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Bitwest Group

China|1-2 years|
Suspicious Regulatory License|Suspicious Scope of Business|High potential risk|

https://www.bitwest-group.pro/

Website

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Contact

support@bitwest-group.pro
https://www.bitwest-group.pro/

Licenses

No valid regulatory information, please be aware of the risk!

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Company Name

Bitwest Group

Company Abbreviation

Bitwest Group

Platform registered country and region

China

Company website

Pyramid scheme complaint

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Warning: Low score, please stay away!
Previous Detection : 2023-12-05
  • It has been verified that this broker currently has no valid regulation. Please be aware of the risk!

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Bitwest Group · Company Summary

Note: Bitwest Groups official site - https://www.bitwest-group.pro/ is currently not functional. Therefore, we could only gather relevant information from the Internet to present a rough picture of this broker.

Risk Warning

Online trading involves significant risk, and you may lose all of your invested capital. It is not suitable for all traders or investors. Please ensure that you understand the risks involved and note that the information contained in this article is for general information purposes only.

General Information

Bitwest Group Review Summary
Registered Country/Region China
Regulation No regulation
Market Instruments Forex, stocks, commodities, cryptocurrencies, indices
Demo Account Unavailable
EUR/ USD Spreads 0.2 pips
Trading Platforms web-based trading platform
Minimum Deposit $1 Million (Black account)$500,001 (Diamond account)$150,001 (Platinum account)$50,001 (Gold account)$15,001 (Silver account)$5,001 (Bronze account)$250 (Basic account)
Customer Support Email

What is Bitwest Group?

Bitwest Group is an online trading platform that provides a wide range of trading instruments across various asset classes. While it is important to note that Bitwest Group currently lacks valid regulation, they present competitive spreads starting from 0.2 pips. The platform showcases a fully functional web trading platform through various images on their website. However, it is worth mentioning that the official website of Bitwest Group is currently inaccessible, which may raise concerns about accessibility and reliability.

In the following article, we will analyze the characteristics of this broker from various aspects, providing you with simple and organized information. If you are interested, please read on. At the end of the article, we will also briefly make a conclusion so that you can understand the broker's characteristics at a glance.

Pros & Cons

Pros & Cons
Pros Cons
• A range of trading instruments • Website unavailable
• Multiple account types • Not regulated
• No demo accounts
• Not MT4 supported
• Limited contact channels
• High minimum deposit

Bitwest Group Alternative Brokers

There are many alternative brokers to Bitwest Group depending on the specific needs and preferences of the trader. Some popular options include:

  • Darwinex - An innovative online brokerage that offers a unique investment platform where traders can turn their trading strategies into investable assets.

  • Trading 212 – A popular online brokerage platform that offers commission-free trading for a wide range of financial instruments, including stocks, ETFs, forex, and cryptocurrencies.

  • XM - A flexible trading platform with low spreads and a range of trading instruments.

Is Bitwest Group Safe or Scam?

Bitwest Group currently has no valid regulation, which means that there is no government or financial authority oversighting their operations. Besides, the official website of Bitwest Group is inaccessible, indicating that the trading platform may have absconded. These make investing with them risky.

If you are considering investing with Bitwest Group, it is important to do your research thoroughly and weigh the potential risks against the potential rewards before making a decision. In general, it is recommended to invest with well-regulated brokers to ensure your funds are protected.

Market Instruments

Bitwest Group offers a variety of trading instruments across different asset classes, including forex, stocks, commodities, cryptocurrencies and indices.

  • Forex:

Also known as foreign exchange, Forex trading involves buying and selling currencies. Traders aim to profit from fluctuations in exchange rates between different currency pairs.

forex
  • Stocks:

This asset class involves trading shares of publicly traded companies. Traders can buy and sell stocks to take advantage of price movements or earn dividends from their investments.

  • Commodities:

Commodities include physical goods like gold, oil, natural gas, agricultural products, and more. Traders can speculate on the price movements of these commodities or use them for hedging purposes.

  • Cryptocurrencies:

This asset class comprises digital currencies like Bitcoin, Ethereum, Litecoin, etc. Cryptocurrency trading involves speculating on the price movements of these digital assets.

  • Indices:

Indices represent a basket of stocks from a specific market or sector. Trading indices allows investors to gain exposure to a selection of stocks without trading them individually.

Spreads & Commissions

Bitwest Group offers competitive spreads starting from 0.2 pips. Spreads refer to the difference between the bid and ask price of a trading instrument. The tighter the spread, the lower the cost of entering and exiting trades. A spread of 0.2 pips indicates that the difference between the buying and selling prices of a trading instrument is minimal, enhancing the potential for profitability.

