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Bitwest

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Operating status: SCAM

Website: https://www.bitwest-group.pro/#/

Broker violations and abnormal records
  • 2023-05-18 The UK regulator FCA issued a warning against Bitwest

    On May 19, 2023, the Financial Conduct Authority (FCA) issued a warning against Bitwest, believing this broker might be providing financial services or products in the UK without authorization: https://www.fca.org.uk/news/warnings/bitwest

    On May 19, 2023, the Financial Conduct Authority (FCA) issued a warning against Bitwest, believing this broker might be providing financial services or products in the UK without authorization: https://www.fca.org.uk/news/warnings/bitwest
  • 2023-05-21 BrokersView has reviewed that Bitwest is an unregulated broker

    Bitwest fails to provide company details including company name, address, and phone numbers, as well as its regulatory information and licensing data, a clear scam indicator. It is typical for legitimate brokers to prominently display their accreditation and licenses to instill trust and transparency and thus the lack of such information may suggest the absence of regulation and accountability. In addition, the Financial Conduct Authority (FCA) has issued a warning against this broker for offering financial services or products without proper authorization.

    In essence, Bitwest is not regulated by any governing body. Entrusting this broker with investors' funds is highly risky, as there are no legal protections in place to safeguard the funds. It is unequivocally a scam.

    Bitwest fails to provide company details including company name, address, and phone numbers, as well as its regulatory information and licensing data, a clear scam indicator. It is typical for legitimate brokers to prominently display their accreditation and licenses to instill trust and transparency and thus the lack of such information may suggest the absence of regulation and accountability. In addition, the Financial Conduct Authority (FCA) has issued a warning against this broker for offering financial services or products without proper authorization.In essence, Bitwest is not regulated by any governing body. Entrusting this broker with investors' funds is highly risky, as there are no legal protections in place to safeguard the funds. It is unequivocally a scam.

Related Complaints

Q&A

I'd like to know all the legal information about this broker, please.

AllisWong
Palau
2023-05-23
ANSWER Bitwest is an unlicensed broker we advise against trading with despite the seemingly attractive deals it offers.Bitwest fails to provide company details including company name, address, and phone numbers, as well as its regulatory information and licensing data, which is a clear scam indicator. It is typical for legitimate brokers to prominently display their accreditation and licenses to instill trust and transparency and thus the lack of such information may suggest the absence of regulation and accountability. In addition, the Financial Conduct Authority (FCA) has issued a warning against this broker for offering financial services or products without proper authorization.Regarding your question, Bitwest is illegally providing investment services and investors are strongly advised not to deal with it. It is a non-regulated broker coming with huge risks including financial losses and identity theft. Once your money is in the system, there are no rules to protect it. Therefore, we encourage investors stay away from unlicensed brokers like Bitwest and opt for fully regulated ones instead.
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