Atto Bits – Are They Safe?
Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.
Atto Bits - DO NOT TRADE WITH THIS PROVIDER
2.4/10
$100
Minimum Depositupdated 2023
The details for opening trading accounts are not indicated on the broker’s website. In order to register with this broker, you only need to go to their sign-up page where you’ll be asked to enter your name, email address, phone number, and password. You’ll also be asked to accept their Terms and Conditions and confirm that you’re over 18 years of age. After this, the trading platform will be made available for you and you can start trading using their demo account.
Try these regulated brokers if you want to start trading cryptocurrencies
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
Website URL: https://attobits.com
Founded: 2023
Regulations: Not Regulated
Languages: English
Deposit Methods: Cryptocurrencies
Minimum Deposit: $50
Free Demo Account: Not Available
Number of Assets: Unspecified
Types of Assets: Forex, Cryptocurrencies, Stocks, Indices, Commodities
Trading Accounts and Conditions
According to the information on Atto Bits’ website, this broker does not have trading accounts. Instead, this broker offers their clients investment plans:
- Basic Plan: The investment range is from $200 to $499. The plan duration is 1 week and you are promised a 40% Return on Investment (ROI).
- Standard Plan: The investment range is from $500 to $4,999. The plan duration is also 1 week and you are promised a 60% ROI.
- Professional Plan: The investment range is from $5,000 to $9,999. The plan duration is 1 week and you are promised an 80% ROI.
Despite these numbers, when we checked the payments page, we found that you can make a deposit of just $50 to open an account with this broker. There is no mention anywhere of real trading conditions. So, we do not know what the spreads, leverages, commissions and so on are.
Atto Bits – Advantages
There are no advantages to trading with Atto Bits.
Atto Bits – Disadvantages
Here is all the evidence you need to see Atto Bits’ scam:
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Lack of a Legitimate License
The first piece of evidence that tells us that this broker is a scammer is the fact that Atto Bits has no legitimate license to offer their trading services.
Let’s start from the beginning. Legitimate brokers are required to present their corporate information clearly on their websites.
With Atto Bits, we are not provided any information on who the owner of this online broker is. We are given a London, UK address in their Contact Us page, but there is no contact information given. The only way that you can get in touch with this broker is by filling in their Drop Us a Message form on their Contact page.
There is an image of a Certificate of Membership with The Financial Commission. But that does not count as a license from a financial regulator. The Financial Commission is an independent international body that helps resolve disputes between traders and brokers; they do not issue licenses and they cannot regulate forex brokers at all. This is the purview of government authorities.
So, if this broker is based in London, UK, then Atto Bits needs to be regulated by the Financial Conduct Authority, which is the government body that authorizes forex brokers to do business in the UK. We checked the FCA’s online registry and found out that this broker is not regulated at all.
Furthermore, while investigating this broker’s regulation status, we found out that The Financial Commission, which this broker proudly claims to be a member of, has actually added Atto Bits to their Warning List and has issued a public notice that this broker is a scammer.
All of this information is just the first piece of evidence that Atto Bits is a scammer.
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.
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Lack of Legal Documents
Atto Bits has a link that leads to their Terms and Conditions. However, when you click on that link, you are shown an error page. There is no other link anywhere on their website that leads to their legal documents, therefore it can only mean that this broker does have any legal documents at all.
Legitimate brokers need to make their legal documents easily accessible to everyone. And these documents need to contain all the details about their company, the products and services they offer, what laws govern them, their terms of service, their policies, dispute resolution conditions and so on.
If you sign up with a broker that does not have these documents in place – or if these documents are incomplete – then you leave yourself open to being scammed. And once you are scammed, then there is no one that can help you get your money back.
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Lies About Trading Platform
From their website, Atto Bits leads us to believe that they offer their clients the MetaTrader 4 and MetaTrader 5 trading platforms. Had this really been true, it would have been a huge win for the broker. These two platforms are the top two in the world right now. They offer traders an intuitive trading experience and come loaded with a massive range of tools and functionalities.
When we accessed this broker’s trading platform, we realized that all Atto Bits’ claims were lies. This broker does not even have a trading platform! What we saw was a set of charts imported from TradingView. There is no way to carry out any trades on what this broker calls a platform.
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Issues with Trading Conditions
The biggest issue with have with Atto Bits’ trading conditions is that this broker does have any!
There is also a discrepancy between what this broker publishes about their minimum deposit ($200) and how much you can actually deposit ($50). Of course, since this broker does not even have a trading platform, it is logical that they did not bother with fabricating trading conditions!
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Issues with Payments
The only way to make payments is via cryptocurrencies, which is another red flag. Only scammers offer this single payment option, and that is because all crypto transactions are anonymous and irreversible.
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Profits Promised
Atto Bits promises their clients massive profits, which immediately tells us we are dealing with a scammer. The forex market is so volatile and unpredictable that most traders lose money while trading. In fact, brokers are expected to mention how many of their clients have lost money; this number ranges from 75% to 85%! Therefore, no real broker would ever promise you profits!
Conclusion
Atto Bits is not a safe broker; they are scammers and not to be trusted.
Atto Bits
Pros
- None
Cons
- Lack of a Legitimate License
- Lack of Legal Documents
- Lies About Trading Platform
- Issues with Trading Conditions
- Issues with Payments
Do not trade with unregulated brokers that will steal your funds - try these regulated brokers:
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.
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