Tbitex – Can You Trust Them?
Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.
Tbitex - 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://tbitex.in
Founded: 2021
Regulations: Unregulated
Languages: English, German, Spanish, Korean, Japanese, Chinese
Deposit Methods: Bitcoin
Minimum Deposit: Unknown
Free Demo Account: Not Provided
Number of Assets: Unknown
Types of Assets: Cryptocurrencies
Trading Accounts and Conditions
Tbitex does not tell us what types of trading accounts they have. We are also given no information about their trading conditions.
Tbitex – Advantages
There are no advantages to trading with Tbitex.
Tbitex – Disadvantages
Given below is the long list of disadvantages that tell us that Tbitex is a dangerous scammer and best avoided:
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Anonymous and Unregulated Broker
The first sign of a scam is a broker’s lack of regulation.
Legitimate brokers are very transparent in providing all information related to their corporate identity and their regulation status. Therefore, on their website, we will find their company name, where they are located, how we can contact them, and the name of the regulatory authority as well as their license and registration numbers.
With Tbitex, we have nothing. We do not know the name of the entity that owns and operates this website. We also do know where this broker is located or even how we can get in touch with them. We also do not know which regulator has regulated this broker – if the broker is regulated at all, that is.
This complete anonymity actually means that we are dealing with an unregulated broker. And it also means that we are dealing with 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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Blacklisted by CNMV
The Comisión Nacional del Mercado de Valores, or the CNMV, has issued a warning against Tbitex. The Spanish financial regulated has blacklisted this broker in their jurisdiction for the very reasons that we have already highlighted. This broker is operating without a license and is anonymous.
Dealing with such a broker is very dangerous and there is not clearer proof of this broker’s dishonesty than being blacklisted by a European regulator.
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No Legal Documents
Tbitex has no legal documents anywhere on their website. This is another sign of them being scammers.
All regulated brokers must present their legal documents on their websites so that they are easily accessible to all visitors and clients. These are the documents that define the contract between you and that broker. They tell you what you can expect from them – their terms of service, their privacy policies, their AML policies, and so on.
If these documents are not in place, and you have signed up with a broker, then you can easily get scammed. In this case, there is no government authority that can even help you get your funds back.
It is for this reason that we strongly recommend that all traders take the time to read through a new broker’s legal documents before they sign up with them. The prevents lowers their chances of being scammed by a shady broker.
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No Trading Platform
A forex broker has two products to offer: their trading platform and their trading conditions. These two offerings go hand-in-hand. If there is any problem with either, then it would be best to avoid dealing with that broker.
Legitimate brokers ensure that they offer their clients the best possible trading platform in the market. And this means usually offering their clients the MetaTrader 4 or MetaTrader 5 platforms – the top two trading software in the world today.
These two platforms are extremely user friendly. So much so that even novice traders can easily navigate and use these platforms. They also have so many added features – trading charts, market analysis tools, automatic trading bots and so on – that even pro traders love using these two platforms.
With scammers, we will seldom find such high-quality platforms. In fact, with Tbitex, what we are given in the name of a trading platform is a very basic, barely functional, web-based software that does not even allow you to carry out even basic trades. This is a non-functional platform.
A broker that does not provide their customers a functional platform is a scammer.
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No Trading Conditions
As we have stated, the trading platform and the trading conditions, together create a broker’s product offering. We have already established that Tbitex does not have a functional trading platform, so it is no surprise to see that this broker does not even have any trading conditions in place either.
We need to mention that the trading conditions a broker offers tell traders whether it would be advantageous to trade with that broker or not. Therefore, the lack of clarity about a broker’s trading conditions is just another sign that we are dealing with a scammer.
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Single Payment Option
The only way that you can make deposits with Tbitex is by using Bitcoin – a cryptocurrency. This is a huge red flag that tells us that we are dealing with a scammer.
Honest brokers will give you a wide range of payment options – credit and debit cards, bank and wire transfers, e-wallets such as Skrill, PayPal, Neteller, to name a few, and cryptocurrencies.
Now, scammers, on the other hand, will offer limited options. And a blatant scammer will offer only one – cryptos. Crypto transactions are all permanent and anonymous. Which is why they are the preferred method of payments for scammers. They can get away with your money and there is no way you will be able to get it back.
Therefore, if you are dealing with a new broker, it is best to use a more traditional payment method until that broker has proved to be trustworthy.
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Issues with Withdrawals
We have no idea with this broker’s withdrawal policy is. We do not know the withdrawal limits, conditions, etc. This is another sign that we cannot trust Tbitex.
Conclusion
Tbitex is a scammer and cannot be trusted. Your funds are not safe with this broker.
Tbitex
Pros
- None
Cons
- Anonymous and Unregulated Broker
- Blacklisted by CNMV
- No Legal Documents
- No Trading Platform
- No Trading Conditions
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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