Caution! Forexbits is an offshore company! Your funds may be at risk.
Forexbits Key Features
🔴 Forexbits provides access to a shady investment service – a warning sign!
🔴 Forexbits does not hold a license with any regulatory body – a red flag!
🔴 Forexbits operates without its contact information available to its clients- a red flag!
🔴 Forexbits creates irrational expectations of high profits in its victims- a red flag!
Forexbits Products and Services
Forexbits is yet another scam company that relies on the lack of general knowledge of crypto assets to defraud its clients. It claims they are able to invest with the company using one of the following plans and reap obscene rewards:
Of course how Forexbits would go about achieving a return of at least 25% daily is not made clear – it never is with these scammers, who are just trying to make the most of the lack of awareness of what is possible and what is not with crypto assets. In other words, no matter what Forexbits promises you, there is no way a crypto asset can be as profitable as the company claims. And if you need proof of that, consider the following: Why would Forexbits have you invest and become so rich, instead of having the people behind it make use of that lucrative opportunity themselves?
Cryptos went to become extremely popular, and they come with tremendous profit potential, but the assets are pretty complex and a bit enigmatic for the vast majority of people. Bitcoin is still surging, and the entire crypto market is growing exponentially, but all investments carry significant risks, such as high unpredictable volatility and absence of regulation, for example. And we’d also like to emphasize the fraud risk- crypto scams are virtually everywhere. In fact, the latest trend among scammers is to create fraudulent websites offering fictitious crypto investments and mining services aimed to entice unsuspicious investors into scam settings. The fraudulent offers usually stick to the rule “sounds too good to be true”, the entity offering the services is totally anonymous, and there is no regulation whatsoever. So, based on the products and services offered alone, we can affirm that the entity under review is dangerous. You’d better avoid it.
That said, it’s worth considering trendy cryptocurrency alternatives that have already proven to be reliable. For example, many cryptocurrency exchanges like Coinbase and Bitstamp already provide passive income opportunities like BTC and ETH staking, other earning opportunities, affiliate programs, so on and so forth. Both mentioned are law-abiding financial firms that operate transparently, so you won’t be exposed to fraud risks if you trust them.
Forexbits Company and Regulation
Forexbits is not a licensed company – it claims to operate from the UK, which is actually quite funny since the regulatory body of Britain has taken quite the hardline stance on crypto. That body is the FCA and Forexbits has no entry on its register. Thus, the company is completely unlicensed – stay away from such firms, as the vast majority are scams too!
So, the crypto service under review isn’t a typical firm, and as such, it’s not regulated. The absence of regulation implies that your investments will be at risk if you deposit. Moreover, you won’t have access to complaint procedures or money protection schemes, so if things go wrong, you’ll be the one to suffer the complete loss. Even more so, the digital coin transactions are anonymous, so if you get scammed by a shady crypto provider, you can’t get your money back.
Indeed, cryptocurrency regulation has been a hot topic for a long time. The digital coins themselves are not issued or governed by central banks, but too many countries already have plans to introduce centralized cryptocurrencies. Still, Bitcoin is a peer-to-peer payment system that’s considered too risky for many. However, many crypto firms are now operating with financial licenses; they are transparent, and their clients can benefit from certain customer protection measures if things go wrong. And that doesn’t apply to the entity under review, which is an anonymous and most probably totally illegal enterprise that can switch off its servers, pocket clients’ money and get away with the crime.
Forexbits Address and Contacts
|Address:||25 Loveridge Road, London, United Kingdom, NW6 2DR|
Forexbits claims to operate from the address above, but that cannot be true, as it does not hold an FCA license. The fact of the matter is that there are hundreds of scammers out there, and none of them are transparent about there whereabouts, as they fear legal action from their victims. Therefore, you need to make sure you are investing with a company that is licensed and operating exactly from where it claims to!
Considering investment opportunities, transparency is always crucial. As for cryptos, you already know that Bitcoin is a peer-to-peer payment system, which is designed to protect the privacy and to provide security. However, that doesn’t mean that the crypto providers should also be anonymous. After all, these people will handle your money, so you should at least know who they are and where they operate from. In fact, we need to note that some trustworthy exchanges don’t reveal such information on their websites, but it’s still easy to verify that businesses are legal, law-abiding companies; therefore, it’s always a worrying sign if the crypto provider isn’t transparent.
Forexbits.co.uk Website Info
|SimilarWeb Ranking||None at the time of writing|
|WHOIS Reg. Date||2021-03-10|
|Owner||Redacted for Privacy|
|Administrator||Redacted for Privacy|
Is Forexbits Safe?
Forexbits is nothing but a scam – the best course of action when you encounter it is avoiding it – otherwise, you risk getting conned and losing your money!
Scammers are always riding the trends, so it’s not at the least surprising that cryptocurrency fraud is now blooming. Even more so, the high-tech nature of Bitcoin actually facilitates scams as most people don’t really know how crypto works, so scammers take advantage of the lack of understanding. Indeed, the crypto scam has been here for a while, and it proved to be extremely dangerous- just recall OneCoin, which happened to be a multi-billion Ponzi scheme disguised as a revolutionary digital currency. However, scammers rarely go out of their comfort zone, so most crypto scams happen to be very similar to the typical investment fraud.
The fraudulent crypto schemes are also anonymous and illegal, while scammers introduce themselves with fake identities. There are also too many impersonators resembling the websites of valid start-up companies from where customers get redirected to other insecure fishy payment portals that may as well carry additional security risks. The cons yet again promise the moon and the stars to their victims but won’t deliver a thing in the end. However, the difference between crypto and the rest of the investment scams is that people are more likely to believe that they can become rich overnight as Bitcoin has already proved to have massive profit potential. In any case, you should be very cautious when it comes to crypto, as the markets are plagued by scammers ready to take advantage of you.