WikiFX Review: Please stay away from BitForex

With the rise of the Internet, the foreign exchange market has leapt to become the most liquid and traded financial market in the world. With this, a large number of different kinds of foreign exchange transactions have emerged, so how should investors choose among the many Forex brokers？ This article takes BitForex as an example to analyze if this broker is trustworthy. If your broker has the following dangerous signs, please run away!

To get a better idea of BitForex, WikiFX first visit to its official website. BitForex claims to be one of the leading cryptocurrency exchanges in the world. By providing a wide range of trading products, which includes: spot trading, margin trading, and derivatives.And its headquartered in Hong Kong, registered in the Republic of Seychelles. First let's do some research and to see if he's as perfect as he says on the front page.

As it said, its headquartered in Hong Kong. WikiFX will of course go to the financial institution to verify that it is regulated by the CGSE –Chinese Gold&Silver Exchange, the most authoritative financial institution in HongKong.

BitForex also claimed to be registered and licensed by the Republic of Seychellesthe Republic of Seychelles, let's check.

We can see from figures above that the both of query results are quite negative -Your search returned no results. As a world-class forex brokerage to provide financial products and services worldwide, a license is a must!!! Inquiries by two financial institutions have shown that Bitforex is not as reliable as it claims. On the contrary, trading on this platform is very dangerous because you are not protected by the local financial institutions, you are unlikely to get your money back if things go wrong.

In addition, BitForex does not have trading software. The website doesnt even mention this basic cryptocurrency trading tool, and in the dashboard WikiFX only sees simple charts with current asset prices that have no trading functionality.This is a red flag, actually, as legit brokers will always allow customers to register, open a demo account and test the trading software before a deposit.

Finally, BitForx also offers cryptocurrency loans, which is a very dangerous sign. That's because once you get a loan from BitForx, you're saddled with a huge amount of interest. The terms clearly state that if a payment is late, you will be charged 3 times the hourly interest. If you do not repay after the overdue duration, we will liquidate your collateral to repay your loan.

Now let's search “BitForx” on WikiFX APP to find out more about this broker. WikiFX is an authoritative global inquiry platform providing basic information inquiry and regulatory license inquiry. WikiFX can evaluate the safety and reliability of more than 36,000 global forex brokers. WikiFX gives you a huge advantage while seeking the best forex brokers.

As you can see, based on information given on WikiFX (https://www.wikifx.com/en/dealer/1641565137.html), Broker BitForx has no valid regulatory license and the score is rather negative - only 1.38/10! WikiFX gives brokers a score from 0 to 10. The higher the score is, the more reliable the broker is.

In short, it's not wise to invest BitForex. Cryptocurrency transactions are completely irreversible which makes getting a chargeback impossible for the client. That is why investing with a company like BitForx is not a good idea – you would not be able to retrieve your money or track it down.

We recommend avoiding brokerage firms like BitForex and choosing a legitimate brokerage instead. WikiFX reminds you that forex scam is everywhere, you'd better check the broker's information and user reviews on WikiFX before investing. You can also expose forex scams on WikiFX. WikiFX will do everything in its power to help you and expose scams, warn others not to be scammed. In addition, scam victims are advised to seek help directly from the local police or a lawyer.

WikiFX keeps track of developments, providing instant updates on individual traders and helping investors avoid unscrupulous brokers. If you want to know whether a broker is safe or not, be sure to open WikiFXs official website (https://www.WikiFX.com/en) or download the WikiFX APP through this link (https://www.wikifx.com/en/download.html) to evaluate the safety and reliability of this broker!