KorbitCoin is a crypto derivatives exchange that claims to offer a variety of features and benefits to traders. However, there is a growing body of evidence that suggests that KorbitCoin is a scam.
Company Overview
KorbitCoin is a relatively new exchange, having been founded in 2022. The company is based in Seychelles, a country with a reputation for being a haven for scammers. KorbitCoin does not have any licensing or regulation from any reputable financial authority.
Does KorbitCoin Have Any License?
No, KorbitCoin does not have any license to operate as a financial services provider. This is a major red flag, as it means that the company is not subject to any oversight or regulation.
Is KorbitCoin Regulated By Any Authority?
No, KorbitCoin is not regulated by any authority. This means that there is no one to protect investors in the event of fraud or theft. When we checked their “About Us” section, we saw that there was a whole body image in a different language. It is clear that they are a scam company.
KorbitCoin Pros and Cons
Pros | Cons |
Available in multiple languages | Not licensed or regulated |
Customer support is poor | |
Spreads are high | |
There have been reports of scams |
How Does KorbitCoin Reach To Their Prey?
KorbitCoin targets new and inexperienced traders with its aggressive marketing campaigns. The company promises easy profits and quick returns, but in reality, most traders lose money. KorbitCoin also uses social media to spread false information about its legitimacy.
Technical Details of KorbitCoin
Minimum Deposit
The minimum deposit requirement for KorbitCoin is $200. This is relatively low, but it is still more than some other exchanges.
Trading Platform
KorbitCoin’s trading platform is relatively easy to use. However, it lacks some of the features that are available on more established exchanges. For example, there is no live chat support and the order book is not very deep.
Spread
The spread of KorbitCoin is high. This means that traders pay more to buy crypto derivatives and less to sell them. This can eat into profits and make it difficult to make money.
Leverages
KorbitCoin offers leverages of up to 100x. This means that traders can control a large position with a small amount of money. However, leverages can also magnify losses, so it is important to use them with caution.
Packages and Products They Offer
KorbitCoin offers a variety of packages and products to traders. These include:
- A basic package that allows traders to trade crypto derivatives with a minimum deposit of $200.
- A premium package that offers more features and benefits, such as higher leverages and live chat support.
- A VIP package that is designed for high-volume traders. It offers even higher leverage and dedicated account managers.
Withdrawal and Deposit Method
KorbitCoin supports a variety of withdrawal and deposit methods, including:
- Credit cards
- Debit cards
- Wire transfers
- Cryptocurrencies
What Do Their Previous Traders Say?
There are a number of complaints about KorbitCoin online. Traders have reported that they have been unable to withdraw their funds, that the trading platform is buggy, and that customer support is poor.
Summing Up- Why Should Not You Trust KorbitCoin
There are a number of reasons why you should not trust KorbitCoin. The company is not licensed or regulated, it has a history of complaints, and its trading platform is not very good. If you are looking to trade crypto derivatives, it is best to choose a more reputable exchange.
If Bad Things Happen, Where Can You Get The Quick Solution?
If you have lost money to KorbitCoin, you may be able to get your money back through a chargeback. You can also file a complaint with the financial regulatory organization. However, it is important to act quickly, as KorbitCoin may try to close down its operations if it is facing legal challenges.
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Final Thoughts
KorbitCoin is a scam. The company is not licensed or regulated, it has a history of complaints, and its trading platform is not very good. If you are looking to trade crypto derivatives, it is best to choose a more reputable exchange.
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