Bitmart Expo – The Troubling Aspects of the Broker

Bitmart Expo

Opting for an online broker is part of the trading process because they are the ones that offer you the essentials you need. They serve as middlemen in the entire process and you cannot trade in any financial market without their assistance. Therefore, you need a quality and dependable broker to have a seamless and profitable trading experience. Unfortunately, not all the companies in the markets are capable of offering it to you. This Bitmart Expo review shows just how difficult things can be.

Why? This is because the internet is a breeding ground for scams and frauds and they have pervaded the financial markets as well. After all, there is a great deal of money involved in these markets, so it is not exactly surprising that criminals want to tap into all the funds and steal as much as they can. What better way to do so then masquerade as a brokerage and get people to hand over their money? This is a tactic they have been using or quite a while and still continues to be effective.

It remains so because they have gotten better at what they do. Today, even fraudulent websites are so well-designed that it is difficult for people to believe they are not authentic. No impostor will tell you their true nature; you have to dig yourself to find out the truth. The best way to go about it is to do your research and see if the brokerage actually lives up to what it promises. If its story checks out, you can go ahead and open an account, or you can skip it.

You need to do the same with Bitmart Expo that makes big promises and claims to offer you great services. But, you will find some troubling aspects that should make you reconsider. What are they? You can find them below.

False regulation claims

Lack of regulation is perhaps the biggest flaw in an online broker and is considered an immediate warning sign. These days, most people know that the best way to avoid scams is to not sign up with an unlicensed and unregulated broker. Of course, this means that scammers will have difficulty in luring people to their platform. After all, they will not have a license and will not be regulated, so people will not trust them.

Thus, they use a different tactic by claiming that they are regulated and licensed, which is a lie. Instead of just accepting the claim of a broker, you have to verify it and the same should be done with Bitmart Expo before you sign up. This will pay off because you will find out that it seems to be making false regulation and licensing claims.

First off, you will find that Bitmart Expo has presented itself as a Cypriot firm, which means it is regulated by the Cyprus Securities and Exchange Commission (CySEC). But, this is not possible because it engages in practices that the regulatory body has forbidden, which makes it a lie. Next, it claims to be licensed to operate in both Budapest and Riga.

These are also capitals of two member states of the European Union, which means they are subject to the same rules as that of CySEC. Again, this means that Bitmart Expo is violating the regulations of these two regions, so it cannot be regulated there either. The other two regulatory bodies that Bitmart Expo has mentioned are that of Belize and Mauritius.

These are basically offshore regulatory entities, so their licensing and regulation cannot offer much reassurance because these bodies are usually not very strict or reliable in their oversight. As for the other claims, you can check the online register of CySEC and other European regulatory authorities and not find Bitmart Expo listed.

This is all the proof you need that Bitmart Expo is making false regulation claims and there is nothing more troubling than that.

Offer of bonuses

The fact that Bitmart Expo is offering some very generous bonuses can often attract people to its platform. But, you have to remember that this is exactly why these brokers offer bonuses and they are only a ruse to get you to deposit your funds and nothing more. Trading bonuses have been banned in most jurisdictions, including the European Union, where Bitmart Expo claims to be operating.

This means that it should certainly not be offering you any bonuses. These bonuses were banned because they came with strings attached, but you will find that Bitmart Expo has not mentioned its bonus policy, which makes it even more dangerous. Usually, the aim of the policy is to prevent people from making withdrawals and it can try the same with you.

Primitive trading software

In order to make trades in the financial markets, you need a trading software and it is the broker that is responsible for providing it to you. The software you are offered varies from broker to broker, so your experience can also vary. A look at the trading software that Bitmart Expo offers will leave you disappointed because it has a rather primitive one to offer.

There is an oversimplified and basic web trading platform that can be found at Bitmart Expo that does not have anything special. It does not even come close to the top trading software in the market, such as MT4, or the MT5 that use advanced technology and tools for facilitating the trading process.

Only crypto payments

A look at the payment options that Bitmart Expo offers will trouble you further because you will find that it only offers crypto payments. This is a big risk because payments in cryptocurrencies are not eligible for a chargeback. This means that if you want a refund in any situation, you will not be able to get one and it is a big concern.

Conclusion

Along with these troubling facts, you will also learn that Bitmart Expo offers leverage as high as 1:100, ratios that are forbidden in the EU. This is also evidence that the brokerage is lying about its regulation, or where it is based, so it cannot be trusted.