FairBit Review- Scam Broker Complaint
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FairBit Review by Fraud Brokers
The broker FairBit has expertise in cryptocurrency trading. It offers CFDs over many crypto coins including Bitcoin, Ethereum, Litecoin, Ripple, Dash and many more. The broker offers to trade on only one reading account with higher leverage levels. The broker is operational from the Czech Republic and provides a web-based trading platform. However, the broker FairBit is not regulated and it is our primary concern. In this FairBit review, we will shed light on the broker’s non-regulated aspect and other problems. Keep reading for ultimate understanding.
The only trading account offered is called Standard Account with a required minimum investment of $250 that provides maximum leverage of 1:150 and value of spreads are not mentioned. The broker claims to be operational from the Czech Republic that is part of the European Union. European Union is a highly regulated market and brokers must have valid license and regulation to provide brokerage services. We highly insist on the fact that traders should do business with regulated brokers or else their investments could not be retrieved.
The minimum investment for the standard account is $250 and it is according to the current market average. Nevertheless, many legitimate brokers offer the same trading opportunity at very fewer investments. Furthermore, the leverages available at FairBit are 1:150 and they are more than generous considering the intangible nature of cryptocurrencies. In many regulated markets, the leverage levels are capped 1:100 and averages offered for crypto coins are up to 1:10. Such lucrative leverage levels are crafted to lure traders. But traders must keep in mind that the leverages as high as shown can cause substantial damages.
The trading platform offered is a web-based and cannot be compared to MetaTrader. Also, the payment methods are only cards like Master Card or Visa and bank wire transfer. The electronic wallets are not provided for the payments. Also, the absence of Skrill e-wallet raises suspicion as they have recently adopted an anti-scam policy.
Is FairBit scam or legit?
The cryptocurrency broker FairBit is yet another ordinary brokerage provider. The broker is unregulated and trading conditions are risky. MetaTrader is not available and Skrill is absent from the offering. All in all, the broker FairBit is a potential cryptocurrency scam. Avoiding it is highly recommended. Investment is not safe at FairBit.