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Digibits FX Review: Is it a Scam or a Legit Broker?
Digibits FX is a forex and CFD broker that claims to offer a wide range of trading instruments, including cryptocurrencies, commodities, indices, and stocks. The broker also claims to provide a user-friendly trading platform, competitive spreads, fast execution, and excellent customer support. However, there are some red flags that suggest that Digibits FX is not a reliable or trustworthy broker. In this review, we will examine the broker’s background, regulations, customer reviews, products and services, location, and customer service to help you decide whether to trade with Digibits FX or not.
Regulation and Compliance:
One of the most important factors to consider when choosing a forex broker is whether it is regulated by a reputable authority. Regulation ensures that the broker follows certain rules and standards to protect the interests and funds of its clients. Unfortunately, Digibits FX does not provide any information about its regulatory status on its website. This means that the broker is operating without a license and without any oversight from any authority. This exposes its clients to various risks, such as fraud, manipulation, or misappropriation of funds. Moreover, the broker does not mention anything about the security of its client’s funds or whether it segregates them from its own funds. Therefore, we advise you to avoid unregulated brokers like Digibits FX and look for brokers that are licensed by reputable regulators such as the FCA, ASIC, CySEC, or NFA.
Another way to assess the reputation and credibility of a forex broker is to look at the feedback and reviews from its existing or former clients. Unfortunately, we could not find many customer reviews about Digibits FX online. The few reviews that we found were mostly negative and complained about the broker’s poor service, high fees, withdrawal problems, and aggressive marketing tactics. Some reviewers even accused the broker of being a scam and warned others not to trade with it. These reviews suggest that Digibits FX does not have a good reputation among its clients and that it may be involved in some fraudulent activities.
Products and Services:
Digibits FX claims to offer a variety of trading instruments, including forex pairs, cryptocurrencies, commodities, indices, and stocks. However, the broker does not provide any details about the trading conditions, such as the leverage, spreads, commissions, or swap rates. This makes it difficult for traders to compare the broker’s offer with other brokers and to make informed decisions. Moreover, the broker does not offer any demo accounts or educational resources for its clients. This indicates that the broker is not interested in helping its clients improve their trading skills or test their strategies before investing real money.
The only service that the broker offers is a web-based trading platform that is supposed to be user-friendly and easy to use. However, we could not access the platform or verify its features or performance. The broker does not provide any screenshots or videos of the platform on its website. Furthermore, the broker does not offer any other platforms such as MetaTrader 4 or MetaTrader 5, which are widely used and preferred by many traders around the world. Therefore, we cannot comment on the quality or functionality of the broker’s platform.
Digibits FX does not disclose its physical address or contact details on its website. The only way to reach the broker is through an online form or an email address. This raises doubts about the legitimacy and transparency of the broker. Moreover, the broker does not accept clients from certain countries or regions, such as the USA, Canada, Japan, Iran, North Korea, Syria, Cuba, Sudan, or Myanmar. This may be due to legal restrictions or regulatory issues that prevent the broker from operating in these jurisdictions.
Digibits FX claims to offer 24/7 customer support via phone, email, live chat, or social media. However, we could not test the quality or responsiveness of the broker’s customer service as we could not find any phone number or live chat option on its website. The only way to contact the broker is through an email address that may take days or weeks to reply. Moreover, the broker does not have any social media presence or accounts on platforms such as Facebook, Twitter, Instagram, or YouTube. This suggests that the broker does not care about its clients’ satisfaction or feedback.
Based on our research and analysis, we conclude that Digibits FX is not a trustworthy or reliable forex broker. The broker lacks regulation and transparency and may be involved in some shady or illegal activities. The broker also offers poor products and services and has a bad reputation among its clients. Therefore, we advise you to stay away from Digibits FX and look for other regulated and reputable brokers that can offer you better trading conditions and services.