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bitcastle

WikiFX | 2024-12-27 18:49

Abstract：bitcastle is a global cryptocurrency exchange platform launched in 2022 in St. Vincent and the Grenadines and now has offices in Japan, Singapore and Vietnam. Maily deals with cryptos trading, the broker also offers trading in forex, commodities and indices.

bitcastle Review Summary
Founded	2022
Registered Country/Region	St. Vincent and the Grenadines
Regulation	No regulation
Market Instruments	Cryptos, forex, commodities, indices
Demo Account	✅
Spread	From 1.1 pips (Standard account)
Leverage	Up to 1:1000
Trading Platform	MT5
Min Deposit	JPY 500
Customer Support	Live chat
	Email: contact@bitcastle.io
	Facebook, Twitter, Telegram, Instagram
	Address: Euro House, Richmond Hill Road, Kingstown, St. Vincent and the Grenadines
Restricted Areas	United States, Afghanistan, Central African Republic, Congo, Cuba, Egypt, Guinea, Iraq, Iran, Lebanon, Belarus, Libya, North Korea, Pakistan, Somalia, Sudan, Syria, Venezuela, Vietnam, Yemen, Zimbabwe, China, South Sudan, Myanmar, Russia, Regions of Crimea, Donetsk and Luhansk

bitcastle Information

bitcastle is a global cryptocurrency exchange platform launched in 2022 in St. Vincent and the Grenadines and now has offices in Japan, Singapore and Vietnam. Maily deals with cryptos trading, the broker also offers trading in forex, commodities and indices.

Trades are executed on the industry-leading MT5 platform through web. There is a demo account for trading and two tired live accounts with a minimum deposit of JPY 200, affordable to most traders.

Additionally, the broker implements 2FA to protect client assets and allows for copying trading so investors can imitate strategies from successful traders. Trading tools such as economic calendars, pip calculators, margin calculators help traders to stay informed with market updates and estimate trading costs in advance.

As a crypto exchange, the broker provides its own crypto wallet which is downloadable from both iOS and Android phones.

However, the broker currently operates without any valid regulation, which indicates possible less compliance to industry and customer protection.

Pros and Cons

Pros	Cons
Demo accounts	New to the market
Tight starting spreads	Regional restrictions
MT5 platform	No regulation
Affordable minimum deposit	Commissions charged on the Pro account
No deposit fee	Trading/withdrawal fees charged
Live chat support

Is bitcastle Legit?

Regulation is a crucial aspect of evaluating the legitimacy and reliability of a brokerage firm, and in the case of bitcastle, the broker operates without any valid regulatory oversight. The absence of a regulatory framework raises huge concerns regarding the broker's adherence to industry standards, financial transparency, and the protection of client interests.

What Can I Trade on bitcastle?

Tradable Instruments	Supported
Forex	✔
Commodities	✔
Indices	✔
Cryptocurrencies	✔
Stocks	❌
Bonds	❌
Options	❌
ETFs	❌

Account Type/Fees

bitcastle not only offers a demo account for traders to practice their trading strategies, but also 2 tiered live accounts: Standard account with low entry point of JPY 500 and Pro account with moderate minimum deposit requirement of JPY 30,000.

Spread start from 1.1 pips for Standard account while tighter from 0.2 pips from the Pro account. However, the Standard account does not charge any trading fees, but there will be a commission of $8 per lot in the Pro account.

Account Type	Min Deposit	Spread	Commission
Standard	JPY 200	From 1.1 pips	❌
Pro	JPY 30,000	From 0.2 pips	$8 per lot

Leverage

bitcastle offers a leverage level of up to 1:1000, allowing you to maximize your position with limited initial deposit.

But it's always advised to use leverage prudently due to significantly amplified losses at the same time of gains.

Crypto Wallet

bitcastle developed a proprietary crypto wallet available on iOS and Android for clients to buy and sell cryptocurrencies.

Trading Platform

bitcastle claims the use of the industry-leading MetaTrader 5 platform through web, as well as an app version downloadble from Windows, Linux, MacOS and mobile phones. This allows you to trade anytime, anywhere you want, even on the go.

The MT5 platform is renowned and recognized worldwidely for their advanced charting tools and robust functionalitiess such automated transaction execution.

Trading Platform	Supported	Available Devices	Suitable for
MT5	✔	Web, Windows, iOS, Android, Linux, MacOS	Experienced traders
MT4	❌	Web, Windows, iOS, Android	Beginners

Deposit and Withdrawal

bitcastle enables cllients to buy cryptos through bank transfer, credit card and cryptos through crypto wallet.

Fees

bitcastle does not charge fees for deposits, but trading and withdrawals are not free.

Trading fees range from 0-1%, based on the specific traded crypto currency pairs. While withdrawal fees, on the other hand, depend on both the coin and network you use.

For most updated details, you can visit https://bitcastle.io/en/fees?data=withdrawal-fees