BitBlanco Review: Not a Legitimate Trading Platform?

The BitBlanco broker claims to be a world-class trading brand with top-notch Forex and CFD trading conditions. However, many of the pages on the provider’s website are beating around the bush instead of giving concrete and concise answers.

Key information about the company’s legal background and regulation has also been omitted from the documents. We thus investigate this broker in our BitBlanco Review to determine whether the platform is worthy of your honest money.

Broker status:	Unlicensed Forex Provider
Regulated by:	Unregulated
Operating Status:	Active Forex Trading Scam
Known Websites:	bitblanco.com, webtrader.bitblanco.com
Blacklisted as a Scam by:	CONSOB, CNMV, FI (Norway), FI (Estonia)
Owner:	N/A
Headquarters Country:	UK (allegedly)
Website Active Since:	2023-04-14
Online Trading Platforms:	Web
Mobile Trading:	Available
Minimum Deposit:	250 USD
Deposit Bonus:	Available but Undisclosed
CFD Trading Option:	Yes, you can trade CFDs
Crypto Asset Trading:	Yes – BTC, ETH, LTC…
Available Trading Instruments:	Forex, Indices, Commodities, Stocks, Cryptocurrencies
Maximum Leverage:	1:200
Islamic Account:	Available
Free Demo Account:	Unavailable
Accepts US clients:	Yes
Global Fraud Protection Experts’ Verdict:	Avoid Working with this Company

Is BitBlanco Regulated?

Despite devoting two pages to the company’s legal background, the BitBlanco regulation is missing, i.e. there is no evidence of a valid license. This entity is not registered in the UK, as the website claims.

On November 20, 2023, Italy’s CONSOB issued a warning against BitBlanco, stressing that the broker is not authorized to provide services to local traders. As Italy is an EU member, CONSOB enforces the common regulations of the European Securities and Markets Authority (ESMA).

The warning implies that the broker is not compliant with ESMA’s rules, which resulted in more European regulators reposting CONSOB’s alert and flagging the platform as illicit. These authorities include the Spanish CNMV, Norwegian FI, and Estonian FI.

If you want a reliable platform, we suggest you find a licensed provider that operates under the supervision of reputable financial market authorities such as the FCA (UK), CySEC (Cyprus), FINMA (Switzerland), CFTC & NFA (US), ASIC (Australia), IIROC (Canada), etc.

Trader Reviews – Sharing Experiences

At the time of this writing, there were 79 BitBlanco reviews on trustpilot.com. The platform received an average score of 2.4/5 (poor). We found many complaints in the reviews, the vast majority coming from Italian traders.

These negative reviews outline the framework of the shady trading scam and how the fraudster aggressively coerced unwary victims into risking their hard-earned funds. We had a similar case in our RubyFinance review.

Check out the complaints on scamadviser.com too. Withdrawal issues seem to be a recurring theme so we recommend you always read trader complaints and find out which methods this firm uses to scam potential victims.

Who Are BitBlanco’s Targets?

According to godaddy.com/whois, the bitblanco.com website domain was created on April 14, 2023. Since then, the financial swindler mainly targeted traders from the following countries:

• United States;
• Italy;
• Lithuania;
• Cabo Verde.

The first three on the list have esteemed financial market authorities that enforce heavy regulations to prevent unauthorized entities such as BitBlanco from running their fraudulent schemes.

One of ESMA’s rules stipulates that each broker must possess a MiFID license to operate across Europe. BitBlanco has no license whatsoever. If you lose money to this platform, you cannot count on the financial ombudsman or compensation scheme contract. To reiterate, four European regulators have issued warnings against this broker.

Which Trading Platform Is Available?

BitBlanco claims to offer an effective web platform that supports popular trading assets such as Forex currency pairs, indices, commodities, stocks, and cryptocurrencies.

We wanted to check out the platform but got denied by the BitBlanco login page. There was no risk-free demo account option, so it was a dead end. Nevertheless, browser-based platforms are typically lackluster and unpolished. Aside from basic charts, graphs, and indicators, there is not much else.

If you want a true trading experience, we suggest you find a licensed provider that supports renowned third-party software such as MetaTrader 4, MetaTrader 5, or cTrader.

MT platforms support useful tools such as automated trading, live market reports, advanced charting, a user-friendly interface, multiple timeframes, lightning-fast order execution, etc.

Available Live Account Types

Account Type	Bronze	Silver	Gold	Platinum	Diamond	Premium	VIP
Minimum Deposit	10,000 EUR	25,000 EUR	50,000 EUR	100,000 EUR	250,000 EUR	500,000 EUR	1,000,000 EUR
Maximum Leverage	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Spreads	N/A	N/A	N/A	N/A	N/A	N/A	N/A

Trading Conditions – Leverage, Spreads, Commissions

BitBlanco’s maximum leverage is capped at 1:200, which is significantly higher than what is allowed in Europe (1:30) or North America (1:50). High leverage is a double-edged sword; it can magnify potential profits but also potential losses.

As for the trading costs, i.e. spreads and commissions, the broker did not disclose anything on the website. Tight spreads mean little without specific values. Like Capital Index Fund, BitBlanco did not pass the transparency test.

Deposit and Withdrawal Process

BitBlanco listed four available payment methods that can be used to fund accounts and withdraw profits:

• Credit/debit cards;
• Wire transfers;
• E-wallets;
• Cryptocurrencies.

Although the Bronze account costs 10,000 EUR, the FAQ section says that the minimum deposit requirement is 250 USD. In case you experience withdrawal issues, you cannot count on BitBlanco customer service because the broker will surely ignore you.

In case you want to recover your funds, please consider getting a chargeback. If you deposited money via MasterCard or VISA credit/debit cards, you can request a chargeback at the issuing bank within 540 days and reverse the transaction.

As for wire transfers, you can request a recall to reverse the transaction but keep in mind that it can only work if the transaction has yet to go through.

Reversing crypto payments requires professional assistance. Luckily for you, we have a team of experts who specialize in tracing crypto payments to get clients their money back.

What Should I Do If I Have Issues With BitBlanco?

To sum up, BitBlanco is a fraudulent Forex trading scam, mainly targeting traders in the US, Italy, Lithuania, and Cabo Verde. We don’t recommend this broker because the platform has been blacklisted by four European regulators, including CONSOB.

The warnings state that the broker can easily steal your funds. In our review, we have stressed the importance of regulations and why it is better to trade under jurisdictions supervised by recognized financial market watchdogs.

If you have fallen victim to the BitBlanco scam, please book a free consultation with Fusion Forensics Limited. We have a team of experts who can assist you in the fund recovery process and get your money back as soon as possible.

Book your free consultation today and get your money back.