If you are considering a trade with Fxbit capital, it is best to do your research. You should also look for the regulatory body in your jurisdiction to determine if it is a legitimate broker.
Using a demo account can give you an idea of how the platform works before you start trading. However, it would be best to remember that the Fxbit-trade complaints on a demo account are not always reflected in the real one.
Fxbit Option is a Ponzi scheme.
The fxbit option is a scam that promises investors high returns with low risk. However, the scheme is not a legitimate investment company or regulated.
Scammers often offer investments through email, social media, or online advertisements. They also cold-call potential investors to promote their binary options investment platform.
They may ask you for personal information such as your credit card, passport, driver’s license, utility bills, and bank account numbers. This information can be used to commit identity theft or fraudulently transfer your money.
Representatives of binary options websites can also use high-pressure sales tactics or threaten to file a lien against your property to trick you.
They also fail to honor withdrawal requests or reimburse their customers for lost funds. This can happen by cancelling customer accounts, refusing to refund funds, or ignoring customer phone calls and e-mails.
It is a rip-off
The fxbit option is a rip-off scheme offering a 300% ROI after five trading days. It is also one of the oldest Ponzi schemes in the industry.
It offers several benefits, including trading forex, stocks, and cryptocurrency. It also claims multiple licenses from financial regulatory bodies such as the UK Financial Conduct Authority and Australia’s ASIC.
But is it all that good? It also boasts award-winning customer support and a 24-hour chat system.
The company claims to have multiple licenses and over 40K instruments, which is misleading. It is a copy-paste scam that does not have the credentials to back up its claims.
In addition, it does not report its daily activities to the relevant authorities. It is also a bogus company with a fake address in the United States, which is not a valid location to trade with. The best way to avoid a rip-off is to only work with a regulated company with the credibility to back up its claims.
It is a scam
Fxbit option is a fraudulent investment scheme that claims to be a regulated forex broker. It brags for licenses from the Australian Securities and Investment Commission (ASIC) and the Financial Conduct Authority (FCA).
The scheme also claims to be a member of the International Organization of Securities Commissions and the London Stock Exchange. Moreover, it boasts over 480k traders and offers award-winning customer support.
It also has a website that looks suspiciously similar to CMC Markets, an established and legitimate trading company. But despite this, it has nothing to do with them.
Other signs that a broker is a scam include the absence of corporate information and lack of regulation. Moreover, it may be difficult to withdraw funds. It can also be tough to communicate with a support team that doesn’t understand your trade or asks evasive questions.
It is not regulated
To keep clients safe from scams, brokers should be regulated. This means they must be licensed by the UK’s Financial Conduct Authority (FCA) and be subject to several requirements. For example, they must comply with the Know Your Customer and Anti-Money Laundering policies and standards.
However, Fxbit is not a regulated forex broker and does not provide its customers with the necessary protections. Hence, it is recommended that traders avoid it at all costs.
The lack of a website that features corporate information, the absence of an SSL certificate, and the lack of a contact number are all clear indicators that the Fxbit option is not a legitimate forex trading broker. It is, therefore, best to stick with reputable well-regulated companies and offer a Negative Balance policy to ensure their client’s funds are safe.