Table of Content
Main Bit Review – Warning Signs This Broker Is A Fraud
Table of Content
Choosing which brokerage services can be confusing. Avoid being scammed by selecting the right one. With the rise of trading scams, it has become increasingly difficult for beginners to trade successfully. If you have come across Main Bit, we have cleared up some misleading claims by this fraudulent forex provider. To top it off, this broker scam runs its operation without any regulation or license. Moreover, several watchdogs have issued a warning against the Main Bit broker. Please continue reading this Main Bit review to discover all the warning signs that this broker is a cyber fraud.
|Headquarters||UK, Switzerland, Canada|
|Minimum Deposit||250 USDT|
|Broker Type||Forex provider|
Regulation of the Main Bit and Fund Security
As for funds security, only a regulated broker can ensure it. Since Main Bit is an unlicensed brokerage firm, it puts all traders in great danger. This suggests that no authorities monitor the operations of this phony broker. As a result, can engage in fraudulent trading activities without facing consequences.
In any case, the broker claims to be headquartered in top-level jurisdictions, the UK, Switzerland, and Canada. To legally operate in the foregoing markets, a broker must be licensed under the respective financial market regulator, i.e., the British FCA, Swiss FINMA, and relevant territorial agencies in Canada. Not only that Main Bit lacks mandatory licenses but is blacklisted by FCA, FINMA, and OSC (Ontario Securities Commission).
A professional broker, in contrast to Main Bit, can protect its clients from the inherent danger of trading. To do this, several methods of risk management are put into play. Traders, for instance, are protected from losing more money than they initially deposited, thanks to negative balance protection. In a similar vein, a broker protects you against unfavorable outcomes since it keeps your funds in segregated accounts (protection against insolvency). Anyhow, investors are protected from loss even in the event of bankruptcy due to a compensation fund. In particular, top-tier financial authorities such as the UK FCA, Germany BaFin, and Australia ASIC provide traders with indemnity schemes covering up to 100,000 EUR.
Trading Platform Overview
Con artists seldom provide a trading platform that really works. Even if this is the case, trading software is still manipulative. Along the same line, Main Bit misleads clients by claiming to use the latest technology when, in fact, it does not. In actuality, its web trader is inferior to more advanced systems like MetaTrader (MT4 and MT5), cTrader, and Sirix. Copy trading, automated trading, stop loss, and fast execution is just some of the leading-edge features provided by these modern trading programs, making forex trading easier and safer than ever before.
However, the fact that you can only trade through a browser is a downside to a web trader. It does not support mobile trading (i.e., no mobile app). With today’s cutting-edge trading platforms, traders can access the market from almost any device, including smartphones (Android and iPhone), tablets, and desktop computers (MAC, Linux, Windows OS). MetaTrader 4, MetaTrader 5, and cTrader are examples of such multipurpose software.
Account Types Available
When it comes to trading accounts, Main Bit provides the following types.
- Test Account: 250 USDT minimum deposit;
- Bronze: 5,000 USDT minimum deposit;
- Silver: 10,000 USDT minimum deposit;
- Gold: 25,000 USDT minimum deposit;
- Platinum: 100,000 USDT minimum deposit;
- Diamond: 250,000 USDT minimum deposit.
Two main issues are related to this offer. First, deposits are requested in cryptocurrencies (Tether), which will be explained later. Then, the 250 USDT starting deposit is several times higher than what credible brokers require. For instance, opening balance with legit companies starts from 1 USD. Additionally, terms of exchange involve spreads from 0.13 to 0.03 pips; fraudsters often have seemingly low spreads to entice traders. Also, Main Bit’s leverage ratio is from 1:1 to 1:10, which is surprisingly low for a fraudulent broker since scam brokers usually offer high leverage proportions. At any rate, Main Bit is an outright investment scam, and traders can’t expect positive results.
Trading Instruments Available
Regarding trading markets, Main Bit reportedly enables trading with plenty of trading instruments. The outline is below.
- Forex: EUR/USD, AUD/NZD, CHF/GBP;
- Commodities: coal, zinc, palm oil;
- Indices: US 100, Nikkei 225, UK 100;
- Stocks: Tesla, Apple, Amazon;
- Crypto: Bitcoin, Ethereum, Tether.
Regardless of the number of tradable assets, the offer is worthless without a reliable trading platform and propitious trading conditions. Therefore, avoid this broker at all costs.
Deposit and Withdrawal Process
Before moving forward, we want to point out that there are no money withdrawal guarantees with an unauthorized broker but only withdrawal issues. On top of this is the fact that you can only use crypto wallets for funding at Main Bit. This raises a red flag because this technique is frequently employed by scammers. Namely, they insist on deposits in digital currencies since crypto payments can’t be reversed. So, instead of having withdrawal complaints, better trade with genuine brokerage companies that, along with crypto wallets, support safe means of payments like credit/debit cards and wire transfers.
How Do I Receive a Refund for Being Scammed by Main Bit?
If you are defrauded by this broker scam, getting your money back is possible with cyber security experts. In connection with this, our chargeback specialists can assist you with retrieving misappropriated funds. Other than this, don’t trust fake Main Bit reviews on the internet, which are a decoy to lure traders. Likewise, don’t forget to leave negative reviews to warn other traders. Lastly, don’t feel embarrassed about reporting a scam! We can help you. Thus, get in touch with us today.
Main Bit Summary
In conclusion of the broker review, here are the key points. This unscrupulous broker provides unproven statements that it is based in the UK, Switzerland, and Canada. However, instead of being authorized by the FCA, FINMA, and OSC, it is exposed by these supervisory bodies. Aside from this apparent trick, Main Bit is filled with lies. This company bears all hallmarks of a fraudster, e.g., it has inadequate trading software and accepts only crypto wallets for deposits and withdrawals. Finally, think twice before taking any risks while investing money.
FAQs About Main Bit Broker
Is Main Bit Regulated?
No, Main Bit is not regulated; as opposed to being licensed by FCA, FINMA, and OSC, these financial market regulators warn against Main Bit.
Is Main Bit a Trustworthy Broker?
No, Main Bit is not a trustworthy broker but a proven fraud exposed by several financial authorities.
What Funding Methods Does Main Bit Accept?
Main Bit supports only crypto wallets, which are hard to trace and reverse; it is typical for scam brokers.