Bittra purports to be a legitimate American brokerage firm based in Colorado. The website entices readers to download the user-friendly mobile platform and buy and sell stocks, indices, commodities, bonds, and cryptocurrencies.
Although it seems like a fair offer, there are some legal discrepancies we must address. Read our in-depth Bittra review to find out whether this firm is a good choice or just another fraud like HaeCrypt.com.
| Regulated by: | Unregulated Stocks Brokerage |
| Is This Company Safe? | No, the platform is unregulated |
| Known Websites: | bit-tra.com |
| Have Warnings from: | N/A |
| Registered in: | US |
| Operating since: | 2023-09-08 |
| Trading Platforms: | Mobile |
| Maximum Leverage: | N/A |
| Minimum Deposit: | N/A |
| Deposit Bonus: | N/A |
| Trading Assets: | Stocks, Commodities, Indices, Bonds, Cryptocurrencies |
| 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 Bittra LLC Regulated?
The website provided a certificate of registration with the United States National Futures Association (NFA). However, we checked the Bittra broker on the NFA’s website and found out that the firm is not a member, i.e. not licensed.
This means the platform is operating without regulatory oversight, which carries huge risks for traders and investors. The absence of the Bittra regulation and an attempt to lie about it implies that the firm may be up to no good.
Therefore, all funds you place on the platform can easily disappear. We thus recommend you stick to regulated firms operating under the supervision of renowned financial market authorities such as the FCA (UK), ESMA (Europe), CFTC (US), ASIC (Australia), IIROC (Canada), MAS (Singapore), etc.
Such companies are subject to stringent regulations and must offer clients negative balance protection, segregation of funds in top-tier banks, and, in some cases, compensation schemes.
Who Are Bittra’s Users?
According to WHOIS, the bit-tra.com website domain was created on September 8, 2023, which was relatively recently. Since then, the broker has been accepting clients from the following jurisdictions:
- Japan;
- United States;
- United Kingdom;
- Sweden.
All these countries have strong regulatory laws in force for their respective financial markets. Their watchdogs meticulously supervise market participants to prevent digital swindlers like AUSFITS from conducting fraudulent schemes.
As mentioned, Bittra is not authorized to provide trading services in its home country of the United States. Trusting this firm is risky.
Trader Reviews – Sharing Experiences
Bittra reviews on trading forums are pretty scarce. We found just a couple of them on wikifx.com and they are not positive. Users seem aware of the dangers stemming from the lack of a regulatory license and supervision.
One complaint indicates that the broker has carried out an investment course scam. The first red flags that appeared were non-responsive customer support and withdrawal issues.
The point is that user feedback is important. You’d be wise to always read what traders and investors think about a certain platform before investing any hard-earned money. Negative reviews usually sound the alarm about potential schemes.
Which Trading Platform Is Available?
The Bittra trading platform is an exclusively mobile-based trading interface with user-friendly specifics. It supports widely traded instruments such as stocks, indices, commodities, cryptocurrencies, and bonds.
The lack of a desktop version casts doubt on the platform’s efficiency. Although mobile trading provides convenience such as making orders on the go, to engage in trading, you need the best overview possible, and a mobile device simply doesn’t provide that due to the screen’s limited dimensions.
We suggest you opt for providers that offer esteemed third-party software such as MetaTrader 4, MetaTrader 5, or cTrader. Make sure they are licensed as well.
Trading Info – Leverage, Spreads, Commissions
Bittra trading conditions are unknown. The website failed to specify how much leverage traders can use, what are the spreads on each asset, and how much the broker charges per trading lot. The lack of transparency regarding trading conditions raises concerns.
In general, trading with high leverage is a double-edged sword; potential profits are alluring but losses are more likely. If you score, you win big but it works both ways. Hence, regulators have imposed a leverage cap of 1:50 for American brokers.
Since the minimum deposit requirement for opening a Bittra account has remained a mystery, we cannot conclude whether you can earn well with this broker.
Can Traders Use a Free Demo Account?
No, because the broker does not support a demo account. That’s a big red flag as most firms nowadays include a risk-free account traders can use to hone their skills.
The rule of thumb is to practice on a demo account first. Once you feel you’ve mastered the basics, you can switch to using real money, but don’t forget that unregulated platforms can steal it easily.
Deposit and Withdrawal Process
There is no information about the deposit and withdrawal methods and fees on the website. This comes as no surprise at this point. Given the provider’s shady background, Bittra withdrawal issues seem likely. Should your funds end up trapped in your account, there are ways to potentially recover funds.
For MasterCard or VISA credit/debit card payments, you can request a chargeback at the issuing bank within 120 days to get a refund. Wires transfers, on the other hand, are reversible but only if the money has not yet been transferred.
Recovering stolen crypto is more challenging and requires advanced software such as CipherTrace, as well as professional assistance. Whatever the case, our team can help you with recovering stolen funds.
Key Facts To Consider About Bittra
Bittra is an American brokerage company with a non-transparent website and unknown trading conditions, operating an obscure mobile platform. Despite claiming to be licensed, this provider has no authorization to operate in the United States.
We do not recommend you trade on this platform due to its unregulated status. In case you have lost money to Bittra, you must seek our professional help to recover your funds! A chargeback is your best option.
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 Bittra?
Bittra is a US-based brokerage firm that supports stocks, indices, commodities, crypto, and bonds trading.
Is Bittra Legit?
This platform is not legit due to the lack of a trading license and the absence of regulatory oversight.
How to Recover Money From a Financial Fraud?
Consider reporting the fraud and requesting a chargeback. We can guide you through the process. Give us a call.
Source:
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