BitPlus Capital

BitPlus Capital is a broker specializing in trading digital assets for cryptocurrencies and fiat. The company assures traders of the safety and reliability of all operations, swift order execution in a modern terminal, and efficient support. The platform’s representatives claim to operate under the complete control of regulators. The question arises: to what extent does this correspond to reality, and are we dealing with a straightforward scam? We attempted to delve into this matter and have published the results in our review.

Overview of BitPlus Capital

Broker selection is based on a multitude of factors that can be evaluated after a thorough examination of all available information about it. Let’s start getting acquainted with BitPlus Capital by analyzing the information on its official website.

Broker History

On the BitPlus Capital website, numerous texts highlight the broker’s advantages. However, what we didn’t find there is information about the company’s history. The creators of the project decided not to disclose the platform’s founding date, achievements, or future plans.

Nevertheless, we did manage to find a hint about the company’s age. In the copyright dates in the footer of the pages, the range is indicated as 2012-2024, suggesting the platform’s inception in 2012. Twelve years in the market is a significant period, but these details need verification, which we will conduct later.

Bitpluscapital.co Website

We haven’t seen an official website like this broker’s in a long time, and from our perspective, it’s one of the worst (if not the worst) sites we’ve come across. This applies literally to every aspect.

For example, in the design, we couldn’t find a consistent style on the page. There’s no logic in the menu system, and having fewer than ten pages for a serious website is also telling. It indicates that its developers don’t know what to communicate to visitors. Perhaps there was hope that the animated banner on the homepage would salvage the situation. Still, it didn’t work, and couldn’t have worked, as webmasters attempted to fit all the information they could find about the broker onto it. As a result, the banner got lost due to its size.

The content is also not impressive. Do website creators seriously think that:

• A set of analytical materials included in blocks like Bitcoin Price Prediction, Areas of Expertise, Blockchain News belong on the homepage? Or were they added here to dilute the blatantly poor materials about the company?
• A step-by-step guide on adding the website to the home screen of smartphones will be an equivalent substitute for a fully functional application?
• Traders will genuinely believe in publications gathered in the BitPlus Capital LTD – Worldwide Articles block, considering that none of the sources has any notable credibility?

In short, BitPlus Capital’s attempt to conceal the lack of information about the broker and advertise itself through publications on third-rate information resources is not commendable. The website also received an unsatisfactory rating. To be honest, after looking at the execution of its pages, we would never open an account here and deposit funds.

So, how does the platform address customer acquisition? It’s an interesting question; we assume they use methods that are considered somewhat questionable, such as making calls based on phone number databases.

Registration Process and Personal Account

To start trading with BitPlus Capital, users need to undergo a simple registration process. The form requires filling in just a few fields.

• First and last name.
• Country of residence.
• Phone number.
• Date of birth.
• Email address.
• Password.

Additionally, the users need to confirm their agreement with the Terms & Conditions and express a desire to receive promotional newsletters from the company.

At first glance, there seem to be no issues with the registration form. However, the problems lie in its simplicity. The company registers the client’s account immediately, allowing them to access the personal cabinet. Moreover, it doesn’t even mention:

• Mailing address.
• Verification of contact information (in essence, anyone can register with BitPlus Capital by creating an email, which can be entirely anonymous).
• Risk Disclosure, Privacy Policy, and other mandatory documents.

Overall, the organization of the registration process at the broker and the subsequent verification of the account owner’s personal data appears to be a poor imitation of procedures on cryptocurrency exchanges.

In the BitPlus Capital client’s personal cabinet, only a few functions are implemented:

• On the Account Summary tab: viewing the current account status and trade history, editing personal data, changing the password.
• On the Deposit tab: depositing funds, submitting a withdrawal request, viewing the history of financial transactions.

There is no mention of any verification levels, document submission for verification, etc., in the personal cabinet. While the Terms & Conditions include relevant conditions, there is not even a hint of the implementation of such features in the client’s personal space. The question of whether the broker copied the User Agreement from a cryptocurrency exchange or forgot/failed to properly enhance the functionality of the workspace remains open to clients.

Trading Platform

To see the BitPlus Capital trading platform, registration is not mandatory. However, account holders have access to the full functionality of the terminal. In general, we haven’t seen such poorly designed trading software in a long time.

The drawbacks of this software are quite noticeable:

1. In the market overview, all assets are divided into 2 groups: those quoted against BTC and fiat currencies. There is no other grouping, and users have to spend a considerable amount of time choosing the desired ticker.
2. Only one price chart is placed in the main window, which is inconvenient for those working with portfolios.
3. The selection of timeframes is quite unfortunate, with several important values missing in the list (e.g., 4H), significantly complicating traders’ work.
4. The price chart lacks any analysis tools – neither indicators nor graphical objects. Their development and integration are also not provided.

This is not an exhaustive list of issues with BitPlus Capital’s trading software. However, this is sufficient to understand that making a profit with such a terminal is practically impossible. Moreover, the likelihood of losses when working with it is much higher.

