Established in the early stages of crypto expansion back in 2013, Bitkonan considers themselves to be one of the first bearers of crypto services in Europe. The only aspect of their conduct we find astonishing is that even after a decade of existing, this crypto platform doesn’t have a Tier 1 license.
This further leads us to another conclusion: perhaps the firm never meant to go fully legal, that’s why a country with no crypto regulation was chosen as their headquarters.
Keep reading this Bitkonan review to see where our investigation further took us.
Regulated by: | Unregulated Crypto Exchange |
Is This Company Safe? | No, unlicensed crypto platforms aren’t safe! |
Known Websites: | https://www.bitkonan.com/ |
Have Warnings from: | N/A |
Registered in: | Split, Croatia |
Operating since: | 2013-06-12 |
Trading Platforms: | Web Trader |
Maximum Leverage: | Does not offer leverage |
Minimum Deposit: | Depends on currency – |
Deposit Bonus: | Not Available |
Trading Assets: | Crypto (Bitcoin, Ethereum, Litecoin, Tether, Chainlink, Ripple, USD Coin, Dai, Arbitrum, Uniswap, Polygon) |
Free Demo Account: | Not Available |
How to Withdraw from This Company? | Consult our legal team if you want to make a successful withdrawal from Bitkonan! |
Regulated Under No Law
Bitkonan exchange platform operates out of Split, Croatia. The financial regulatory body in Croatia (HANFA) doesn’t regulate the crypto market, but does, however, impose the AML measures.
According to the Croatian Act on the Prevention of Money Laundering and Financing of Terrorism, crypto providers are obligated to implement and follow this legislation. If Bitkonan actually respects these rules is up for further investigation.
Looking through the databases of regulators that supervise the crypto providers (FCA, CONSOB, BaFin) has given negative results. That means that Bitkonan doesn’t own a Tier 1 license and is, therefore, not secure in terms of deposits, withdrawals and safe trading.
Comparing the HANFA conditions to Tier 1 regulators showed obvious differences. FCA, BaFin and other authorities who are strict to crypto providers have made sure customers are fully protected. Even though Croatia is an EU member, HANFA has yet to work on establishing appropriate crypto rules. Bitkonan must have chosen Croatia as their HQ for those very reasons.
Countries With Most Victims
Established in 2013, Bitkonan had the intention to provide crypto trading to investors as soon as the crypto market started developing. Since Croatia was their location, it is only natural that their most common clients were domestic investors.
What surprised us is that some other victims of scam come from countries that Bitkonan made a disclaimer about not accepting registrations from. That only means their website publications may as well be all fabricated. In essence, the countries that have reported the biggest number of fraud cases are:
- Croatia
- United States
- Italy
- Thailand
- Nigeria
Bitkonan promises quick crypto winning through their prestigious platform and its advanced tools. Thanks to the advertised fees, clients are supposedly able to keep the most profit, especially compared to some industry leaders. You can immediately start suspecting the truthfulness of such claims.
Be wary if you intend to invest here. Also keep in mind that our company offers legal support in case you’ve been defrauded or cannot withdraw your funds.
Trading Costs Attract Investors
In order to capture their potential victims’ attention easily, Bitkonan advertises some suspiciously low trading fees and funding commissions.
For example, all Maker fees are 0.1%. These can drop to 0.05% even. Taker fees range from 0.50% to 0.05%, depending on the volume.
Depositing is free and without the minimum deposit requirement, while withdrawal fees apply and they vary, according to the crypto currency chosen. Calculated in BTC, withdrawal fees are 0.0005 BTC.
Bitkonan Tech and Features
The general trading costs at Bitkonan are found to be suspiciously low. Alongside these discoveries, it is questionable if other aspects of their offer could be trusted. Especially because no regulatory framework binds them to be transparent and honest in their services. Let’s look at the general features and tools offered.
Web Trading Platforms
The infamous web trader is casually used by less and more trustworthy financial services providers. Its basic traits include no download obligations and easy navigation.
However, the oversimplification also means subjectiveness to data manipulation by the platform owner. Interactive Trading utilizes a similar software and they’re also unregulated.
The Bitkonan platform is dangerously basic and ridden of all complex features, so better choose a regulated and well-built one instead.
Crypto Assets Focus
It is already clear that Bitkonan only keeps digital currencies as their trading instruments. And there’s nothing wrong with that. Plenty of investors are only interested in crypto token trading. The shallowness of the offer is what will hardly attract customers, though.
There’s only about two dozen of crypto coins available, like Bitcoin, Ethereum, Litecoin, Tether, Chainlink, Ripple, USD Coin, Dai, Arbitrum, Uniswap, Polygon, The Sandbox, Dogecoin, Shiba Inu.
No Choice of Accounts
The Bitkonan account you register for defaults to the live trading account, which means no risk-free trading alternative is available. Furthermore, the client area only shows the trading terminal itself and nothing more.
Users cannot pick between existing packages, compare the prices and features, and then choose which one to buy. The one you first open is the one you end up with for the rest of your game.
Bitkonan Withdrawals
All the funding on the platform is done through the crypto channels. There’s several currencies accepted, like Bitcoin, Ethereum, Litecoin, Tether and the withdrawal fees vary from one currency to another. No other transaction channels are available, which is, along with the lack of transparency, the most concerning part.
Generally, unregulated crypto platforms lack the honesty and informativeness due to their unclean intentions. We warmly advise you to contact us promptly if your funds happen to be stuck here. The same stands for unregulated brokers, like LQDFX, for example.
How to Contact Bitkonan
The simplistic web presentation with visually appalling nature doesn’t inspire trust in the first place. If we add the unresponsiveness of the Bitkonan staff to that, we get the picture of a scam-prone crypto firm. The two single communication channels are emails and phone, neither of which are ever answered.
Final Words on Bitkonan
Bitkonan is a Croatian crypto exchange dating back from 2013. The platform is unregulated and lacks a trustworthy license.
Therefore, please be aware of the risks that come with investing here. For any advice pertaining to withdrawing cash, we’re at your disposal. Our legal experts team can help you with the chargeback and support you in case of dispute.
FAQ Section
What Is Bitkonan? Bitkonan is an unregulated crypto exchange platform established in 2013 in Croatia. If you’re in trouble with payouts, contact us immediately.
Bitkonan is an unregulated crypto exchange platform established in 2013 in Croatia. If you’re in trouble with payouts, contact us immediately.
Which Trading Pairs Are Supported At Bitkonan?
About two dozen crypto coins are exchanged against BTC, ETH and USDT.
Does Bitkonan Offer Leveraged Trading?
No, at the moment, leveraged trading isn’t available on Bitkonan.