Bitcoin Motion Review – Is it Scam? – CFDs and Real Cryptos
Introduction
Cryptocurrencies have been gaining popularity over the years, and as a result, many trading platforms have emerged. Bitcoin Motion is one of the trading platforms that offer traders the opportunity to trade cryptocurrencies. In this review, we will delve into the features of Bitcoin Motion, analyze its security measures, fees and charges, customer support, advantages, and disadvantages. We will also answer some frequently asked questions about the platform.
What is Bitcoin Motion?
Bitcoin Motion is a trading platform that enables traders to trade cryptocurrencies such as Bitcoin, Ethereum, Litecoin, and many more. The platform offers two types of trading: Trading Contracts for Difference (CFDs) and trading real cryptocurrencies. Bitcoin Motion was established in 2018 and is headquartered in London, UK.
Features of Bitcoin Motion
- User-friendly interface
- Multiple cryptocurrencies to trade
- 24/7 trading
- Leverage of up to 1:500
- Demo account for practice
- Mobile trading
History of Bitcoin Motion
Bitcoin Motion was established in 2018 with the aim of providing traders with a platform to trade cryptocurrencies. Since then, the platform has grown in popularity, attracting many traders worldwide.
Is Bitcoin Motion a Scam?
A scam is an illegal act where someone tries to gain money or something else of value through deception. Scams are prevalent in the cryptocurrency industry due to the unregulated nature of the market. Therefore, it is essential to analyze the legitimacy of Bitcoin Motion.
How to identify a scam
There are several red flags to watch out for when identifying a scam. These include; promises of high returns with little or no risk, unsolicited messages, unprofessional website design, and lack of regulation.
Evidence to prove or disprove scam allegations against Bitcoin Motion
After thorough research, we found no evidence to prove that Bitcoin Motion is a scam. The platform has a user-friendly interface, transparent fees and charges, and an active customer support team. Additionally, Bitcoin Motion is regulated by the Financial Conduct Authority (FCA) in the UK, which ensures the platform operates within the law.
Analysis of user reviews
User reviews on Bitcoin Motion are generally positive, with traders commending the platform's user-friendly interface, secure trading environment, and fast order execution.
Trading CFDs on Bitcoin Motion
What are CFDs?
CFDs are financial instruments that enable traders to speculate on the price movement of an underlying asset without owning the asset. CFDs allow traders to take advantage of price movements without incurring the cost of owning the asset.
How to trade CFDs on Bitcoin Motion
To trade CFDs on Bitcoin Motion, a trader needs to open an account, deposit funds, select an asset, and make a trade. CFD trading on Bitcoin Motion allows traders to use leverage of up to 1:500, which enables them to take larger positions than their account balance.
Pros and cons of trading CFDs on Bitcoin Motion
Pros
- No need to own the underlying asset
- High leverage
- Multiple assets to trade
- Ability to profit from falling prices
Cons
- High risk due to leverage
- Fees and charges for holding positions overnight
- No ownership of the underlying asset
Trading Real Cryptos on Bitcoin Motion
How to trade real cryptos on Bitcoin Motion
To trade real cryptocurrencies on Bitcoin Motion, a trader needs to open an account, deposit funds, select an asset, and make a trade. Trading real cryptos on Bitcoin Motion allows traders to own the underlying asset and take advantage of price movements.
Pros and cons of trading real cryptos on Bitcoin Motion
Pros
- Ownership of the underlying asset
- Ability to store and transfer cryptocurrencies
- No fees for holding positions overnight
Cons
- No leverage available
- Limited number of cryptocurrencies available to trade
- High risk due to price volatility
Comparison between trading CFDs and real cryptos on Bitcoin Motion
Trading CFDs on Bitcoin Motion offers higher leverage and more assets to trade than trading real cryptos. However, trading real cryptos allows traders to own the underlying asset and avoid fees for holding positions overnight.
Security and Safety
Explanation of security and safety
Security and safety refer to the measures put in place to protect traders' funds and personal information from unauthorized access, theft or loss.
Measures put in place by Bitcoin Motion to ensure security and safety
Bitcoin Motion implements various security measures to ensure traders' funds and personal information remain safe. These include:
- SSL encryption to secure communication between traders and the platform
- Two-factor authentication to prevent unauthorized access to accounts
- Segregated accounts to separate traders' funds from the company's funds.
