TrustBit – Can They be Trusted?
Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.
TrustBit- DO NOT TRADE WITH THIS PROVIDER
2.5/10
$100
Minimum Depositupdated 2024
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://trustbit.trade
Founded: 2023
Regulations: Not Regulated
Languages: English
Deposit Methods: Credit Card, Cryptocurrencies
Minimum Deposit: €250
Free Demo Account: Unavailable
Number of Assets: Unspecified
Types of Assets: Currencies, Cryptocurrencies, Indices, Commodities, Stocks
Trading Accounts and Conditions
There is some confusion about the types of trading accounts and trading conditions offered by TrustBit.
On their main page, the broker tells us that they have the following types of account types:
- Trial: The minimum deposit is €250 and the leverage is 1:3.
- Classic: The minimum deposit is €1,000 and the leverage is 1:10.
- Gold: The minimum deposit is €25,000 and the leverage is 1:25.
- Platinum: The minimum deposit is €100,000 and the leverage is 1:50.
- VIP: The minimum deposit is €500,000 and the leverage is 1:100.
When you click on each of these account types for more details, this is what is revealed:
- Basic (for Trial): The spreads start from 1 pip, and the maximum leverage is 1:100.
- Classic: The spreads start from 1 pip and the maximum leverage is 1:100.
- Basic Gold (for Gold): The spreads and the leverage are the same, however the minimum deposit here is €250.
- VIP: The maximum leverage is 1:200.
Clicking on the Platinum account takes you back to the details of the Basic account.
TrustBit – Advantages
There are no advantages to trading with TrustBit.
TrustBit – Disadvantages
Listed below are the issues that tell us that TrustBit is not to be trusted:
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Lack of Regulation
The first thing we noticed about TrustBit is their lack of regulation. This broker does not tell us anything about themselves. We do not know the name of the company that operates this online broker. We have no contact details and we do not know where this broker is located. We also have no information on their regulation status: which authority regulates them or their registration and license details.
Basically, TrustBit is completely anonymous.
Anonymity means that a broker is unregulated and a scammer. And since this broker is completely anonymous, we can confidently say that they are scammers.
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 FSMA
The FSMA, Financial Services and Markets Authority, the financial regulator of Belgium, has blacklisted this broker for operating within their jurisdiction without proper authorization.
When a regulator blacklists a broker, it is ample proof of that broker’s dishonesty, and it would be best to avoid doing business with them.
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No Legal Documents
Another huge red flag is that TrustBit has not legal documents in place. The legal documents are the contract between the broker and you. So, if it is not in place and you sign up with a broker, you can be scammed and there will be nothing that any authority can do to help you since you already signed up with that broker.
This is why it is so important to first go through all the legal documents on a broker’s website before you sign up with them. This simple move can save you from losing your funds.
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Non-Functional Trading Platform
TrustBit claims to offer their clients an advanced trading platform. We decided to verify their claim. We registered for an account with this broker so that we could see for ourselves what this advanced trading platform was. We found out that TrustBit does not have a functional trading platform at all.
What this broker offers their clients is actually a facsimile of a trading platform, but there is no way to trade on this so-called software.
The trading platform is a broker’s main – and only – product offering. If this key product is compromised in any way, then it is a huge red flag that tells us that the broker cannot be trusted.
In contrast, when you deal with a regulated broker, you not only get a quality trading platform, the broker will also allow you to test their platform via a demo account.
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Issues with Trading Conditions
As we mentioned earlier in our review, TrustBit has a rather confusing approach to the types of trading accounts they offer. The account type names are different on the main page and when you click on each of them for details. Added to that, parts of the details are simply copied and pasted, which once again tells us that we are dealing with a shoddy scammed.
The minimum deposit of 250 Euros tells us that we are dealing with a scammer that is targeting customers in the European region. And that high an amount for a minimum deposit is another sign that we are dealing with a scammer.
The spreads at 1 pip look very decent, until you realize that this broker has omitted to mention what the commissions and fees are. And the leverage ratios (for both currencies and cryptocurrencies) are much too high. In the European Union (the target region for this scam broker), the maximum allowed currency leverage is 1:30. So that maximum of 1:200 offered by TrustBit is not only dangerous, it is also illegal. The same is the case for cryptocurrencies, where the maximum allowed leverage limit is 1:2.
The lack of clarity on key details in a broker’s trading conditions is just another sign of a scam.
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Payment Issues
The only way to make payments with TrustBit is via cryptocurrencies and credit cards. We were unable to check this broker’s payments section to verify this claim.
Having said that, we need to point out that most scammers offer limit payment options (just like TrustBit) and that in most instances, the only way to make a payment will be through cryptos. Scammers prefer crypto payments since they are anonymous and permanent; there is no way to trace where your money has gone once the transaction is completed.
Conclusion
TrustBit is a scammer and therefore not to be trusted. It would be better to find another broker to deal with.
TrustBit
Pros
- None
Cons
- Lies About Regulation
- Warning Against Broker
- Issues with Trading Platform
- No Trading Conditions
- Profits Promised
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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