Score
Trade the Bit
Australia|2-5 years| https://tradethebit.com/
Website
Rating Index
Contact
Licenses
No valid regulatory information, please be aware of the risk!
Single Core
1G
40G
1M*ADSL
- It has been verified that this broker currently has no valid regulation. Please be aware of the risk!
Basic information
Australia
2-5 years Suspicious Regulatory License Suspicious Scope of Business High potential riskAccount Information
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Website
tradethebit.com
Server Location
United States
Website Domain Name
tradethebit.com
Server IP
172.67.181.143
Company Summary
Note: Trade the Bit's official website: https://tradethebit.com/ is currently inaccessible normally.
| Trade the Bit Review Summary | |
| Founded | 2021 |
| Registered Country/Region | Australia |
| Regulation | Unregulated |
| Market Instruments | Currency pairs, indices, cryptos, commodities, and shares |
| Demo Account | ❌ |
| Leverage | 1:100 |
| Spread | From 4.5 pips |
| Trading Platform | Web-based platform |
| Min Deposit | €250 |
| Customer Support | Email: support@tradethebit.com |
| Phone: +92 21 32472030-35 | |
Trade the Bit is a financial company established in 2021 in Australia. It offers five types of trading instruments with a minimum deposit of €250 and a fixed leverage of 1:100. However, it is important to note that the company is not regulated by any legal authority.
Pros and Cons
| Pros | Cons |
| Multiple trading choices | Lack of detailed info on fees |
| Lack of legal regulation | |
| High minimum deposit | |
| Wide spreads |
Is Trade the BitLegit?
Trade the Bit lacks legal regulation from any financial institution. The broker claims to comply with the laws of Saint Vincent and the Grenadines, but in reality, Saint Vincent and the Grenadines is not only a country without a foreign exchange license issuer but also a favorable place for fraudulent brokers Therefore, please do not trust this broker.
In addition, the domain of this company was registered on March 7, 2021, was last updated on May 5, 2023, and will expire on March 7, 2025.
What can I trade on Trade the Bit?
Trade the Bit provides five kinds of tradable instruments, including currency pairs, indices, cryptos, commodities, and shares.
| Tradable Instruments | Supported |
| Forex | ✔ |
| Commodities | ✔ |
| Indices | ✔ |
| Cryptocurrencies | ✔ |
| Shares | ✔ |
| Mutual Fund | ❌ |
| Futures | ❌ |
Trading platform
Trade the Bit claims to provide a web-based platform with only basic functions. However, since this broker operates without any legal regulation, trading on its platform poses a high risk to your assets. Therefore, it is advisable to choose brokers that have legal permission to use reputable platforms like MT4/5 or cTrader.
| Trading Platform | Supported | Available Devices | Suitable for |
| MT5 | ❌ | / | Experienced traders |
| MT4 | ❌ | / | Beginners |
| cTrader | ❌ | / | Experienced traders |
| Web-based | ✔ | Computer | / |
Deposit and Withdrawal
The minimum deposit is 250 euros and the payment methods offered are credit card, bank transfer, and wire transfer. The average processing time for deposits and withdrawals is up to 10 days. In addition, the minimum withdrawal amount is 100 euros, and a 1% handling fee is charged. However, if the 1% fee is less than $30, the fee will be fixed at $30.
Keywords
- 2-5 years
- Suspicious Regulatory License
- Suspicious Scope of Business
- High potential risk
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