Bitopya.net has been identified as a fraudulent broker and subsequently blacklisted by reputable financial regulatory bodies – the German BaFin, Swiss FINMA, and Austrian FMA. These agencies have warned local traders and investors against engaging with the platform due to its suspicious activities.
It resulted in the bogus website getting taken down. Nevertheless, we shall explain how cyber trading scams work and what you should do in case you lose money online. Learn how to identify anonymous fraudsters such as Bitopya.net and Bufnex.com.
| Regulated by: | Unregulated Scam Broker |
| Is This Company Safe? | No, the platform is blacklisted |
| Known Websites: | bitopya.net |
| Have Warnings from: | BaFin, FINMA, FMA |
| Registered in: | Switzerland & Austria (allegedly) |
| Website Created on: | 2021-05-10 |
| Trading Platforms: | Web |
| Maximum Leverage: | N/A |
| Minimum Deposit: | N/A |
| Deposit Bonus: | N/A |
| Trading Assets: | N/A |
| Free Demo Account: | Unavailable |
| How to Withdraw from This Company? | Since this company is unlikely to return your money – contact your bank or financial regulator, or simply reach out to us for professional assistance in recovering your funds. |
Legal Info: Is Bitopya.net Regulated?
The Bitopya.net regulation issue could not have gone unnoticed. Dubious activities have drawn regulatory attention with the Austrian Financial Market Authority (FMA) taking decisive action by issuing a warning on December 6, 2023. The FMA disclosed that the platform was offering financial services or products without the necessary authorization.
Furthermore, the German Federal Financial Supervisory Authority (BaFin) has initiated an investigation into the questionable practices of the broker this month. Last but not least, the Swiss FINMA blacklisted the platform.
These regulatory alerts point to the serious violations and potential risks associated with the platform. Investors’ funds are thus at risk of being stolen under suspicious circumstances.
Instead of trusting unlicensed phonies, opt for regulated providers supervised by renowned financial authorities such as the FCA (UK), ESMA (Europe), CFTC & NFA (US), ASIC (Australia), IIROC (Canada), JFSA (Japan), MAS (Singapore), etc.
Regulated brokers are obligated to comply with specific standards, including measures such as offering negative balance protection, segregating client funds in reputable top-tier banks to ensure their safety in case of insolvency, and providing compensation schemes to cover potential losses.
Who Are Bitopya.net’s Targets?
According to godaddy.com/whois, the bitopya.com website domain was created on May 10, 2021. From then up until it got taken down, the cyber con artist was targeting mainly unsuspecting traders and investors who reside in the following countries:
- United Kingdom;
- Germany;
- Austria.
All of these countries are known for having tight regulations and strict rules. Their respective financial watchdogs meticulously control the markets to prevent unauthorized imposters from running their schemes, as can be seen from the FMA and BaFin’s warnings.
Both countries are part of the European Economic Area (EEA), subject to the regulations of the European Securities and Markets Authority (ESMA).
One common EMSA rule says that each financial market participant must obtain the necessary MiFID permit. To reiterate, Bitopya.net has no license. The broker directly violates European regulations by offering users leverage higher than allowed for retail clients (1:30).
Trader Reviews – Sharing Experiences
Despite searching popular forums like Trustpilot, ScamAdviser, or Sitejabber, we found no Bitopya.net reviews. The platform received zero feedback, and upon subjecting the broker’s website to a check on webparanoid.com , we found out it was flagged as suspicious.
We assume that the crooks behind this illicit platform actively sought potential victims on various social media sites. Hence, avoid sharing personal information with anonymous profiles and questionable pages attempting to exploit it.
Always review user feedback about a specific provider to understand the deceptive tactics employed by thieves. In our case, negative reviews played a crucial role in unveiling the fraudulent nature of the Trade Galactica scheme.
Which Trading Platform Was Available?
Bitopya.net’s trading platform operated as a relatively straightforward web terminal supporting popular instruments. However, it lacked sophisticated tools, providing only basic charts and limited graphs developed by TradingView.
Given the broker’s terrible background and reputation, the browser-based terminal was most likely manipulated, thus compromising users’ orders.
To ensure a more comprehensive and reliable trading experience, we strongly recommend seeking out a licensed provider that integrates reputable third-party software such as MetaTrader 4, MetaTrader 5, or cTrader.
The widely acclaimed MT platforms offer advanced features like automated and algorithmic trading, sophisticated charting, real-time market reports, API integration, support for 20+ timeframes, Expert Advisors (EAs), and swift order execution.
Leverage, Spreads, Commissions, Demo Account
The maximum leverage is unknown. Keep in mind that the legal cap in Europe & Australia is 1:30 and in North America 1:50 for retail clients. High leverage can bear significant profits but also lead to devastating losses.
Undisclosed spreads and commissions are typical of anonymous providers, often associated with imposing hidden fees unexpectedly. Another notable red flag is the lack of a demo account, which is essential for users, particularly beginners.
A free trial trading period offers an opportunity for individuals to practice trading with virtual funds before delving into the stresses of using real money. This absence of a demo account suggests the platform is not transparent.
Deposit and Withdrawal Process
Payment methods and deposit and withdrawal fees were not disclosed. The three primary funding options, including credit/debit cards, wire transfers, and cryptocurrency transactions, are popular but shrouded in uncertainty.
Given the issues highlighted thus far with this broker, potential Bitopya.net withdrawal problems are a possibility, requiring victims to understand potential fund recovery methods.
or those who used MasterCard or VISA credit/debit cards for deposits, seeking a refund through a chargeback at the issuing bank within 540 days is advised. In the case of wire transfers, initiating a recall is an option, but its effectiveness is limited to transactions that have not been completed.
Key Facts To Consider About Bitopya.net
Let’s sum up our review – Bitopya.net used to be an unregulated provider blacklisted by Germany’s BaFin and Austria’s FMA for targeting UK, German, and Austrian traders, promising them easy profits. The website is currently down.
We do not recommend the platform mainly because it is unregulated. In case you have lost money to the Bitopya.net scam, you must seek our professional help to recover your funds!
Use the form below to book your free consultation with Scam Brokers Reviews and tell us more about your case. Our team will gladly guide you through the fund recovery process and assist you every step of the way.
Book your free consultation here and start the chargeback process.
FAQ Section
What is Bitopya?
An anonymous fraudster who uses a rigged online platform to trick unwary traders and investors.
Is Bitopya.net Legit?
No, the platform is blacklisted by several reputable European regulators such as BaFin, FINMA, and the FMA.
How to Get My Money Back From a Scammer?
There are several methods such as a chargeback. We can explain in detail so please book a consultation with us.
