Today we’re uploading this BitPax Trade Review, of a website at bitpaxtrade.com, due to the following complaint one of our partners has received on November 1, 2022.
The person thought he had lost almost half a million dollars (!) to this possible scam website.
He writes that his investment had been growing steadily since February 2022, but…
Supposedly as part of their end-of-year financials (by October 27) traders are supposed to have transferred all their earnings out from their wallet so that a new blockchain season can begin. I was given extra time .. until October 31st if I paid a $902 tax fee, which I did. They said the funds would be released into my Binance account but has never arrived. Now their online chat is not working plus many emails I have sent go unreplied […]
Later he added
I may have been too hasty reporting the problem. I have someone finding out if there really is a problem. It may well be their system is experiencing problems and i may not be scammed at all but some internal issue.
So while this complaint does not necessarily indicate a scam, we have decided to write a bitpaxtrade.com scam review anyway just to make sure they are legit.
What is BitPax Trade?
BitPaxTrade.com offers an investment service that operates “using the highest security standards” as well as an academy that teaches “effective trading strategies” using “easy-to-understand videos.”
Their Trading Resource Center includes an economic calender, the trading academy which consists of video tutorials, eBooks, and other educational materials, and free webinars given by trading professionals.
They offer four investment plans: Starter, Standard, Premium, and Elite.
All plans include a 24/5 customer support and a daily market review.
- The Starter investment plan requires a minimum deposit of $300 and offers a 10% bonus.
- The Standard plan requires a $500 minimum deposit and offers a 30% bonus.
- The Premium investment plan requires a mininum deposit of $1,500 and offers a 30% bonus.
- And the Elite plans requires a $5,000 minimum deposit and offers a 40% bonus.
On the FAQ the say that the smallest account they offer is for $350, not $300.
The daily market review presents investors with comprehensive information to help them make the best trading decisions.
They offer real time expert analyst recommendations and technical analysis on currency pairs, stocks, futures, commodities and indices.
Their Leaderboard shows that the top 5 investors with the platform have made a total of between 2,832,410 to 4,906,390. No currency is indicated so our guess is that they mean USD.
To use their service, 4 steps are required:
- Register for a new account
- Select an asset from the available stocks, currencies, indices, or commodities, and contract expiration time
- Determine whether the price of the asset will go up (call) or down (put) by the expiry time
- Select the investment amount before placing the order and wait for the option to expire
In other words, this may be a CFD (contract for differences) or binary options scam!
The disclaimer at the bottom of the site says:
CFDs trading involves significant risk. We strongly advise that you read our Terms & Conditions. Although the risk when trading CFDs is fixed for each individual trade, the trades are live and it is possible to lose an initial investment, particularly if a trader chooses to place his entire investment to a single live trade. It is highly recommended that traders choose a proper money management strategy which limits the total consecutive trades or total outstanding investment.
Binary options are illegal currently in much of the world, including the United States and some European countries.
For those who are unfamiliar with CFD/binary options trading platform, specifically with BitPax Trade, here’s how it works:
You can make a deposit using credit or debit cards, Bitcoin, or wire transfers in USD, GBP, or EUR.
Once you make the deposit, you cannot change the currency.
For each trade you need to put in (invest, or actually bet on) a minimum of 25 USD, GBP, or EUR, except for 60 Seconds trades, for which the minimum trade amount is 5 USD, GBR, or EUR.
The maximum trade amount on the platform is 5,000 USD, GBP, or EUR, or 1,000 for 60 Seconds trades.
Your first withdrawal will require paying a fee. You can withdraw a minimum of 50 USD, GBP, or EUR.
It takes up to 7 business days to process the withdrawal, and another 5-10 business days for the withdrawal to complete.
Regarding bonuses, it is important to understand that they make withdrawals very difficult.
If you have received a bonus, you can only make a withdrawal after after reaching the required trading volume, which is calculated as the total deposit + total benefit amount * 20. So for example, if you have deposited $5,000, and received a $2,000 bonus (40% in the Elite plan), you will have to reach a trading volume of $140,000 before you can withdraw, and by the time you reach this trading volume, you most likely won’t have any money left on your account.
In the specific case of BitPax Trade, however, they do have a clause that says:
If the Client requests to withdraw before executing the required trading volume, the bonus and the profits made with the bonus will be deducted from his total account balance.
And
BitPax Trade does not advise the Client to accept and use the benefit unless the Client comprehends the advantages and disadvantages of the benefit.
Who is Behind BitPaxTrade.com?
Alarmingally, BitPaxTrade.com does not have an About us page, and their Contact us page is broken.
We are unable to find any information regarding the people behind the company.
No registered address, company name, telephone number, LinkedIn or other social media accounts, nothing.
We only find two email addresses:
- info@bitpaxtrade.com
- support@bitpaxtrade.com
They write that their “office hours are Sunday through Friday, 8AM-7PM UK time.” But no address is provided.
We tried to contact them via the live chat widget, but received no answer even though they claim to be “online and ready to help.”
In their legal documents we find the following line:
Either party may terminate this Agreement by giving 10 (Ten) business days written notice by email to [info@crypto-fxtrade.com], of termination to the other party.
And later:
Any changes in the Details or any complaint shall be directed to the Company’s client services department, who will investigate the complaint and make every effort to resolve it. Such complaints should be made to: [info@crypto-fxtrade.com].
