The cryptocurrency broker Bitcoinoie claims to be based in Bulgaria. It offers CFDs over varieties of cryptocurrencies. There is only one trading account that is provided that is labelled as Standard Account. Required minimum deposits are not mentioned anywhere on the domain. However, information about the maximum leverages and spreads provided are shown. Nonetheless, it is an unregulated broker that does not see to bother about transparency and clarity. We will discuss the available pros and cons of this broker in Bitcoinoie review.
The offered universal account has maximum leverages of up to 1:5 and spreads approximately $20 on BTCUSDT crypto pair. Advantages of Bitcoinoie are as follows. The broker deals with all the available crypto coins in the market. And this fact will be welcomed by many traders. The spreads we have shared with you previously are very tight. Right spreads are helpful to minimise actual trading cost. Many brokers provide spreads around 50 USD on BTCUSDT crypto pairs. The broker provides margin trading and leverages of 1:5 are offered; they are genuinely sufficient for crypto trade. Not high, not low.
Disadvantages of Bitcoinoie are as follows. The broker Bitcoinoie claims to operate by a scam company Solutions CM LTD situated in Bulgarian territory. Bulgarian brokers are entitled to have regulations via the local Financial Supervision Commission. Unfortunately, it is not. Furtheremore, we have come across several scam brokers that are operated by this same company. Other than that the broker’s website is completely uninformative. Such opaque brokers are treated as scam brokers. Highly anticipated and most downloaded trading platform MetaTrader is not facilitated by Bitcoinoie. It is yet another red flag. As trading without MT is like trading without sufficient knowledge. Also, it has many interesting features like EA, Charts, Indicators, Auto Trading Bots, Multiple AC Management Facility and more. All of these are helpful to provide knowledge of the current market situation. Also, broker confuse trader by saying it’s an exchange but in reality, it is a CFDs provider.
Is Bitcoinoie scam or legit?
The broker is operational from the offshore and does not operate with a valid licence. It has been blacklisted by several financial institutions. Required minimum deposits are unknown. MT is not supported and lacks much crucial information. Therefore it is a potential scam cryptocurrency broker. Avoiding it will be advised to be secure from scams.