From the name of this forex broker, one can conclude the nature of FOREXBIT. It provides trading in FX and cryptos. The website of this broker does not show any information on account types and trading conditions. Let us analyze this broker about its offerings and legitimacy.
As always we are focusing on the advantages of FOREXBIT in this section. The major advantage of this broker is, it provides a series of assets. It covers assets from currency pairs to cryptos, from commodities to shares, and from indexes to future plans. This broker also deals with all major and minor cryptocurrencies available on the planet. FOREXBIT offers its traders two unique web-based trading platforms namely SIMPLEX and FOREXPRO. The SIMPLEX is primarily used for the crypto trading and FOREXPRO is used for FX trading. The FOREXPRO is easy to use and comes with several high ends features like market indications and charts provided by TRADINGVIEW. TRADINGVIEW is a social network giant popular in the trader’s community.
In this section, we will focus on the disadvantages of FOREXBIT. Here the most crucial aspect of legitimacy is questioned. The term and condition section of FOREXBIT website claims that Alpha Capital Technology is the owner of FOREXBIT brand. The Alpha Capital Technology is allegedly based in Bulgaria. However, it is not regulated by Bulgarian financial authority or any other financial authority like FCA, the UK. It means this broker misses on the regulatory overview and the customers of FOREXBIT are prone to a potential scam. Also, trade-in cryptos are banned in the European Union. Still, FOREXBIT provides it to the European traders this fact is worrisome. This broker also applies several, unusual, and, unfavorable terms and conditions to its traders. The monthly service charge of $50 for three months inactivity, admin charge on the chargeback, $20 on each withdrawal, and so on so forth. The information about the trading conditions is totally missing on its website. This opaque nature is worrisome and unacceptable. When we accessed FOREXPRO platform provided by FOREXBIT the spreads allowed was unattractive. The prime currency pair of EURUSD had spread of 1.8 pips which are quite high compared to the traditional market. The unavailability of MetaTrader is also the fact of talk.
Is FOREXBIT scam or legit?
First of all, let us talk about the offerings of FOREXBIT, the offerings are unattractive, opaque, and misleading. Secondly, we can talk about the most important question of its legitimacy and FOREXBIT fails to answer it miserably. No trader will prefer offshore unregulated FOREXBIT over many regulated and genuine brokers in the markets. Hence, we are keeping it in a potential scam brokers list.
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