ForexBit was an unlicensed Forex & Crypto CFD broker that opened in November 2018. They are now closed!
For problems making a withdrawal from this broker, read this article.
You will lose money using fake software!
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Our review of ForexBit shows that they are offering investors, the CFD trading software platform made by Tradologic. The trading platform has the full range of underlying assets including: Currencies, CryptoCoins, CryptoTokens, Stocks, Market Indices and Commodities.
You will find two trading platform choices, either their Simplex or ForexPro trading software. Shown below is a screenshot of their Simplex trading software. Investors will not be able to use the popular MT5 software or any mobile trading apps. Their website is only available in English, as they are targeting clients in Australia.
Minimum deposit for a new trading account at ForexBit is probably $250, since that is what all funnel brokers require. After your initial deposit, you will a phone call from a salesman offering you a managed account with 25% returns each month. They will ask for $10,000 and then lower the number to $5,000.
If your account is given any bonus money, withdrawals will be blocked until you reach a trading volume of 40 times the bonus amount. If you want to reverse the bonus, then it will cost you 25% of your account balance.
ForexBit License Check
At the Scam Broker Investigator, you will find hundreds of reviews of CFD brokers, where we check to see if they are regulated brokerage firms, or simply a scam. The way investors properly assess a Forex broker, is by checking to see if the FCA in England regulates them or they can be licensed and regulated in Cyprus by CySEC.
ForexBit does not have a license. They are owned and operated by a company called Alpha Capital Technology, which is located at: Boulevard Vasil Levski 113, Sofia 1000 Bulgaria. Contact phone number in the United Kingdom: +442039664394, and their email address is: support@ForexBit.co. Their website was at: Forexbit.com, and then at https://www.forexbit.co.
On August 28th 2019, the FCA in United Kingdom issued this warning.
ASIC and the FCA have warned people in Australia and England to only invest with a locally licensed Forex broker. You can find reviews of licensed Forex brokers listed here.
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If you are already investing with ForexBit, please share your experience in the comments section below.