Bitsignal Review – Is it Scam? – CFDs and Real Cryptos

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Introduction

Cryptocurrency trading has gained significant popularity in recent years, with more and more people looking to invest in digital assets. However, navigating the complex world of cryptocurrency trading platforms can be overwhelming, especially for beginners. That's where Bitsignal comes in. In this review, we'll dive into the background, features, and services offered by Bitsignal, and evaluate whether it is a legitimate platform or a scam. We'll also explore the key differences between trading CFDs (Contracts for Difference) and real cryptocurrencies, and provide insights on account creation, security measures, customer support, and more. So, let's get started!

Background on Bitsignal

Bitsignal is a cryptocurrency trading platform that was established in 2015. It is operated by Bitsignal Ltd, a company based in The Commonwealth of Dominica. The platform aims to provide a user-friendly and secure environment for trading various cryptocurrencies. With a team of experienced professionals, Bitsignal offers a range of features and services to cater to the needs of both novice and experienced traders.

Key Features and Services

Bitsignal offers a variety of features and services to enhance the trading experience for its users. Some of the key features include:

1. User-friendly Interface: The Bitsignal platform boasts a user-friendly interface, making it easy for traders to navigate and execute their trades.

2. Trading Options: Bitsignal offers a wide range of trading options, including CFDs and real cryptocurrencies. This allows traders to diversify their portfolios and take advantage of different market trends.

3. Advanced Trading Tools: The platform provides users with advanced trading tools and indicators to help them make informed trading decisions. These tools include technical analysis charts, price alerts, and market sentiment indicators.

4. Demo Account: Bitsignal offers a demo account feature, allowing users to practice their trading strategies without risking real money. This is particularly beneficial for beginners who are new to the world of cryptocurrency trading.

5. Mobile Trading: Bitsignal provides a mobile trading app, allowing users to trade on the go. The app is available for both iOS and Android devices, making it accessible to a wide range of traders.

Differentiating CFDs and Real Cryptos

Before diving into the specifics of Bitsignal's trading options, it's important to understand the key differences between CFDs and real cryptocurrencies.

CFDs (Contracts for Difference)

A Contract for Difference (CFD) is a financial derivative that allows traders to speculate on the price movements of an underlying asset, such as a cryptocurrency, without actually owning the asset itself. When trading CFDs, traders enter into an agreement with the broker to exchange the difference in the price of the asset from the time the trade is opened to the time it is closed.

Advantages of trading CFDs:

• Leverage: CFDs allow traders to amplify their returns by using leverage. This means that traders can control a larger position with a smaller initial investment.

• Short-selling: CFDs allow traders to profit from both rising and falling markets. This means that traders can sell an asset they don't own (short-sell) and profit from a price decline.

• Access to a wide range of markets: CFDs provide access to a wide range of markets, including stocks, indices, commodities, and cryptocurrencies. This allows traders to diversify their portfolios and take advantage of different market trends.

Disadvantages of trading CFDs:

• Counterparty risk: When trading CFDs, traders are exposed to the risk of the broker not fulfilling their obligations. It's important to choose a reputable and regulated broker to mitigate this risk.

• Overnight fees: Holding CFD positions overnight may incur overnight financing fees. These fees can eat into profits if not managed properly.

Real Cryptocurrencies

Real cryptocurrencies, on the other hand, involve the actual ownership of the digital assets. When trading real cryptocurrencies, traders buy and sell the underlying assets on a cryptocurrency exchange.

Advantages of trading real cryptocurrencies:

• Ownership: When trading real cryptocurrencies, traders actually own the digital assets. This allows them to transfer, store, and use the cryptocurrencies for various purposes.

• Decentralization: Real cryptocurrencies are decentralized and operate on blockchain technology. This means that transactions are transparent, secure, and not controlled by any central authority.

• Potential for long-term growth: Real cryptocurrencies have the potential for long-term growth, as they are driven by factors such as adoption, utility, and demand.

Disadvantages of trading real cryptocurrencies:

• Volatility: Real cryptocurrencies are known for their price volatility. This means that the value of the assets can fluctuate significantly, leading to potential losses.

• Limited accessibility: Trading real cryptocurrencies requires opening an account on a cryptocurrency exchange, which may have certain requirements and limitations.