Contacts

The contact page at BitPlus Capital looks quite interesting. The broker displays contact details for the head office in Gibraltar:

• Email: support@bitpluscapital.co.
• Mailing address: World Trade Center, 6 Bayside Road, Gibraltar GX11 1AA, Gibraltar.

However, besides this, it has published addresses for 11 more offices located in:

• United Kingdom.
• Switzerland.
• Ireland.
• Australia.
• UAE.
• Cyprus.
• Sweden.
• Netherlands.
• Finland.

Impressive productivity – opening 12 offices in 12 years of existence. However, we reasonably doubt that all of them exist in reality. Judging by the appearance of the addresses, we think BitPlus Capital may have rented just over a dozen virtual offices with a mailing address and phone number. They may not bring much benefit, but they make a good impression.

On the same Contact Us page, there is a feedback form that allows users to submit a request to customer support even without registration. However, there is a peculiar aspect to all of this. The broker managed to open 12 offices but did not create a single public profile on social media. Is that possible? We doubt that during the 12 years of operation, no one at BitPlus Capital had the brightest idea. The absence of groups and channels may suggest one thing – the platform has not been around as long as it claims, and there are no expectations that it will last more than six months.

Analysis of Services Offered by BitPlus Capital

Even the initial acquaintance with the company convinces us that something is amiss with this project. Let’s see what impression BitPlus Capital’s offerings will make on traders.

Funding and Withdrawal

There is not a word about depositing and withdrawing funds on the official BitPlus Capital website. Some details can be obtained from the user account, where functions for conducting financial transactions are implemented.

Users have only one option to deposit funds – with a credit/debit card. However, the broker has not implemented automatic depositing. After entering card details and submitting the form, users are informed that a company representative will contact them to complete the operation.

It’s a quite understandable move by scammers. BitPlus Capital does not want to disclose its details openly, hiding them from financial and tax control authorities. Most likely, the trader will be provided with drop card details, or the payment method will be changed to cryptocurrency transfer.

BitPlus Capital Trading Conditions

The most significant interest for traders lies in the trading conditions offered by the broker. BitPlus Capital has found a reason to stand out in this aspect as well.

To begin with, on the Account Types page, only the minimum deposit amounts can be associated with trading conditions. The other options in the table have no relation to the terms of executing transactions.

The broker offers 5 types of accounts:

• Green Account with a deposit from 10,000 GBP.
• Silver Account with a deposit from 50,000 GBP.
• Gold Account with a deposit from 100,000 GBP.
• VIP Account with a deposit from 250,000 GBP.
• 1Million Club with a deposit from 1,000,000 GBP.

However, the options presented in the table raise suspicion. For example, the second item in it is labeled “Secure Wallet.” However, there is no mention of any wallet in the user account. The same can be said about most of the options in the table – we could not find any of the company’s offerings in the client’s workspace.

Is BitPlus Capital Trustworthy and Reliable

We have examined almost all aspects of the company’s activities. The only thing left is to conclusively confirm that BitPlus Capital was created by scammers by checking the official information about it.

Assessing Legitimacy

In the footer of BitPlus Capital’s website, the company claims to have undergone official registration in Gibraltar and obtained a license from the local financial commission GFSC as Class 3 Virtual Financial Asset Services. The permitted activities include the execution of financial orders on behalf of other persons and strategizing financial account management.

Unfortunately, Gibraltar’s business registry remains closed, so we couldn’t verify the company’s registration information. However, financial regulator data is publicly available. Therefore, checking the broker’s licensing information was not difficult.

However, this was to be expected: in most texts on the website pages and documents, it refers to BitPlus Capital LTD, while the footer of the page suggests considering the company BitPlus Capital Algorithm Trading Technologies PCC Limited. Thus, we conclude that this broker is not licensed, and its registration is highly doubtful (especially considering the company’s name tricks). In any case, its activities have nothing to do with legality, as we initially suspected.

Established Track Record

We need to fulfill our promise and check the time BitPlus Capital has been operating online. To do this, we will use the domain registration date provided by the Whois service.

We see that the domain used by BitPlus Capital was registered in July 2023. This means it has been operating online for six months. All other information, such as the copyright claim from 2012, is nothing more than a legend that does not withstand scrutiny. Moreover, the existence of 12 offices of the company is likely a myth. Virtual offices could have been opened even more during this time, further confirming our opinion. And now the company uses bitpluscapital.co domain.

Implications for Traders

BitPlus Capital is a company that specializes in providing intermediary services for cryptocurrency trading. However, its registration raises doubts, and it lacks a license. Moreover, it cannot be considered a cryptocurrency exchange, and labeling it as a broker is a stretch. The opaque financial operations and undisclosed trading conditions are also concerning. In short, the risks associated with working with BitPlus Capital far outweigh the opportunities for profit, so we do not recommend opening or funding accounts here.

Strengths and Weaknesses