Comprehensive Review of Bitop

This cryptocurrency exchange presents itself as a reliable platform with high trading volumes, millions of clients, and bonuses for newcomers. However, behind these bold promises lie many questions: are these numbers real, does the company have licenses, and could the “exclusive rewards” be just a trap for unsuspecting users? In short, is Bitop a scam?

Highlights

Key Trading Features

Bitop offers typical features and conditions for a cryptocurrency exchange. There is no differentiation in pricing plans; instead, clients have access to a single account with all services: spot trading, margin trading with a leverage of 1:400, and more.

A leverage of 1:400 is extremely high, especially in the cryptocurrency market. Clearly, Bitop is not regulated by financial authorities; otherwise, it wouldn’t be able to offer such excessive leverage, which essentially eliminates traders’ chances for long-term profits.

The platform has also developed a service that allows users to predict prices and earn profits in the event of a favorable outcome — something that closely resembles binary options. This setup feels like a questionable platform inviting users to gamble. The detailed conditions for this feature are not even specified.

Overview of Available Trading Instruments

Bitop offers a relatively limited selection of cryptocurrencies for trading — around 100 coins, despite the official website claiming over 250. Even fewer pairs are available for margin trading, but it includes not only crypto but also futures on commodities, stock indices, and U.S. stocks. There are no rare altcoins or frequent listings, which limits users’ ability to employ flexible earning strategies.

Trading Platform Analysis

The trading terminal on Bitop is similar to those of other crypto exchanges. Its main functionality is sourced from the popular trading service TradingView, so users have access to the basics: technical and chart analysis, essential indicators, and timeframes from 1 minute to 1 month. The platform also supports limit and market orders, a detailed history, and take-profit/stop-loss options.

Additionally, the company has developed smartphone apps for Android/iOS. The app isn’t popular; for instance, it has only 1,000 downloads on the Play Store, with a rating of just 1.3 stars out of 5.

In summary, there’s nothing particularly interesting or unique. It’s a standard platform that doesn’t stand out, lacking advanced tools such as market depth, order book, and API support. It’s also worth noting that the Bitop terminal is poorly optimized. Many charts either don’t open or take a long time to load. Often, the page just freezes and needs refreshing. This indicates a low level of technical readiness for the exchange. Users suffer from a poorly functioning platform.

Additional Services

The company offers not only cryptocurrency trading but also additional options. Bitop includes a service for copying trades, allowing clients to automatically replicate the trades of other users. In the personal account, users can select a trader, and view their trading style, statistics, and other data.

Additionally, users can try their luck predicting the prices of Bitcoin and Ethereum. The crypto exchange has named this service, which closely resembles binary options, “Bitcast”. The platform even offers prizes, with rewards paid in its native token, BTP.

Of course, there is also a referral program. The platform pays a portion of the commissions to partners who bring in referrals.

Fee Structure

For spot trading, Bitop has set a standard commission of 0.1% of the trade volume. However, there are no listed fees for futures trading, nor are there details about deposits or withdrawals. In practice, cryptocurrency exchanges typically don’t charge for deposits, but for withdrawals, fees vary by cryptocurrency. Usually, a platform charges for blockchain transaction processing.

Legitimacy of Bitop

Let’s examine whether this platform can be trusted. The platform claims to operate under strict licensing and regulatory frameworks, mentioning an “exclusive protection fund” that supposedly ensures user funds’ security. However, there are no specific mentions of licenses or regulatory bodies, casting doubt on the legitimacy of these claims.

The user agreement states that the company operates under Canadian law. Their social media accounts also mention Canada, but there is no specific address provided. FINTRAC, which regulates crypto exchange activity in Canada, lists Bitop on its registry. However, there are some interesting details — the license expired in the summer of 2024. Why hasn’t the platform renewed it?

Since registration with FINTRAC has expired, this means that the company currently lacks the status of a FINTRAC-regulated financial organization. This is a warning sign, as a company without an active registration is not legally permitted to provide financial services in Canada.

Why doesn’t Bitop disclose its legal information and renew its license? These are valid questions and a serious reason to question the reliability of this cryptocurrency exchange. Perhaps the regulator did not renew the license because the company is violating multiple requirements, such as offering 1:400 leverage for futures or conducting binary options trading.

It’s also worth noting that the company does not disclose the name of its CEO or other managers, which any large and reputable crypto exchange would do. Their social media accounts have few genuine followers but many fake ones, indicating that the project isn’t even popular among crypto traders and investors.

Company History

The platform’s duration of operation, like its legal address, is not specified on the official website. However, judging by the FINTRAC license date issued in 2021 and the domain registration date in 2020, it can be concluded that Bitop has been operating for about 4 years. This timeframe is neither very long nor very short.

Conclusion

An expired registration in Canada, the enormous risks posed by 1:400 leverage, and services resembling binary options indicate possible issues with regulators and potentially fraudulent intentions. Bitop tries to create an illusion of reliability, but the lack of genuine regulation and transparency makes it a risky choice. The recommendation is simple: it’s better to stay away from this platform.

Weighing the Pros and Cons

Common Questions