Bitnexex has been flagged by Financial Markets Authority for "Unregistered/Unlicensed entity offering financial products or services|Fraud ...". This company appears in our regulatory warnings database. Always verify with official regulatory sources before investing or doing business with this firm.
Their two-factor authentication was optional when I joined. I enabled it. Later I lost my phone and could not log in. Bitnexex recovery process took 3 weeks and required notarized documents. By then I had missed important trades. Their security is your inconvenience.
Pros: Dividend tracking|Two-factor authentication|High security standards
Cons: Website design could be more modern
Do not believe the bonus offer from Bitnexex. The turnover requirement is designed so you can never withdraw. I learned the hard way. I deposited after reading several online reviews and the bonus terms were buried in pages of small print. My fault for not reading but their design is predatory.
Pros: Fast execution|Two-factor authentication
Cons: Could offer more webinars
I was about to invest with Bitnexex but decided to check their regulatory status first. They claim to be regulated but I could not find them on any official register. Financial Markets Authority has actually issued a warning about this firm. Thank goodness I checked before sending any money.
Cons: Not registered with regulators|Unrealistic promises
My card was charged twice by Bitnexex on the same day. I had to dispute it with my bank. Bitnexex then froze my account and said I had a negative balance because of the chargeback. They created the problem and then punished me for it.
Pros: Easy withdrawals|Copy trading available|Competitive fees
Cons: No fractional shares|Minimum deposit could be lower
Bitnexex offers copy trading. I copied a top trader. The copy trades often executed at worse prices than the original. When I asked why they said it was due to latency and liquidity. So the feature is broken or they are skimming. Either way I stopped using it.
Pros: Personal attention|API access|Responsive team
Cons: Spreads widen during volatile periods|Limited cryptocurrency options
The platform itself is okay, but the customer service at Bitnexex is truly awful. I waited weeks for a response to a simple inquiry. When they did respond, it felt like a generic template that did not address my specific issue at all.
Pros: Automated trading options|Multi-device support|Tax reports included
Cons: Minor UI glitches occasionally
After doing some research AFTER the fact (I know, I should have done this first), I discovered that Bitnexex is not authorized by any legitimate financial regulator. They are operating illegally. The website looks very professional but it's all a facade. Please check the regulatory warnings database before investing with ANY company.
Pros: Professional looking website
Cons: Withdrawal fees demanded|Communication cut off|Not authorized
Bitnexex advertises low fees but once you dig into the fine print, there are numerous charges that add up quickly. Inactivity fees, withdrawal fees, currency conversion fees - it all eats into your returns. I wish I had read the terms more carefully.
Pros: High security standards|Professional team|Clean UI|Low minimum deposit
Cons: Wish they had more educational resources
Bitnexex had an outage that lasted several hours during a major market event. Not only did they fail to prevent it, but they also failed to communicate what was happening. We were left in the dark while our investments were at risk.
Pros: Automated trading options|Stable platform
Cons: Slow to add new assets|Limited demo account features
I have been trying to close my account with Bitnexex for weeks now and they keep giving me the runaround. First it was a form to fill out, then identity verification again, then a mandatory phone call that never gets scheduled. They make leaving impossible.
Pros: Great customer service|Clean UI
Cons: Withdrawal takes 1-2 business days|No dark mode on mobile