Is Trustbit Legit or a Scam?
No, Trustbit is not legitimate or safe. They have several warnings from authority bodies and they don’t have any proper regulations or registrations. We will discuss more of these facts in later sections. Please read further to see the full Trustbit scam broker review.
What is Trustbit?
For prospective traders, Trustbit Investment—a US-based, unregulated forex broker—presents several troubling elements. Since licensed brokers are necessary to guarantee a safe and open trading environment, the lack of regulation raises serious concerns.
With a maximum leverage of 1:1000, trading leverage is incredibly high. When trading with such high leverage, traders must use prudence and strong risk management measures because this amount of leverage can magnify both possible profits and losses.
The broker’s ambiguous spread-level disclosures make it difficult for traders to estimate trading expenses. Even though Trustbit Investment advocates commission-free trading, it’s crucial to remember that brokers frequently include their costs in spreads.
Before delving into the intricacies, let’s glance at TrustBit’s key details.
Is This Company Safe?
Have Warnings From:
1:200 – may vary
Forex, Indices, Commodities, Shares
Free Demo Account:
How To Withdraw From This Company?
Considering the company’s anonymous approach the withdrawal would be quite questionable. But if you experience any issues, our specialists are available for consultation. Don’t hesitate to contact us for the first free meeting!
Deposits and Withdrawals
There are several account kinds available from Trustbit, and each has a different minimum deposit amount. While the Classic account needs a minimum of €1,000, the Standard account starts at €250. Higher tier accounts require €25,000 for a Gold account, €100,000 for a Platinum account, and a whopping €500,000 for a VIP account, should you be interested.
It’s bad that Trustbit doesn’t provide clear information on requirements and fees for withdrawals. It is difficult for traders to determine the true expenses of trading with the organization because of this lack of clarity.
There aren’t many advantages to this company’s account types. Leverage and maximum open positions account for the majority of the differences. In the meantime, the spreads essentially stay the same. In any event, you have a selection of:
- Classic – 250 EUR
- Basic – 250 EUR
- Basic gold – 250 EUR
- Platinum – 250 EUR
- VIP – 2.500 EUR
Red Flags and Warning Signs
Trustbit maintains total anonymity. There is no mention of the company name or contact information anywhere. There aren’t any terms and conditions or customer agreements on the website; the only document is a general privacy statement. It would be a clear mistake to risk your money if you don’t know exactly who you are dealing with or what the terms of the arrangement are.
The Belgian Financial Services and Markets Authority blocked the website after learning about this unregistered broker.
Also, FCA issued another warning against this broker.
Customer Complaints and Negative Reviews
A substantial number of negative reviews and customer complaints have been lodged against TrustBit.
Trustbit Alternative Brokers
Given the growing concerns surrounding TrustBit, investors may seek alternative brokers that prioritize transparency, customer satisfaction, and regulatory compliance. Some reputable alternatives include ATFX, XM, and OctaFX. Before choosing any broker, thorough research and due diligence are paramount.
Got Scammed by Trustbit? We Help Victims!
If you believe you have fallen victim to TrustBit’s alleged malpractices, it is crucial to take immediate action. Consult legal advice and report the incident to the relevant regulatory authorities. Contact our team through the form and you will get a free consultation to find the proper guidance and recovery service recommendations.
In conclusion, the numerous red flags, customer complaints, and negative reviews surrounding TrustBit raise serious doubts about its legitimacy. Investors are strongly advised to exercise caution and consider alternative, more reputable brokers for their trading endeavors. Financial markets can be challenging, but with the right information and diligence, investors can navigate safely and protect their hard-earned capital from potential scams like TrustBit.