BitWest Group boasts an impressive website presentation that highlights its operations positioning itself claims as the “leading global technology-enabled liquidity provider in financial products.” However, there is minimal information available about the owner or headquarters. The only relevant information is found in the Terms and Conditions, which refers to Saint Vincent and the Grenadines as the governing law. Read this complete BitWest Group review to know more about BitWest Group scam.
It is noteworthy that this country does not have an official regulator of Forex brokers, and the FSA strongly advises broker companies to obtain a license in the country of service before registering offshore.
Website – https://www.bitwest-group.pro/
Address – Saint Vincent and the Grenadines
Warning – Financial Conduct Authority (United Kingdom)
BitWest Group Review: Regulation
BitWest Group lack of regulation means that they cannot legally register their business in SVG, leading to a lack of information about the owner’s identity. It is clear that this company poses a significant financial risk to anyone who chooses to engage with it.
The UK FCA issued an official warning on May 19, 2023, regarding the BitWest Group broker. The regulatory body states that the company is not authorized to offer financial services to UK residents. Thus, it’s evident that the authorities share our concerns and believe that this investment firm is a fraudulent scheme. It’s highly recommended to avoid it at all costs.
Trading Platform
BitWest Group claims to provide web trader software as shady as the company itself, making it seem untrustworthy and suspicious. It’s highly recommended you avoid such platforms, as they’re not dependable and pose a significant risk of losing your hard-earned money.
Choose a reputable broker that offers industry-standard trading platforms like MetaTrader (MT) to ensure a secure trading experience.
BitWest Group Review: Trading Instruments
BitWest Group provides access to over 200 trading instruments across three main asset classes: Forex, Stocks, and Commodities. Additionally, they offer trading in Cryptocurrencies and Indices.
Deposit and Withdrawal Method
BitWest Group claims to provide seven different types of accounts including Basic, Bronze, Silver, Gold, Platinum, Diamond, and Black accounts. Each account has its own unique minimum deposit requirement that caters to a variety of financial preferences. The Basic account is the most accessible, with a minimum deposit of $250, while the Bronze account requires a more substantial deposit of $5,001. From there, the Silver account sets the minimum at $15,001 and the Gold account requires a minimum of $50,001.
The Platinum account requires a minimum deposit of $150,001, while the Diamond account has an even more impressive minimum deposit of half a million dollars. However, it’s important to note that bitwest-group.pro only accepts payment options such as Credit/Debit cards, Wire transfers, or SEPA transfers. Keep in mind that some may consider BitWest Group a shady broker.
BitWest Group Terms and Conditions have been reviewed and the discovery of a minimum withdrawal requirement of $50 has raised concerns. Reliable brokers in the industry usually do not impose such restrictions, making this an uncommon practice.
Leverage, Spreads, and Fees
It’s important to note that the platform does not fully disclose information regarding commissions and trading costs. Although the displayed 0.2 pips for the EUR/USD pair may seem reliable, it may not be entirely accurate once you’ve deposited funds. Furthermore, the platform does not disclose leverage, which means you’ll be unaware of the risks involved.
BitWest Group Review: Conclusion
After reading reviews and company policies, we must admit that we feel disheartened. It seems unlikely that we can withdraw funds at this point. Additionally, the presence of questionable clauses in the company’s agreement makes payouts even more difficult. The Refund Policy is empty, which means that you cannot receive any refunds under any circumstance. The company promotes debit/credit cards and bank transfers as payment options. However, given that everything so far has been sketchy, we cannot trust this either.
Have you been scammed by BitWest Group or any other fraudulent broker? Don’t worry – you can file a complaint against them and reclaim your lost funds. Simply fill out a complaint form on our website and our experts will provide you with a free consultation on the fund recovery process.
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Note: The BitWest Group review mentioned above is influenced by the existing web reviews of BitWest Group. It is important to clarify that we cannot be held responsible for any legal actions initiated by the BitWest Group company. For any inquiries or concerns, please reach out to us via email at admin@scamvictimshelp.com.