Main Bit – The Signs to Look for

Main Bit

You have landed on this Main Bit review, which shows that you are likely searching for an online broker to trade in the financial markets. Just like traditional trading, the services of a brokerage are a must for you to trade online as well. They are the key that will unlock the world of opportunities and offer you everything you need for your trading journey.

Nonetheless, this does not mean that any brokerage will do. Granted, there are hundreds, or thousands, of brokers you will find and this leaves people flummoxed. How do you choose one broker?

Sure, you could sign up on multiple platforms, but juggle several accounts simultaneously can be a tad difficult and you are likely to make mistakes that can lead to losses. Moreover, if you end up opening an account with a scam broker, you will lose your funds. Such consequences are the ones you want to avoid and this is only possible when you choose the right brokerage for trading.

Unfortunately, the number of options can often push people into making bad decisions. This is the pressure you need to avoid. There is no need for you to be in a hurry because the financial markets will not run out of opportunities.

When you come across a brokerage and like its offerings, you should learn to evaluate it properly to ensure that everything is the same as it is presented. If there are any signs that show there is something wrong or shady, you should immediately back off and look for a different option.

You will come across these signs when you check out Main Bit that offers you access to forex, indices, crypto, commodities, stocks and metals. Its promises of a life-changing experience can be a powerful lure for many, but you have to be very careful and not get too tempted.

Other offerings of Main Bit that will also grab your attention include quick and easy executions, helpful trading tools and competitive trading conditions, but does it live up to its big promises? You will quickly learn that it does not and there are plenty of signs that show it. Want to know what they are? Take a look below:

Fake addresses

Before you decide to open an account with a broker, you have to ensure it is worth trusting. This means that you need to know everything about the company. After all, you will be sharing a lot about yourself with it, in terms of money as well as personal information. You do not want to do this with anyone over the internet. A look at Main Bit might impress a lot of people because it claims to have officers in several countries around the world.

According to its website, it has its offices in Switzerland, the United Kingdom and Canada. But, you should bear in mind that in order to operate in any jurisdiction, they have to have a license from the regulatory body that oversees the financial markets there. This is the Swiss Financial Markets Authority (FINMA) for Switzerland, the Financial Conduct Authority (FCA) for the United Kingdom and the Investment Industry Regulatory Organization of Canada (IIROC).

You will see that there are no license numbers listed on the Main Bit website, which is the first warning sign. You can still check the broker’s name in the online register of these regulatory bodies and this will certainly confirm your suspicion because Main Bit does not have a license anywhere. This means that its addresses are fake and it is not a brokerage you can trust at all.

Regulatory warning

In fact, you will find that it actually gets worse, if that is possible, because the Financial Conduct Authority (FCA), which is the regulatory body of the UK, has actually issued a warning about Main Bit and this is like the nail in the coffin. According to the warning, the brokerage is illegally offering its services in the country and should not be trusted. No legitimate company would ever go against a regulatory body; only the fraudulent ones would.

Malicious bonus policy

Another sign that you will discover about the fraudulent nature of Main Bit is when you check out its bonus policy. First and foremost, you should note that the broker should not offer a bonus at all because they have been banned in the UK and the EU. Since Switzerland is part of the EU, Main Bit should comply with this regulatory rule.

Yet, it is clearly flouting it, which is proof that it is not operating in any of these jurisdictions, at least not legally. Furthermore, when you evaluate Main Bit’s bonus policy, you will come to understand why the bonuses have been banned. They have strings attached that are used to manipulate and exploit traders and this is exactly what is happening here. The bonus policy is malicious because it boasts the infamous ‘Non-deposited Funds’ clause.

This indicates that profits that are made via bonuses cannot be withdrawn by traders and while this does not sound suspicious, you will come to see the flaws when you realize that Main Bit does not have a way of physically separating the profits you make with your own money and the ones you make via the bonus. This means that Main Bit will be able to block all withdrawals, which is precisely what they want.

High leverage and no refunds

The fact that Main Bit is offering leverage as high as 1:200 is also a sign of a scam because such ratios are not permitted for retail traders in the UK, or the EU. The regulatory bodies have capped ratios at 1:30, yet the brokerage is flouting the rules, thereby confirming that it is not licensed or regulated.

You will also find that Main Bit only supports crypto deposits that are not eligible for a chargeback, which means you will not get any refunds for the deposits you make.

Bottom Line

All of these signs show that Main Bit is not what it appears to be and it is best for you to skip it altogether.