Northern Bits Review
Northern Bits offers a web-based platform. Despite the platform’s ability to facilitate trading, it is not recommended owing to design inefficiencies. With the web-based platform, it is difficult to have instant trade executions.
Northern-Bits is an unregulated broker claiming to offer expert financial services. We are generally curious when a broker hypes its services as this is usually done to cover up mischief, such as being a fraud. Scamming incidents have increased, particularly as interest in forex investment has grown. Northern-Bits joins the ranks of cons who have taken advantage of naive investors by posing as an attractive investment platform.
When making investments with forex brokers, investors must be extra vigilant. You should sift through their terms before signing up and ensure that the information on their website is accurate and beneficial. Generally, forex only pays well if you partner with reliable forex brokers.
This review lays out the hints and warnings that this Northern- Bits is illicit. Before taking further action, consider the disclaimers we highlight. By doing so, you are better positioned to decide whether this broker is worth your time and business.
According to the website, the company owns and operates this website. Using the platform, investors can trade forex, cryptocurrencies, commodities, indices, and stocks. Moreover, there are additional educational tools to facilitate trading, such as e-Books and webinars, and strategic consultancy services to guide traders.
Regarding funds security, Northern-Bits allegedly provides SSL-encrypted accounts protecting accounts from hacking. Additionally, the broker claims to offer negative balance protection.
About its trading platform, Northern-Bits supposedly offers advanced analytics to help traders make rational moves. Moreover, the platform is advertised to have real-time monitoring enabling instant correction of errors.
Northern-Bits purports to be located in Canada but has not given the exact location. We find that suspicious since information as trivial as an address for a broker in a regulated jurisdiction is not something to conceal. Likely, the broker is not in this country.
The broker claims to have a knowledgeable team of customer service representatives at hand to assist you with any issue that may occur. Investors are advised to contact customer service through a message box, email (firstname.lastname@example.org), phone line (+12266320702), or live assistance. However, with shady brokers, it is unwise to contact them lest you give them more avenues to manipulate you.
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Deposit & Withdrawal Policy
Northern-Bits claims to accept credit card, wire transfers, and e-Wallets (EFT, APM) deposits. However, after opening the account, the deposit menu asks you to contact the broker for further guidance. Why don’t they facilitate depositing immediately if they accept the stated methods? Beware when brokers take such a turn as subsequent guidances may be absurd, such as instructions to deposit to anonymous crypto-wallets.
Legit brokers are transparent and clear on deposit instructions. Moreover, they offer flexible deposit options, including PayPal, Neteller, Skrill, Credit cards, and wire transfers. To ensure a broker is safe, begin with a small amount of money and check whether you can trace the recipient or reverse the transaction. Northern-Bits minimum withdrawal is $100.
Northern-Bits Investment Plan
The company offers six investment packages. The standard plan has a minimum funding threshold of $250. Traders in this package can access e-Books and video lessons. Secondly, the Advanced plan has a minimum deposit requirement of $ 10000. Traders access unlimited e-Books, video lessons, weekly market briefs, account manager, and tier-1 arbitrage.
Next is the Superior plan, whose minimum deposit is $ 50000. Superior traders benefit from the Advanced package with additional daily market brief and level-two prioritized withdrawal. Likewise, Premium plan traders need at least $50000 to open an account. In return, they access 1-1 analysis sessions and prioritized withdrawal. The fifth is the First-Class plan, whose minimum funding is a whopping $250000. Traders in this plan access a tier-2 arbitrage and personal lessons. Lastly, the VIP plan is available for those who want a more customized package.
Given the prohibitive trading volumes, it is disappointing that the broker does not provide a demo account for trial purposes. There is no reason to trust this broker as it denies you a chance to familiarize yourself with its platform before risking its costly packages.
Northern Bits has attached several legal documents, including the KYC, AML, T&Cs, and Risk disclosure policies. Nevertheless, providing such documents should not translate into trusting the broker- it is not out of the woods yet. Next, carefully read the documents to ensure that the broker will not use conditions or clauses against you when you want out or need to withdraw funds.
When registering the account, the investor is supposed to select specific currencies they will be trading with. After that, the broker does not allow you to change the selected pairs. This is a drawback, as no broker should limit the pairs you should trade on.
The fee addressed in the trading conditions applies to dormant accounts. According to the broker, such accounts inactive for 30 days will attract a maintenance fee of $99. This is an exorbitant amount and is another strategy to force you to trade.
The broker offers a leverage of up to 1:500. This is an outright breach suggesting that the broker is under no regulation. Forex oversight agencies impose a 1:30 or 1:50 leverage capping and mandate brokers under them to comply. This is to cushion you from devastating losses resulting from market downturns.
Northern Bits Trading Software
Forex industry recommends the MT4 and MT5 software as they meet the industry standard, thanks to their cutting-edge features. The software’s extensive infrastructure enables maneuverability, such as automated trading and insufficient backtesting. Moreover, the two platforms have additional built-in indicators and more timeframes, and investors can place multiple pending orders.
Northern Bits offers a web-based platform. Despite the platform’s ability to facilitate trading, it is not recommended owing to design inefficiencies. With the web-based platform, it is difficult to have instant trade executions. As a result, the platform offers a lackluster trading experience, contradicting its claim of availing a seamless platform that empowers traders.
Licensure and Regulation
Since the broker’s contacts page indicates it is in Canada, we had to confirm with the Canadian Securities Administrators. As expected, the broker’s credentials are nonexistent in the agency’s database. We also noted another discrepancy in the T&Cs, suggesting that the terms and conditions are subject to St. Vincent and the Grenadines laws. Why would a broker in Canada be subject to SVG’s laws? Whether the broker is lying about being in
Canada or being subject to SVG’s laws, we do not know which is worse! In case you are wondering, this is an offshore broker. We conclude so because Northern Bits does not provide concrete evidence of being otherwise. What with the undisclosed location and contradicting jurisdiction claims? Such a broker is dangerous as they will swiftly defraud you. When this happens, you will not get a legal recourse or your lost money.
Why take all that trouble when there are better and genuine brokers? With such, you will trade in a secure environment. Similarly, legit brokers have reasonable trading conditions since their intention is not to con you. Lastly, you are eligible for compensation from the guarantee scheme if your broker becomes insolvent.
Northern Bits does not fit the bill of a reliable forex broker. Despite efforts to look legit through numerous legal documents, we know there is something the broker is not letting on. The undisclosed address of operation, exorbitant trading requirements, outrageous trading conditions, and lack of regulation speak volumes about the broker’s illegality.