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A dubious forex investment scam is what PowerBitFX is all about. This is not the first time that scam artists want to bring everything to the table. Power Bit FX tries to offer forex investment coupled with HYIP. With this type of investment, members get the promise of high yields. In most cases, the yields will be seen within a day or two. What we found out about PowerBit FX is beyond shocking. Learn more in this eye-opening POWERBITFX Review.
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There’s not much to say about this platform that fails to show any promise. We can give them an A for effort with their website design. Although they went with a dark theme, we can see why investors fell for it.
Thanks to our keen eye, we know how to spot forex investment scams a mile away. These are scam artists who use forex products and HYIPs to fool investors into depositing with them.
We don’t know who owns or runs this platform. All we have is a platform that claims to help investors profit. With transparency being the core of investment, there’s a lot to say about the platform.
They give a false address and inform no one about their headquarters. By using social media platforms and hiring actors, you would easily believe the hype. Read this review and find out how we exposed the platform.
Opening an account with them is easy, and the process takes less than five minutes. You need to fill in your name, email, and address. Once you do that, the platform demands you send valuable documents for verification.
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This is where our sign-up process ended as we couldn’t send documents to an anonymous website. For verification, they should send emails with links or SMS codes.
For forex investment to work, you need accurate and real-time data on markets. Instead of relying on a broker, some bots do this for you. PowerBitFX claims to have an accurate analyst with years of experience.
We doubt this as the number of complaints is rising. If they had successful analysts, the number would be manageable. These are just false claims to seduce naïve investors to sign up.
The asset index comprises four major trading instruments. They include commodities, currencies, indices, and stocks. Expect to get stocks from leading US companies. Nearly all forex investment platforms offer the FAANG group shares.
These are the most contested and profitable shares in the world. We did notice that the platform offers major currency pairs, 11 in general.
To entice investors into signing up, they have even come up with a leaderboard. None of these supposed traders profit from the platform. These are random names used to entice investors. If you notice, there’s no face associated with the traders.
Scam artists will even go to the extent of hiring actors to act like winners. We have seen it in more cases than one and, we suggest you do due diligence.
Hajj was one of the first to sign up with the platform. Little did he know that he was about to throw away $6,800 of his hard-earned money. After sending a withdrawal request after two weeks of trading, his account was frozen.
The balance at the time was $4,800 as he wanted to try out another platform. His emails have gone for days without any response. This is what other members are facing with this platform.
With the names of the people behind this platform hidden, anonymity is their field. Scam artists use anonymity as they know no one can trace them. Even the bank accounts they use are from offshore banks.
No regulator can retrieve these funds. Hiring recovery agents won’t help as they don’t have any mandate to investigate an account. PowerBitFX remains an anonymous website and is still blocking accounts as we speak.
Records indicate that the website went live on February 11, 2021. This means the platform is barely three months old and yet, facing serious withdrawal complaints. These records also show that the IP is in Georgia, Atlanta.
Domain checker tools clearly expose claims that the platform resides in the UK. This is probably a well-thought-out plan to scam European forex investors.
There are four investment plans found on PowerBitFX. These include Basic, Standard, Premium, and Deluxe. The minimum deposit for the Basic account is $500, which is against the regulator’s set price of $250. There’s a reason this broker has doubled the amount.
This is to ensure only paying clients get the ‘get-rich-quick’ guide to success. There are even licensed forex investment entities that ask for $10 as the minimum deposit.
The platform also offers a welcome bonus to anyone willing to deposit funds. For each investment plan, there’s a set welcome bonus. The bonus for the four plans is 10, 50, 75, and custom-made percent, respectively.
This scam platform will later use the bonus as a means to an end. You won’t withdraw funds until you deposit the amount they choose. Power Bit FX will leverage your account and hold your balance as ransom.
With the owners targeting European investors, payment options vary. We could see payment options such as Neteller, Skrill, Visa, and others. Depositing funds is easy, and the process takes, at the most, ten minutes.
When it comes to withdrawing, this is when things turn murky. No one has ever made withdrawals with the platform since its inception. It goes to show the number of frustrated members is higher than we thought.
PowerBitFX is not a legal platform and does not hold any compliance certificates. The financial conduct authority does not have any forex investment platform registered under this name. It goes to show the level of insanity these scam artists have gone to fool investors.
By creating a website and claiming residence in the UK, they fail the one important test. Every investment and forex platform must have a license from the FCA.
With Hajj being an example, it’s clear that the safety of funds is out of the question. We believe the platform is not segregating accounts. Once you deposit funds, the owners transfer these funds to a private account.
There’s no way you can recover them as these scam artists enjoy the protection of offshore banks.
PowerBitFX is a scam waiting to pounce on anyone who deposits with them. Please stay away from it or else risk becoming their next victim.
Seeing that this is a scam, we will add it to our blacklist.
The safest option is to use forex trading bots that offer a more realistic profit margin. Use tools that come highly recommended by experts.
We wish you all the best in your trading endeavors.
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