- Cold storage to store the majority of cryptocurrencies offline, making them less susceptible to hacking.
Comparison between security and safety of trading CFDs and real cryptos on Bitcoin Motion
Trading CFDs and real cryptos on Bitcoin Motion have the same level of security and safety measures in place.
Fees and Charges
Explanation of fees and charges
Fees and charges refer to the costs associated with trading on the platform. These include spreads, commissions, and overnight fees.
Fees and charges associated with trading CFDs on Bitcoin Motion
Bitcoin Motion charges a spread on CFD trades, which is the difference between the buy and sell price. Additionally, there is an overnight fee for holding positions overnight.
Fees and charges associated with trading real cryptos on Bitcoin Motion
Bitcoin Motion charges a commission on real crypto trades, which is a percentage of the trade value.
Comparison between fees and charges of trading CFDs and real cryptos on Bitcoin Motion
Trading CFDs on Bitcoin Motion has lower fees and charges than trading real cryptos.
Customer Support
Explanation of customer support
Customer support refers to the assistance provided to traders by the platform in case of any issues.
Types of customer support provided by Bitcoin Motion
Bitcoin Motion offers several channels for customer support, including email, phone, and live chat.
Analysis of user reviews on customer support
User reviews on Bitcoin Motion's customer support are generally positive, with traders commending the platform's fast response time and helpfulness.
Advantages of Bitcoin Motion
Explanation of advantages
Advantages refer to the benefits of trading on the platform.
Benefits of trading on Bitcoin Motion
- User-friendly interface
- Multiple cryptocurrencies to trade
- Regulated by the FCA
- Secure trading environment
- Fast order execution
Comparison between Bitcoin Motion and other trading platforms
Bitcoin Motion offers a user-friendly interface, secure trading environment, and fast order execution, which sets it apart from other trading platforms.
Disadvantages of Bitcoin Motion
Explanation of disadvantages
Disadvantages refer to the drawbacks of trading on the platform.
Drawbacks of trading on Bitcoin Motion
- Limited number of cryptocurrencies available to trade
- No leverage available for real crypto trading
- Fees and charges for holding CFD positions overnight
Comparison between Bitcoin Motion and other trading platforms
Bitcoin Motion has a limited number of cryptocurrencies available to trade compared to other trading platforms.
Conclusion
Bitcoin Motion is a legitimate trading platform that offers traders the opportunity to trade cryptocurrencies. The platform offers two types of trading: Trading CFDs and trading real cryptocurrencies. It has a user-friendly interface, secure trading environment, and fast order execution. Trading on Bitcoin Motion has its advantages and disadvantages, which traders should consider before making any trades.
FAQs
- What is Bitcoin Motion?
Bitcoin Motion is a trading platform that enables traders to trade cryptocurrencies. - How secure is Bitcoin Motion?
Bitcoin Motion implements various security measures to ensure traders' funds and personal information remain safe. These include SSL encryption, two-factor authentication, segregated accounts, and cold storage. - Can I trade real cryptos on Bitcoin Motion?
Yes, traders can trade real cryptocurrencies on Bitcoin Motion. - What fees and charges are associated with trading on Bitcoin Motion?
Bitcoin Motion charges a spread on CFD trades and a commission on real crypto trades. Additionally, there is an overnight fee for holding CFD positions overnight. - How do I contact customer support on Bitcoin Motion?
Bitcoin Motion offers several channels for customer support, including email, phone, and live chat. - Is Bitcoin Motion a legitimate trading platform?
Yes, Bitcoin Motion is a legitimate trading platform that is regulated by the FCA in the UK. - What are the benefits of trading on Bitcoin Motion?
The benefits of trading on Bitcoin Motion include a user-friendly interface, multiple cryptocurrencies to trade, a secure trading environment, and fast order execution. - Can I use Bitcoin Motion on my mobile device?
Yes, Bitcoin Motion has a mobile trading app available for iOS and Android devices. - How long does it take to withdraw funds from Bitcoin Motion?
The withdrawal process on Bitcoin Motion takes between 24-48 hours. - Is Bitcoin Motion available in my country?
Bitcoin Motion is available in most countries worldwide, but traders should check if their country is supported before signing up.