TrustBit Review 2024: Scam or Legit? | Recover Funds

Is Trustbit Legit or Scam?

Trustbit is highly suspected to be a scam broker. This suspicion arises from several red flags, including the lack of any regulatory licenses, anonymity, and negative customer reviews.

Company Overview

Services or Products

Trustbit claims to offer:

• Forex trading: Major currency pairs like GBP/USD, EUR/HUF, and EUR/SEK.
• Commodities trading: Crude oil, natural gas, and silver.
• Stock trading: Shares in companies like Amazon, Tesla, and Apple.
• Index trading: Indices like CAC 40, ASX 200, and Dow Jones.

However, the legitimacy of these services is highly doubtful due to the lack of regulation and reported issues.

If you have lost money to companies like Capitalix , or Fred Trading; please report it to us on our Report a Scam form.

Trading Platform & Leverages

Trustbit allegedly offers the MT4 trading platform, but no download link is available on their website. The company claims maximum leverage of 1:200, but states this may vary “based on clients’ appropriate assessment.” This ambiguity raises concerns about transparency.

Spreads and Cost of Trading

Trustbit claims spreads from 1 pip, but reviews suggest actual spreads are much higher. The company also advertises no commission fees, but hidden charges might be present.

License and Regulations

Trustbit is not regulated by any reputable financial authority. This lack of licensing exposes traders to significant risks, including:

• No investor protection: Regulatory bodies like the Financial Conduct Authority (FCA) or ASIC provide safeguards for investors, which are absent with Trustbit.
• Increased risk of fraud: Unregulated brokers are more likely to engage in manipulative practices.
• Difficulty recovering funds: In case of disputes, resolving issues and recovering funds becomes challenging without regulatory oversight.

Legal Warning Against Trustbit

Several resources warn against Trustbit. Reviews on platforms like Trustpilot highlight withdrawal issues and negative experiences. Additionally, the company’s lack of transparency regarding terms and conditions, deposit and withdrawal methods, and fees raises red flags.

Deposit and Withdrawal Methods

Trustbit does not disclose information about deposit or withdrawal methods, making it impossible to assess potential fees or delays associated with them. This lack of transparency is another sign of potential scams.

Trustbit Pros and Cons

Why Dealing With An Unlicensed Broker Is Risky

Dealing with an unlicensed broker like Trustbit exposes you to numerous risks, including:

• Loss of your investment: Without regulatory oversight, there’s no guarantee you’ll get your money back, even if you make profitable trades.
• Manipulation of trading platforms: Unregulated brokers can manipulate trading platforms to benefit themselves at your expense.
• Hidden fees and charges: Unclear fee structures and hidden charges can significantly eat into your profits.
• Difficulty resolving disputes: With no regulatory body to oversee disputes, resolving issues with Trustbit becomes exceptionally difficult.

Client Feedback

Client feedback on platforms like Trustpilot overwhelmingly paints a negative picture of Trustbit. Users report issues with withdrawals, lack of communication, and concerns about the legitimacy of the platform.

How Can “Reviewsadvice” Help You If You Get Scammed?

While “Reviewsadvice” cannot directly help recover lost funds, they can:

• Inform you about potential scams and red flags to look for.
• Provide resources and advice on how to choose a reputable and licensed broker.
• Connect you with legal or financial advisors who may be able to assist you in specific cases.

         You Can report to us today by the below form.