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Trade the Bit -

Score

1.42 /10
Danger

Trade the Bit

Australia

2-5 years

Suspicious Regulatory License

Suspicious Scope of Business

High potential risk

https://tradethebit.com

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Score

Regulatory Index0.00

Business Index6.34

Risk Management Index0.00

Software Index4.00

License Index0.00

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Licenses

No valid regulatory information, please be aware of the risk

VPS Standard
No restriction on the broker account. Support service provided by WikiFX

Single Core

1G

40G

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Broker Information

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Company Name

Trade the Bit ltd

Company Abbreviation

Trade the Bit

Platform registered country and region

Australia

Company website

Company summary

Pyramid scheme complaint

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Warning: Low score, please stay away!
Previous Detection : 2024-12-26
  • It has been verified that this broker currently has no valid regulation. Please be aware of the risk!

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Trade the Bit · Company summary

Note: Trade the Bit's official website: https://tradethebit.com/ is currently inaccessible normally.

Trade the Bit Review Summary
Founded2021
Registered Country/RegionAustralia
RegulationUnregulated
Market InstrumentsCurrency pairs, indices, cryptos, commodities, and shares
Demo Account❌
Leverage1:100
SpreadFrom 4.5 pips
Trading PlatformWeb-based platform
Min Deposit€250
Customer SupportEmail: support@tradethebit.com
Phone: +92 21 32472030-35

Trade the Bit is a financial company established in 2021 in Australia. It offers five types of trading instruments with a minimum deposit of €250 and a fixed leverage of 1:100. However, it is important to note that the company is not regulated by any legal authority.

Pros and Cons

Pros Cons
Multiple trading choicesLack of detailed info on fees
Lack of legal regulation
High minimum deposit
Wide spreads

Is Trade the BitLegit?

Trade the Bit lacks legal regulation from any financial institution. The broker claims to comply with the laws of Saint Vincent and the Grenadines, but in reality, Saint Vincent and the Grenadines is not only a country without a foreign exchange license issuer but also a favorable place for fraudulent brokers Therefore, please do not trust this broker.

In addition, the domain of this company was registered on March 7, 2021, was last updated on May 5, 2023, and will expire on March 7, 2025.

Is Trade the Bit Legit?

What can I trade on Trade the Bit?

Trade the Bit provides five kinds of tradable instruments, including currency pairs, indices, cryptos, commodities, and shares.

Tradable Instruments Supported
Forex ✔
Commodities✔
Indices✔
Cryptocurrencies✔
Shares✔
Mutual Fund❌
Futures❌

Trading platform

Trade the Bit claims to provide a web-based platform with only basic functions. However, since this broker operates without any legal regulation, trading on its platform poses a high risk to your assets. Therefore, it is advisable to choose brokers that have legal permission to use reputable platforms like MT4/5 or cTrader.

Trading PlatformSupported Available Devices Suitable for
MT5❌/Experienced traders
MT4❌/Beginners
cTrader❌/Experienced traders
Web-based ✔Computer/
Trading platform

Deposit and Withdrawal

The minimum deposit is 250 euros and the payment methods offered are credit card, bank transfer, and wire transfer. The average processing time for deposits and withdrawals is up to 10 days. In addition, the minimum withdrawal amount is 100 euros, and a 1% handling fee is charged. However, if the 1% fee is less than $30, the fee will be fixed at $30.

User Reviews

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User comment

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Comments

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MrBig00789
more than one year
What really made me annoying was that when I reached out to Trade the Bit's customer support a few times, hoping to get some assistance with my concerns. Unfortunately, I faced difficulties in getting in touch with their team.
What really made me annoying was that when I reached out to Trade the Bit's customer support a few times, hoping to get some assistance with my concerns. Unfortunately, I faced difficulties in getting in touch with their team.
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2023-04-06 10:06
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MrBig00789
more than one year
As I began using their web-based trading platform, I found it to be very basic and lacking essential features. The charting tools were not up to par, and the interface was far from user-friendly. To make matters worse, the platform's response time was slow, making it difficult to execute trades efficiently. Spreads are horribly high, with the spreads on some major currency pairs reaching up to several hundread pips. Very disappointed with this broker.
As I began using their web-based trading platform, I found it to be very basic and lacking essential features. The charting tools were not up to par, and the interface was far from user-friendly. To make matters worse, the platform's response time was slow, making it difficult to execute trades efficiently. Spreads are horribly high, with the spreads on some major currency pairs reaching up to several hundread pips. Very disappointed with this broker.
Translate to English
2023-04-06 10:05
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