Main Bit Review: Trading with This Broker Is Risky
The Main Bit website does not stand out in any way from those of other scam brokers. The financial information that concerns clients the most, and which is crucial when deciding whether to invest money is missing. In addition, the broker tries to attract clients with huge leverage.
One of the problems that Main Bit will pose to you is a bonus that requires a huge trading volume, which is almost impossible to achieve.
Also, Main Bit offers a poor trading platform that does not meet users’ requirements. A warning against Main Bit has already been issued by the UK regulator. The company lied about the headquarters from which it operates. We advise you not to invest money here, and if you are too charmed by the manipulative offer, read our Main Bit review to the end.
|Address||Switzerland – Furttalstrasse 3, Zurich 8046United Kingdom – Brookfield Court, Selby Road, Leeds LS25 1NBCanada – 200 King St W, Toronto, ON M5H 3T4|
Main Bit Reliability – License and Fund Security
In the documents found on the website, we came across a very contradictory statement from the broker, who says that it relies on the laws of Estonia and St. Vincent and the Grenadines. Why do we say that it is a contradictory statement? Because the company listed an address in Canada, Switzerland, and the UK.
This would mean Main Bit should have licenses from the regulatory bodies of the countries where the company has offices. Since Main Bit refers to the laws of SVG and Estonia, we will state the situation as it is. SVG does not regulate its financial market, which means that mentioning its laws does not instill much confidence in the legality of Main Bit.
Now, why does this illicit organization mention that Estonian law has eluded us? The fact is that they are not registered with the Finansinspektionen, the Estonian regulatory body, either.
We checked the registries of regulatory bodies in Switzerland and Canada too, but we did not find a company called Main Bit. As for the warning we mentioned earlier, it was issued by the UK regulatory body FCA. The regulator emphasized that the company offered services without a license and claimed to have an office in the country.
Trading Platform at Main Bit
The trading platform offered by Main Bit is a web trader with an attractive appearance, so users might assume that this platform will give them an advanced trading experience. But it is a weak platform with some very basic functions, such as the ability to perform basic TA. Automated trading is not possible.
We can say that the platform is beginner-friendly, but it’s not a good idea to practice your trading skills with financial swindlers, even if they offer industry standards such as MetaTrader4 or MetaTrader5. Don’t forget that this company’s only goal is to steal your money, and it doesn’t matter how they do it.
Deposits and Withdrawals
The minimum deposit at Main Bit is $250, which is in line with the rest of the market. The main problem is that the broker charges high fees which we found in the withdrawal policy. The fee for withdrawing via bank transfer is 50 dollars, for e-wallets it is 25 dollars, as well as for credit cards.
These are also the deposit methods that the broker says it accepts. In addition, there is a 10% commission that this swindler takes if the user continues to withdraw, in case the trade turnover is not made, which should be 200 times the initial deposit. There is a risk of additional fees, as scammers often announce them the moment the user submits a withdrawal request.
How is the Scam Performed?
As it seems to us in this case, this broker is running their scam using huge fees and bonuses. The bogus broker has created a business policy that harms the client, i.e. does not let them really earn or even withdraw their funds.
The shady brokerage has organized fees and requests for trades so that clients cannot fulfill the request or it is not worthwhile for them to withdraw funds. Main Bit knows that clients hope to make some money with their investments, so it plays that card.
This allows them to stall as long as possible and try to make money on the one hand, while on the other hand, huge fees allow them to refuse withdrawal requests from users.
Main Bit Summary
Broker is, after all the research we have done, an obvious investment scam. We can point out its shortcomings all day long and compare it to regulated brokers who create a safe space for their clients, but there is no need to.
Main Bit never wanted to be a brokerage house, but to get rich quickly and easily, which is what they are trying to do by pretending to be a legitimate company with a good offer. That is why we advise you not to invest money and to bypass this and other brokers that have similar characteristics.
FAQs About Main Bit Broker
What Kinds of Accounts Does Main Bit Have?
Accounts offered by MainBit are Test, Bronze, Gold, Platinum, Diamond, and VIP accounts.
How is My Security Ensured When Using the Main Bit?
Your security is not ensured when using a Main bit.
What Funding Methods Are Accepted at Main Bit?
MainBit accepts cryptocurrencies, bank transfers, and credit cards.