Exobit Review: Pros and Cons of Trading with Exobit
There are a lot of questions and mysteries around the Exobit broker. Firstly, it’s unknown where the broker is located. Also, we cannot tell how it operates. What we can tell is what to do if you are scammed by this brokerage. Read our Exobit review and find out.
|Regulated by:||No regulation|
|Supported Platforms:||Web trader|
|Types of Assets:||FX, commodities, indices, shares, cryptocurrencies|
Exobit Regulation and Security
Exobit brand claims to be owned by SwellTech LLC, based in Latvia. However, when we checked the Latvian company register, there was no such entity. Based on this, we can conclude that the broker is probably based offshore. Since offshore regulatory bodies tend to oversee unregulated entities, this one can easily hide among others. The only question is where the real location is.
When there is no regulation, there is no security as well. Therefore, be careful when opening an account with an Exobit broker. Read also other reviews of unregulated brokers like SmartoptionFX.
How does the online scam work?
Many unregulated offshore brokerages have the same modus operandi. You see an ad, receive a phone call, get convinced to make a deposit, and enter the hell itself. Afterward, you cannot live from spam calls from alleged brokers asking you for more money. And the worst case, even if you deposit more money, the story does not end there.
Like many others, Exobit broker offers only a web trader as its platform. The web trader is not a secure platform since the broker has the access to your trades and funds. Also, the minimum deposit is $250, which is double the standard by regulated brokerages. The deposit can be made only via cryptocurrencies, so even if you want to use your card or wire transfer, the broker’s employees will guide you to use it for crypto purchases. Avoid depositing in cryptocurrencies since transactions are harder to track and it’s harder to get your money back.
When it comes to leverage, it’s 1:400, except for the UST where it’s 1:2. It seems that the broker is really putting an effort into cryptocurrency trading.
There are several trading assets available – currency pairs, stocks, commodities, indices, and cryptocurrencies.
Another scam – the company gives you a bonus for anything you deposit. But as per terms and conditions, to repay this bonus, you cannot make any withdrawals before you reach a certain trading limit. And that limit is usually counted in millions. Avoid brokerages that are offering you free money – an instant red flag!
Scammed by Exobit broker?
If you were scammed by an Exobit broker, do not just sit tight. Fight and get your money back! What you should do? File a complaint and request a chargeback.
But what is a chargeback? A chargeback is a refund of your card in case you were a victim of an online scam. If you had withdrawal issues with this or any other fraudulent broker, report it immediately.
Our support is available via chat and ready to give you all the instructions!
What is Exobit?
Exobit is an online trading brokerage without regulation.
Is Exobit a scam?
The broker listed a nonexistent company owner and has no regulation. Based on this, we can conclude it’s a scam.
Is Exobit regulated?
Exobit broker is not regulated by any authority body.