TradeBitOptions Review – Truth Behind This Scam Broker
First impressions matter when a scammer works on attracting potential victims. To capture the interest of their future customers, TradeBitOptions decided to clone a well-known brokerage site – XTB.
What gives them away is the poor quality of their disguise. After all, the XTB logo can be found in several places on the website. The scammer didn’t bother even that much to remove the branding when they were stealing the layout.
At first, this may not mean much to less experienced traders. However, learning about fraud disguised as a legitimate business is vital. If you plan on engaging in the foreign exchange market, you will certainly encounter something like this in the future. Precaution is necessary if you want to protect your funds from misusage.
We bring you this TradeBitOptions review to warn you in advance about how convincing financial swindlers can be.
On the contrary, you should avoid dealing with questionable brokers like RXK Capital, Market Giants, and TigersFM.
|Address||9001 Central Ave NE, Albuquerque, New York, United States|
|Spreads||From 0.5 on EUR/USD|
TradeBitOptions Regulation and Security of Funds
TradeBitOptions claims to be regulated by the world’s biggest supervision authorities. Sadly, all legal documents show the 404 error and the site doesn’t even mention which regulators have TradeBitOptions acquired licenses from. Since the site doesn’t elaborate on how TradeBitOptions was regulated, we had to conduct our own research.
If we were to believe the address, TradeBitOptions is located in the US. Terrible mistake to lie about this. Regulatory rules for US brokers are among the cruelest in the world. Starting off a brokerage business requires a $20 000 000 investment. Then the implementation of regulatory standards follows.
Clients’ fund protection is a top priority. US brokers achieve this with the help of segregated bank accounts that serve to safekeeping the investments.
TradeBitOptions offers high leverage of 1:500, which proves they don’t respect the regulatory leverage restriction to 1:50.
We can only assume they do not care to do transactions reporting to financial authorities as a method of preventing money laundering.
All in all, it wasn’t strange to find TradeBitOptions on the list of NFA members. The National Futures Association is the regulatory body for the U.S. derivatives industry. All brokerage houses with a license are members. TradeBitOptions obviously isn’t, since they do not own a permit for the financial services they offer.
Despite the situation is clear as day, we still checked the commercial registers of FCA, BaFin, AMF, ASIC, IIROC, CySEC, FINMA, CONSOB, and CNMV.
TradeBitOptions Supported Trading Platform
TradeBitOptions 5 is how the broker calls this sorry excuse of a trading platform.
With superior execution speeds, an award-winning, easy-to-use platform is designed to deliver the best results. The only problem is that it won’t. It’s impossible to trade on it, you can see that for yourself.
Making an account takes you to the client area which requires you to upload an ID for verification. The dashboard is completely unresponsive and contains no traces of charts or trading features. We strongly recommend you not leave your personal information anywhere. Especially not to a scammer that tends to misuse it.
After seeing all this, the only reasonable thing to do is avoid investing with a fraudulent firm that TradeBitOptions. Join a regulated brokerage site and see the difference. Trading on prestigious platforms like MT4 and MT5 is a wholesome experience compared to this.
Deposit and Withdrawal Options
TradeBitOptions makes several statements about offering credit/debit cards, wire transfers and E-wallets as methods of making transactions. These words bear no weight since we couldn’t confirm it.
The entire client area refuses to activate until you verify your trading account. Since access to the depositing panel was blocked we couldn’t confirm the funding methods. The same was with establishing what the minimum deposit amount is.
Withdrawals are even less clear. TradeBitOptions supposedly provides a full table of commissions and fees but this document also went 404 on us. Nothing is known as far as withdrawals go. Neither the processing time nor the fees.
How the Fraud Is Conducted
TradeBitOptions is miserably failing at disguising itself as a regulated broker. Their method is worth the mention, though.
Many scammers today take on similar names and website layouts of acknowledged brokers to seem more convincing. TradeBitOptions basically copies/pastes XTB but does a bad job as the XTB logo persisted in more than one place. Unfortunately, not everyone will pay close attention or know about XTB in the first place to recognize TradeBitOptions as a scam.
There are novice traders that will be deceived by this and we don’t blame them. It is this review’s purpose to alert beginners in online trading to be extra careful when choosing their broker.
TradeBitOptions is a scammer whose promises make getting rich seem like a walk in the park. Nothing that good can be achieved easily, so do not believe everything the scammer claims!
Highly Recommended Forex Brokers
Joining a legitimate brokerage site offers numerous opportunities to all traders, regardless of their knowledge level. With a range of products and features so wide, every single trader can find something that suits their trading needs.
Even if you decide to just start a Demo account to give trading a shot, you can access a variety of educational material to help you on your journey.
With the levels of security and support that acclaimed brokers provide, you won’t have to worry about your investment. You can trade safely, knowing that your trading needs are met by the highest industry standards.
|FXTM Broker||Cyprus, UK, Mauritius||4.5||$10||Forextime.Com|
|OctaFX Broker||Cyprus, SVG||4.4||$100||OctaFx.Com|
|FP Markets Broker||Australia, Cyprus||4.7||$100||FpMarkets.Com|
|XM Broker||Cyprus, Belize, Australia||4.7||$5||XM.Com|
|HFM HF Markets Broker||Cyprus, UK, South Africa, UAE, Kenya||4.3||$5||HFM.Com|
|FBS Broker||Cyprus, Belize, Marshall Islands||4.85||$100||Fbs.com|
Our TradeBitOptions review was intended for all traders out there looking to try their luck on the Forex market. First and foremost, you need a properly licensed broker. If a company you choose is an unregulated offshore clone, none of your trading goals has a chance to come true.
TradeBitOptions is an example of how easily fraud can be set up by just copying a trustworthy website, in this case, XTB. Taking a closer look can easily show the discrepancies. The broker doesn’t show the transparency you expect. The owning company stays unnamed and all legal documents are missing. This by itself is a red flag and a clear sign that something about the broker is off.
As you keep inspecting, more signs of scam show, and soon enough your vision of TradeBitOptions becomes clear. This brokerage firm is a fraudulent Forex services provider that shouldn’t be trusted.
FAQs About TradeBitOptions Broker
Is TradeBitOptions a Legit Broker or a Scam?
TradeBitOptions is an unregulated brokerage corporation engaged in shady activities and without a license to offer online financial services.
What Methods Can I Use to Fund My TradeBitOptions Account?
TradeBitOptions mentions credit/debit cards, wire transfers,s, and E-wallets but we couldn’t confirm this. All accounts have to pass the verification process first and exposing personal documents is not recommended.
What Trading Instruments are Available at TradeBitOptions?
At TradeBitOptions, traders can supposedly buy and sell currency pairs, crypto, indices, commodities, stock CFDs, and ETF CFDs.