Security and Regulation

Security is a paramount concern when it comes to cryptocurrency trading platforms. Bitsignal takes security seriously and implements various measures to protect the funds and personal information of its users. Some of the security measures implemented by Bitsignal include:

• Two-factor authentication (2FA): Bitsignal offers two-factor authentication, which adds an extra layer of security to user accounts. This involves using a second verification method, such as a mobile app or a text message code, in addition to the username and password.

• Secure Socket Layer (SSL) encryption: Bitsignal uses SSL encryption to ensure that all data transmitted between the user's device and the platform is encrypted and protected from unauthorized access.

• Cold storage: The majority of the funds held by Bitsignal are stored in cold wallets, which are offline and not connected to the internet. This reduces the risk of hacking and unauthorized access.

In terms of regulation, it's important to note that cryptocurrency trading platforms are subject to different regulatory frameworks depending on the jurisdiction in which they operate. While Bitsignal is not regulated by any specific financial authority, it abides by the laws and regulations of the countries in which it operates. This includes compliance with anti-money laundering (AML) and know your customer (KYC) requirements to prevent fraudulent activities and ensure the safety of its users.

Account Creation and Verification

Creating an account on Bitsignal is a straightforward process. Here's a step-by-step guide to get you started:

1. Visit the Bitsignal website and click on the "Sign Up" button.
2. Fill in the required information, including your email address and password.
3. Read and accept the terms and conditions of the platform.
4. Click on the "Create Account" button to proceed.
5. You will receive a verification email. Click on the verification link to activate your account.
6. Once your account is activated, you can log in using your email address and password.

Verification is an important step to ensure the security of your account and comply with regulatory requirements. Bitsignal may request additional documents to verify your identity, such as a government-issued ID and proof of address. It's important to provide accurate and up-to-date information to avoid any delays in the verification process.

Deposits and Withdrawals

Bitsignal offers a variety of deposit and withdrawal methods to cater to the needs of its users. Some of the available deposit methods include:

• Bank transfer: Users can deposit funds directly from their bank accounts using a bank transfer. This method may take longer to process compared to other options.

• Credit/debit card: Bitsignal accepts major credit and debit cards, allowing users to deposit funds instantly.

• Cryptocurrency: Users can also deposit funds using cryptocurrencies, such as Bitcoin or Ethereum. This method provides a quick and secure way to fund your account.

Withdrawals on Bitsignal are processed using the same methods as deposits. It's important to note that there may be fees associated with deposits and withdrawals, depending on the chosen method. These fees can vary and it's recommended to check the fees section on the Bitsignal platform for the most up-to-date information.

To ensure smooth and secure transactions, it's important to follow these tips:

• Use strong and unique passwords for your Bitsignal account.
• Enable two-factor authentication for an extra layer of security.
• Verify the recipient address before making any cryptocurrency withdrawals.
• Keep your personal and financial information up-to-date to comply with regulatory requirements.

Trading Features and Tools

Bitsignal offers a range of trading features and tools to help users make informed trading decisions. Some of the key features include:

1. Order types: Bitsignal offers a variety of order types, including market orders, limit orders, and stop-loss orders. These order types allow users to execute trades based on their preferred trading strategies.

2. Technical analysis charts: The platform provides advanced technical analysis charts, allowing users to analyze historical price data and identify potential trends and patterns.

3. Price alerts: Bitsignal offers price alert notifications, which can be set up to notify users when a specific cryptocurrency reaches a certain price level. This allows users to stay updated on market movements without constantly monitoring the platform.

4. Market sentiment indicators: Bitsignal provides market sentiment indicators, which analyze social media and news sentiment to gauge the overall market sentiment towards a particular cryptocurrency. This can help users make more informed trading decisions.

Customer Support and Education

Customer support is an essential aspect of any trading platform, and Bitsignal strives to provide reliable and responsive customer support services. Users can contact the Bitsignal support team via email or through the live chat feature available on the platform. The support team is available 24/7 to assist with any inquiries or issues that may arise.

In addition to customer support, Bitsignal also offers educational resources and materials to help users enhance their trading skills and knowledge. These resources include tutorials, articles, and webinars that cover various topics related to cryptocurrency trading. Ongoing education is crucial in the fast-paced world of cryptocurrency trading, and Bitsignal aims to provide users