Bitonext Review

Min. Deposit: $250
Max. Leverage: 1:600
Trading Platforms: WebTrader

Source: Bitonext

Many of us know the trading brokers that are old enough and have been serving for decades. But, this is the industry where news brokers are introduced every other day and the quality of service is well enough to meet the well-known brokerages. Bitonext is one of them. In this review article, we will be talking about Bitonext and discuss its legitimacy for sure.

Overview

Bitonext is a U.K based broker that is newly founded in 2016 and has been offering a wide range of asset classes to deal with. The broker offers forex, crypto, indices, shares, and commodities trading. However, the broker is not regulated; they have applied for the license, and the process is underway. Bitonext provides enough options to deposit and withdraw on your account. The minimum deposit requirement is 250$. If you are looking for commission-free trading, Bitonext is in the first row of brokers offering the same. The broker also offers various account types for every level of trader, and the spreads are as low as 0.0 pips. The broker does not have any third-party platform, but the proprietary web trading platform is equipped with tools and trading indicators. The broker promotes education while sharing the trading guides and helpful material for beginners. You can enjoy the facility of automated trading with the broker.

Source: Bitonext

Fee Structure

Bitonext has a very clear fee structure and does not have hidden charges. Here is the fees structure with Bitonext:

  • The broker does not charge any commission fees.
  • The spreads are variable and start from 1.0 pips on the Standard account and 0.0 pips on the Pro account.
  • There is no deposit and withdrawal fees.
  • The broker does not charge any account inactivity fees.
Source: Bitonext

Pros and Cons

Pros

  • No deposit and withdrawal fees.
  • No account inactivity fees.
  • Proprietary web trader.
  • Versatile account types for traders of a different class.
  • Various payment and withdrawal methods.
  • Safe broker.
  • Social trading is allowed.
  • PAM accounts.
  • Margin trading allowed.
  • No commission.

Cons

  • No MetaTrader platforms.
  • Some countries like U.S and Iran are not accepted.
  • Financial information is not public.
  • Not a regulated broker for now.
  • Not backed by a bank.
  • Financial information is not publically available.
  • No swap-free Islamic and demo accounts facility.

Safety

Bitonext is one of the safest brokers! When a trader finds out that a broker is not a regulated one, it raises serious concerns and security concerns in a trader’s mind. But it is not always the case as brokers are not regulated but have been operating worldwide with a good reputation like Bullgeko. We have a lot of clues to justify the genuineness of the broker. Here are a few of them:

The License is Under Way

First of all, the broker has already applied for the license and is under process. Soon it will be a regulated broker that enables the negative balance protection, and the trader’s funds will be kept in segregated accounts. The regulatory authority like FCA protects the consumers and cares for them to a certain level in case of any clash or bankruptcy of the broker. So, Bitonext is reliable in that case as it will be an officially regulated broker within 2022. No need to wait till then! Just open an account and start trading with the broker without any hesitation.

No Scam Witnessed till Date

A broker to do a scam does not work for so long and initially performs the fraudulent activity. We have verified numbers of accounts running with the broker, and the conduct is as good as that of any industry leader. We have conducted live experiments and taken various deposits and withdrawals from multiple accounts, and the result comes in complete success. Above all, till date, no scam has been witnessed, and all customer base responds positively to the broker’s conduct.

Verified Address in U.K

U.K is a country with strict laws and regulations for fraudulent activities. But anyone can write the U.K address on the website to win customers’ trust. But what if any broker has a verified address? Yes! The address of Bitonext is verified as we mail post letter to their address and it was delivered and responded in the right way. This is a positive gesture, and a trader can rely on this broker for this reason.

Safest Deposit/Withdrawal Methods

The broker offers wire transfers, debit/credit cards, e-wallets, and cryptocurrencies to fund and make withdrawals on the account. These payment methods are highly recommended and acceptable all over the globe. They are secure and have been used by the industry’s front liners for years. This reflects positive gestures towards Bitonext.

The offering of Margin Trading

By margin trading, the broker puts their own money at stake, a broker with fraudulent intentions will never do so. Bitonext offers leverage up to 1:600, which is on the higher side. So, you can trade with Bitonext without hesitation anymore and enjoy leveraged trading.

SSL Certified Website

The website the broker is running is very professional and SSL certified. This is not that big thing but it indicates the broker’s attitude towards security. The SSL certification keeps the website safe from hacks and malicious attacks. It protects the customer base as well.

Professional Customer Support

The broker offers 24/5 email support for all customers around the globe. We have practically used customer support and find it very professional. All queries were addressed on merit. The professionalism reflects the overall company’s norms, and hence you can rely on the broker being a beginner or a novice trader.

Source: Bitonext

Conclusion

Bitonext is a trusted broker based in U.K. You can enjoy commission-free trading and low spreads with the broker. Since the broker is not regulated, we still recommend opening an account with the broker as justified for several reasons. Soon, the broker will be regulated, adding more gems to the shoulder. On the downside, the broker doesn’t offer demo accounts and swap-free Islamic accounts, which is negligible.

FAQ’s

Does Bitonext offer social trading?

Bitonext offers the facility of copy trading by copying the trades of market leaders or top traders. The minimum deposit requirement for this is 100$.

Does Bitonext offer PAM account?

Yes, Bitonext also offers personal account managers (PAM) to handle your trading portfolio. It helps save your time and somehow ensures consistent growth.

Does Bitonext offer leverage trading?

Yes, you can enjoy the leverage of upto 1:600 with Bitonext.