bittrust review

Bittrust Review

2/5
Not Regulated, Offshore
support@bittrust.net
bittrust

BITTRUST REGULATION AND SAFETY OF FUNDS

The anonymous company, according to BitTrust, has a head office in Zurich, Switzerland, and a support office in London, United Kingdom. The applicable laws and regulations, according to the Terms and Conditions, are those of the United Kingdom.

BitTrust is yet another anonymous website created to take advantage of the Bitcoin boom and defraud naïve people looking for quick cash online. You will be cheated if you make the mistake of entrusting your money to BitTrust. Bittrust is an unregulated bitcoin trading firm with no known legal entity behind it. If you want to invest in financial products, make sure that the intermediary you choose is regulated by a reputable organization like the FCA or another prominent regulator like the Cyprus Securities and Exchange Commission (CySEC).

You will have a number of assurances as a customer, including negative balance protection and a guarantee for your funds if the broker goes bankrupt, up to EUR 20,000 in the EU and 85,000 GBP in the UK. Transaction reporting is one of the main elements included in UK and EU regulations to increase investor protection and promote market integrity and openness. Regulated brokers must also keep their operational funds separate from their clients’ funds.

You have limited to no protection order if your funds are compromised by a broker who is unregulated or regulated by an entity outside of your jurisdiction. Only if the broker is regulated by the authority in your area may you file a complaint in the event of theft. The following are some instances of regulatory agencies that issue brokerage licenses:

  • The Cyprus Securities and Exchange Commission (CySEC)
  • The Financial Conduct Authority (FCA)
  • The Australian Securities and Investments Commission (ASIC)

If a broker is not licensed by the regulatory authority in your jurisdiction, that likely means that they are unregulated and should be avoided. Even if the brokerage is regulated, it is best to avoid it if the regulator happens to be outside your jurisdiction.

BITTRUST Complaints

BITTRUST is a cryptocurrency exchange that has been accused of many things, including fraud. There are some downsides to using BitTrust. For one thing, it is not regulated by any government agency, meaning that users’ funds are not protected by any guarantees or insurance policies.

Furthermore, BitTrust has been plagued by issues with withdrawals in the past. Some users have reported waiting weeks or even months for their withdrawals to be processed, while others have claimed that the company never responded when contacted about their pending transactions. 

Other complaints from users include but are not limited to;

  • Unregulated Exchange
  • High Trading Fees
  • Withdrawal Issues
  • Non Existing support
  • Unexpected Account suspension

We can all agree it’s unacceptable that they take money from new users and then don’t provide any customer service or explanation as to why they can’t fulfill their promise of being able to withdraw funds. In the past few months, we’ve seen a lot of exchanges come and go. While this is normally a good thing. It means that the market is growing and being competitive, which is always good for consumers, it also means that it’s increasingly difficult to find a trustworthy exchange.

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Scammed by this company?

Claim your money back from scams and fraudulent schemes. 

Are you a victim?

We know how frustrating it can be to not be able to withdraw your funds or to find that your account has been suspended or even deleted. And we know how it feels when you see your funds missing from your account.

If this sounds like something that’s happened to you, we can help. We can’t fix what’s already happened, but we can help you recover what was stolen from you and maybe even make sure that it doesn’t happen again.

How to protect yourself

You’ll have a better chance of receiving compensation if you deal with an authorized or registered financial firm. Check the Financial Services (FS) Register to ensure they are authorized or registered by FCA. It has information on firms and individuals that are, or have been regulated by this authority.

If you invested money with a reputable company, your access to the Financial Ombudsman Service and FSCS protection will depend on what kind of investment you made, what type of service was provided in connection with it (and whether this required prior authorization from regulators), and if the firm had been granted permission by financial authorities.

If you would like further information about protection, the authorized or registered firm should be able to help.

There are more steps you should take to protect yourself from scams.

Report an unauthorized firm

If you think an unauthorized firm has approached you, contact our Customer support on telegram . If a scam firm has approached you and taken your money, do not panic! You can get most of it back from scammers. Visit our contact us page or send an email to info@chargebackpros.org