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DeutscheBit Review – All You Need to Know About This Firm
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DeutscheBit review, our goal is to give readers insights into how scam brokers like the DeutscheBit broker operate, how victims can get their money back, and how to select the right forex provider.
Before moving forward, you should be aware of the inherent risks involved in online trading, such as the unpredictability of foreign exchange markets. Thereby, think twice before taking any risks while investing money.
As for DeutscheBit, it is based in SVG and isn’t authorized by any financial market regulator to provide online financial trading services anywhere. Its web page is a poor imitation of legitimate-looking websites, consisting of misleading, ambiguous, and insufficient information. Furthermore, its offering relies on an inadequate trading environment and a modus operandi that bears all hallmarks of an investment scam. Wherefore, please proceed further for more details.
|Broker Type||Forex provider|
Is DeutscheBit a Legit Brokerage? Safety and Regulation
When it comes to the security of your funds, it is ensured by regulations enforced by supervisory bodies that also monitor brokers to make sure that they adhere to the strict code of conduct. Speaking of DeutscheBit, it claims to be operating since 2011; however, there is no trace of its trading credentials, which raises a red flag.
In the same way, its HQ is in Saint Vincent and the Grenadines—one of the jurisdictions that don’t regulate its forex providers—as a result of which brokers involved in fraudulent trading activities choose SVG to form a business. Being an offshore-based broker is not necessarily a bad thing; as a matter of fact, many leading brokerage companies have branches overseas. Still, the combination of an unlicensed and offshore business is an obvious con.
Therefore, it can be concluded that DeutscheBit is not just lacking necessary licenses but is most likely an online trading scam. Instead of taking chances with this unauthorized broker, you should opt for a legitimate online financial trading company. By doing so, your funds are protected and you can enjoy opportune trading conditions.
For instance, German-based and UK-based brokers are among the most reliable ones since they are licensed under top-level financial authorities, BaFin and FCA. If you trade with these brokerage companies, you are covered by compensation schemes (BaFin indemnifies up to 100K EUR, and FCA reimburses up to 85K GBP).
Trading Software Overview
Regarding a web trader—trading software available at DeutscheBit—it can barely be referred to as a trading platform. It contains some generic features that can’t be matched with advanced tools utilized by MetaTrader 4, MetaTrader 5, cTrader, and Sirix. These powerful trading programs have everything you need for safe and successful trading, including stop loss, copy trading, and expert advisors. On top of this, they are easy to use and enable trading on different devices via a mobile trading app, desktop version, or internet-based trading platform. Thus, rather than relying on manipulative trading software at DeutscheBit, select legit forex brokers with proven platforms like those foregoing.
Account Types Available
Speaking of trading accounts offered by DeutscheBit, this illicit broker is not transparent about it. In other words, there is no information about what type of accounts are available here. Therewith, there is no demo account. This option enables you to practice trading for free and without risks. Likewise, it exposes the poor services of a broker (e.g., an inadequate trading platform). For this reason, fraudsters refrain from providing a demo account option. As to live trading accounts at DeutscheBit, details about that are purposely omitted so that this financial swindler can more easily defraud you.
DeutscheBit Trading Instruments
As regards trading instruments available at DeutscheBit, this unscrupulous broker assures traders that trading on the following markets is possible.
- Forex: USD/SEK, NZD/CHF, GBP/CAD;
- Crypto: Ethereum, Bitcoin, Ripple;
- Stocks: Toyota, Alibaba Group, IBM.
Regardless of its offering, this company can’t be trusted because no third party controls the activities of this bogus brokerage firm. This indicates that DeutscheBit can break the law (i.e., hoax you) and get away with it. By contrast, licensed brokers can be accounted for their operations, viz., if they commit an offense, they are banned, penalized, and suspended.
Deposit and Withdrawal Process
Concerning a deposit and withdrawal method with DeutscheBit, as per its website, it can be inferred that you can transfer funds to and from accounts via credit/debit cards, wire transfers, and cryptocurrencies. Howbeit, in character with a broker scam, DeutscheBit accepts only crypto payments as they are anonymous and difficult to refund. Apropos of the minimum required deposit, it remains unknown so that a fraudster can charge for deposits as it pleases (ripping you off).
There is no information about related fees and processing time in connection with withdrawals. Anyhow, you should be aware that there are no money withdrawal guarantees with shady brokerage firms.
Got Scammed by DeutscheBit? Get Your Money Back!
If you have been defrauded by the DeutscheBit scam, it is relieving that getting your money back is possible. The chargeback process correlates with the means of payment. For instance, with credit/debit cards, victims can get full repayment. Also, bank transactions can be canceled (note: only if they are not approved). Lastly, as already pointed out, crypto payments are challenging for cashback. Nevertheless, it is doable with chargeback specialists. For this reason, contact our company.
To recap this DeutscheBit broker review, with the most important findings. DeutscheBit conveys the impression of an outright scam broker. At first sight, its website is full of lies such as its exaggerated statistics (having over 235 thousand customers in 2021). In terms of regulation, it is an anonymous and unlicensed brokerage firm. By its very nature, it can’t guarantee funds’ safety but put them in jeopardy. Additionally, this illegal broker doesn’t reveal much info on trading conditions (deposits, leverage, spreads, fees), which is per se more than enough grounds for avoiding investing with DeutscheBit. Last but not least, don’t pay attention to fake DeutscheBit reviews on the internet, they are fabricated to appear positive.
FAQs About DeutscheBit Broker
Is My Money Safe With DeutscheBit?
No, it is not; it is the opposite, i.e., your funds are at risk with DeutscheBit.
How Long Do DeutscheBit Withdrawals Take?
DeutscheBit is ambiguous about many things; hence, the processing time for withdrawals remains unknown.
What Trading Asset DeutscheBit Offer?
According to the DeutscheBit website, you can trade on forex, crypto, and stocks here.