Although Tradebitoptions has attached requisite documents, they are not accessible. Subsequently, it is unclear which terms you will be engaging the broker, which is risky. Since there is no physical contact, it would be unwise to get into an investment contract with a broker withholding such material.
Tradebitoptions operates under the pretext of being the largest CFD and forex brokerage firm. The broker, allegedly with over 15 years of experience, promises to give traders access to over 2100 trading instruments. The instruments include cryptos, forex, indices, commodities, ETFs, stocks, and CFDs. Before this broker deceives you, we have a disclaimer for you; Tradebitoptions is a clone website, making it all the more dangerous. This is because the fraudster impersonates a legitimate and regulated broker- XTB, and many novice investors will fall for this deception.
We cannot insist on this enough; exercise caution when dealing with any online investment broker. Failure to do so will result in investment suicide, as scam brokers will rip you off. Background research on brokers helps avoid such predicaments by ensuring you only settle for trusty crypto companies. This is what the subsequent review is all about.
The broker also boasts a customer base of 389000 traders. Moreover, the broker brags about having several awards to its name. These include Investopedia’s Best Forex Broker for Low Costs, Invest Cuffs’s Best Polish Forex Broker, and Best Customer Service.
Tradebitoptions reportedly provides investors with free insurance from Lloyd’sLloyd’s. Even if this were true, remember the alleged insurance does not guarantee compensation if the broker goes under. The right insurance for this would be the compensation scheme, and we have no proof that the broker contributes to the scheme. Another blatant lie we found is the broker’s insinuation that Jose Mourinho is its brand ambassador. The screenshot was clearly taken from the XTB website.
The broker states the platform’s advantages as; award-winning trading conditions, fast execution speed, user-friendly interface, seasoned support, and marker order depth. Moreover, traders can allegedly access resources, including webinars, courses, videos, sentiment, and performance statistics.
Investors can use a telephone or email address for customer service inquiries to contact the broker. Tradebitoptions has given a U.S. address purporting to be located there. Besides the U.S., the broker claims to have offices in other countries, including Poland, Chile, France, Germany, Greece, Hungary, Italy, Portugal, Netherlands, Belgium, Sweden, Bulgaria, and the U.K.
Deposit & Withdrawal Rules
Decent brokers have several flexible deposit options convenient for brokers. For instance, wire transfers and credit card options have a broad global reach, interest-free withdrawals, and are fraud-proof. Also, though pretty anonymous, established e-wallets such as PayPal and Neteller are safe, provided the broker is dependable. Since this is a digital space, it helps to ascertain the transparency and credibility of the payment channels of these brokers.
TradeBitOptions supposedly allows deposits made through debit/credit cards, Skrill, wire transfers, SafetyPay, and Neteller. The broker does not impose fees on cards and wire transfer deposits. However, e-wallet deposits attract a fee of 1.5% for SafetyPay, 2% for Skrill, and 1% for Neteller. Withdrawals of any amount below $50 attract a $30 commission.
Tradebitoptions Investment Plan
Investors aboard this platform have two investment options. The standard account option comes with account management. Standard traders can also trade cryptos. On the other hand, the swap-free option has account management, but traders cannot trade cryptos.
However, Tradebitoptions does not specify the minimum deposit for the respective accounts. This slip-up is beneath legitimate brokers. How do you invest with a broker without information about the deposit threshold?
For risk management purposes, invest with brokers with relatively lower deposit requirements. This is not hard because you can find regulated brokers whose micro accounts need as low as $10. But if you must go for expensive accounts, at least be sure the broker is genuine. Taking such measures helps minimize frustration if things go awry.
The broker allegedly offers TradeBitOptions 5, a web-based trading platform that is reportedly user-friendly. Also, the platform is supposedly compatible with desktop, mobile, web, and tablet. However, we could not test any platforms due to a lack of validation.
To get the validation to maneuver the account, trade, or deposit, we had to submit potentially sensitive documents, which did not sit right with us. Being a dubious broker, it is capable of identity theft- just as it has cloned XTB. No point in risking your details, much less your investment.
Find a broker that provides MT5 or MT4, reputable for being an advanced platform for trading. The software has features such as expert Advisors, customized signals, VPSs, community chat, and multi-threaded testers. Additionally, it has an economic calendar, a full charting suite, and netting and hedging options, among other incredible features.
Tradebitoptions Trading Conditions
Although Tradebitoptions has attached requisite documents, they are not accessible. Subsequently, it is unclear which terms you will be engaging the broker, which is risky. Since there is no physical contact, it would be unwise to get into an investment contract with a broker withholding such material. The broker will ultimately blindside and manipulate you if you invest with them.
Regarding spreads, the tighter, the better. Tradebitoptions has a spread of 0.7 pips. While this is a reasonable spread, we are unsure if it is accurate since we could not trade on the platform. Nonetheless, the broker advertises a 1:500 leverage. This outrightly contradicts its claim to be regulated in the U.S., as U.S. brokers must toe the 1:50 leverage limit. This high leverage makes you susceptible to immense losses during volatile episodes, especially in market downturns.
To minimize risk exposure, invest with brokers who are regulated. Financial watchdogs, including the FCA, CySEC, and ASIC, impose a 1:30 capping. The capping is for your benefit as you only incur a reasonable loss. Do not trust brokers who treat forex as a get-rich-quick scheme by offering high and reckless leverage.
Tradebitoptions Licensure & Regulation
TradeBitOptions claims to be licensed in the U.S. Besides U.S. CFTC, the broker claims that the FCA (U.K.) in the UK, CySEC, IFSC, BaFin (Germany), and KNF in Poland are among the organizations regulating the broker. We had to at least confirm with respective registries.
The broker’s credentials are unavailable in all the databases of the alleged financial ombudsman. We did not bother to check with Greece, Hungary, Chile, Bulgaria, France, Netherlands, or the rest of the agencies since we expected the same results. Missing matches did not come as a shock since the broker’s trading conditions are a blatant breach of the regulations of the alleged oversight agencies, anyway.
With forex investment, regulation is undoubtedly the most vital consideration. Regulated brokers are recommended for a reason. First, they guarantee your funds’ safety regardless of the broker’s financial status. Also, regulated brokers protect you from zero balance, meaning you cannot lose more than your account balance. Lastly, such brokers have a provision for legal redress in disputes. Consequently, you are free from the worries and anxiety of engaging rogue brokers.
Tradebitoptions is a dangerous broker, more so because it is a clone of a regulated broker. With such impersonation, innocent investors may engage the broker, not realizing it is a fictitious broker. The damage from such an oversight can be hard to recover from.
The bottom line is to be cautious while choosing forex investment brokers. Verify all information on a broker’s website and look up their reputation to ensure they are who they say they are. This can help you distinguish between scammers and trusty crypto companies.
It would be unfortunate to put in so much effort only to lose money to dodgy brokers who couldn’t give a damn about you. Find a broker who guarantees your investment’s safety and shares your investment ideals and objectives.