BITOWNS has been flagged by Financial Conduct Authority for "Unregistered/Unlicensed entity offering financial products or services". This company appears in our regulatory warnings database. Always verify with official regulatory sources before investing or doing business with this firm.
BITOWNS has no proper customer support. The live chat is a bot. The phone number goes to a call center that cannot access your account. Email takes two weeks. When I had a real problem they were nowhere to be found.
Pros: Dividend tracking|Low minimum deposit
Cons: Would like more payment methods
Tried to withdraw my funds from BITOWNS and was told I needed to pay a "withdrawal tax" of 20%. This is a red flag. No legitimate broker charges withdrawal taxes. When I refused, they became aggressive and eventually stopped all communication. My entire investment is gone.
Pros: Professional looking website
Cons: Withdrawal fees demanded|Communication cut off|Not authorized
I opened an account with BITOWNS for just over a year ago. The platform frequently logs you out, orders fail to execute at the stated price, and when you complain they blame your internet connection. I have screenshots proving otherwise.
Pros: Easy withdrawals|Social trading features|Responsive team|Detailed reporting
Cons: Wait times can be long during peak hours
Do not be fooled by the professional-looking website. Behind the scenes, BITOWNS is disorganized and incompetent. I found them based on a colleague's recommendation and I can only assume the positive reviews are either outdated or paid for because my experience was terrible.
Pros: Fast deposits|Wide product range|Multi-currency support
Cons: Limited demo account features|Limited ETF selection
I looked into BITOWNS and found they appear in the regulatory warnings database. Financial Conduct Authority has issued a notice about this firm. Whether this is a misunderstanding or a serious concern, the fact remains that proper due diligence is essential. Always verify the regulatory status of any company before investing your hard-earned money.
Cons: Listed in IOSCO I-SCAN|May not be authorized in your jurisdiction
I was contacted by BITOWNS through social media. They promised guaranteed returns of 20-30% monthly. Being naive, I invested. The "account manager" pressured me to invest more and more. When I finally tried to take profit, my account was frozen and they stopped responding. Classic Ponzi/advance fee fraud.
Cons: Lost entire investment|Reported to authorities|Unresponsive
I lost a significant amount because BITOWNS did not execute my stop loss during a flash crash. They said the market was illiquid. Other brokers managed to execute. I have no proof they did not trade against me. Avoid.
Pros: Dividend tracking|API access|Economic calendar|Easy to use platform
Cons: None so far|Wait times can be long during peak hours
I was about to invest with BITOWNS but decided to check their regulatory status first. They claim to be regulated but I could not find them on any official register. Financial Conduct Authority has actually issued a warning about this firm. Thank goodness I checked before sending any money.
Cons: Listed in warning databases|No transparency|Pressure to invest quickly
The mobile app from BITOWNS is dangerous. I placed an order that showed as pending, so I placed another. Both executed and I was overexposed. When I complained they said it was user error. The app design is misleading.
Pros: Regular platform improvements|Transparent fees|Demo account available
Cons: Live chat only during business hours