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FairBit (fair-bit.com/#/) is anything but what the name suggests. This alleged brokerage firm is suspicious at best. Read the review to find out all there is to know.
The website claims that the parent company of the broker Frixty s.r.o. is registered in the Czech Republic. However, it doe snot say that it is regulated there. In fact there is no information revealing that FairBit is licensed by a proper agency. Thus this broker is UNLICENSED, and a risk to all!
We strongly advise traders to trade only with regulated brokers that hold a license from renowned and severe institutions such as the FCA or CySEC. Not only do these agencies oversee operations and require regular reports from brokers registered with them, but those under their jurisdiction are members of compensation funds that cover victimized clients’ losses of up to £85 000 (FCA) and €20 000 (CySEC).
We easily opened an account with this broker and where able to access the trading platform, where we found out that FairBit offers only crypto as exclusive assets. The leverage was capped at 1:100.
The only language in which the site's services can be accessed in is English.
The trading platform here is nothing to get your hopes up for. There are some helpful options here and there, like some charts customization, time frames, and even pending orders, but in reality it doesn't do too much.
FAIRBIT MINIMUM DEPOSIT
According to the user area, the minimum deposit is $250.
The payment terminal revealed that Credit and Debit cards are the only means of funding an account.
Due to he broker’s lack of any regulation, we advise against depositing any amount whatsoever. If traders wish to invest in online forex, they will find that any FCA/CySEC regulated broker will surely do. These agencies are at the top of their game, demanding a strict conduct from brokers, and requiring regular reports on their activities.
DON’T PROVIDE YOUR CREDIT CARD CVV CODE
The CVV code is the one thing that separates a buyer from a product. Without it, one cannot complete a purchase, even if him/her has given all other necessary information. By giving this detail to someone else, you are essentially inviting them to use your funds for their own means. And be warned that unregulated brokers most certainly plan to do so.
DON’T PROVIDE ACCESS TO YOUR COMPUTER AND BANK ACCOUNT VIA ANYDESK OR TEAMVIEWER
It may or may not happen, but if an unregulated broker asks you to install AnyDesk or TeamViewer and give them log in details, consider yourself very open to a complete drainage of your funds from all your online accounts. These software allow for anyone to access your PC from another station and go through all your files and vital information, including credit card, bank and alternative payment method details. Thankfully, these platforms are completely legal and will need your own personal approval in order to be used.
FAIRBIT WITHDRAWAL TIME AND FEES
Withdrawals are processed in 5 days, according to a piece of legal document.
There are definitely fees attached to withdrawals, however the broker just vaguely mentions charged without revealing their value; a common illicit broker trope.
ADDITIONAL FEES AND TAXES
There is nothing worth mentioning here accept for the Indemnification clause, that absolves the broker from damage it has caused a user.
We are compelled to say that unregulated brokers do not care who you are and what your situation is; all they see is money, and they will trick you into giving it to them every chance they get. It is only logical then, that any attempt at withdrawing will be unsuccessful. The most popular excuses for denying your withdraw requests are usually smart and for the most part scripted. These include but are not limited to loopholes in the T/C, asking for more deposits in order to withdraw, or just prolonging your pending withdrawal by claiming that the market will suddenly propel, multiplying your winnings by unrealistic proportions.
We strictly advise against giving away an ID and proof address to unregulated brokers: they can be literally anyone with enough time and skill to mask themselves as a broker. Usually, these individuals use the anti-money laundering legislation as front for when traders start to get suspicious. Once this suspicion is confirmed and you file for a charge back, they will use your details against you case.
We are positive that this so called broker will not return your funds; the evidence we have laid out before you work in sync against it. The sound thing to do is to direct your attention and investment to an FCA or CySEC licensed broker where the law is integrated in every aspect of their operations.
HOW TO RECOVER
Filing for a charge back is the best advice we could give you. Immediately contact your bank or credit card company and lay out the circumstances.
Cancel your credit card if you have shared any notable details with the fraudulent broker, especially if you have provided them with the card’s CVV code. If such is the case, annul your credit card ASAP.
Also, beware of self proclaimed “recovery” agencies or agents. These cheeky scammers promise to fix your problem and restore the lost funds. They offer their services in exchange of a small sum from your end, after which you won’t ever hear from them again.
The last line of defence for these indecent folk is more like a desperate cry: often times they will comment on reviews and cite the whole ordeal as a conspiracy initiated by competitive brokers against them; at times even claiming that reviewers are anything but objective, and that no one writes good reviews. The absurdities are limitless!
FairBit might seem like it has potential, but trust us when we say that this company will not return you deposit and leave you hanging!
FairBit compared to other brands
United Kingdom, Cyprus, South Africa, Mauritius
Cyprus, Saint Vincent and the Grenadines