Bitop calls itself a world-leading cryptocurrency exchange with more than 100,000 users, but based on online reviews, we don’t think so because they are few. More interesting is the company’s regulation, as its official website claims control by the SEC, as well as FinCEN and FINTRAC from Canada. However, the crypto exchange also offers a leverage of 1:100, which is generally impossible with SEC regulation. Can this be considered a sign of a safe company for cooperation or not?

How to Trade

Bitop offers a variety of services to its clients beyond spot trading. Traders can earn both on the rise and fall of cryptocurrencies with leverage up to 1:100. Additional opportunities for users can be highlighted as follows:

  • Binary options.
  • Copy-trading.
  • Referral program.
  • Instant swap.
Leverage up to 1:100 and binary options in Bitop, given the supposed regulation by American financial commissions, look very doubtful and contradictory. This is because such services are prohibited by US regulators.

Trading is conducted on its own terminal. In addition, the exchange has developed applications for Android/iOS smartphones. The platform supports basic functions, such as pending orders, order book, and technical analysis.

Bitop Vital Info

The platform does not disclose its founding date, although the attached certificates show 2021, hinting that the exchange appeared even earlier. The domain was registered in 2020, but it’s worth checking WebArchive for snapshots that can provide additional information. However, the WebArchive check gave us nothing. Although the website only transformed into its current form in 2023, there were some problems before that.

The firm is registered as a Money Services Business in FinCEN and FINTRAC. We checked the registries, and indeed, such a company is listed there. Whether the website belongs to this organization or not is another question. However, a search on the SEC did not show us the presence of the cryptocurrency exchange.


What are the key facts about Bitop?

The platform looks contradictory. On the one hand, there are records in FinCEN and FINTRAC, but these are not regulators but agencies fighting financial crimes, so the presence of such certificates does not guarantee the safety of clients. In addition, the SEC certificate mentions a different legal entity - UBS Financial Investment Management LTD. The founding date, brand development history, and legal addresses are somehow missing, although American exchanges are supposed to disclose all this information. Also, the absence of other licenses, for example, in Europe, looks strange. The total number of users exceeds 100,000, but online reviews are scarce, and the platform is absent in crypto ratings like Coinmarketcap or Coingecko.

What's the risk to my wallet when working with this exchange?

In the cryptocurrency industry, reputation and transparency play a major role. Bitop has neither. Trading and investing in digital currencies carry a huge risk of losing capital, as their prices can plummet to almost zero. In addition, the platform offers credit leverage in huge sizes, which also significantly increases the risk. Lastly, the firm might be fraudulent and counterfeit, meaning the money could be stolen.

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