Bitopps Review

Bitopps is a broker based in a foreign jurisdiction. It is not a secure place to store your funds.

Bitopps markets itself as a crypto currency platform that is designed for traders by traders. It offers CFDs for a selection of digital coins, including Bitcoin, Ethereum, Litecoin, Ripple and Dash, with leverage up to 1:10, which is quite significant due to the volatility of the crypto markets. Additionally, it provides tight spreads, generous trading bonuses, and six different account types.

The proposition could appear attractive, and yet you should be conscious that Bitopps is run by an unregulated, offshore firm, implying that they should not be trusted. For more insight regarding the scam, see the review that follows.

Is Bitopps a trustworthy platform?

It is not a good idea to trust a broker that does not have a valid license and is registered offshore, such as Bitopps. It is better to look at our list of trustworthy and authorized brokers that are certified in the European Union. The list can be found here.

It is clear that Bitopps is not a broker to inspire much trust, as evidenced by its registration offshore, in St. Vincent and the Grenadines. The owners are trying to avoid any regulation by providing an unverifiable post box address. This does not lend any credibility to the broker.

This leads us to the issue of regulation. The local financial watchdogs in St. Vincent and the Grenadines are not particularly keen on the foreign exchange market, a trait that is also true for the authorities in the Marshal Islands, Dominica and other offshore locales.

Regulatory frameworks do exist in other offshore zones such as the British Virgin Islands and the Seychelles; however, they are quite relaxed and the local financial watchdogs lack the necessary capability to sufficiently monitor brokers that operate internationally.

The unreliability of offshore brokers is the cause of why they must not be trusted. The company that is supposedly in charge of Bitopps is identified as Rival Ltd.

Is it feasible to generate income with Bitopps?

It would not be advisable to count on profiting with a non-licensed offshore broker like Bitopps since there is no assurance that you’ll be able to withdraw any funds. We suggest that you take a look at our list of reliable brokers regulated in the UK instead.

To demonstrate what we are talking about, here are a few examples from the website’s Terms and Condition. Bitopps is offering trading bonuses, though they do not provide any details on their bonus policy.

In the beginning, giving trading bonuses is a heavily debated matter and is forbidden on regulated markets such as the EU, Australia, and the UK. The rationale behind this is straightforward – trading bonuses are never equitable to traders and always come with certain conditions, such as a minimum trade volume requirement, which stops you from withdrawing any money. Moreover, Bitopps does not even reveal what their minimum deposit requirement is.

The Terms and Conditions of Bitopps state that by signing up for their platform and trading, you acknowledge that you understand all the risks associated with it, such as potential losses, delayed withdrawal of funds, and loss of profits. Let’s take a look at them:

In other words, it is possible for a withdrawal of funds to be postponed for an extended period of time, which may cause a loss of personal investments and profits. This is not a situation any of us should be willing to accept. We strongly believe that this ought to be rectified.

What is the lowest quantity of funds that must be placed in a Bitopps account?

The minimum deposit at Bitopps is reportedly only 250 EUR, however, as this broker is not regulated, we suggest checking out our list of brokers offering micro accounts as an alternative.

Aside from the Basic account, it is required that the Bronze, Silver, Gold, and Platinum accounts of Bitopps possess a deposit of 10 001 USD, 25 001 USD, 50 001 USD, and 100 001 USD respectively. There is also a Black Account, however no further details are provided.

What advantages does Bitopps provide?

Bitopps’ platform offers a maximum leverage of 1:10, however, given its anonymous and likely fraudulent nature, we recommend exploring our list of brokers offering 1:500 leverage as an alternative.

At Bitopps, what trading platforms can be accessed?

To make sure you’re dealing with a legitimate MetaTrader4 broker, please have a look at Bitopps’ web based platform in the screenshot below and check out our list here. This is to avoid any offshore scam.

What sort of payment methods can be used when making purchases at Bitopps?

Major credit cards such as VISA and MasterCard are accepted by Bitopps, however, due to their dubious reliability, it is advised to also take a look at our directory of brokers who accept credit cards, which can be located here.