Full and honest review about ForexBit
ForexBit is just one of the many brokers that you can use when you are trading online. Trading is becoming really popular and you can be successful with trading if you are making use of the right broker.
There are many things that you should consider in order for you to make sure that you are using a legit and trustworthy broker. This is why it is essential that you are reading as many reviews as possible. With this full and honest review about ForexBit, you will see that they might not be as recommended as what you might think.
ForexBit is known as forex and CFD brokers that are offering a variety of cryptocurrencies. They are situated in the United Kingdom.
Making sure that a broker has a valid address and telephone number is essential. This is the first sign that they are legit, or not. With ForexBit, you will see that they do have a valid address, email address, and telephone number. But this is only the first thing that you should look at. You should make sure about a couple of other, more essential things as well.
Registration and regulation info
Any legit broker should be registered and regulated, internationally. The question is if ForexBit is regulated and registered.
This is the first sign that they might not be as trustworthy and legit as what you might have thought. No, they aren’t registered or regulated internationally. Meaning that they are operating illegally and they don’t have any rules and regulations that they need to apply by. This makes it really risky to use a broker that can do as they please.
Account and minimum required a deposit
Something that is bothering us, is the fact that they are only offering one account. There are not options that a trader can make use of, to choose an account that is best for their personal needs. And, they can’t choose the account that has the best and most suitable deposit.
The deposit about this one account is really high as well. With a deposit of $250, you are risking a lot of money with a broker that isn’t registered. There are other, more reliable brokers that are a lot more reliable and that doesn’t ask such high deposits. With no demo account either, there is no way to make sure that you can trust the broker.
A platform that they are using
Another problem that we found is the platform that they are offering to the traders. Even if they are using a platform that seems to be great, it isn’t the best platform on the market.
There is only one platform that is known as the best platform on the market, and the one that every trader should look for. The MT4 platform. And, this is the one platform that ForexBit doesn’t offer to their traders.
Fees and withdraw limits
There are some unusual fees and withdraw limits that you need to know about ForexBit before you can use them. This means that you are going to pay some fees that you normally would not pay with other brokers. And, you only have a limit to the amount that you are allowed to withdraw.
Meaning that if you want to withdraw all your money from your account, then you might have some problems. They don’t allow that. And, this means that you won’t get all your money paid back into your bank account. The fees that you are going to pay, is extra from the normal trading fees that you are paying to brokers. Meaning that you aren’t going to get as much cash as what you would have gotten with other brokers.
No trading information
Every experienced trader knows that knowing the trading conditions are really important. And, this is one thing that you won’t get with ForexBit. There isn’t any trading information available. Meaning that you won’t be able to know what their rules and regulations about trading will be.
It is really important to know the trading information and the trading conditions before you can start trading.
What are regulators saying about them
What are regulators saying about ForexBit? Are they safe to use, or should you rather look for other, better brokers?
Regulators are warning against these brokers, because of various reasons. They aren’t registered, regulated or even recommended by other traders. There are too many unanswered questions about these brokers. Regulators are warning traders about using brokers that don’t give all the necessary trading info and that doesn’t have terms and conditions that are standard to trading.
ForexBit is brokers that you can use to trade in forex and CFD trading. However, there are many traders that are asking if these brokers can be trusted. With this review, it is clear that they can’t be trusted and that there are brokers that are more recommended. When you want to start trading, you want to make sure that you are using brokers that you can trust, and ForexBit isn’t these brokers. This is what this full and honest review has proven.