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CryptoBitUp Review: Steer Clear of This Scam Broker

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Dec 30, 2019
CryptoBitUp Broker Summary
  • Overall Rating
0.5

Summary

CryptoBitUp is not to be trusted and you should look for a different and more trustworthy broker for your trading needs.

CryptoBitUp Review

The choice of broker is an important decision in a trader’s life. Yes, you need to have skills, knowledge and experience to make big profits, but none of that will matter if you don’t sign up with the right broker. Why is that? This is because your experience or expertise cannot save you from a scam. Once you have invested your money, getting it back is almost next to impossible because scammers plan things very carefully. They close all avenues through which you could get your money back, which means you suffer a loss. Everyone wants to avoid this at all costs and the only way it can be done is to select the right broker.

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Doing so is not easy because scammers have gotten quite sophisticated over the years, but there are some red flags that can be immensely helpful. One of the brokers that appears to be legitimate, but is not is CryptoBitUp. They are a kind of new broker and have gained popularity because they are giving the option of investing in cryptocurrencies, which include cloud-hosted mining and trading. It claims to be one of the best virtual platforms that can be used for making money on forex, cryptocurrencies and CFDs. CryptoBitUp offers more than 200 cryptocurrency and fiat pairs, 30 commodities futures, 50 stock indices, 500 CFDs on shares sold on American, European and Asian markets, 20 bonds and 30 ETFs.

They claim to offer a web-based platform for trading, along with leverage as high as 1:1000. These are some big claims and can be confusing because you don’t know whether to trust the broker or not. The fact is that you shouldn’t let these claims confuse you because there are plenty of red flags when it comes to CryptoBitUp. Here are the warning signs:

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No legitimate license

World Invest Group LP owns CryptoBitUp, which is said to be based in the UK. But, if you take a close look, you will see that all payments of the broker have been processed by a company named Wi Group OU, a company that’s located in Estonia. Moreover, CryptoBitUp claims to be a properly authorized and regulated financial services provider, but this claim turned out to be a scam. How? Neither World Invest Group LP nor Wi Group OU have been licensed by any official financial regulator, which is something necessary if they want to invite investors and traders from regulated markets, such as the European Union.

However, if you check the registers of the Estonian Financial Supervision and Resolution Authority i.e. Finantsinspektsioon and the Financial Conduct Authority (FCA), you will not find either of the companies in there. It is a fact that Wi Group OU is the firm that processes payments on behalf of the other company i.e. World Invest Group LP. The former is registered with the Estonian Register of Economic Activities (REA) called the Majandustegevuse register.

Nevertheless, this is not good enough to take the place of a legitimate forex license that has been issued by one of the official financial regulators in the EU. This registration usually happens automatically and the company that’s being registered doesn’t have to be subjected to any regulations or rules. If that’s enough, it is even more worrisome that the Wi Group OU is not the main company behind CryptoBitUp. The company that owns this broker is World Invest Group LP, which means they should have a license by either the FCA in the UK or by the Cyprus Securities and Exchange Commission (CySEC) in the European Union, if they wish to operate in these areas.

If a broker is regulated by these organizations, they will have to maintain segregated accounts of their customers and will also be required to maintain some capital balance. Plus, they also have to offer balance protection to their clients, have to allow external audits and participate in a client compensation fund. The CryptoBitUp doesn’t have any of these features, which makes it a shady broker.

Vague trading bonuses

A welcome bonus is supposed to be a good thing and often attracts traders, but whenever such a promotion is offered, you need to exercise caution. Why? This is due to the fact that almost every trading bonus is eventually linked to minimum trade volume requirements, which is used as a pretext by scammers for cancelling your withdrawal requests. Therefore, regulated markets such as the European Union have prohibited the use of trading bonuses and the fact that CryptoBitUp is still doing it is another indication that it is not trustworthy.

Skrill not available as a payment method

When you check out CryptoBitUp’s homepage, you will notice the logos of a number of e-wallets, including Skrill. But, the truth is that the broker only accepts payments made via bank wire transfers, cash and Bitcoins. The fact that Skrill is not available in worth nothing because they have come up with an anti-scam policy according to which they only partner with brokers having a legitimate license. Since CryptoBitUp doesn’t have any, Skrill is not available as a payment method.

No demo account

Another red flag about the broker is that a demo account is not available, which is concerning because you cannot check the trading conditions offered by them.

No support for MetaTrader4

Some unproven and web-based platform is offered by CryptoBitUp instead of the MetaTrader. The problem is that their platform lacks most of the standard features that are available with the former. It doesn’t have the same number of charting tools, marketing indicators and other features and neither does it come with trading robots.

High minimum deposit requirements

In order to open an account with CryptoBitUp, you are required to deposit a minimum of $500, which is significantly higher than any of the other brokers out there. This is also worrisome because good brokers will never ask for this kind of deposit.

All these red flags indicate that CryptoBitUp is not to be trusted and you should look for a different broker for your trading.  

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