regulatory status. The exchange is registered in Singapore and Taiwan, but it does not hold any licenses from financial regulatory bodies. This means that Bitrue is not subject to the same scrutiny and oversight as licensed brokers, which may make some traders hesitant to use the platform. Also, you cannot find any specific contact address on their website.
They just put some email addresses and the only way to contact them is to submit a request or throw an email. If they see any profit to reply, you will get the reply, otherwise is no response. This are the total content of their About Us page:
Why Should Not You Trust An Unlicensed Broker?
Using an unlicensed broker carries several risks. Firstly, the lack of regulation means that the broker may not have proper security measures in place to protect users’ funds and personal information. Secondly, unlicensed brokers may engage in fraudulent activities, such as manipulating prices or executing trades without the user’s consent, which can result in significant financial losses.
Can You Trust Bitrue?
While Bitrue is an unlicensed broker, it is recommended not to trust this broker. Also, recently they are accused of being hacked. That means their security system is also not good to protect clients’ money.
What Do Traders Think About Bitrue?
The opinions of traders regarding Bitrue are mixed. Some users have praised the exchange for its user-friendly interface and low fees, while others have reported issues with deposits, withdrawals, and customer support. Several users have also raised concerns about the lack of regulation and transparency on the platform.
Scammed By Bitrue? – Talk With An Expert
If you believe that you have been scammed by Bitrue or any other cryptocurrency exchange, it is essential to seek legal advice from an expert in the field. We can provide you with a free consultation and service recommendations to help you in recovering your lost funds.