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.
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