We are starting out this review by stating the obvious – that .Lionsbit.com is an unregulated Cryptocurrency broker. That alone should be a red flag. But for the sake of giving them another chance, we’ve decided to review them further to inform you of all the wrong things that exist in this website.
Lionsbit proclaims that they are one of the world’s most trusted Cryptocurrency broker, and are providing ”patented” copy trading technology to enable traders copy strategies of other successful traders. Lionsbit also believes that their success happens when you succeed with them.
Having perused the site for more details, it appears that the website is incomplete. It was put out in a harry because a number of links haven’t been filled yet. For instance, their trading academy page has absolutely nothing and yet the link is titled ”Trading Academy”.
Lionsbit provides a UK phone number and a contact box on their site which interested traders can use to reach their support. By using this phone number, we are assuming that this broker is based out of the UK or at least targeting clients from the UK. At this point, one may want to find out if Lionsbit is registered with the FCA.
Also, Lionsbit is offering a not so popular trading platform called Sirix. We have zero experience with this trading platform and so we cannot speak about its user interface or things that are related to its features.
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So, the question is, should you trade with Lionsbit? Read our opinion in the next paragraph of this Lionsbit review.
Note: For registered brokers, go here.
Lionsbit lists down some of the features which they believe will attract traders to their platform. These features include a user-friendly trading platform, reliable quotes and dedicates support. Whether these features are real or not is not the issue. We are more interested in their reputation in this industry. There are many brokers who are registered and are reputable in this business. It would amount to injustice recommending a service like this one when we know very well that there is no reputation to back their claims.
Although Lionsbit is quite a popular site, we do not understand why there are no reviews or user testimonials about it. This is a strange phenomenon considering that sites that have a decent Alexa ranking are always attracting attention and consequently getting some customer feedback about them. This one has no feedback so far.
Lions Bit also claims affiliations with a company known as T.W capital LTD. This company is conducting trading operations without the consent of the FCA. In fact, there is an FCA warning against users who think that the site is registered and legit. The other thing to take note of is that nowhere in the T.W capital LTD website did they admit that they are associated with Lions Bit.
So the claim that Lions Bit is associated with T.W capital LTD is something we cannot confirm at the moment. It is just adding a lot of suspicion. If there is no evidence of this affiliation, we can as well assume that LionsBit is lying about the affiliation. We may never know it.
Another problem that might arise is the fact that LionsBit is not an FCA-registered broker, and so people who lose funds in their hands don’t stand a chance of recovering their money. It is always safe to trade with regulated brokers as opposed to those that avoid the FCA. The unregulated ones often want to shun accountability so they can mishandle their clients and even rob them with impunity. A broker who chooses not to register their operations with the FCA is confirming that their operations are not legit.
Our confidence is waning because this site appears to be serving no active client at this time. We do not know why there are no reviews. It could mean that the site is new to this industry. But then, when we check out their Alexa profile, we realize that it has been there since 2017. It was not getting any traffic until May 2018 when there was a huge spike in traffic. This could be due to promotion of the site by the owner to attract an increased number of users. This traffic has since subsided and we are only left wondering where everything is headed to.
On the feature side of things, we must say that this site is quite unpredictable and not very reliable. Traders often prefer using well-known trading platforms and not some obscure trading platform with a strange name like Sirix.
The broker is very transparent with their support information. It seems that they had nothing to hide when it comes to phone numbers and email support.
However, our curiosity is aroused by the fact that the site is not registered to perform this business. The company which they are claiming affiliations with is not admitting that they own LionsBit. So we really don’t know who is speaking the truth.
Generally, we prefer investment websites that are transparent with their dealings. Instead of telling us that LionsBit is affiliated with an entity called T.W capital LTD, they should just say that Lions Bit is not FCA registered. They should probably say that this is something they will be considering to implement in the future. We need some transparency and honesty instead of beating around the bush. This is not helpful, plus it’s making them look bad in the eyes of investors.
LionsBit is a highly suspicious website. The problem is that they are not transparent, and they are not willing to admit that they have no registrations with the FCA. This means that Lions Bit is an illegal entity. By no means should you trade with a brokerage that is not registered. You risk your capital by doing so.
We advice that traders should exercise caution when dealing with this trading platform. If possible, avoid it altogether until the issues raised in this review have been addressed.
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