BitPremium Review – Is it Scam? – CFDs and Real Cryptos
In the world of cryptocurrency trading, there are many platforms that claim to offer the best services and features. However, not all of them are legitimate and trustworthy. It is important for traders to do their due diligence before investing their hard-earned money on any platform. In this review, we will take a closer look at BitPremium, a platform that offers trading in both CFDs (Contract for Difference) and real cryptocurrencies. We will explore its features, fees, security measures, customer support, and reputation to determine if it is a legitimate platform or a scam.
What is BitPremium?
BitPremium is an online trading platform that allows users to trade a wide range of financial instruments, including CFDs and real cryptocurrencies. CFDs are derivative products that allow traders to speculate on the price movements of various assets without actually owning the underlying asset. Real cryptocurrencies, on the other hand, involve the actual ownership and transfer of digital assets.
BitPremium aims to provide a user-friendly and secure trading environment for both beginners and experienced traders. The platform offers advanced trading tools, educational resources, and a responsive customer support team to assist users in their trading journey.
Signing up on BitPremium is a simple and straightforward process. Here is a step-by-step guide to get started:
- Visit the BitPremium website and click on the "Sign Up" button.
- Fill in the required personal information, including your name, email address, and phone number.
- Create a strong password for your account.
- Agree to the terms and conditions of the platform.
- Click on the "Create Account" button to complete the registration process.
After completing the registration, you will receive a verification email from BitPremium. Follow the instructions in the email to verify your account.
Trading on BitPremium
Once your account is verified, you can start trading on BitPremium. The platform offers a user-friendly trading interface that is suitable for both beginners and experienced traders. Here are the key features of the trading interface:
Real-time price charts: BitPremium provides real-time price charts for all the available trading instruments. Traders can analyze the price movements and make informed trading decisions.
Order types: BitPremium supports various order types, including market orders, limit orders, and stop orders. Traders can choose the order type that best suits their trading strategy.
Trading indicators: The platform offers a wide range of trading indicators, such as moving averages, MACD, and RSI. These indicators can help traders identify potential trading opportunities.
Trading alerts: BitPremium provides trading alerts that notify users about important market events and price movements. Traders can set up customized alerts based on their trading preferences.
Risk management tools: BitPremium offers risk management tools, such as stop-loss and take-profit orders. These tools help traders limit their potential losses and secure their profits.
CFDs, or Contracts for Difference, are financial instruments that allow traders to speculate on the price movements of various assets without owning the underlying asset. When trading CFDs, traders enter into an agreement with the broker to exchange the difference in the price of the asset from the time the contract is opened to the time it is closed. Here are the advantages and disadvantages of trading CFDs:
- Leverage: CFDs allow traders to trade with leverage, which means they can control a larger position with a smaller amount of capital. This can amplify potential profits, but also increases the risk of losses.
- Diversification: CFDs offer a wide range of trading instruments, including stocks, indices, commodities, and cryptocurrencies. Traders can diversify their portfolio and take advantage of different market opportunities.
- Short-selling: CFDs allow traders to profit from both rising and falling markets. Traders can enter short positions to benefit from falling prices.
- Risk of loss: Trading CFDs involves a high level of risk, as traders can lose more than their initial investment. It is important for traders to have a solid risk management strategy in place.
- Counterparty risk: When trading CFDs, traders enter into an agreement with the broker. If the broker goes bankrupt or fails to fulfill their obligations, traders may face financial losses.
On BitPremium, traders can trade CFDs on a wide range of assets, including stocks, indices, commodities, and cryptocurrencies. The platform offers competitive spreads, low margin requirements, and leverage of up to 1:500.
Real Cryptos Explained
Real cryptocurrencies involve the actual ownership and transfer of digital assets, such as Bitcoin, Ethereum, and Litecoin. When trading real cryptos, traders buy and sell the actual digital coins on a cryptocurrency exchange. Here is a comparison between CFDs and real cryptos:
Ownership: When trading real cryptos, traders actually own the digital assets and can transfer them to their personal wallets. With CFDs, traders do not own the underlying asset and cannot transfer the digital coins.
