The OptionBit scam sets the perfect example of what not to fall for. The favorable reviews online, outstanding ratings on app stores later turned out to be something full of fakery.
The trading options and features tell you if your broker is the right choice for you. Advertisements and services offered should not be the sole determiner; the trading platform should be secure. Know why OptionBit failed to stand the test of honesty and OptionBit scam or not here.
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What is Optionbit?
OptionBit is a Binary Options broker. They use the Tradologic platform for Binary Options, and it provides various options to invest in. The trading platform has multiple languages, including Japanese, French, English, Spanish, and German.
Is OptionBit Legit or Scam?
Our experts have investigated OptionBit and have found some reasons to spike suspicions and for you to look carefully before signing up. We suggest you refrain from investing with OptionBit as we believe that the company is illegitimate. The company is a potential scam; a thorough investigation revealed that OptionBit is not licensed. The company is not regulated and hence unauthentic. Know more about OptionBit scam is legit,
The USA and Developed Countries not allowed
Binary Trading is allowed in the USA and almost all developed countries, but OptionBit didn’t show it on their website. Everyone asked the same question “Why? Why isn’t it available?” OptionBit scam worried about being caught in the act by the governments for scamming traders, the terror of losing an empire.
Low Investment High Returns
OptionBit scam assured a return of 90% and higher. Getting 90% returns in forex is next to unattainable. So the company contracted people to promote online about the high returns. It tricked people into investing all of their money. To cover it up, OptionBit made statements such as “the experts couldn’t foretell the flow of the market.” and “binary options is a very volatile market, and things change fast.” it is just fakery.
No founder data and administrative license
The investigators at Financial Fund Recovery searched the founder’s information but turned empty-handed. The team couldn’t find the license number on its website. It is typical for scammers to hide their motives with lucrative rewards because they don’t have a license. Ordinary people can use LinkedIn to investigate the claims but won’t find any representatives, originator names, and primary information.
Telling an off-base broker from a legitimate one depends on the experience one has with brokers. Most of our clients were unaware their broker was problematic before they had signed up. If OptionBit indicates any of the following, do not trade with them, or if you do, look very carefully:
- Regulated or not
- Hidden extra fees and commissions
- Lack of information on the site
- Pushy tone
- The repetitive mentioning of rules and fees that were not outlined in the contract
- Inability to smoothly withdraw money from your account
Problematic brokers pose some warning signs. Let’s see some red flags that point to a potential scam.
OptionBit Red Flags: Scam Broker
Brokers disappearing is hopeless, it may seem that there’s no knowing when your broker will simply take off with your money. But the truth is, there are many red flags that indicate well in advance that the broker is far from honest.
Some signs are obvious, others are subtle but you cannot afford to ignore any of those.
Lack of regulation
Working with an unregulated broker is not a smart move, the exact opposite. We advise you not to work with a broker with a license from a regulator that is not among the top two tiers.
Lower-grade regulators don’t provide much scrutiny concerning those they license efficiently. They are similar to the ones with no license.
And hence, OptionBit poses a threat to your funds due to its lack of regulation.
Hidden and predatory fees
If OptionBit reveals out of the blue that there were fees for withdrawals when it was not mentioned before in the contract, start getting suspicious. If you see transparency regarding fees, spreads, and commissions, they might be higher than the standard prices if it’s a scam. So research to know the acceptable range for fees, commissions, and spreads.
Poor and pushy communication
A troublesome broker may talk a lot or not much or in the wrong way. Some brokers work hard to woo people at first, only to ignore them and ghost them once they get what they want. This discourages them from withdrawing money if they are scam brokers.
Apart from this, a friendly chatbot does not mean they are your friends. They may even give you plenty of attention initially, and you even make some money but wait and try to withdraw the money. Some crooks are pushy with clients and urge them to make specific trades.
To prevent a pump and dump operation, all brokers are required by law to reveal their holdings.
Inability to withdraw funds
Most clients realize they are being scammed when they try to withdraw funds, and the broker either won’t allow them or will make it tiringly difficult. They aggressively urge clients to make additional trades. The client often accepts because the broker will be pretty pushy and make it clear they are in control since they hold the client’s funds. They charge high withdrawal fees; most clients try to make more money to cover these high fees and make more transactions instead of withdrawing.
They cease communication; they may be evasive or not communicate at all. Contact our experts today if the broker resorts to any of these things to avoid releasing your funds.
What To Do In Case You Are Scammed By OptionBit?
OptionBit was going well until it began producing sound in the trading world. The specialists at Financial Fund Recovery say, “No sound you make can go muffled. So let it even be the most diminutive.” Our motto is to make the trading world safer and take care of our clients.
After examining OptionBit, we have found reasons to tread carefully. If you have lost money to OptionBit scam or any other broker or want to learn more about another broker, speak to our experts. Simply call us, and our experts will help you out; we will ensure that you get your money back.