Northern Bits Review – Facts About Northern-Bits.Com

An outright scam they are, Northern Bits has their website shut down at the moment. Unfortunately for everyone who has already invested here, the funds deposited are most probably gone forever.

We have, however, done our homework and can confidently claim that Northern Bits is another one of those generic frauds. Without regulation and a working trading platform, there’s hardly anything positive about this broker that would motivate customers to invest.

We’ll deal with all the relevant details concerning the way this fraud runs their business, so read our Northern Bits in its entirety.

Northern Bits Regulation and Fund Security

The most concerning fact about all SVG brokerage agencies is their lack of regulation. This is absolute, considering the unfortunate circumstance of the SVG financial authority not regulating brokers registered in the area. As a matter of fact, this country is nocturnal for harboring numerous illicit companies.

In an attempt to acquire more solid evidence about the Northern Bits regulation, we have looked through other databases that major regulators keep. To no one’s surprise, this firm didn’t show up in any of the registers we searched. Some of them are the FCA, ASIC, IIROC, NFA, CySEC and BaFin catalog.

Northern Bits didn’t get a license from any of the top tier licensing organizations for a reason. For one, they are clinging onto their incognito status, so they don’t share the name of the owning company, contact information or physical address.

Unlicensed brokers can’t protect your funds and are very likely to abuse the trust you put into them. Segregated bank accounts, as a method for safe-keeping the deposits isn’t implemented. Leverage of 1:100 that Northern Bits offers, implies that there’s no leverage restriction. Without leverage cap at 1:30 or 1:50 and without negative balance protection, you are under greater risk of loss.

Being this vague and untransparent, Northern Bits doesn’t respect the ESMA and MiFID rules referring to transactions reports and enhanced customer protection. Offering their services and products to EEA customers binds them to these rules.

All of this points at the fact that Northern Bits has no permission or authorization to perform transactions or sell their products.

Northern Bits Trading Software

Although simple and web-based, the Northern Bits trader can be taken as comprehensive and easy to navigate. While it may represent a suitable platform for amateur traders to practice on, the deficiency in functions quickly becomes a burden.

In comparison to leading and most popular platforms today – MT4 and MT5, Northern Bits offers shamefully dull and useless software. The market offers far superior platforms to practice your trading skills, build your strategy and accumulate real profit. We don’t see a single reason to settle for something like the Northern Bits trading terminal.

Most advanced platforms today developers design in reference to the industry standards- MetaTrader software solutions.

Deposit and Withdrawal Process

Whatever the reason for being so mysterious, Northern Bits didn’t explicitly reveal what funding methods you can use to deposit. Bank wire transfers and credit cards show up but nothing is clearly explained. Attempt to make a payment and the website will stop you and direct you to your account manager.

Aside from that, joining the site costs $250. This price isn’t too high and many popular brokers require more or less the same. However, do not forget this is a fraud we’re talking about. Any amount of money you invest you can consider it to be wasted.

Terms and Conditions even mention the brokers right to change the payment methods from time to time and to their discretion. This is a ridiculous rule that brokers with certificates would never be able to do.

How the Fraud Was Perpetrated

Every scam affair starts innocently enough. The unusually kind and helpful agents of the scamming agency or boiler room dealers will approach the target they set their sights on. Quickly enough, the gap of formalities is what they quickly skip and move to manipulation until the victim starts depositing.

From that point on, all the fraudsters do is only show the data that benefits them. They use the defective trading platform that only exists for the con artists to trick their victims into depositing more. Oftentimes the parameters are carefully changed so they show sudden loss. That’s a way of robbers explaining how your funds have disappeared without a trace.

As you can see, they aren’t called con artists for nothing. With the amount of skill they have for creating new identities and avoiding legal consequences, scammers are a growing threat to every investor.

Northern Bits Summary

Northern Bits is a textbook scammer and an example of a fake broker you should avoid. Our Northern Bits review reveals just how much this offshore agency is lacking the transparency, company data and a trading certificate from any jurisdictional regulator.

The most credible proof of any broker’s legitimacy is the confirmation from the financial supervizor in the form of a license. Since this broker has none, they don’t deserve the trust of traders either. Nevertheless, they try to earn it by lies and many forms of deception. Do not fall for it, cause the only outcome you will see is your funds disappearing.

FAQs About Northern Bits Broker