Note: Bitwest Groups official site - https://www.bitwest-group.pro/ is currently not functional. Therefore, we could only gather relevant information from the Internet to present a rough picture of this broker.
Risk Warning
Online trading involves significant risk, and you may lose all of your invested capital. It is not suitable for all traders or investors. Please ensure that you understand the risks involved and note that the information contained in this article is for general information purposes only.
General Information
What is Bitwest Group？
Bitwest Group is an online trading platform that provides a wide range of trading instruments across various asset classes. While it is important to note that Bitwest Group currently lacks valid regulation, they present competitive spreads starting from 0.2 pips. The platform showcases a fully functional web trading platform through various images on their website. However, it is worth mentioning that the official website of Bitwest Group is currently inaccessible, which may raise concerns about accessibility and reliability.
In the following article, we will analyze the characteristics of this broker from various aspects, providing you with simple and organized information. If you are interested, please read on. At the end of the article, we will also briefly make a conclusion so that you can understand the broker's characteristics at a glance.
Pros & Cons
Bitwest Group Alternative Brokers
There are many alternative brokers to Bitwest Group depending on the specific needs and preferences of the trader. Some popular options include:
Darwinex - An innovative online brokerage that offers a unique investment platform where traders can turn their trading strategies into investable assets.
Trading 212 – A popular online brokerage platform that offers commission-free trading for a wide range of financial instruments, including stocks, ETFs, forex, and cryptocurrencies.
XM - A flexible trading platform with low spreads and a range of trading instruments.
Is Bitwest Group Safe or Scam？
Bitwest Group currently has no valid regulation, which means that there is no government or financial authority oversighting their operations. Besides, the official website of Bitwest Group is inaccessible, indicating that the trading platform may have absconded. These make investing with them risky.
If you are considering investing with Bitwest Group, it is important to do your research thoroughly and weigh the potential risks against the potential rewards before making a decision. In general, it is recommended to invest with well-regulated brokers to ensure your funds are protected.
Market Instruments
Bitwest Group offers a variety of trading instruments across different asset classes, including forex, stocks, commodities, cryptocurrencies and indices.
Also known as foreign exchange, Forex trading involves buying and selling currencies. Traders aim to profit from fluctuations in exchange rates between different currency pairs.
This asset class involves trading shares of publicly traded companies. Traders can buy and sell stocks to take advantage of price movements or earn dividends from their investments.
Commodities include physical goods like gold, oil, natural gas, agricultural products, and more. Traders can speculate on the price movements of these commodities or use them for hedging purposes.
This asset class comprises digital currencies like Bitcoin, Ethereum, Litecoin, etc. Cryptocurrency trading involves speculating on the price movements of these digital assets.
Indices represent a basket of stocks from a specific market or sector. Trading indices allows investors to gain exposure to a selection of stocks without trading them individually.
Spreads & Commissions
Bitwest Group offers competitive spreads starting from 0.2 pips. Spreads refer to the difference between the bid and ask price of a trading instrument. The tighter the spread, the lower the cost of entering and exiting trades. A spread of 0.2 pips indicates that the difference between the buying and selling prices of a trading instrument is minimal, enhancing the potential for profitability.
Below is a comparison table about spreads and commissions charged by different brokers:
Note: The information presented in this table may be subject to change and it is always recommended to check with the broker's official website for the latest information on spreads and commissions.
Trading Platforms
Bitwest Group's website presents a range of images displaying a fully functional web trading platform, which creates an expectation of comprehensive trading services for potential users. However, upon completing the registration process and accessing the platform, users have encountered a significant discrepancy. Instead of the anticipated trading platform, they are met with a simplistic chart that solely provides information on the current Bitcoin prices. This chart lacks essential trading functionalities, indicating that Bitwest Group may not possess the technical capacity to fulfill the services they promote.
Such a situation raises concerns about the platform's credibility and the accuracy of the information presented on their website. It is advisable for individuals considering Bitwest Group to exercise caution and conduct further research before committing any funds or providing personal information. Contacting their customer support to seek clarification on the available trading features and platforms could also be helpful in gaining a clearer understanding of their services.
See the trading platform comparison table below:
Deposits & Withdrawals
Bitwest Group accepts deposits and withdrawals via Credit/Debit card, Wire transfers, or SEPA transfers only.
With this option, you can conveniently deposit funds into your Bitwest Group account using your credit or debit card. It offers a quick and straightforward way to add funds, ensuring that you can start trading promptly. When it comes to withdrawals, you can also request funds to be transferred back to your card, making the process efficient and hassle-free.
Bitwest Group supports wire transfers, allowing you to deposit and withdraw funds directly from your bank account. Wire transfers are typically used for larger transactions and are a reliable option for transferring funds securely. Keep in mind that wire transfers may take some time to process, ranging from a few business days to a week, depending on your bank and location.
For customers within the Single Euro Payments Area (SEPA), Bitwest Group accepts SEPA transfers. This method allows you to deposit and withdraw funds in euros using the SEPA payment system. SEPA transfers are known for their cost-effectiveness and efficiency in euro-denominated transactions within the SEPA zone.
Customer Service
Customers can visit their office or get in touch with customer service line using the information provided below:
Email: support@bitwest-group.pro
Conclusion
In conclusion, Bitwest Group is a trading platform that offers a range of services to its clients. The platform provides access to various financial markets, allowing traders to diversify their portfolios and capitalize on different trading opportunities.
However, Bitwest Group has many problems. First, it doesn‘t have regulation. Second, it is because the official website of Bitwest Group is inaccessible that the relevant information doesn’t be provided, which makes trade not transparent enough. Therefore, traders should verify the regulatory status of Bitwest Group or any broker they choose to work with to ensure compliance with industry standards and regulatory requirements.
Frequently Asked Questions (FAQs)
