Tradebitoptions Review: Is This Broker Reliable?
Tradebitoptions website may appear convincing. Yet, it’s actually a clone site – a particularly dangerous type of scam where fraudsters illegally use the license and corporate details of a legit and regulated broker, in this case, XTB.
This deceitful tactic is an apparent attempt to scam traders by tricking them into investing in a false platform. Before considering trading on Tradebitoptions’ supposedly “world-class” platform, it’s crucial to take a closer look and consider the following lines. Let’s dig deeper into this Tradebitoptions review.
Also, we recommend you not invest in the fraudulent brokers Nerostrade, and Target Trading.
|0.5 pips and 0.7 pips
Regulation and Fund Security
As was previously mentioned, Tradebitoptions appears to have engaged in a deceptive scheme by appropriating the identity of XTB. This is a reputable European broker with valid licenses in Poland and the UK. Clearly, the scammers at Tradebitoptions are trying to defraud traders by replicating the XTB website’s design and information, albeit poorly executed. There are still multiple instances of the XTB logo in the presentation.
Tradebitoptions falsely claim to be regulated by prominent supervisory bodies such as the FCA, KNF, CySEC, and IFSC. They also claim to be based in New York and have a presence in 13 countries. However, all of these claims are baseless, as Tradebitoptions is a counterfeit site that aims to scam people.
Trading Platform Used by Tradebitoptions
Tradebitoptions’ purported innovative and world-class platform is nothing but a show, as the website lacks any functional trading platform whatsoever. Upon completing the registration process, we were directed to a comical dashboard. This dashboard offered no option to download a platform or launch a web trader, but only to make a deposit.
It’s advisable to search for a broker that provides MetaTrader 5, which is widely acknowledged as the top platform in the industry.
Tradebitoptions Account Types Available
While TradeBitOptions provided sufficient details regarding trading conditions, it’s important to note that we cannot verify the accuracy of this without having an operational account. Therefore, it’s advisable to approach their offer with caution.
The broker boasts an impressive selection of over 2100 trading instruments, covering various markets. They offer two account types, namely the Standard and Swap-free accounts, but unfortunately, the broker omitted the minimum deposit requirement for either account, which is an unusual oversight for most brokers.
Note: It’s important to remember that falling victim to a broker scam is not a reflection of your abilities as a trader. So, there’s no need to feel ashamed or embarrassed. Instead, it’s crucial to take immediate action and report the scam.
Tradebitoptions Deposit and Withdrawal Process
According to TradeBitOptions, you can make deposits using several methods such as credit/debit cards, wire transfers, Skrill, Neteller, and SafetyPay. The broker won’t charge fees for wire transfers or card deposits, which sounds fair. But if you choose an e-wallet option, like Neteller, SafetyPay, or Skrill, you’ll have to pay a small percentage fee – 1%, 1.5%, and 2% respectively.
However, we can’t verify if this information is true because we couldn’t deposit since our account wasn’t verified. Sometimes, scammers promise one thing and do another, so be careful. They might ask you to deposit using cryptocurrencies, which is a favorite method of scammers since it’s anonymous.
How Does the Scam Implement?
Broker scams typically involve fraudulent organizations posing as true brokers or investment firms to draw unsuspecting people to deposit money with them. They often use high-pressure sales tactics to convince people to invest in fake or worthless assets or provide fraudulent advice on trades. The scammers may also manipulate market conditions or use phony trading platforms to make investments appear to perform well.
Once the scammers have collected a sufficient amount of funds, they disappear, leaving their victims with little to no recourse for recovering their losses. In many cases, broker scams are difficult to detect and often prey on vulnerable individuals seeking to make a quick profit in the markets. It is essential to conduct thorough due diligence and research on any firm or investment opportunity before investing any money to avoid becoming a victim of a broker scam.
Note: If you suspect that you have been a victim of a broker scam, it is essential to report it to the relevant authorities as soon as possible.
Tradebitoptions has been exposed as a fraudulent broker that has misappropriated the identity of XTB, a reputable European broker. The scammers at Tradebitoptions are using the XTB website’s design and information to deceive traders.
This broker falsely claims to be regulated by prominent supervisory bodies and to have a presence in 13 countries, but these claims are baseless. The website lacks any functional trading platform, and users are only directed to make a deposit. The broker offers two account types but has missed the minimum deposit requirement for either account. It is advisable to approach their offer with caution and report any suspected scam immediately.
Is Tradebitoptions Legitimate?
Tradebitoptions is not a regulated financial services provider, so it’s vital to exercise caution when considering trading with them.
What Are the Funding Methods at Tradebitoptions?
Tradebitoptions offers a range of funding methods, including bank transfer, credit/debit card, and crypto.
Is My Money Safe with Tradebitoptions?
There is no guarantee that your money is safe with Tradebitoptions. It’s important to research the company before investing any funds.