Founded in 2022, Bitchain says it is an online forex broker offering its clients access to more than 200 trading instruments, such as forex pairs, precious metals, commodities, and more, with spreads as low as 0.0 pips, leverage up to 1:600. The minimum deposit to invest with Bitchain is $250.
When it comes to regulatory information, Bitchain does not fall under any valid regulations. That is why its regulatory status on WikiFX is listed as “No License” and it receives a relatively low score of 1.36/10. Please be aware of the risk.
Bitchain offers its clients access to a bulk of more than 200 trading instruments across five classes:
Forex-Major Pairs, Minor Pairs, Exotic Pairs
Shares-More than 150 global company shares
Indices-Popular global indices
Commodities-Energies, Agriculture, Metals
Digital Currencies-Bitcoin Ethereum, Dogecoin, Litecoin, and Ripple
Two trading accounts are available with BitChain, namely Starter and Advanced Accounts. To open a Starter account, you need to fund at least $250, with a welcome bonus of 15% of your first deposit offered. The Advanced account requires a minimum deposit of $1,000, coming with a welcome bonus of 20% of your first deposit.
Some account services are offered with these two accounts, including Financial Market News, Real-time Data, Stop-loss/Take Porfits, Negative Balance Protection, and more.
With BitChain, traders can get access to a high leverage amount of 1:600, which is not necessarily a good thing. Leverage may increase your profits on one hand, but it can also cause severe fund losses.
Inexperienced traders are not advised to use excessive trading platform, thats why many regulatory authorities lower the maximum leverage for forex trading to 1:30 in European and other countries.
What BitChain offers is not the industry-leading MT4 or MT5 trading platform, a Webtrader instead.
Aside from the trading platform, Bitchain also offers some trading tools to help traders smooth their trading process, which includes Economic Calendar, Calculator, Live Data, and Charts.
Deposit & Withdrawal
The minimum deposit to trade with BitChain is $250, and BitChain only supports four payment methods for its clients to make a deposit and withdrawal:
The minimum withdrawal amount is $100, and this brokerage promises that they will process withdrawal requests in 24 hours, and funds will appear in traders‘ accounts within 3 to 5 business days. Withdrawal fees through VISA, MasterCard, and Wire are depended on clients’ banks.
BitChain 's email and phone support services are available to traders with inquiries or problems related to trading. Contact details are listed below:
A Contact Form
Online trading in leveraged Forex and CFD instruments contains a high level of risk and may not be suitable for all investors.
Please note that the information contained in this article is for general information purposes only.