Is crypto-fxtrade.com (a website that is no longer online) related to bitpaxtrade.com or did BitPax Trade just copy their documents and forgot to change the website’s name?
Also, we find the following line:
These Terms and any relationship between the Company and the Client shall be governed by law applicable in Scotland and subject to the exclusive jurisdiction of Scotland courts.
However, since we’re not sure if BitPax Trade copied the document we cannot be sure they’re located in Scotland.
The domain bitpaxtrade.com was registered on December 11, 2021 (about one year ago) for one year on the NameCheap, Inc registrar. Unless they renew, their registration will expire in about 5 weeks from today. The informaton regarding the owners of the domain is hidden using a Privacy service.
On SimilarWeb.com, BitPax Trade’s global rank is 12,107,874 and 450,946 in the Philippines.
According to Semrush, they have a 0 authority score, very low organic traffic, and only one backlink, which is not from a trustworthy website. The little traffic they do receive comes mostly from the US and Australia.
BitPax Trade Scam Reviews
Moving forward, we take a look at whether there are any BitPaxTrade.com scam reviews on Google.
There aren’t BitPaxTrade scam reviews, however we find some complaints regarding a different website, bitpax.co.
While BitPax was a Cryptocurrency Investment scam, BitPax Trade is a CFDs trading platform.
However, there are some points of resemblance between the two websites.
For example, the Investment Tiers also offer a bonus that grows with the investment rate.
And BitPax.co (and also crypto-fxtrade.com) was also registered through NameCheap, Inc.
As we were about to finish this review, we noticed two additional domains with a resemblance to BitPaxTrade.com.
The legal documents at bitpaxtrade.com seem to have been copied from another online CFDs trading website: itrade24fx.com, which currently redirects to plusfx.com, and seems to be a more legitimate, or at least a regulated company. (Therefore, they do, for example, do not accept US clients.)
Other sections in their legal documents may have been copied from a different site, LifeEarningGateway.com.
Interestingly, lifeearninggateway.com looks almost exactly like bitpaxtrade.com, and is even more function. For example, their Contact us page does work and leads to a contact form.
They also provide the following address: Head Office: 1001 Liberty Ave #2100, Pittsburgh, PA 15222, United States.
On Google Maps, we find a cryptocurrency trading firm in that address with the scammy-looking website premiumproltd.com, but on that website the address is in Scotland! (Glasgow, United Kingdom.)
The same Pittsburgh address is associated with two other websites:
- authenticoptionstrade.com
- exodusmininginc.com (no longer active)
Both websites have been exposed as scams.
BitPaxTrade.com Review Conclusion
We did not find any verifiable information regarding the owners behind the website BitPaxTrade.com.
A video on the site leads to a YouTube channel that doesn’t belong to BitPax Trade.
The only social media profile we were able to find is an Instagram profile belonging to a Michael Phil who descibes himself as a “Blockchain developer,” “Forex|ML analyst,” Cryptocurrency investor/Blocker,” and on his profile titled patiencerenneee, he also mentioned the domain bitpaxtrade.com.
There are no negative bitpaxtrade.com reviews on Google.
There are also no promises that seem too good to be true, such as high yields or anything on BitPaxTrade.com, however our conclusion is that even if BitPax Trade is not a full fledged scam, you will probably lose most of the money you deposit on the platform, if not all of it.
The reason is that CFDs trading entails betting against the house.
Any money you make with the platform is paid not by other investors such as on an exchange, but by the company itself.
When you lose, the company earns; when you win, the company losses. So obviously the company cannot afford to lose more than they earn, which means that most investors will have to lose their money.
This is why in the United States binary options are only allowed on an exchange.
But even in Europe and the rest of the world, any Forex and CFD trading companies must be regulated to ensure that they adhere to laws and regulations. Otherwise, what stops them from manipulating trades to ensure that they always win?
And the General Risk Disclosure on BitPaxTrade.com explains it even better:
Trading in CFDs is considered a risky and speculative investment venue. The relevant markets for Trading are characterized as high volatile markets, which inherits high risk in evaluating the outcome of a CFD. The Company is not and will not, in any way, be responsible to the outcome of any transaction executed by the Client. Client should never fund his trading activities with retirement savings, loans, mortgages, emergency funds, funds set aside for purposes such as education or home ownership, or funds required for current income or present or future medical expenses.
They continue:
The Company makes no warranty regarding the effectiveness, accuracy or efficiency of the Trading Platforms […] The Company makes no warranty of merchant ability, no warranty of fitness for a particular purpose, and no other warranty of any kind, express or implied, regarding this service, data or information provided thereby, or any aspect regarding the order entry or execution services, except as required by applicable law, regarding possible damages, including, but not limited to, lost profits, trading losses or damages that result from reliance on inaccurate data, or delay or loss of access to customer account execution services.
To conlude this BitPaxTrade review, if you are considering opening an account with BitPax Trade, we would advise you to view this not as a financial investment, but as a financial betting, much like a casino website, any money you deposit will most likely be lost.
Never bet on money you cannot afford to lose.
Ideally, refuse to accept the bonus.
If you’re only looking for expensive fun, then BitPaxTrade may be for you; otherwise, take the money and run!
If you have any firsthand experience with this company, please comment below this bitpaxtrade.com review and share your story with us.
To recover lost funds, please consult with our guide of Recommended Recovery Services.
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