Wobit is an unregulated Crypto trading company, that opened on April 30th 2020. They operate two identical websites, one at: wobit.io and the other at: wobit.co.
For withdrawal issues or broker complaints, read this.
A review of the trading apps that Wobit offers their investors shows that it is a unique proprietary app. Their trading app is only available as a web-based software. During our review, we did not find any mobile apps for Android and Apple devices. They do not offer the industry standard MT4 or MT5 platforms.
Wobit only has available for trading, underlying assets in the Crypto space. The minimum deposit requirement for a new trading account is officially $250, and this broker accepts deposit via credit card.
Just like you, we stumbled across the brokers Wobit, because we registered for the crypto trading app called Bitcoin Loophole. Algorithm trading software is promoted online via people on Instagram, spam email and Fake News websites. You should take a minute, and read how the Crypto investments scam operates, read this article.
Before investing your money in an automated trading system, just know that 99% of people lose their money that way! Instead, educate yourself about day trading and only use a licensed broker, look here.
Is Wobit a Legit Broker?
No, Wobit is not licensed or regulated by any European financial regulator. A quick search on Linkedin does not show any employees of the broker.
The actual owner of this broker is not mentioned on their website. For their location, they list a WeWork office address of: Weesperstraat 61, 1018 VN Amsterdam, Netherlands and 115 W 18th St, New York, NY 10011 United States. Contact phone numbers are: Netherlands: +31203082415, United States: +13129406956, and United Kingdom: +442080687014.
The way that sophisticated investors research their online broker, is by checking the governments registry, for a valid brokerage license. And the reason a license is important, is in case the broker does not return your money, you are protected by the government regulator.
Scam Broker Investigator has reviewed more than 800 brokers, and recommends you only use a licensed broker. In the United Kingdom, brokers must be registered with the FCA, and in Canada by IIROC. There are many licensed Forex brokers who you can trade with, see here.
Smart investors always tryout a few Forex brokers with a demo account, before activating their live trading account.
Try a Free Demo Account, on their unique trading app, signup here.
What was your experience investing at Wobit? Please share your experience with others, in the comments section below.