The cryptocurrency trading services provider broker Bithoven is operational from Saint Vincent and the Grenadines. It claims to provide over 400 crypto coins for trading on a web trader trading platform. It also claims to provide trading without any fees or initial deposits and applies very few withdrawal commissions. Nevertheless, the broker Bithoven is not regulated cryptocurrency broker. In this Bithoven review, we will talk about all the claims of this broker and analyse its reality. Stay with us and understand this broker.
The official website of Bithoven looks futuristic but lacks critical information. From its presentation we can say that it only has a single standard account for all type of trading style. The broker claims to provide a MetaTrader trading platform. It also offers margin trading that enables traders to perform larger traders to earn huge profits. On the other hand, margin trading will cost traders a huge loss. We wanted to check provided MetaTrader trading platform but we could not download it. Instead, we were diverted to a web trader trading platform where we saw leverages of 1:20. The higher leverage level of 1:20 is very annoying considering the volatile nature of cryptocurrencies.
It also runs a referral program to acquire more and more clients. It promises 20% commission on per trade by any recruits. It also claims to provide special services for VIP referrer but details of it are unknown. There are promotional offers as well. It also provides commission-free transfer of crypto coins. However, we all know that the brokers operational from Saint Vincent and the Grenadines does not follow any rules and are unregulated. Trading with such a regulator is not recommended. Traders funds in the possession of an unknown broker is very dangerous.
Is Bithoven scam or legit?
The broker Bithoven is recently active in the cryptocurrency trading markets. It is an anonymous broker and operates from the shady territory. It attracts its clients by providing false claims like the free exchange or referral program. Multi-level marketing is a Ponzi scheme. The broker also lies on MetaTrader and provides web trader trading platform. The leverages of 1:20 are very high for crypto coins. We certainly do not know the spreads available on the live account. Fiat currencies are not acceptable. All this is sufficient to call Bithoven a potential scam cryptocurrency broker.