Chomebit ( Review: A Sorry Excuse of a Crypto Exchange

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Chomebit ( Review: A Sorry Excuse of a Crypto Exchange (ChomeBit) is a cryptocurrency exchange platform offering advanced trading. After signing up, you realize Chomebit is another crypto exchange scam. There’s no real trading taking place on the platform. Those who have invested are now ruing the decision. The problem with this crypto exchange is that no member gets to withdraw funds. Here’s our thorough CHOMEBIT REVIEW for more reasons to avoid it.

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About Chomebit

Claiming residency in Australia, there’s no physical address matching the platform. Even the regulatory authority in Australia, ASIC, doesn’t recognize it. Other traders in the greater pacific region haven’t heard of the platform.

It seems this is a sketchy crypto trading platform meant to derail the dreams of crypto lovers. Newbies are the targets as the platform promises large commissions and fair trading conditions. Unfortunately, that’s far from it.

Chomebit Pros and Cons

What you get instead is a platform lacking in clarity and composure. You get a platform that lacks accountability and transparency. These are the key elements users need to stay ahead of the pack.

Before anything else, you need to protect your interests when engaging with the platform. Our review will help expose the red flags found on the platform. Those who have engaged with it are ruing the decision.

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When you land on the homepage, you feel like a professionally built website. And the owner makes no mistakes with the targeted audience. So you get a good platform users heaven and delivering hell.

User engagement is way off when you compare the platform with others. There’s also little information to go over regarding trading conditions and features. These are some of the glaring mistakes most newbies won’t spot.

Before engaging in any crypto exchange platform, you need to ascertain the safety of funds. In addition, the platform must have a solid crypto community following. Therefore, do due diligence before signing up with such platforms.

Accessible Trading Platform

One would think the platform uses reliable trading tools to affect trading. Unfortunately, that’s not the case, as the platform fails in its duty to offer any such devices. Instead of providing world-class trading terminals, there’s no software in sight.

We have a platform operating a web-based trading platform lacking security features. As a result, even semi-skilled hackers can take advantage of the frail platform. And that greatly puts your trading position at risk.

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With world-class trading platforms, members get an engaging user interface. You can also trade on the go as these platforms are compatible with any device. That’s why we recommend using them when trading.

Accounts Chome Bit

It seems the platform offers one account for all. The platform is a clear case of a crypto exchange platform that wants to show professionalism. Sadly, the one account only gives members access to a poor member area.

The member area allows for easy deposits, as one would expect from such platforms. However, once you deposit funds, it might take time before the amount reflects on the dashboard. We also have a problem with the dashboard’s features.

You might get some Menus missing once you refresh the page. The refresh rate also seems to affect the trading assets available. That’s no way of trading as a platform needs to have all assets readily available.

Account Features Chomebit

The platform does a shoddy job in hiding the set features for trading. No one knows the leverage and spreads listed on the platform. If there are commissions for trading, the platform fails to quote them.

And these are some of the issues we see as a stumbling block to traders. Even skilled traders will have a hard time trying to figure out the set conditions. As a trader, you need to know the available conditions going in.

Chomebit Trading Features

When it comes to leverage, the industry accepts leverage of 1:100 for various instruments. Cryptocurrencies vary with the maximum leverage set at 1:500. Here, the platform goes a mile long and offers leverage of up to 1:1000.

High leverage puts your trading position at risk. No one knows the spreads set for different pairs of instruments. We don’t know whether traders get floating or fixed spreads. These are the issues we need the platform to come clear on.

Available trading instruments

Cryptocurrencies are the only available trading instruments. So you get a platform pairing several leading crypto assets, including Bitcoin, DOGE, Ethereum, Litecoin, and Ripple. But unfortunately, the platform fails to pair them against major currencies.

There’s no way of spreading risks with only a handful of trading pairs. So the platform limits it thanks to the few trading pairs. You also get a platform willing to add several tokens to its list of trading assets.

Now that can be a problem since no one gets to validate these tokens. You might trade on a token today, and tomorrow the token crashes. We hope no one gets to invest in them. If you’re from the states, check with the SEC regulations for more.

Business holder

There’s little information suggesting who owns the platform. And that makes Chomebit an anonymous crypto exchange platform. Despite quoting Australia as the residency, there’s no info on founding and staff members.

We only have a history page that fails to quote the CEO of the entire platform. Who should members hold responsible in case the platform goes under? Without such information available, the platform remains a high risk.

The problem with anonymous platforms is no one gets to withdraw funds. Even recovery agents don’t know where to start with such platforms. And that’s why we have to put a cap on the platform and list it as a red flag.

Chomebit License and Regulation

Chomebit makes the mistake of claiming regulation by Australia’s regulatory body. We checked with ASIC, and the platform has no valid licenses. The regulator hasn’t even heard of the platform.

Why is a cryptocurrency exchange scam!

A legit platform will post copies of their license for the public to see. The members can then confirm registration via the regulator’s portal. Some of the reputable regulators include BaFIN, CFTC, CNMV, CONSOB, and CySEC.

Others include FCA, FINRA, FMA, NFA, and the SEC. These regulators work to ensure there’s a level playing field for all parties. Without a regulatory framework, platforms would introduce trading conditions they deem appropriate.

Contact and support

Don’t expect any contact or support from the platform. There’s not even live chat support which you would expect from a crypto exchange platform. So please stay away from the platform or risk losing everything.

Fund safety Chomebit

Your funds are far from safe with a platform failing to get an operating license. The platform doesn’t mitigate funds. It also fails to offer much in terms of segregation of funds. The owner seems to hold funds in a private offshore account.

Our Verdict Chomebit

Please stay away from as it’s a risky crypto exchange platform.

NB: Join the best crypto trading platforms that offer safe crypto investments.

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