AUSFITS Review: Raising Concerns Due To The Website
The appearance and content of AUSFITS’ website instantly cast doubt on the exchange and how it operates. Several important links cannot be accessed unless you register an account.
Hence, we decided to investigate this exchange in order to determine whether it is safe for trading. Our AUSFTS Review is essentially a platform analysis but also a guide to detecting cyber trading schemes so give it a read to better understand who you should and should not trust online.
|Regulated by:||Unregulated Crypto Exchange|
|Is This Company Safe?||No|
|Have Warnings from:||N/A|
|Free Demo Account:||Not Available|
|How to Withdraw from This Company?||Since this company is unlikely to return your money – contact your bank, Financial Regulator, or simply Reach out to us for professional assistance in recovering your funds.|
Legal Info: Is AUSFITS Regulated?
AUSFITS’ website claims that this exchange is operated by Bit Matrix Pte Ltd, a company founded in Singapore in 2017. We looked up this entity in the Singaporean business register and found out that the company got struck off, i.e. dissolved.
Just to be sure, we also searched for the firm in the database of the Monetary Authority of Singapore (MAS). No such entity there either, which means that AUSFTS is unlicensed to provide services. Trading on an unregulated crypto exchange is pretty risky and may lead you into a world of trouble. Therefore, please avoid this platform and instead try to find a licensed provider.
We recommend entities that are licensed to operate under the jurisdiction of top-tier financial market authorities such as the FCA (UK), CFTC & NFA (US), ASIC (Australia), IIROC (Canada), MAS (Singapore), BaFin (Germany), CySEC (Cyprus), etc. These financial watchdogs enforce strict and scrupulous regulations and rules to make sure the digital asset market is functioning properly and that all supervised entities are operating by the book.
Need help finding the right platform for you? Do not hesitate to contact us.
Who Are AUSFITS’s Targets?
According to godaddy.com/whois, the ausfits.com website domain was created on May 16, 2023. Since then, the dubious crypto exchange has been providing services mainly to traders residing in the following countries:
- United States;
- United Kingdom;
Needless to say, the AUSFITS exchange has no authorization to offer trading services under these jurisdictions, which are, in fact, pretty heavily regulated. If you choose to invest in this platform, you cannot count on regulatory help or compensation.
The data from webparanoid.com shows that AUSFITS’ website is relatively new with ‘non-existent’ traffic, thus debunking the website’s claims that this exchange successfully provided services to millions of clients around the world. Such lies are common on deceitful websites and platforms.
Should you experience issues with this platform, or any other duplicitous provider such as UltraBrokerz, please inform us about it and book a consultation so we can launch the fund recovery procedure.
Trader Reviews – Are Users Satisfied With The Platform?
Trader reviews are important when assessing whether a trading platform is trustworthy or not. As for AUSFITS, there are no positive reviews but we did manage to find several complaints against the platform on scamadviser.com. Furthermore, some traders discussed the exchange on a Reddit thread and agreed that it was an unequivocal crypto scam.
In addition to the negative reviews, the website received an embarrassingly low trust index on scamdoc.com. Always check what others say about a certain company before investing your funds. If there are no reviews, avoid the platform.
AUSFITS Trading Platform
AUSFITS offers a simple browser-based trading platform. It features a wide range of popular cryptocurrencies that can be traded against US Tether. Also, the exchange mentions options trading but we couldn’t confirm this because we were denied access to that website page.
Aside from the online version of the trading terminal, the company also offers a mobile trading app for Android and iOS devices.
Although beginners may find the web platform easy to comprehend, intermediate and seasoned traders will not benefit from simple charts and graphs. A big disadvantage is that AUSFITS does not support recognized third-party software such as MT4, MT5, or cTrader.
Trading volatile assets such as cryptocurrencies is risky per se, so you should not be building your trading career by relying on an unregulated exchange that received numerous complaints. Stay away from shady offshore brokers such as LQDFX as well.
Having trouble withdrawing your funds from AUSFITS? We can help you retrieve your money.
AUSFIT outlined the rules and structure of a rebate and commission system. To participate, users must deposit over 1,000 USDT or equivalent in BTC or ETH and activate the rebate system.
The system operates on a three-level membership structure, with commissions based on referral levels and deposit amounts. Users can receive 5% for first-level, 3% for second-level, and 2% for third-level member deposits.
What this essentially represents is a Ponzi-type pyramid scheme, a fraudulent system of making money based on recruiting an ever-increasing number of “investors”.
Deposit and Withdrawal Process
The phony exchange did not transparently specify how the payment process works. We assume that crypto can be bought on AUSFITS using credit/debit cards and wire transfers. So, is there a way to get your deposited funds back?
Of course. AUSFITS is highly unlikely to adhere to a refund policy and fulfill your withdrawal request, which is why you must request a chargeback. You can request a chargeback at your issuing bank within 540 days but you’re going to need professional help though.
In case you deposited funds via crypto, we can assist you by tracing your payment using CipherTrace, an advanced tracing software. Once we locate the wallet that received your payment, you can request a refund from the exchange.
Key Information To Consider About AUSFITS
To sum up our review, AUSFITS is an unregulated crypto exchange that has been active for a couple of months, even though the company running it has been dissolved. The main targets of this company are traders from the US, UK, Australia, Germany, and Argentina.
Our verdict is that AUSFITS is not a scam exchange. You should avoid it and even report it to the authorities. If you have lost money to this despicable scheme and cannot retrieve it on your own, we offer our professional services and assistance. Book your free consultation with us today!
Let us know if AUSFITS scammed you.
What Is AUSFITS?
AUSFITS is an unregulated crypto exchange allegedly operated by a Singaporean company that has been dissolved.
Is AUSFITS A Scam Or Legit?
AUSFITS is not a legitimate exchange due to its problematic legal background and the lack of a regulatory license.
How AUSFITS Work?
AUSFITS allows users to buy and sell crypto while charging a fee on trades. If you cannot withdraw funds from this exchange on your own, we can help you.