ForexBit Review


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ForexBit Review


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Overview



Pros & Cons



Platforms

Overview

What is a forex trading platform? It is a tool that companies offer their users to trade ForexForex and cryptocurrencies. Usually, these platforms also provide tools for further research into the forex markets. But, due to the increasing number of online scams, not every new trading platform is legit, so we will look into a trading platform called ForexBit today and whether it is reliable.

ForexBit is a forex trading broker that provides services via a web trading platform and offers the trade of ForexForex and cryptocurrencies. As of now, ForexBit is unregulated. They are based in Bulgaria. They are not trading only in ForexForex, and they are also trading in cryptocurrencies.

They claim they have 24/7 customer support, but despite our efforts, we couldn’t contact their customer support. We also tried to contact them via email but to no avail. We haven’t received an email yet. Usually, reputable forex traders reply to you within some hours.This review explains it:

ForexBit, Is it a Scam or Not?

ForexBit claims they are a legit forex trader platform that is secure and dependable. The claims that they are 100 percent legit are suspicious since we couldn’t contact them. It felt like they are trying to hide their identities, which is a red flag that there might be something fishy. Online reviewers claiming to lose all their deposits have complained that their customer support is not reachable.

You get an email once from ForexBit, but that is when they want you to sign up. At that time, you might get a lot of emails asking you to deposit using their platform. This is to convince you that you are making contact with an honest forex company.

They are scamming many people daily, we have scanned their details, and a lot of people are complaining about them. A lot of people have lost their deposits to ForexBit. That is why we decided to further look into this and figure out the truth. They claim they have over 150 assets, but our team has tried to look into this, and we couldn’t verify if this is true.

We tried different security tests on their website, but they didn’t pass even the simple security tests. That means that hackers won’t have a problem bringing them down. This makes their platform risky.

They have an additional forex trading platform called ForexPro, but it wasn’t clear what this platform’s purpose was. Why make a separate platform.

They claim to improve their user’s portfolios, but that sounds fake as only a trader can improve a portfolio by winning trades. So, in short, we won’t advise you to go for ForexBit because of the above mentioned issues. You can report a scam site to the Federal Trade Commission. It is an independent agency whose goal is consumer protection.

After research, we advise you to blocklist this platform. They will try to lure you in with many promotional offers, but we advise you to ignore them all. We also brought this to relevant authorities so that they might take proper action. If you want to trade ForexForex, there are a lot of reputable and trusted platforms. So we advise you to use a platform that other traders have tested.

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Advantages and disadvantages of PayBack LTD

  • You cannot trade on mobile phones or tablets. So that makes them not easy to use on the go.
  • Downloading their platform on a desktop computer was time-consuming.
  • A lot of people have lost their deposits working with them
  • They are unregulated
  • They are scammers who will wring your money out of you
  • Their site is not secure and can quickly be brought down by hackers.