JETBITX – Can You Trust Them?
Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.
JETBITX - DO NOT TRADE WITH THIS PROVIDER
2.4/10
$100
Minimum Depositupdated 2022
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://jetbitx.com
Founded: 2022
Regulations: None
Languages: English, German
Deposit Methods: Unspecified
Minimum Deposit: $0
Free Demo Account: No
Number of Assets: 1000+
Types of Assets: Forex, Commodities, Stocks, Digital Currencies, Indices
Trading Accounts and Conditions
JETbitX offers their clients the following types of trading accounts:
- Base: The broker claims that you can open this account without any capital investment. However, the maximum you can invest in this account type is $10,000.
- Advanced: The broker claims that you can invest capital up to $100,000 for this account type. The spreads are silver spreads.
- Pro: The broker claims that you can invest capital starting from $250,000 for this account type. Spreads are gold spreads.
On their home page, the broker claims that their maximum leverage ratio is 1:500, and clients are offered two types of bonuses – a Welcome Bonus of 10% to 15% and a Referral Bonus of 15% to 20%.
The broker does not specify what they mean by silver and gold spreads.
JETbitX – Advantages
There are no advantages to trading with JETbitX.
JETbitX – Disadvantages
Listed below are all the red flags that tell us that we are dealing with a scammer:
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Issues with Regulation Status
If a broker is legitimate, then they ensure that they provide clear as well as detailed information about their corporate identity and their legal – i.e., regulation – status. Therefore, if a broker does not provide these critical details, you know you are dealing with a scammer.
Unfortunately, we have found that JETbitX falls into the latter category – a scammer. This broker has not provided any details about the company that owns and operates them.
There are two telephone numbers provided in their Contact Us page, which could either be from the US or Canada – we cannot be sure. There is no physical address provided so we do not know where this broker is located. All we know from their Terms and Conditions is a single reference to Estonian Law.
Now, to operate out of Estonia, a broker needs to be regulated by the local financial authority – the Finantsinspektsioon (Estonian Financial Supervision and Resolution Authority). It was a simple matter to check the authority’s online database to see if JETbitX was registered with them; of course, they were not. So, that link to Estonia is fake.
And the language options offered on their website are two – English and German. Which means that this broker is definitely targeting traders in Europe – wherever JETbitX is actually located.
All of this information tells us two things: JETbitX is operating anonymously and this broker is not regulated in any way.
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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Issues with Trading Software
JETbitX offers their clients a web-based trading software. We are not sure that this platform actually works! Why do we say this? Because the only assets listed there are cryptocurrencies. We do not see any of the other assets the broker claims to offer – stocks, commodities, indices, forex – listed there.
Furthermore, when we tried to use this software, we realized that you cannot do much more than place orders.
Legitimate brokers go out of their way to offer their clients the best possible trading software in the market – usually the MetaTrader 5 platform. This platform offers traders a massive range of features, all targeted at making trading as easy as possible.
When you compare such high-end platforms offered by legitimate brokers to what is offered here by JETbitX, you will immediately realize this broker’s scam.
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Issues with Trading Conditions
Not only does this broker have a poor trading platform, their trading conditions are also questionable.
The broker, in one part of their website, states that you can open an account with no money at all – $0! Which doesn’t make sense at all. It defeats the purpose of opening a trading account if you do not fund it with some amount of money!
However, when you check their Account Types page, the broker states that you can open their Base account for up to $10,000 – but once again, we do not know what the minimum deposit is.
As for the spreads, we do not know what this broker means by silver and gold spreads! Spreads are quantified in pips, and the industry average ranges from 0.5 pips to 1.5 pips. These values tell us the cost of trading, and helps us analyze whether it would be advantageous to use that broker’s services or not.
A leverage of 1:500 also tells us that we are dealing with a scammer. Estonia (the only location this broker refers to) is a part of the European Union, which means that it is subject to the strong financial market regulations put in place for all EU countries to follow. And one of these regulations is that the maximum leverage that brokers can offer traders is 1:30. Anything more than that is illegal.
So, we can see even more proof of this broker’s dishonesty.
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Issues with Payments
Once again, that lack of information about payment methods tell us we are dealing with a scammer. We do not know how you can make payments or even which methods you can use.
This is a tactic common amongst scammers, where you will be forced to get in touch with the broker, asking them how you can fund your account. Then, they get back in touch with you and ask you to make deposits while they guide you through the process. Once you do so, then there is no way to get that money back!
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Bonuses Offered
JETbitX offers their clients bonuses. This is banned in Europe due to the extremely unfair withdrawal conditions scammers put in place to con people. And sure enough, we found those very conditions listed in this broker’s terms and conditions.
You will not be allowed to make withdrawals until you meet that 200-turnover target. If this broker means 200 lots, that means you will not be allowed to withdraw your funds until you have traded 2 million currency units!
Conclusion
JETbitX is a scammer and cannot be trusted.
JETBITX
Pros
- None
Cons
- Issues with Regulation Status
- Issues with Trading Platform
- Issues with Trading Conditions
- Issues with Payments
- Bonuses Offered
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.
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.