Bit4x Review
3 stars - "Bit4x Review" Bit4x Review

Bit4x Review

www.bit4x.com|US Traders Accepted!|2012 logo
Written on: December 26th, 2015 | Author: David M
QUICK TAKE
  • Bitcoin-only forex and CFD platform offers access to MT4 ECN platform.
  • 2:1 leverage on bitcoin trades, with one percent fee.
  • Bit4x has not been free from controversy, with questional antics regarding regulated status (or lack thereof), and strange treatment of customers on bitcointalk forum.

 Trade with Bit4x!

 

UPDATE: Bit4x has been offline for a few days now.  Recommend checking out simplefx or 1broker as alternatives.

Summary

bit4x is a smart-looking bitcoin forex and CFD brokerage that looks exceptional on paper: Bitcoin deposits and withdrawals with minimal registration, utilizes the unparalleled metatrader 4 platform for ECN trading, and allows US traders. Then you take a peek under the hood. bit4x is run by an semi-anonymous handle on the bitcointalk forum who has demonstrated a puzzling scorn for potential customers, regularly using terms like "stupid", "illiterate" and "sock puppet" to describe those with questions about the platform. In one notable exchange, he responded to a very well-documented flap in which he "stretched the truth" about being FCA approved in the UK by telling the questioner "he must be new", and to "take his sockpuppet and go troll someone who cares". It all comes off as a bit Borat-esque.

Which is a shame. The market is missing a bitcoin-centric metatrader 4 bitcoin platform servicing US customers, and we would love to be able to recommend bit4x. And of course, it could very well be that ownership is simply tone deaf and the product, which has been up and running for four years now without serious incident, is worthy of your hard-earned coin. If you are not irrevocably turned-off by the customer support style and are still open to giving bit4x a shot, read on.

bit4xlp

Give bit4x a try with a risk-free demo account!

Opening an account

Registration is a joy, limited to inputting an email, which must be verified, and password. After verification, users are redirected to a dashboard page, where they are invited to open a demo or real trading account. Either selection requests that the user select their trading leverage - anywhere from 100-500 for standard CFDs, with only 2x leverage offered on crypto-pairs - and set up a trading password and username.

Should the user select a real account, he is offered the option to "lock" the withdrawal bitcoin address, a nice security feature which ensures that, in the event of a client side account hack, the hacker will be unable to request withdrawal to a different wallet. A QR code / deposit address is then displayed to the user.

Withdrawals are requested directly from the website, not from the metatrader platform. Simply navigate to the correct trading account where the available balance is displayed. Withdrawal requests take up to 24 hours to process, as they are manually done. The minimum amount possible for withdrawal is 0.01 BTC, and all network fees are graciously paid by bit4x.

Making a Trade

bit4x plugs into the metatrader 4 ECN network, meaning traders tap directly into the interbank exchange market, which allows access to the massive liquidity necessary to provide the types of leverages on offer from bit4x. Indeed, all non-crypto markets, including commodities, forex, exchange indexes, stocks and medals are available with leverages of up to 500:1 - truly eye-watering levels that removes most pretense of investing and begins to resemble currency roulette.

Consider that a margin call is executed when an account drops to 20-30% of the open position. In the forex market, for instance, a position opened with 500:1 leverage would be closed if the currency pair were to move 0.0015 in the opposite direction, or 15 pips. As any relatively experienced trader will tell you, in a volatile market a 15 pip movement can happen in the blink of an eye, so don't highly leverage funds you can't afford to lose. Crypto trading is offered with at most a 2:1 leverage, due to less liquidity available for buying and selling and thus difficulty in quickly liquidating orders.

Metatrader 4 is the dream platform for any technical analyst, with numerous charting features and tools available for any particular forex pair or CFD instrument. Trades are available with one click, directly from any chart, in either buy or sell directions. Of course, stop loss and take profit orders, as well as trailing stops, are also easily configurable through the platform.  With the integration of liquidity directly from some large bitcoin exchanges, the metatrader 4 platform finally combines it's excellent features with cryptocurrency trading.

Bit4x Fees

bit4x offers two different account types, the classic and the pro account. The minimum deposit for the classic account is 0.1 bitcoin, while pro accounts must be funded with at least 5 bitcoin. As it pertains to Forex, the size of a lot is 100,000; lot size will however vary from one CFD market to another. While both classic and pro accounts will notice spreads between buy and sell orders, the pro account spreads are much narrower, to the point that they more than compensate for the additional fee per lot added.

  Classic Account Pro Account
Forex In Spread .04 per lot
Commodities In Spread .04 per lot
Metals In Spread .04 per lot
Indices In Spread .04 per lot 
Stocks In Spread .04 per lot
Crypto .01 per lot .01 per lot

Bit4x Mobile

Metatrader 4 has exceptional android and iOs apps, and you can sign in with your bit4x user account and trade with all the same features as available on the desktop versions.

Support

Perhaps the keyboard-warrior owner, recognizing his deficiencies when it comes to communicating with people, has hired some staff that is more customer-service orientated.  Not sure, was too afraid to contact them.

Bottom Line

bit4x has been around for since 2012 and has attracted a heightened level of controversy since - namely, stretching the truth when it came to their licensing status, and attempting to belittle those questioning their tactics. However, the previous four years has not seen protestations of dishonesty on the part of customers, and there have been no reports we have seen about lost or misused funds or general rogue activity.

Click Here to Visit Bit4x!

[back to top]

IMPORTANT INFO

  • Trading Platform: metaTrader 4
  • Markets: Major Indices, Equities, Commodities, 41 Forex pairs, Bitcoin
  • US Traders: Yes
  • Regulated: N/A
  • Offices: Slovenia
  • Min Deposit: .01 bitcoin
  • Max leverage - Cryptopairs: 2:1
  • Standard Max Leverage: 500:1
  • Margin call: 50%
  • Stop out: 20-30%
  • Email: This email address is being protected from spambots. You need JavaScript enabled to view it.
  • Telephone: N/A
  • Live Chat: N/A