General Information & Regulation
Bithebank is allegedly a forex and CFD broker registered in the United States that claims to provide its clients with 0ver 450 tradable financial instruments with spreads from 0.0 pips on the Web Trader and mobile apps trading platforms, as well as a choice of four different live account types. Here is the home page of this brokers official site:
As for regulation, it has been verified that Bithebank 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 1.10/10. Please be aware of the risk.
Market Instruments
Bithebank advertises that clients can trade 450 assets such as forex, stocks, commodities, indexes and cryptocurrencies, as well as futures.
Account Types
Apart from demo accounts, Bithebank claims to offer four types of live trading accounts, namely Silver, Gold, Platinum and VIP Club. The minimum initial deposit amount is €500 for the Silver account, while the other three account types have much higher minimum initial capital requirements of €5,000, €25,000 and €100,000 respectively. In comparison, licensed brokers allow setting up a starter account with a minimum deposit of $100 or even less.
Leverage
The maximum leverage at Bithebank is up to 1:200. It is important to keep in mind that the greater the leverage, the greater the risk of losing your deposited capital. The use of leverage can both work in your favour and against you.
Spreads
The EUR/USD spread provided by Bithebank turned out to be 3 pips,
Trading Platform Available
Platforms available for trading at Bithebank are Web Trader, as well as mobile apps for Android and iOS devices. In any case, we recommend using MT4 or MT5 for your trading platform. Forex traders praise MetaTrader's stability and trustworthiness as the most popular forex trading platform. Expert Advisors, Algo trading, Complex indicators, and Strategy testers are some of the sophisticated trading tools available on this platform. There are currently 10,000+ trading apps available on the Metatrader marketplace that traders can use to improve their performance. By using the right mobile terminals, including iOS and Android devices, you can trade from anywhere and at any time through MT4 and MT5.
Deposit & Withdrawal
From the logos shown at the foot of the home page on Bithebanks official website, we found that this broker seems to accept numerous means of deposit and withdrawal choices, consisting of Visa, Maestro, MasterCard, Skrill, PayPal, Swift, Neteller and Citibank. The minimum initial deposit requirement is said to be €250, while there is no mention of what the minimum withdrawal amount is. The broker also charges a 20% withdrawal fee.
Bonuses
Bithebank claims to offer some bonuses. However, to withdraw the bonus plus indicial deposit, clients have to execute a minimum trading volume of $20,000 for every bonus dollar.
In any case, you should be very cautious if you receive a bonus. First of all, bonuses aren't client funds, they're company funds, and fulfilling the heavy requirements that are usually attached to them can prove a very daunting and difficult task. Remember that brokers who are regulated and legitimate do not offer bonuses to their clients.
Customer Support
Bithebanks customer support can be reached by telephone: 1-718-488-5710, email: support@bithebank.com or send messages online to get in touch. Company address: 111 Franklin St New York, 11010 NY.
Risk Warning
Online trading involves a significant level of 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.
