Trade the Bit Forex Broker

Note: Trade the Bit's official website: https://tradethebit.com/ is currently inaccessible normally.Trade the Bit Review SummaryFounded2021Registered Country/RegionAustraliaRegulationUnregulatedMarket InstrumentsCurrency pairs, indices, cryptos, commodities, and sharesDemo Account❌Leverage1:100SpreadFrom 4.5 pipsTrading PlatformWeb-based platformMin Deposit€250Customer SupportEmail: support@tradethebit.comPhone: +92 21 32472030-35 Trade the Bit is a financial company established in 2021 in Australia. It offers five types of trading instruments with a minimum deposit of €250 and a fixed leverage of 1:100. However, it is important to note that the company is not regulated by any legal authority.Pros and ConsPros Cons Multiple trading choicesLack of detailed info on feesLack of legal regulationHigh minimum depositWide spreadsIs Trade the BitLegit? Trade the Bit lacks legal regulation from any financial institution. The broker claims to comply with the laws of Saint Vincent and the Grenadines, but in reality, Saint Vincent and the Grenadines is not only a country without a foreign exchange license issuer but also a favorable place for fraudulent brokers Therefore, please do not trust this broker. In addition, the domain of this company was registered on March 7, 2021, was last updated on May 5, 2023, and will expire on March 7, 2025.What can I trade on Trade the Bit? Trade the Bit provides five kinds of tradable instruments, including currency pairs, indices, cryptos, commodities, and shares.Tradable Instruments Supported Forex ✔Commodities✔Indices✔Cryptocurrencies✔Shares✔Mutual Fund❌Futures❌Trading platform Trade the Bit claims to provide a web-based platform with only basic functions. However, since this broker operates without any legal regulation, trading on its platform poses a high risk to your assets. Therefore, it is advisable to choose brokers that have legal permission to use reputable platforms like MT4/5 or cTrader.Trading PlatformSupported Available Devices Suitable forMT5❌/Experienced tradersMT4❌/BeginnerscTrader❌/Experienced tradersWeb-based ✔Computer/Deposit and Withdrawal The minimum deposit is 250 euros and the payment methods offered are credit card, bank transfer, and wire transfer. The average processing time for deposits and withdrawals is up to 10 days. In addition, the minimum withdrawal amount is 100 euros, and a 1% handling fee is charged. However, if the 1% fee is less than $30, the fee will be fixed at $30.