Table of Content
Northern Bits Review – Facts About This Shady Broker
Table of Content
Northern Bits , When you look at a classic trading platform, it usually comes with a dark theme and the iridescent graphs kind of resemble the northern light. No? Perhaps it’s just our imagination. The same image that this fraudulent broker probably conjured while thinking of an appropriate name.
Nevertheless, the Northern Bits Review is here and the scammer’s days are numbered. So, allow us to analyze what the broker has to offer, its trading platform and conditions in order to expose the cunning scheme, bit by bit.
Is Northern Bits Broker Safe for Your Money? Regulation
First and foremost, let’s discuss the regulatory status of Northern Bits. As you know, this shady broker is completely anonymous. No owner company, no address, no nothing. But, after searching the legal documentation, we found out that Northern Bits operates out of Saint Vincent and the Grenadines. Bingo! This is an offshore provider, hence why it’s so mysterious.
SVG is far from the north and the idyllic scenery associated with it. It’s actually an island located in the Caribbean Sea where the laws are not rigid at all. Also, the local financial regulator, the Financial Services Authority (FSA), does not issue Forex licenses, thus making this island a paradise for scammers.
Even if an offshore entity exists in FSA’s records, that does not ensure the safety of your funds nor does it guarantee that the provider will respect any rules of conduct regarding the market. Instead, you should trust a legitimate broker with your funds, i. e. one that abides by the rules set by reputable authorities such as the FCA, BaFin, ASIC, CySEC and others.
What Trading Platforms Are Available?
We were promised a world-class platform but we didn’t get one. Pity. All that is available is a simple, cheap-looking, lackluster and suspicious web platform. But, Northern Bits did put its own spin on it to make it at least a little bit unique. Do not fall for this just because it’s visually pleasing.
Most of the time, scammers use these browser-based platforms because they are rigged. You see a few charts and you automatically think it’s working, yay profits! Not! All you’re doing is depositing funds while the financial swindler is deceiving you.
Therefore, do not get too excited about these awful platforms, especially if the provider is unlicensed like Northern Bits. Instead, find a trustworthy broker that will offer you credible software such as Meta Trader 4 or 5, the industry’s best. These two are equipped with cutting-edge tools and a magnificent overview of the trading process.
What Account Types Offered
Here’s what we found out about the account types that Northern Bits offers. There are six of them:
- Standard – $250;
- Advanced – $10,000;
- Superior – $50,000;
- Premium – $50,000;
- Fifth-Class – $250,000;
- VIP – customized.
It started out realistically but then the unscrupulous broker went crazy with these prices. Come to think of it, even $250 is too much to throw away with such a shady provider. Northern Bits is unlicensed, remember? Plus, there is no demo account. Any legit broker would at least provide a demo account so you can check out the features. Your funds are at risk here!
Trading Instruments Overview
Northern Bits offers the following trading assets:
- Forex – EUR/USD, GBP/USD…
- Crypto – Bitcoin, Ethereum, Ripple…
- Stocks – Apple, Tesla, Microsoft…
- Indices – S&P500, GER30…
- Commodities – gold, silver, crude oil…
When it comes to leverage and spreads, we found out that the phony broker offers maximum leverage of 1:500. We are absolutely positive that any beginner would lose all money at such high leverage. Forget about it! There’s a reason why top regulators have limited the leverage to 1:30 (UK, EU) and 1:50 (US, Canada) for retail clients.
As far as spreads go, clients are promised 0.0 pips, i. e. the most ideal level possible. Yet, upon accessing the trading platform, we were treated with 3 pips. That’s as wide as a king-sized bed. It will never bring in any profits. Spreads should be as tight as possible for trading to be successful.
Funding Method Available
In the legal section, Northern Bits states it accepts payments via credit cards, wire transfers and some unfamiliar e-wallets. Shady, to say the least. Nonetheless, the minimum deposit is $250, which can be seen from the account type section.
The illicit broker does mention commissions but not the amount. Also, it does not charge fees for withdrawals allegedly. Easy for the scammer to say, we bet it does not allow clients to withdraw money at all. That’s how these con artists operate. Want proof? Here you go.
How Can I Get My Money Back If Northern Bits Scammed Me?
If you’ve deposited funds via credit card, you should request a chargeback. Go to your issuing bank within 540 days and do it. For wire transfers, the process is the same but it’s known as a recall. But, if the transaction has been completed, the recall will fail. Thus, rush to your bank without hesitation.
Northern Bits Summary
- Norther Bits is an unregulated broker based in SVG;
- The broker’s website is anonymous;
- The minimum deposit is $250;
- There are six account types available;
- Northern Bits’ platform is web-based;
- Acceptable payment methods include credit cards, wire transfers and e-wallets.
FAQs About Northern Bits Broker
Is Northern Bits a Scam Broker and Why?
Northern Bits is a scam broker because it is shady, non-transparent, anonymous and unregulated.
What Is the Minimum Deposit for Northern Bits Broker?
The minimum deposit that Northern Bits requires clients to make is $250.
How Long Do Northern Bits Withdrawals Take?
Northern Bits claims that withdrawals take 2-5 working days but we highly doubt that the broker will give up any money.