FXBit Trade

FXBit Trade is as bad as things can get. This broker looks and feels incomplete. The site is like a skeleton without any flesh attached to it: the structure is here, but everything else is a mess. Read on to find out the truth of it.

Forget about a regulation. There are no legal documents, nor is there any information on the footer, for there is no footer. All links lead to a dead end, the infamous 404 Error. Only two things seem to work. The registration page which redirects users to the ludicrous dashboard, and the platform sub page which is presented thusly:

On the bright side, we are not left completely empty handed. From here we can access other sections of the website. These other sections turned out to be various parts of another brokers website, CMC Markets UK, which is actually regulated by the FCA. However, FXBit Trade has managed to keep its domain name while utilizing someone else’s website. In fact, even FXBit’s home page is stolen from CMC Markets.

After some more digging, we are bound to conclude that FXBit Trade have re-branded and repurposed CMC’s website, very awkwardly so in fact. In other words, FXBit is a bad CLONE of CMC Markets.

The only part of FXBit Trade that has their name on it seems to be the dashboard. We will be drawing most of the information from it while writing this review.

We urge traders to trade with real and licensed brokers that are regulated by agencies like the FCA which not only enforces a strict set of rules and demands detailed reports on company activities, but also includes a compensation fund of up to £85 000 for victimized traders resulting from insolvent brokers.

The leverage at FXBit Trade, as well as the spread should be no different from CMC Market’s one. In any case FXBit does not indicate any spread and leverage.

As mentioned the dashboard is a mess, full of glitches and clippings.

The only assets that we witnessed are bitcoins and one or two currency pairs, as seen in the above snap. No other info is available.

FXBit Trade LOGIN

On the ever so glitchy dashboard, there is a remnant of a widget by TradingView, which serves as the “platform”. The presence of a functioning trader is out of the question. We leave it at that, for we have absolutely nothing to work with.

FXBIT MINIMUM DEPOSIT

The minimum amount for funding an account is $300, if we are to trust the Investment Plan page:

The Deposit Section of the website revealed that payments can be made via Bitcoin Wallet, Ether Wallet, Money Gram, Skrill, Western Union, Perfect Money and PayPal. However, the broker gives us no way to actually deposit.

No matter, we surge traders not to deposit with unregulated brokers. 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

Furthermore, for safekeeping your money NEVER share your credit card number and CVV code with a salesperson. All online payments require this 3 digit number in order to complete purchases or transactions, and by giving yours away to some offshore broker may lead only to the complete drainage of funds from your credit card.

DON’T PROVIDE ACCESS TO YOUR COMPUTER AND BANK ACCOUNT VIA ANYDESK OR TEAMVIEWER

Another novice mistake that has been numerously repeated and taken advantage of is providing access to your computer and bank account via AnyDesk or TeamViewer. These two softwares allow for others (in our case the people behind the shady brokerage) to log-in to your PC and flip through all files and browsers, essentially taking over your computer as another user and having access to your personal information like bank account passwords, credit card information etc. Thankfully, these platforms are completely legal and will need your own personal approval in order to be used.

FXBIT MINIMUM WITHDRAWAL

We are not sure if there is a minimum deposit. The broker wouldn’t give us any details: one must first deposit in order to get informed about withdrawals.

The same principle is applied to withdrawal times and fees. The only way to check is to deposit and then withdrawal. The former we do not recommend, and the later will probably never happen.

We are certain that any effort to withdrawal your money will be unsuccessful. Either the broker will find a loophole in the terms and conditions that is completely made up, will firmly advise you against withdrawing, or they will ask more deposits needed if one wished to withdrawal. Scammers come up with additional fees and taxes for the sole purpose of keeping you on stand-by, and to deplete as much money from you as is possible.

ACCOUNT VERIFICATION

We strictly advise against giving away an ID and proof address to this one: it’s most certainly a scam. CryptoEU will inevitably 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 chargeback is the best advice we could give you. Immediately contact your bank or credit card company and lay out the circumstances.

Any details you might have shared with the broker, most notably the CVV code, are sure to be used against you, thus you should swiftly cancel your credit card ASAP.

At some point or another you might stumble upon a “recovery” agent or agency that promises to retrieve all your money back. This sounds all too good to be true, and that’s because it isn’t. Before proceeding with the recovery they will ask a payment for their services. If you choоse to indulge them, they will disappear with the money without a hint of remorse.

The last line of defense 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!

BOTTOM LINE

FXBit  Trade is a complete mess, and does not even fall into the category of a broker, be it regulated or unregulated. There is absolutely no reason to waste your time on this one.