Bitky Forex Broker Review
To trade successfully on the Forex or any other market is to optimize your trading decisions and get rid of all the hasty plans. However, even that doesn’t mean that everything can go in a way you’ve planned them by just making rational decisions.
No less important undertaking is to choose a credible brokerage. If you make a reasonable position with decent size and backed with good technical analysis, everything can turn into ashes if your broker is a scam.
And unfortunately, scammers are everywhere on the web. But so are the reviews about them. These opinions from the actual users give us a clear idea of how dangerous the brokers can be. Therefore, traders should be very careful about them and make more conscious decisions.
On our part, our team at Forex News Now wants to make the decision-making process easier, that’s why we have compiled this Bitky review that talks about everything the broker offers. So, let’s not waste time anymore and go straight to the review.
Bitky is a relatively new brokerage that mainly operates in the crypto CFD trading field. Unfortunately, the broker doesn’t really specify the date of its establishment but based on its earliest appearance on the internet, the broker was created just a year ago, in 2019.
As noted above, the broker predominantly focuses on digital tradable assets, however, Bitky FX brokerage is also active for all the users registered on the platform. On top of that, the elite users can also trade stocks and commodities.
The first aspect of our brief overview is the website. We always review this section in terms of how simplistic the interface looks and how easy it is to find crucial information. Unfortunately, Bitky’s website doesn’t strike us as the most professional website ever. Its overcomplicated design renders the platform difficult to navigate.
As for the informative side, there are some aspects of it that are relatively decent, such as glossary and educational content. However, the thing that troubled us most is that there’s almost nothing on the website about various trading terms and conditions: no leverage ratios, no spreads, no payment methods…
When it comes to the account types, we must give Bitky a point because it offers five different account packages that have their own perks and advantages. But we still cannot get over the fact that the broker doesn’t disclose much to the users.
Trading software is a proprietary WebTrader that has its benefits, as well as shortcomings. We’ll discuss both of them in the main part of this review.
Next up, let’s talk about the license. And just as we expected, there’s nothing much to talk about as the broker still doesn’t say anything about where it was registered, where it operates from, or whether it has any kind of licensing material that guarantees its credibility. We’re starting to think that the Bitky scam is actually real.
On the one hand, Bitky boasts about its security features like negative account protection, “state-of-the-art” protection mechanisms of every account, and all sorts of things, however, the most important thing is omitted from the website – the license. For that reason, no user ever has a guarantee that the broker doesn’t drag them into a financial Ponzi scheme and steal their funds.
Trading terms and conditions
Finally, let’s discuss the trading terms and conditions offered to the users. As noted earlier, the broker doesn’t disclose an awful lot about leverage, spreads, or bonuses. The only place we found these words ever mentioned was in the Accounts section and Glossary, where Bitky only says that it has higher offerings for more elite customers.
When it comes to the payment platforms, we’re still greeted with the same lack of transparency. However, to give the devil its due, the broker does specify the minimum deposit requirements for each account type. Besides, being a crypto trading broker, Bitky withdrawals and deposits also support cryptocurrencies. Yet other than that, there’s nothing specific indicated on the website.
And that’s pretty much it for the feature-wise. In our experience, the Bitky Forex broker is one of the more concealed brokers that we’ve seen. And it goes without saying that hiding things doesn’t really speak highly of anyone, especially if it’s a broker.
A deeper analysis of the website
Now, let’s dive deeper into the platform and examine everything we’ve mentioned earlier more closely. The website, as we have already said, doesn’t really look that professional. The interface is filled with contrasty wallpapers and fancy, light-green fonts, which is a more suitable design choice for a gaming website, not a financial entity.
As far as thematic separation goes, there’s nothing fancy to be found on the website. The interface is divided into five sections: Platforms, Getting Started, Trading Info, About Us, and Legal. It’s not so much about the layout that is the problem as the contents of those sections. We were unable to find crucial information about what trading conditions look like on the platform, dealing the first severe blow to our Bitky opinion.
As for the account separation, Bitky has definitely thought of this aspect thoroughly. We found five different account packages in the Account Types section: Basic, Bronze, Gold, Platinum, and Diamond. These accounts are similar in many ways, for instance: they all offer platform introduction, negative equity protection, 24/6 support, etc. Yet they’re also different in lots of ways, such as webinars and seminars, technical and fundamental analysis offerings, tradable symbols, etc.
Besides, the minimum deposit requirements are also very different: Basic account requires a $250 deposit, Bronze – $5,000, Gold – $50,000, Platinum – $100,000, and Diamond – $500,000.
And when it comes to actually opening an account and start trading, the software you can use is the proprietary WebTrader, created by the broker itself. Now, there are some major advantages with this piece of software: it’s simplistic, doesn’t take much to operate, and offers various features like economic calendar, risk management, etc.
However, we nonetheless think that the software might actually be used for the Bitky fraud mechanism and here’s how: while other pieces of software like MetaTrader or cTrader are public and are in constant check from the user base, proprietary WebTrader is a lot less accessible in that way. For one thing, there’s not a huge user base that monitors ins and outs of the platform. Besides, the broker doesn’t even allow such transparency within the software.
All in all, we can safely say that the online/software experience on Bitky’s platform is mediocre with some exceptions.
Can Bitky be trusted with its license?
Next up, let’s talk about licensing. We always note that whenever people are trying to find a broker, they should first check its regulatory material and examine its credibility. That’s because the official licensing material is almost always a guarantee that the broker will have more restrictions in its financial activities.
When we were looking for a license on bitky.io, there was nothing to be found – not a single clue about any regulatory material. There are two possible scenarios here: one, that the broker has a license and doesn’t disclose it and two, that it doesn’t have any. Either way, our suspicions are reaching their climax, completely shattering our Bitky opinions and making us think the broker is actually a scam.
How is it like to trade with Bitky?
The final section of our review is trading terms and conditions. Due to our inability to find anything specific about leverage and spreads, not to mention Bitky bonus or anything fancy like that, we’re unable to review these offerings. The broker only mentions in the Diamond account package that leverage is a lot higher within it than in other accounts.
Next up, the minimum deposit requirement. As we’ve already mentioned above, Bitky’s Basic account has a requirement of $250 for the new clients. In our opinion, this amount of money is still a lot for the newcomers, even if we’re talking about crypto trading which, famously, is one of the most expensive trading markets.
But to actually make a deposit or withdraw money to your actual account, there’s no mention of how you can do that. Clearly, a crypto trading brokerage should support cryptocurrencies for deposits/withdrawals, yet there is no mention of other platforms such as credit/debit cards, bank wire, etc.
For this level of opaqueness, we think that the Bitky scam is the real possibility.
Can Bitky be trusted?
So, what did we learn today? We reviewed one of the more recent crypto CFD brokers, Bitky, and assessed its trading offerings.
First, we started off with its website and deduced that it looks and feels as amateurish as it can possibly get. The informative side is also underwhelming and we were unable to find some of the most crucial information about the broker. We also gave a credit to the broker for its diversified account packages, yet the trading software seemed quite sketchy and suspicious to us.
Then we moved to the license and found literally nothing. There’s no license or any government directive that restricts the broker’s financial activities, which, for us, is a clear sign for avoiding Bitky and all of its offerings.
Finally, we reviewed trading terms and conditions – at least what we were able to salvage from the website. The financial platforms are not specified, we only know that the users can make payments via cryptocurrencies.
Ultimately, our Bitky rating is 1 out of 5 and we don’t recommend this broker to any of our readers!