Volatility: Real cryptocurrencies are known for their high volatility, which can present both opportunities and risks for traders. CFDs on cryptocurrencies also offer the potential for profit from price movements, but without the need to own the actual coins.
Regulation: Trading real cryptos is subject to regulation in many jurisdictions. Cryptocurrency exchanges must comply with anti-money laundering (AML) and know your customer (KYC) requirements. CFD trading, on the other hand, is regulated by financial authorities that oversee the trading platforms.
On BitPremium, traders can choose to trade both CFDs and real cryptocurrencies. The platform offers a wide range of real cryptos, including Bitcoin, Ethereum, Ripple, and Litecoin. Traders can buy and sell the actual digital coins and take advantage of the price movements in the cryptocurrency market.
Security and Regulation
BitPremium takes the security of its users' funds and personal information seriously. The platform employs advanced security measures to protect against unauthorized access, fraud, and cyber attacks. Here are the key security features of BitPremium:
SSL encryption: BitPremium uses SSL encryption to secure the communication between users' devices and the platform's servers. This ensures that all sensitive data, such as passwords and financial information, is transmitted securely.
Two-factor authentication (2FA): BitPremium offers two-factor authentication to add an extra layer of security to user accounts. Traders can enable 2FA to require a unique verification code in addition to their password when logging in.
Cold storage: The majority of users' funds are stored in offline cold wallets, which are not connected to the internet. This helps protect against hacking and unauthorized access to the funds.
- Security audits: BitPremium regularly conducts security audits to identify and address any vulnerabilities in its systems. The platform works with independent cybersecurity firms to ensure the highest level of security for its users.
In terms of regulation, BitPremium operates in accordance with the laws and regulations of the jurisdictions it operates in. The platform is licensed and regulated by the relevant financial authorities to provide trading services to its users. This provides traders with an added level of protection and ensures that the platform operates in a fair and transparent manner.
BitPremium Fees and Charges
BitPremium charges fees for its services, including trading fees, deposit and withdrawal fees, and overnight financing charges. The fees vary depending on the type of trading instrument and the trading volume. Here is an overview of the fees and charges on BitPremium:
Trading fees: BitPremium charges a spread on CFD trades, which is the difference between the buy and sell prices. The spread can vary depending on the trading instrument and market conditions. The platform also charges a commission on certain CFD trades.
Deposit and withdrawal fees: BitPremium does not charge any fees for deposits. However, there may be fees associated with certain payment methods, such as bank transfers or credit card payments. Withdrawal fees may also apply, depending on the withdrawal method chosen.
Overnight financing charges: If a CFD position is held overnight, BitPremium charges overnight financing fees. These fees are based on the size of the position and the interest rates of the underlying assets.
It is important for traders to carefully review the fee structure on BitPremium and understand the charges associated with their trading activities. Traders should also consider the fees in relation to the platform's features and services to determine if it offers good value for money.
BitPremium provides customer support to assist users with any questions or issues they may have. The platform offers different support channels to cater to the needs of its users. Here are the support channels available on BitPremium:
Live chat: Traders can access the live chat feature on the BitPremium website to chat with a customer support representative in real-time. The live chat is available 24/7, allowing users to get immediate assistance.
Email support: Traders can also reach out to BitPremium's customer support team via email. The platform aims to respond to emails within 24 hours and provides detailed and helpful responses.
FAQ and knowledge base: BitPremium has an extensive FAQ section and knowledge base that covers a wide range of topics, including account registration, trading features, fees, and security. Traders can refer to these resources for answers to common questions.
The availability and responsiveness of customer support are important factors to consider when choosing a trading platform. BitPremium aims to provide timely and helpful support to ensure that users have a smooth trading experience.
User Reviews and Reputation
To assess the reputation of BitPremium, we analyzed user reviews and feedback from various online sources. Overall, the platform has received positive reviews from users, who appreciate its user-friendly interface, wide range of trading instruments, and responsive customer support