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FairBit Review: Fair-bit.com Crypto Scam Broker

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FairBit Review: Fair-bit.com Crypto Scam Broker

FairBit (Fair-bit.com) is professing to offer thematic investment products tailor made for long term investors. Fair Bit is also claiming to offer leverage of 1:150 with fee-free funding options. The broker is using CFDs, Cryptocurrency, and Forex assets to lure investors to sign up. Anonymous is the word which describes best this broker as no one seems to know them. Victims are reacting to withdrawal blockades caused by the broker. Read this genuine and detailed FAIRBIT Review for more details.

FairBit Review

About FairBit

The broker is claiming their platform is a trusted destination for traders around the world. And this is why everyone should stay away from the platform. Empty claims and promises is what has driven most investors into the plunge. FairBit is without a doubt the latest scam platform to hit the Crypto trading world. Safe trading is only provided by having reliable broker backed by experts.

FairBit is lacking in providing fair and transparent online trading services. These scam brokers have been known to rip off anyone who deposits funds. Victims have been posting negative comments on the conditions of the platform. Fair Bit is hugely blamed for leaving a bad taste on digital currency trading. It is best to conduct an investigation before signing up to a broker. One of the best ways to know how a platform behaves is using custom-made platforms. And this is why we must expose rogue online Crypto trading platforms. To ensure the online trading world remains safe from scam entities.

Assets Found within FairBit

The broker is unclear on the features included on their assets. What is clear is FairBit is offering CFD trading, Digital currency, and Forex assets. In regards to how flexible the trading conditions are, Fair Bit is quiet on the matter. Apart from having a leverage of 1:150, no one knows the spreads available. And this is cause for worry as such brokers take advantage of unsuspecting investors. The review is meant to reveal all the traps used by scam artists on the platform.

Business Owner

Disclaimer at the footer of the homepage reveals Frixty s.r.o owns the website. Information on the company’s owner remains hidden from prying eyes. And this is proof we are dealing with online scam artists. Anonymity is a dangerous character to associate with, and FairBit is completely anonymous. No one knows the names of the founding members of the platform. It is best to know who is handling your funds when investing online.

Domain Registration Details

Records reveal fair-bit.com was created on 15th December 2019. These are actual registration details which show the broker has been operating for a few months. The information means the broker has been operating without a valid license for over six months. Why they failed to get a license is anyone’s guess.

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License and Registration Details of FairBit

FairBit is claiming to be located in Prague, Czech Republic. If this is the case, they should be recognized by regulatory institution in the region. According to ESMA guidelines, members of the European Union should comply with Forex rules. FairBit is an unlicensed broker who does not fall under any regulatory oversight. And this is proof we are dealing with a rogue trading platform. Without a valid license on offer, traders are in for a rude surprise. Stay away from the platform or else risk losing all your funds.

The registration number posted is 07753454. These are random numbers posted by scam artists to throw off unsuspecting investors. Without a valid trading license, the broker is openly stealing from investors. Scam brokers will post random numbers on their platform as most investors never bother to confirm. Before signing up with any online trading platform, it is best to confirm with a regulator.

Limitations of FairBit

Account Details

FairBit Features

FairBit is furnishing members with an account’s page that does not work. And this means it’s not possible to know which account types are on offer. A look at the banking page reveals the broker is offering an account’s page. After clicking on the page, visitors are redirected to the banking page. And this is proof of the broker’s inability to offer reliable trading information. And this means investors are signing up blindly.

Contact and Customer Support

On the contact page, details emerge of the broker’s inability to say the truth. They claim to be located in Prague and yet, have two telephone numbers from different regions. These brokers have posted phone numbers from Australia and the UK. Do they have offices in these regions? Scam brokers will use virtual phone numbers to try and buy investor’s trust. They want investors from the two regions to sign up. And this is why everyone should be careful with anonymous online investment platforms.

Funding Accounts

FairBit is accepting Bank transfers as the only way to deposit funds with them. The problem with this mode of account funding is transparency. Once users sign up, the broker sends them an email with bank account details. Members will deposit funds to the bank account and hope they reflect on their trading accounts. Withdrawing funds with Fair Bit still remains the biggest hurdle members are facing. None of the new members are able to withdraw funds from the platform. And this is an indication of the broker’s intent to steal funds.

Trading Platform

The broker is furnishing traders with a custom built online trading platform. Such a trading terminal poses huge security risks to investors. They lack proper testing from professionals and are full of bugs. It is the reason why execution of trades is slow and the platform becomes highly unstable. These are the main reasons why trading with an untested terminal is risky. FairBit is also failing to offer ample security software on their platform. Hackers can easily target the platform and steal credit card information.

Safety of funds with FairBit

Security of funds is far from being a guarantee with this platform. Fair Bit is not segregating funds as stipulated by trading regulations. The platform lacks DDoS protection and SSL encryption. Compensation is out of the question as Fair Bit is not participating in a compensatory scheme. Members are depositing funds straight to owner’s personal bank account which is against trading regulations.

Scam or Legit FairBit

FairBit Web Trader

After reviewing all the facts, it is clear FairBit is a scam waiting to pounce on unsuspecting investors. These scam brokers are anonymous and using false information to mislead investors. Without clear location details, the broker is out to commit online fraud. It becomes hard for any authority to track down these scam artists. And this is why anonymity proves fatal to investors. Stay away from this and any other online trading platform offering anonymous trading services.

Stay safe and ensure you check with regulatory bodies whether a broker is licensed. Resist any calls from such brokers as they will ask for credit card details. Avoid giving third parties your contact information. These scam brokers will sell your contact information to other parties. Later on, you will start receiving numerous promotional emails from different products. Stay away and use recommended brokers trusted by the community.

Verdict

To protect our readers from this scam, we have to add them to our blacklist. Continue reading our reviews for more on online trading products and services.

Wishing all traders the very best.

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