Coinbitrade Review – Money Grinder Fueled By Your Crypto Investments

This crypto portal invites you to allegedly take your digital currencies trading to the next level. With the claims of providing everything you need to excel in trading, this unscrupulous scheme will not even ask for a minimum deposit amount. All so you would invest. 

However, any investments made with this crypto provider are doomed to fail. It would be wise of you to first read this Coinbitrade review before making a terrible mistake of trusting these fraudulent deal proposers.

Invisible For The Authorities

This purely fictitious company doesn’t exist in any known register. While they claim to operate under the laws of the jurisdiction of Hong Kong, SFC, the local regulator, hasn’t issued them a license. Our attempts to find a license by searching the registers of FCA, CySEC, NFA and BaFin resulted with zero finds.

After we determined that the legal docs also do not make a mention of a regulation, we were sure that this fraudster operates from the shadows and from a gray zone area.

It would not be smart to invest into this exchange, as your investment endeavors are sure to turn into a financial disaster. 

Protection doesn’t exist and the platform can easily gain access and manipulate your funds to their content. Additionally protection from external breaches is also not established, so better avoid this crypto portal. 

Fraudulent Methodology

The entire scheme has been running for a while, as we can see from the WhoIs register. The website was launched in May 2021, and targeting these nations in particular:

• United States
• Ukraine

To cover up their tracks and hide from the authorities, this exchange uses boiler room agents instead of the usual advertising methods. These are most active on the Telegram web service, where they can enjoy anonymity thanks to the embedded data encryption.

The story these agents use is common with other scamming sites, like Boney Market for instance. They usually claim to need the victims’ money to achieve some incredible profits. All of these are just stories to attract clients, however, and the invested money is as good as gone, unless you get help from a professional.

Company Buys Fake Reviews

The legal information is the most accurate measure of reliability, however it is also important to check the online rating sites. While doing just that, we have found a disparity between TrustPilot and SiteJabber platforms.

This is a telltale sign that this exchange, much like Cryptogainers, are using review seller networks to artificially boost their reputation on these platforms. If the company did indeed provide such excellent service, we’d see more about them on the net.

Fee Structure From Unreliable Source

The website itself doesn’t contain any information about Maker and Taker fees, or any other additional charge, such as commission. We did use the live chat to get this information from a support agent instead, but there’s basically no document to back this up.

As we were informed by this company employee, the Maker and Taker fees are 0.025%. Withdrawal fees vary from coin to coin, however. For the benchmark Bitcoin, the fee is 20USDT, while Ethereum payouts costs 5USDT. Other coins, including the USDT stablecoin, incur a 1USDT fee.

Trading Tools Not Worth A Mention

The first disappointment is certainly the oversimplified platform. No choice of accounts additionally undermines the entire impression of the offer. Lastly, the trading options weren’t all that rich or remarkable, so we can confidently conclude that this site has nothing of value to offer.

Horrible Trading Software

While the exchange brags about advanced security solutions, all they actually offer as a Coinbitrade platform is a rudimentary web trader. It offers little in the way of functionality, with no advanced options.

Online security is always top priority when conducting business with a cryptocurrency exchange. The danger of data leaks, security breaches and hacking is omnipresent, something which even the most robust platforms are not immune to.

Knowing that your crypto assets are handled by a ramshackle web-based app is disconcerting at best.

Crypto VS USDT

Since leveraged crypto trading against FIAT currencies isn’t available, there’s only digital coins traded against the USDT. There aren’t many options provided in general, considering there’s only about a couple of dozen choices. 

Some of the more commonly bought and sold pairs are BTC/USDT, ETH/USDT, LTC/USDT, LINK/USDT, TRX/USDT, SOL/USDT.

No Customized Accounts

As far as the specialized packages with diverse features go, don’t expect to see a remarkable offer of Coinbitrade accounts. 

Firstly, not even the standard account is summarized and presented understandable and with all its features. Secondly, there’s no Demo option or any other account type. 

What somewhat makes the whole mess easier for a trader is the fact that there’s no deposit requirements, so you can start with any sum you can afford. Not that we’d ever recommend you to.

Payouts Are An Issue

The same problems we’ve encountered with the trading fees persists with the Coinbitrade withdrawal. Support agents are the only source of information, with no document backing any of it up.

Since these frauds always revolve about abusing customers’ trust, it’s possible that no payments are allowed with this exchange whatsoever. Indeed, many of the people critical of the platform openly complain they can’t get their money out. For help with asset recovery, get in touch with our chargeback experts via the live chat.

Chat Customer Service

The Coinbitrade support doesn’t provide any other communication option besides the live chat. There’s no phones, emails, online form or office address you could visit. 

We have to admit that the support agent was diligently answering all our questions in the chat, though. They were even honest about not having a regulation, which they didn’t seem to be bothered by in any way.

Need Help? Book A Free Consultation Today!

There are no positives when it comes to trading through this exchange. The company is not even a registered firm, let alone licensed by any authority. Services are basic, and the site doesn’t provide much insight into the important trading aspects.

Dealing with these sorts of illicit entities carries more risks than just unprofitable trades. For help with withdrawal, or any other issues you might have, consider booking a consultation with our experts. We are available 24/7 on the live chat, and our first consultation is free of charge!

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