While most brokers are trying to say more using fewer words, MyBitChain put on their main page an entire essay on why you should choose them over other companies. It would all be amazing if it was true.
Dive in our MyBitChain review to find out everything about this unregulated brokerage.
|Regulated by:||Unlicensed brokerage|
|Blacklisted as a Scam by:||FMA|
|Headquarters Country:||Austria (allegedly)|
|Supported Platforms:||Web trader|
|Cryptocurrencies:||Available – BTC, BCH, ETH|
|Types of Assets:||FX, commodities, indices, shares, cryptocurrencies|
|Free Demo Account:||No|
|Accepts US clients:||No|
MyBitChain Regulations and Security
Nowhere on the website can we find the owner of MyBitChain broker. Therefore, we can say that it’s the first red flag since you have no idea who to address in case of any issues. Besides, the company is allegedly based in Austria; however, it doesn’t have an FMA regulation. Any company on Austrian territory is obliged to opt for the regulation. Without it, all the financial services broker provides are unauthorized, and you have no guarantees of your investment.
Think well if MyBitChain is worth this kind of risk.
MyBitChain Warnings From Financial Regulators
Instead of FMA regulation, we found a warning against MyBitChain. Since the broker represents itself as Austrian, this regulator decided to warn citizens against the MyBitChain scam and publish that the company operates illegally, without any license or permission.
Fund Withdrawal Issues
Since the broker is not legit, nobody can oversee its activities and make sure clients get their funds back. For example, most EU regulatory bodies have a strict directive requiring brokers to have a compensation fund of 730,000 EUR. This fund has to be used if a client is scammed as a reimbursement fund.
As we’ve already concluded, MyBitChain has no regulations whatsoever, meaning there’s no compensation fund as well. If you ask for a payout, most likely, the brokerage will delay your withdrawal as much as possible, just for your trading account to be suspended in the end. Beware of the MyBitChain scam and report any suspicious activity immediately.
How Does Online Trading Scam Work?
Online trading scams are just a part of online trading. Unfortunately, many new brokers avoid regulations and don’t obey any regulatory rules. MyBitChain offers unregulated leverage, doesn’t have a suitable regulation, and doesn’t follow ESMA rules regarding keeping funds in segregated accounts.
After you start investing, everything will be fine until the moment you want to withdraw your profit. Suddenly, your account manager will be unavailable, the support team will ignore you, and your withdrawal request will never be processed.
If you find yourself in this story, contact us for help immediately.
Scammed by MyBitChain?
If you were scammed by MyBitChain or a similar illicit brokerage, let us know. We need to collect evidence, file a dispute, and request a chargeback.
But what is a chargeback?
A chargeback is a way for your bank to reverse the transaction if you were scammed online. For assistance during the procedure, contact us via online chat. Our support will book a free consultation and you will have a chance to tell your story. Get in touch with us before time is out, and let’s get your money back!
What is MyBitChain?
MyBitChain is an online trading brokerage from Austria without financial regulation.
Is MyBitChain a scam broker?
Yes, broker has been blacklisted by the Austrian FMA for being an illicit brokerage.
Is MyBitChain regulated?
No, MyBitChain is not regulated. It’s blacklisted in Austria for providing financial services illegally.