Bitcroyal24 – What Makes it a Scam Broker?

Bitcroyal24

The financial markets have always been filled to the brim with opportunities for people to make money. But, the only problem was that accessing them had never been as simple as it is today.

Thanks to the internet and technology, people can now trade in the market of their choice from the comfort of their home, or from anywhere else for that matter. Even barriers like hefty capital requirements and experience no longer exist. The only thing that does is that you still need services of a broker and this will bring you to the following Bitcroyal24 review.

Yes, you still need a broker, albeit an online one, to trade in the financial markets. This applies to any instrument you want to trade, including cryptocurrencies. These crypto assets have gained a lot of attention nowadays and their volatile nature makes them very profitable as well.

But, to tap into this market, you need the services of a broker, similar to other markets and this is where you have to be cautious. There is a great deal of money involved, which obviously means that criminals are not going to be far behind.

One of their favorite tactics is to offer you their brokerage services to get you to deposit your money and then walk away with them while you are left empty-handed. This phenomenon is not new in the financial markets, but it has become quite widespread in the crypto space in a short period of time. This is primarily because it is still relatively new and a lot of people jump on the bandwagon without having a clear understanding of how it works.

So, what does it all mean? To put it simply, you have to exercise caution if you do not want to lose your money. It is best to know what makes a brokerage a scam, so you do not fall into their trap. This is necessary in the case of Bitcroyal24 as well. As tempting as the brokerage may appear to be, it is certainly not legitimate and has indicators that point to it being a scam. What are they? You can find out below.

False regulation claims

The easiest way to check if you are dealing with an authentic company or not is to look at its regulatory status. Most reliable and professional brokerages are duly regulated and licensed by the authority in their respective jurisdiction. This is reassurance that they can offer you transparent and fair trading services, safety of funds and can also be held accountable.

A look at Bitcroyal24 shows that the company claims to be based in Australia, which is one of the world’s well-regulated jurisdictions. It states that it is registered in the country under GROUP PTY LTD. So, what should you do? You need to run a search for it in the online register of the Australian Securities and Investment Commission (ASIC). When you do so, you will certainly find such a company listed.

But, you should not stop here and verify everything. Doing so will show you that Bitcroyal24 is just misleading you because the contact data of the company listed in the online register and that on the website is completely different. The address is not the same at all and the other issues are that there is no email, or phone number on the Bitcroyal24 website. A legitimate company would be transparent and not operate like an anonymous entity.

Lack of decent trading platform

A great deal of your trading experience with an online broker will depend on the trading platform they have to offer to you. This is the software connecting you to the financial markets and the one you use for executing your trades, so it makes a big difference. You obviously want a cutting-edge platform that can offer you the right tools and technology for a smooth and hassle-free trading experience.

Unfortunately, what you will find at Bitcroyal24 is a primitive and oversimplified web trading platform that a number of low quality and shady companies tend to offer. Good ones will offer you one of the market-leading and renowned trading platforms like the MT4, or the MT5, but you will discover no such offering available here.

Absence of essential information

As mentioned earlier, one of the biggest features of a legitimate brokerage is that they are transparent about their offerings. They are open and clear about everything to avoid any miscommunication with their clients. Therefore, it is a sign of a scam when you discover that Bitcroyal24 does not share essential details like the trading conditions it has to offer.

These conditions are important because they directly affect your bottom line, so you do not want to sign up without knowing what kind of spreads you will be offered, any commission that you will charged, the leverage ratios, the account options and so on. No such information is shared by Bitcroyal24 and this is worrisome. Moreover, the minimum deposit they ask is around $400, which is considered high.

These days, online brokers let you open accounts for as low as $10 and even if they were to follow the average, it is around $200 to $250. But, Bitcroyal24 is asking for more, as is the practice of scammers.

Crypto payments only

If you need further confirmation that the brokerage you are dealing with is a scam, all you have to do is check out the payment methods that Bitcroyal24 is offering to you. This is where you will discover that you can only make crypto payments and this is indeed a big indicator. Crypto payments have become a favorite of scammers because they are not eligible for chargeback, as are credit card payments and others.

This means that you will not be able to get your money back from Bitcroyal24 in case you want a refund, as crypto payments are final. A genuine brokerage would always offer you multiple payment options to choose from, which you will not find here.

Final Thoughts

All of these holes in Bitcroyal24’s offerings show that you are dealing with a scam broker.