Bitsoft 360 Review – Is it Scam? – CFDs and Real Cryptos
Introduction
Bitsoft 360 is a cryptocurrency trading platform that enables traders to buy and sell CFDs (contracts for difference) and real cryptocurrencies. It was founded in 2019 and has since gained popularity among traders due to its user-friendly platform and extensive range of trading products.
The purpose of this review is to provide an in-depth analysis of Bitsoft 360's features, trading products, trading conditions, regulation and licensing, user reviews, scam allegations, and pros and cons.
Bitsoft 360 Features
Trading Platforms
Bitsoft 360 offers three trading platforms: desktop application, web trader, and mobile application. The desktop application is compatible with Windows and Mac operating systems and allows traders to access advanced trading tools such as custom indicators, charts, and graphs. The web trader is accessible through any web browser and does not require any installation. The mobile application is available for iOS and Android devices and allows traders to trade on the go.
Account Types
Bitsoft 360 offers three account types: demo account, live account, and Islamic account. The demo account is ideal for beginners who want to practice trading without risking real money. The live account is for traders who want to trade with real money. The Islamic account is for Muslim traders who want to trade in compliance with Sharia law.
Security Measures
Bitsoft 360 takes security seriously and has implemented various measures to protect its users' funds and personal information. These measures include two-factor authentication, SSL encryption, and segregated accounts. Two-factor authentication adds an extra layer of security by requiring users to provide a unique code in addition to their login credentials. SSL encryption encrypts all data transmitted between the user's device and Bitsoft 360's servers. Segregated accounts ensure that users' funds are kept separate from the company's operating funds.
Customer Support
Bitsoft 360 provides customer support through live chat, email support, and phone support. The live chat is available 24/7 and allows users to get immediate assistance. Email support is available for less urgent issues, and phone support is available during business hours.
Payment Methods
Bitsoft 360 accepts various payment methods, including credit/debit cards, bank transfer, and e-wallets. Credit/debit cards and e-wallets offer instant deposits, while bank transfers may take several business days to process.
Bitsoft 360 Trading Products
CFDs
CFDs are financial derivatives that allow traders to speculate on the price movements of an underlying asset without actually owning the asset. Bitsoft 360 offers CFDs on various assets, including cryptocurrencies, stocks, commodities, and indices. CFDs are popular among traders due to their high leverage and the ability to profit from both rising and falling markets.
Real Cryptos
Real cryptocurrencies are actual digital coins that can be bought and sold on cryptocurrency exchanges. Bitsoft 360 offers a range of real cryptocurrencies, including Bitcoin, Ethereum, Litecoin, and Ripple. Trading real cryptocurrencies involves taking ownership of the asset and involves higher risk compared to trading CFDs.
Bitsoft 360 Trading Conditions
Spreads
Spreads are the difference between the bid and ask price of an asset and represent the cost of trading. Bitsoft 360 offers fixed and variable spreads. Fixed spreads remain constant regardless of market conditions, while variable spreads can widen or narrow depending on market volatility.
Leverage
Leverage allows traders to trade with more money than they have in their account. Bitsoft 360 offers leverage of up to 1:500 for CFDs and up to 1:10 for real cryptocurrencies. High leverage can amplify profits but also increases the risk of losses.
Commission
Bitsoft 360 does not charge any commission on trades. Instead, it makes money through the spread, which is the difference between the bid and ask price.
Bitsoft 360 Regulation and Licensing
Explanation of Regulation and Licensing
Regulation and licensing are important for ensuring that a trading platform operates in a fair and transparent manner and that users' funds are protected. Regulated platforms are required to comply with strict regulatory standards and undergo regular audits to ensure compliance.
Regulatory Bodies overseeing Bitsoft 360
Bitsoft 360 is not currently regulated by any major financial regulator. However, it is registered in St. Vincent and the Grenadines and operates in compliance with local laws.
Compliance with Regulatory Standards
Bitsoft 360 claims to operate in compliance with industry best practices and has implemented various security measures to protect its users' funds and personal information. However, the lack of regulation means that users may not have the same level of protection as they would with a regulated platform.
Implications for Traders
Traders should be aware of the risks associated with trading on an unregulated platform and should only trade with money they can afford to lose.
Bitsoft 360 User Reviews
Aggregated User Reviews
Bitsoft 360 has received mixed reviews from users. Some users have praised the platform for its user-friendly interface and extensive range of trading products, while others have criticized it for its lack of regulation and slow customer support.
Positive Reviews
Positive reviews of Bitsoft 360 often highlight the platform's user-friendly interface and extensive range of trading products. Users also appreciate the availability of a demo account for practicing trading strategies.
Negative Reviews
Negative reviews of Bitsoft 360 often criticize the platform for its lack of regulation and slow customer support. Some users have also reported issues with depositing and withdrawing funds.
Analysis of User Reviews
While Bitsoft 360 has received mixed reviews, it is important to note that user reviews should be taken with a grain of salt. Some reviews may be biased or fake, and it is important to conduct thorough research before making a decision to trade on any platform.
Bitsoft 360 Scam Allegations
Explanation of Scam Allegations
There have been some allegations that Bitsoft 360 is a scam due to its lack of regulation and negative user reviews.
Evidence for and against Scam Allegations
While there is no concrete evidence that Bitsoft 360 is a scam, the lack of regulation and negative user reviews are cause for concern. However, it is important to note that not all negative reviews necessarily indicate a scam, and it is important to conduct thorough research before making any conclusions.
Implications for Traders
Traders should be cautious when trading on an unregulated platform and should conduct thorough research before making any deposits.
How to Trade on Bitsoft 360
Steps to open an Account
To open an account on Bitsoft 360, users must provide their personal information and create a password. They must also verify their email address and phone number.
Account Verification Process
To verify their account, users must provide a copy of their government-issued ID and a proof of address. The verification process may take several business days to complete.
Depositing Funds
To deposit funds, users can choose from various payment methods, including credit/debit cards, bank transfer, and e-wallets. The minimum deposit is $250.
Placing Trades
To place a trade, users must select the asset they want to trade, choose their desired position size, and select their desired leverage and stop loss/take profit levels. They can then open the trade and monitor their position in real-time.
Withdrawing Funds
To withdraw funds, users must submit a withdrawal request through their account dashboard. They can choose from various payment methods, and the withdrawal process may take several business days to complete.
Bitsoft 360 Pros and Cons
Pros
- User-friendly interface
- Extensive range of trading products
- Availability of a demo account
- Multiple payment methods
Cons
- Lack of regulation
- Negative user reviews
- Slow customer support
Conclusion
Bitsoft 360 is a cryptocurrency trading platform that offers an extensive range of trading products and a user-friendly interface. While it has received mixed reviews and is not currently regulated, traders can still trade on the platform with caution and conduct thorough research before making any deposits.
Recommendation
Based on our analysis, we recommend that traders exercise caution when trading on Bitsoft 360 and conduct thorough research before making any deposits. While the platform offers a range of trading products and a user-friendly interface, the lack of regulation and negative user reviews are cause for concern.