Similarly to SagaTrade, TriumphFX, and Kiplar, BitAurox is an unlicensed broker platform. Unscrupulous brokers who operate outside of the regulatory system pose a risk to investors. Avoid them at all costs because they don’t reveal who they are and could vanish at any time. Brokerage firms that operate illegally online can’t guarantee the safety of their customers.
Brokers that operate outside of the regulatory system are not subject to any oversight.
In the event that they cheat you in any manner, whether it be through “glitches” or “malfunctions” causing severe slippage in their system, or if you want to make a withdrawal and they don’t process it (therefore stealing your money), getting your money back would be challenging.
BitAurox Reliability? License and Security
Another broker that claims to be based in the UK and to be entitled to all the benefits that come with that claim. However, those who have been verified as legitimate are the ones who reap the advantages, while those who aren’t, like BitAurox, can only watch enviously from afar.
BitAurox does not act in this way, but we all know that any aspiring broker will do anything to get their hands on a license from the United Kingdom (FCA), which is widely considered to be the gold standard.
BitAurox and others like it have flooded the foreign exchange market and continue to do so. These have no interest in gaining any sort of certification or official recognition.
They only care about making money as quickly and easily as possible. To rephrase, the broker does not hold any relevant licenses in either the United Kingdom or any other country. Your investments will be lost, and any private information that has leaked out will be sold or otherwise exploited for BitAurox’s benefit. Don’t waste your money here!
If you work with a broker who isn’t licensed in your country or who operates offshore, you’re nearly guaranteed to get scammed.
Here are some examples of offshore brokers:
- SagaTrade: Because SagaTrade is not regulated, it can’t promise that your money will be safe.
- TriumphFX: Stay away from this unlicensed broker if you value your investment capital.
- Kiplar: As an unregulated brokerage, they pose a risk to your investment capital.
BitAurox Trading Platform Available
In the end, we were not successful in accessing any kind of desktop or web-based trading program. The first thing that stood in the way of this was the fact that we were unable to create an account.
However, beyond a few descriptions, actual access to the supposedly available web trader was not provided.
Also, it never occurred to us that BitAurox would be a firm that would go through the trouble of including software in their product. It is not the intention of this company to actually supply users with legitimate FX trading services; rather, the intention is to defraud users.
Deposit and Withdraw Methods
It’s worth noting that BitAurox is one of the few brokers that can get away with requiring a $10,000 minimum deposit. This is an impossible standard to meet, to say the least!
Credit cards and debit cards are the advertised means of deposit. The BitAurox website isn’t exactly the most credible source, thus we can safely assume that this data is also unreliable. In addition, there is no information about withdrawals anywhere, thus it is unclear whether or not it is possible to make a withdrawal.
BitAurox Offers Bonus
An unregulated broker that offers a huge cash incentive and won’t disclose the terms of the bonus is probably trying to trick you.
BitAurox offers an 8% cash back when you spend using their ‘Visa” card. Additionally, you’ll earn a 14% interest on your crypto assets.
Forex brokers should not offer any returns at all, regardless of how small or huge they may be. To put it another way, if a broker promises to make you money, it is a fraud.
How Does the Scam Work?
Trading financial products, especially with the assistance of trustworthy brokers, is a high-risk endeavor, even for experienced investors. In addition, there are many phony brokerage websites in the market, and newcomers to the industry may fall for one of these.
In order to lure in their victims, the scammers behind these sites use sophisticated methods of deceit and a promise of instant wealth.
Scammers often promise to take care of every detail of your investment and may even impersonate trustworthy companies in order to trick you into thinking your money is being put to good use. When you invest a tiny bit, they’ll claim you’re already seeing tremendous returns and convince you to invest more.
Your money is not being invested, therefore you won’t make any of the promised returns. Withdrawing even a small amount of money is complicated by minimum trading volume requirements that are tough to meet and hidden fees that amount to several percentage points of your total funds.
Since scammers operate under assumed names and offshore firms that are not subject to any oversight, they cannot be held accountable for their actions.