Toobit Review – Offering Service Way Outside Their Legal Constraints
Toobit Review – Offering Service Way Outside Their Legal Constraints

Sometimes you come up to a website that just gives off that uncanny feeling of suspicion you just can’t shake off. It’s difficult to tell whether it’s the overused corporate imagery, the tiny and vague risk disclaimer, or the numerous bonuses offered left and right, but something about this service just didn’t sit right.

As it turns out, our suspicion was well justified. Read the remainder of our Toobit review to learn more about this dangerous entity.

Regulated by: Unregulated Exchange
Is This Company Safe? No, this firm is not safe as they lack proper regulation for their business
Known Websites:
Have Warnings from: N/A
Registered in: Cayman Islands
Operating since: 2021
Trading Platforms: Web
Maximum Leverage: N/A
Minimum Deposit: N/A
Deposit Bonus: No
Trading Assets: Crypto – BTC, ETH, LTC, TRX
Free Demo Account: No
How to  Withdraw from This Company? If you encounter problems with your payouts, please contact our legal support.

Not Exactly Legal

Toobit exchange says that they are based out of the Cayman Islands, as a subsidiary of Hopeful Technology Co., Ltd. Neither the exchange nor their alleged parent company appear in the CIMA register of licensed entities, however.

The Terms and Conditions claim the firm to be governed by the laws of Cayman Islands, but the legal precedent is yielded to the Singapore International Arbitration Centre. The firm is adamant that they do not provide services in Singapore, and is neither registered in this nation nor authorized by MAS.

We’ve come across repeated claims that the firm is a FINCEN MSB registrant in the US. It is quite possible that the FINCEN entry we found pertains to a different firm altogether, and that the third party sources we mentioned were either erroneous, or deceptive.

This MSB registration does not cover the entire scope of business offered on website. Fraudulent entities like SwissCap are known to engage in this sort of subterfuge, so caution is advised.

All Over the Web

The website was created in 2009, but became a cryptocurrency exchange only in 2021. Much of the site traffic originates in these countries:

  • South Korea
  • Turkiye
  • United States
  • Ukraine

The company is quite active on social media, including Facebook, Instagram, X, YouTube and Reddit. In addition, the firm also operates LinkedIn, CrunchBase and Medium profiles as well as Discord and Telegram channels.

This heavy activity is only supplemented by CoinMarketCap, CoinGecko and CoinCodex entries. Trading volume data on these sites reveals a mismatch of over $20 million daily. This indicates data tampering on behalf of the exchange.

Ratings Page Flagged as Deceptive

The company profile on TrustPilot is currently frozen by the site admins, who suspect the firm to be a fraudulent entity. In the snapshot of the page that is left, we can clearly see that the majority of comments are fakes posted by review seller networks.

There are no Toobit reviews to be found on other platforms like SiteJabber or TrustedReviews. Don’t ignore the warning signs – contact our legal experts today, and start a process to recover your invested funds!

Guide to Fees

Unless you’re going to have a huge trading volume or over 100.000 USDT in assets deposited on your trading account, you will pay high trading fees. 

There’s a total of 6 VIP levels and each higher level features lower trading costs. Therefore Maker/Taker fees on futures trading range from 0.0400% / 0.0600% to 0.0010% / 0.0300%. These fees on spot trading shift between 0.2000% / 0.2000% and 0.0400% / 0.0500%. 

While transaction taxes are also charged, they’re not publicly disclosed and users can only see them when they’re about to transfer assets.

Unlocking Bonuses

News users have about a week to perform various tasks related to activating their account, depositing and trading in order to get a bonus incentive in USDT. There’s also the always active referral program. Clients allegedly earn up to 40% rebate per each affiliate.

Unimpressive Features Overall

Nothing on this website leaves an impression of competence and reliability. Starting from the simplistic trading environment, to overly expensive VIP levels. All in all, there’s zero reason to sign up for this platform as better regulated crypto providers can offer you so much more.

Web Trading

A rudimentary web platform, devoid of any advanced features is what you’ll find on this portal. While it does offer some form of insight into market changes and price fluctuations, we don’t advise you to trust these values. 

The biggest problem with these web-based trading software is their subjectiveness to data manipulation. What makes matters worse is the availability of the copy-trading feature commonly used by cons of this type.

Mobile App is in Stores

With more traders than ever resorting to mobile trading, almost every crypto platform has been made into a mobile version. The same is with the Toobit app. Proprietary trading software owned by this firm can be found on App Store and Google Play, but not with too many downloads overall. 

Available Assets

The Toobit crypto coins available for trading are not listed on the website. While other major crypto services allow access to hundreds and thousands of assets, the choice is much more narrow here. Here’s some of the more popular tokens: BTC, ETH, USDT, ADA, BNB, DOGE, SHIB, SOL, TRX and LTC.

Should You Opt for a Toobit login

Signing up with these websites is usually a piece of cake and doesn’t take more than a minute. You can even choose if you want to register via email or mobile phone. 

However, depositing, buying crypto and trading on various markets demands you to complete a full user verification process. We certainly wouldn’t advise you to do that, considering how easily your data could be stolen and misused.

Financing and Withdrawals

The T&C document contradicts itself numerous times, but it is adamant that the client funds are all deposited to a singular omnibus wallet. This constitutes a major security risk, and a violation of regulatory laws.

As Toobit withdrawal is concerned, it may only be done in cryptocurrencies. There is no minimum or maximum, but the payout can take up to 30 days or longer, depending on various conditions.

Bot as Only Guide

Instead of providing at least several channels to help users contact customer support, this site offers very little. Your only source of assistance is the chatbot that guides you through the help section more easily. There’s no email, no phone or anything else to rely on for support.

Safeguard Your Assets!

With so many questionable online service providers it’s easy to fall into a financial trap and lose your life savings. While this crypto trading server may seem like they offer a lot, think twice before investing with shady providers.

If you need help with withdrawing your funds or your profits from a fraudulent trading portal like this exchange or KitcoMarket for instance, feel free to contact us. Our experienced chargeback experts are always at your disposal.

FAQ Section

What is Toobit?

It is a quasi-legal cryptocurrency exchange operating out of the Cayman Islands.

Is Toobit Exchange Legit?

No, the company is not regulated in any jurisdiction, and is in clear violation of numerous international laws. If you’ve fallen victim to this crypto scam, contact our legal experts for help.

Who is the Owner of Toobit?

The alleged owner of the exchange is Hopeful Technology Co., Ltd. This information, however, could not be verified.

Unfortunately, many users start reading reviews only after falling victim to scams. We sincerely hope that you are not one of them!
However, if you're here because you suspect that your investment isn't in a safe place, know that you have the right to claim funds back!

Report a Fraud Case & Claim a Refund from Scammers

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