When discussing the online trading industry, one cannot overlook the impact Bitteks has had over the years. Over a fairly quick span of time, they have established themselves as one of the industry leaders. We are here today to closely examine their current offering. Sadly, we have witnessed many brokerages rest on their loreals for far too long and thus lose their edge. At face value, Bitteks seems to have changed very little, and it is time to re-evaluate where they stand in 2021 and beyond. In our Bitteks review, we will focus on all their pros and cons so be sure to stick around until the end to find out if this industry giant still has what it takes to remain on top.
Quality of Service
Diversifying your account type offering has always been a smart idea used throughout the industry. Bitteks was no exception as they designed four distinct tiers that cater to the needs of different categories of traders. There have been small updates recently, and we provide a full breakdown of each of them.
Silver is a good place for new traders to get themselves familiarized with the platform. There are no limitations, as you have full access, and you also get a trial period with a dedicated account executive that helps run your account, and a mix of educational tools designed especially for beginners. Constant features with all tiers are the tight spreads and trading cost. With a Gold account, you get up to a 10% reduction for both categories. Additionally, the bronze tier allows you access to some additional educational resources such as a dedicated daily market brief, daily video market updates, and much more
Platinum traders can enjoy increased trade sizes, 1 live trading event each month, access to the analyst department and advanced educational tools. These help you create your own trading strategies by being able to test them in safe environments and then execute them with the help of your dedicated account managers. VIP account is invitational only for now, so we didn’t have a chance to try it out for ourselves. Based on what is available here, it is definitely worth considering if you ever receive that invitation. You can check out the full list of perks on the account type page.
Bitteks was one of the first to realize the importance of trader education. Since the very start, they have built the system that enables a life-long learning experience, where anyone, regardless of their previous experience, can thrive. There are two types of content, one available to anyone, and the other that can only be accessed by registered users.
Free content can be found on their website and it includes eBooks, The Glossary and the contract specifications. Logically this is intended to be used by beginners who are making their first steps in this industry. On the other hand, if you are a veteran of the industry, you will find the content behind the registration wall much more alluring. We already addressed the content that is available for paying customers. These include trade signals, trade room analysis, financial and risk management planning private analyst sessions, webinars, daily market reviews and so much more. Be sure to check out which of these are available for your selected account type.
Speed of Response
If you are ever in need of assistance, you will be happy to hear that Bitteks offers plenty of ways to contact some of its representatives. You can directly call their call centre in the United Kingdom or Australia, write an email, use the on-page form, or interact with the quick chat feature. Regardless of what method you chose, you will be greeted by a professional and polite representative. It is apparent how much Bitteks invests in its customer support and it is evident throughout every interaction.
The trading platform has always been one of Bitteks strongest suits. They have built their own solution from the ground up and by doing so, they managed to right the wrongs of many widely adopted platforms in the industry. Their platform remains as strong today as it was years ago. Its easily recognizable design is loved by beginners and industry veterans alike.
Locating your desired asset within the platform is very easy. On the left, there is an asset list that is divided into several categories for easier navigation. Each asset contains a small preview screen filled with useful information such as the high and low price as well as the overall change since the last session. This makes it easier to add and remove desired assets from your portfolio. You can further inspect each asset on the real-time performance monitor on the right. The list of analysis tools remains rather superficial, but it contains everything you might need.
Bitteks is very straightforward when it comes to its fees. All of them are clearly listed in the terms and conditions on their website. There are several categories and there is a good explanation of them all, so you are never in doubt whether your money is going to disappear overnight. You are subjected to withdrawal, dormant account, overnight and event of default fees. Be sure to read all about them in the legal section of the website. The transparency is something we greatly appreciate, and Bitteks needs to be commended for their efforts on this end.
While Bitteks lacks the traditional affirmation from regulatory watchdogs, it has invested into numerous security policies set in place to ensure fund security. Bitteks technology prevents any unauthorized use of your account. You receive security alerts if at any point there is any concern about the legitimacy of people accessing your account. Bitteks also employs Know Your Customer (KYC) and AML policies to further enable better trading experiences. So if you are worried about Bitteks not being fully regulated, you can be at ease knowing these technologies do an excellent job to keep you safe at all times.
Variety of Payment Methods
Bitteks follows the industry norms when it comes to funding your account. You can choose from all the traditional methods such as credit/debit cards, and wire transfers. Many brokerages offer a crypto means of payment, but Bitteks sticks to true and tested methods that offer the most security. We feel this is a worthy trade-off, especially given how lighting quick all our deposits and withdrawals have been. Providing a safe and quick payment method is anything you really need, and this brokerage is able to deliver that.
To sum up our Bitteks review, we were surprised that this broker managed to still remain relevant after so many years in this industry. By evolving their offering they have managed to stay ahead of the competition. We must issue our full-hearted recommendation for this broker, as they managed to create a trading environment suitable for traders of all levels. If they keep up this level of service, we have no doubt that they will go down as one of the best brokerages in the industry.