CryptoBit-Trade.net presents a fake Cryptocurrency exchange and trading platform. The fraudulent broker is lying that their platform offers 24/7 trading using an auto trading algorithm and is able to pay an incentive of up to $2,000 (if you refer family and friends).
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All the promises of this website turn out to be false, and if you’ve lost your funds in this illegal “Crypto exchange”, we urge you to visit our money recovery guide here to learn how other victims are getting back their lost funds.
CryptoBit-Trade Review and overview
CryptoBit-Trade.net gives out a Cyprus, Limassol address — which is apparently a hotbed for Forex CFDs and Crypto scams.
The website was privately registered in December 2022, and there’s a good reason why scammers prefer anonymity as opposed to transparency.
It gives them a “safe” environment where they can execute their job without the risk of getting caught and shamed by your average Tom, Dick and Harry.
The website claims that it’s incorporated as CryptoBit-Trade Ltd. However, we noted that CryptoBit-Trade Ltd is not a registered business name or company in Cyprus.
Elsewhere on the internet, this phony broker gives out a UK address. This could suggest that whoever is running the website also has affiliation with individuals in the UK.
Either way, the truth is not known simply because the website is not offering real Crypto trading business.
CryptoBit-Trade.net is not licensed
Of course Cyprus has a financial regulator, specifically known as CySEC.
While CySEC has been governing Forex brokers in this jurisdiction for quite a while, their regulatory stance concerning Crypto brokers and exchanges remain a grey area.
As a result, phony brokers like CryptoBit-Trade take advantage of the status-quo to loot victims of their Crypto funds.
There’s absolutely zero consequences for their action. But of course the offending brokers do smile all the way to the bank once they’ve lured a victim into transferring funds into offshore accounts owned by them.
Therefore, your money is not safe with this broker because of the following reasons:
1)Financial regulators need assurance from the broker that they will guarantee safety of their customers’ funds through segregated accounts. Unfortunately, CryptoBit Trade has never obtained a license hence these concerns have never been looked into.
2)The broker is new and without any reputation. If you want to invest your hard-earned money, you can only trust a broker that has been around for many years. As it currently stands, CryptoBit-Trade.net is just a shady fly-by-night operation. Chances of them taking off with your money is as high as 100% sure.
In other words, the broker does not guarantee the safety of your funds.
Once monies goes in, getting it out using the usual method is impossible until you involve these guys.
Birds of the same feather flock together
Many shady and unregulated brokers tend to come from islands such as Cyprus.
You can’t trust these guys when they tell you that they have a trading platform that can help you make money through an “auto trading algorithm”.
This is why we’ve dismissed phonies like Bitcoinex, TitanGap and InteracInvestor.
They all prefer Cyprus as their ideal money laundering destination. In fact, these scammers even tend to share a common address where dozens of phony brokers can be found holed up inside one building.
All of these brokers operate like one criminal network. They even use the same credit card processing company as well as the same whitelabel supplier for their trading platform.
No wonder the folks behind CryptoBit-Trade chose this location as their ideal destination for setting up an office.
The scammers operating out of this island are bold enough to target victims from countries like the US.
The US financial market is governed by bodies like FINRA, CFTC and the SEC.
These guys are tough on errant brokers like CryptoBit-Trade who do not want to follow the law. They’ve made the US market a hell of a place for Crypto scammers.
Those who are not brave enough simply state on their websites that US clients are forbidden from investing on their platforms.
As a matter of fact, CryptoBit-Trade is accepting traders from the US and other markets where brokers and — generally all financial services are regulated.
Not only is this illegal, but it presents a situation where financially gullible people from these markets are likely to lose millions of dollars.
Wrapping it up
Most guys are going to fall for the lies that these criminals tell in their fabricated reviews.
They’re using two well-known (but infamous) reputation management platforms to acquire fake 5 star ratings.
The owner of CryptoBit-Trade.net is banking on the fact that the financially unsophisticated tend to believe these 5 star reviews without questioning their authenticity.
People don’t ask themselves how a broker that is only 1 month old is getting praises from all corners of the internet.
Furthermore, these scammers are truly not open. They don’t explain how they want to pay you free $2,000, and they definitely fail to demonstrate how their so-called auto trading program is supposed to work to generate money for you.
Run away from CryptoBit-Trade.net. And if you have a comment, let’s read it down below.
Are you searching for a reliable and legitimate investment platform or Forex broker? Here's a quick list of recommendations with 5 star rating.
I have a broker and he is asking me to retrieve my AML wallet address from Binance so to register money movement to release my funds
Well, that’s a classic sign of a scam and we’re afraid you may not recover your funds from that broker. Kindly schedule a free consultation with Mychargeback services for the recovery of your funds.
Also, can you name this broker so that we can call them out