Below is a comparison table about spreads and commissions charged by different brokers:

Broker EUR/USD Spread Commission
Bitwest Group 0.2 pips N/A
Darwinex 0.0 pips $5 per lot
Trading 212 $1 None
XM 0.1 pips $3.5 per lot

Note: The information presented in this table may be subject to change and it is always recommended to check with the broker's official website for the latest information on spreads and commissions.

Trading Platforms

Bitwest Group's website presents a range of images displaying a fully functional web trading platform, which creates an expectation of comprehensive trading services for potential users. However, upon completing the registration process and accessing the platform, users have encountered a significant discrepancy. Instead of the anticipated trading platform, they are met with a simplistic chart that solely provides information on the current Bitcoin prices. This chart lacks essential trading functionalities, indicating that Bitwest Group may not possess the technical capacity to fulfill the services they promote.

Such a situation raises concerns about the platform's credibility and the accuracy of the information presented on their website. It is advisable for individuals considering Bitwest Group to exercise caution and conduct further research before committing any funds or providing personal information. Contacting their customer support to seek clarification on the available trading features and platforms could also be helpful in gaining a clearer understanding of their services.

web trading platform

See the trading platform comparison table below:

Broker Trading Platform
Bitwest Group Web-based trading platform
Darwinex MT4, MT5
Trading 212 Proprietary platform and a Web-based Version
XM MT4, MT5

Deposits & Withdrawals

Bitwest Group accepts deposits and withdrawals via Credit/Debit card, Wire transfers, or SEPA transfers only.

  • Credit/Debit Card:

With this option, you can conveniently deposit funds into your Bitwest Group account using your credit or debit card. It offers a quick and straightforward way to add funds, ensuring that you can start trading promptly. When it comes to withdrawals, you can also request funds to be transferred back to your card, making the process efficient and hassle-free.

  • Wire Transfers:

Bitwest Group supports wire transfers, allowing you to deposit and withdraw funds directly from your bank account. Wire transfers are typically used for larger transactions and are a reliable option for transferring funds securely. Keep in mind that wire transfers may take some time to process, ranging from a few business days to a week, depending on your bank and location.

  • SEPA Transfers:

For customers within the Single Euro Payments Area (SEPA), Bitwest Group accepts SEPA transfers. This method allows you to deposit and withdraw funds in euros using the SEPA payment system. SEPA transfers are known for their cost-effectiveness and efficiency in euro-denominated transactions within the SEPA zone.

Customer Service

Customers can visit their office or get in touch with customer service line using the information provided below:

Email: support@bitwest-group.pro

Conclusion

In conclusion, Bitwest Group is a trading platform that offers a range of services to its clients. The platform provides access to various financial markets, allowing traders to diversify their portfolios and capitalize on different trading opportunities.

However, Bitwest Group has many problems. First, it doesn‘t have regulation. Second, it is because the official website of Bitwest Group is inaccessible that the relevant information doesn’t be provided, which makes trade not transparent enough. Therefore, traders should verify the regulatory status of Bitwest Group or any broker they choose to work with to ensure compliance with industry standards and regulatory requirements.

Frequently Asked Questions (FAQs)

Q 1: Is Bitwest Group regulated?
A 1: No. It has been verified that this broker currently has no valid regulation.
Q 2: How can I contact the customer support team at Bitwest Group?
A 2: You can contact via email, support@bitwest-group.pro.
Q 3: Does Bitwest Group offer demo accounts?
A 3: No.
Q 4: Does Bitwest Group offer the industry leading MT4 & MT5?
A 4: No. Instead, it offers web-based trading platform.
Q 5: Is Bitwest Group a good broker for beginners?
A 5: No. It is not a good choice for beginners. Not only because of its unregulated condition, but also because of its inaccessible website.

News

FCA Issued a warning against  Bitwest

NewsFCA Issued a warning against Bitwest

2023-05-22 12:57

The Financial Conduct Authority (FCA) has issued a warning against Bitwest broker. This broker is not licensed to carry out regulated activities in the UK.

WikiFX
2023-05-22 12:57
News
FCA Issued a warning against  Bitwest

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tjs
3-6months
I joined Bitwest Group because of my interest in making investments. They assigned me an advisor who got me to get things set up including opening an account with Binance trading platform. She was friendly, phoned me almost daily over a 3 week period being very persuasive getting me to invest more and more so she could invest in trades on my behalf. My regular bank intercepted one of my payments, their fraud team advising me of it being a scam. I notice they even sent spoof emails pretending to be Binance.
2023-06-30 06:01
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