Webitaab

Webitaab presents a very poor an limited website, that does not behave like a pro site even for a second even to conceal its shady nature. This fake broker completely reveals its purpose to everyone by not doing anything. It is as if the broker was just put as bait, analogous to a fisherman throwing bait  and falling asleep, waiting for someone or something to bite. That's how we view this, ultimately, scammer broker. Nothing can change our mind, and we hope by the end of the review to change our readers'.

Certificates are very easy to forge in a world where search engines allow access to hundreds of photo manipulative sites, not to mention full-on softwares for that jobs.

The certificate from the the Financial Regulatory Agency of Saint Vincent and the Grenadines, which actually does not exists – what the firm meant to say was perhaps the Financial Services Authority of Saint Vincent and the Grenadines – is not useful one bit. It's obviously either faked or not, and whatever the case, it makes no difference. To be registered in Saint Vincent and the Grenadines is not to be regulated there, and this makes a whole lot of difference. Moreover, the Caribbean country does not have an FX regulator.

The certificate from Canada's FINTRAC is also useless. FINTRAC is not Canada's regulators, but the country's national financial intelligence agency; it has nothing to do with regulating FX companies.

The last of the certificates is one from the Monetary Authority of Singapore. We only need mention an official warning issued against the broker by this same authority to know for a fact that the Monetary Authority of Singapore does not license Webitaab.

A last point is the complete lack of legal docs. No legal relationship exists between the broker and the user, allowing Webitaab to treat its users as they see fit.

Webitaab is unregulated, and a risk to all.

Investing in unregulated brokers is the digital equivalent of throwing your money away for the wind to disperse it. It’s obvious that no one would do such a thing. Go with brokers that are regulated by trustworthy organizations like the FCA or CySEC. These entities work closely with the law, enforce it when called for, and have strict requirements for those under their gaze. Not to mention that those under their jurisdiction are members of compensation funds that cover victimized clients’ losses of up to £85 000 (FCA) and €20 000 (CySEC).

Unfortunately, the one aspect of the broker that we hoped to access was blocked. There was no way to register, because the broker has made it so. The only way to register is to give the company our own phone number and wait for a confirmation code. But the real reason for this procedure is for the firm to get your contact number so that it can directly solicit you and other traders- this is how the typical investment scam works.

According to the website, the broker offers exclusively crypto assets to trade with, and the leverage is capped at 1:100. This is fake leverage, considering that the typical leverage for crypto trading does not go beyond 1:5 due to numerous restrictions around the world.

WEBITAAB LOGIN

There was no way to access the software, considering that there was no way to open an account. We did stumble on the following “web trader” on the site:

This web trader is accessed from the website, meaning that it may or may not be the actual trading software if there ever was one to begin with.

But, this software, in isolation, is very poor and in no way a real software, but bits and pieces from other sources put together.

WEBITAAB MINIMUM DEPOSIT

The only payment information that we can currently provide you with at this time is that all payment methods are based on crypto wallets. Just a reminder: all payments are untraceable with crypto wallets.

There is no minimum deposit revealed, nor any further details.

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

Be sure to never give AnyDesk or TeamViewer access to your PC to unverified agents. These 2 platforms allow for your PC to be taken over by a second party, oftentimes for help or guidance, but in the case of these brokers for the sole purpose of looting your bank account(s) and personal information. However, in order to do so your consent is needed, and this is the only thing standing in the scammers’ way.

WEBITAAB WITHDRAW TIME AND FEES

The lack of withdrawal details, at this point, is not surprising, This broker has time and time again revealed its scammer elements. What's another shady element to be added to the pile of convictions?

We aren't even sure that Webitaab allows for its users to withdraw, but considering past scammer brokers, this open probably does not.

ACCOUNT VERIFICATION

Beware, once more, when giving away an ID and a proof of address. Trustworthy brokers ask for these before traders can deposit to make a check up. Deceitful ones will ask for these details, using the anti-money laundering legislation as pretext, once you start asking too many questions and are getting suspicious of their activities. Understand that they will use these to build a stronger case against you in the event that you request a chargeback.

Yet again we urge readers to stay away from this broker as it will, without a doubt, never return your funds and profits. If you wish to to get smooth and efficient transactions, please visit a FCA/CySEC regulated broker, where all withdrawals are handled with care and respect.

HOW TO RECOVER

The most sound advice we could give you is to immediately file for a chargeback with you credit card company.

If you have given away your credit card details including the CVV code to the “broker” you should cancel it ASAP and check with your bank to see the damage inflicted.

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 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

Webitaab is nothing more than a typical FX investment scam and a risk to all users!