Beribit: Exposing One of the Cryptocurrency Exchanges
The cryptocurrency trading community is growing, attracting new exchanges. However, not all of them are trustworthy. High fees, issues with executing operations and withdrawing funds, lack of regulation – that’s what users can expect on fraudulent platforms. One such platform is Beribit.
Investigation into Beribit
Beribit positions itself as one of the best exchanges for cryptocurrency trading. The following statistics are presented on their website:
- 25,000 users,
- monthly trading volume of $65.4 million,
- over 20 ways to withdraw funds in rubles.
Although the exchange’s duration of operation is unknown, checking the domain history showed that beribit.com was registered in December 2020.
The presence of numerous issues with fund withdrawals and other trading aspects indicates that Beribit is not a reliable platform. User reviews also speak of difficulties encountered when dealing with the exchange.
Legal Transparency
Despite the absence of certificates and licenses, Beribit Global Limited is listed as the brand owner. The organization is registered as an offshore company in the Seychelles. However, verification revealed that Beribit is not registered in the Seychelles, indicating the exchange’s illegitimacy. Client feedback only confirms this fact.
Offers from Beribit
At Beribit, exchange, purchase, and trade of cryptocurrencies are available. The exchange offers a variety of cryptocurrencies for trading, commissions, fund deposits and withdrawals without commissions through partners, and other features. However, user reviews indicate otherwise – difficulties with fund withdrawals and inefficiencies in trading on the platform.
Beribit’s Fraudulent Methods
Beribit attracts newcomers with favorable conditions and promotion through an affiliate program. However, after a balance loss, the account may be blocked, and communication may vanish. This platform poses a risk for traders.
Conclusion
Considering the facts uncovered, we cannot recommend Beribit for trading. This exchange does not meet security and trust standards, making it undesirable for investment. It is advisable to look for other platforms for cryptocurrency trading, taking into account reviews and companies’ legal transparency.
I had a terrible experience with Beribit this year. The customer service was abysmal. I had to correspond with them for weeks to resolve basic account issues. The company seems extremely disorganized and communication is lacking, to say the least. Worse still, the platform has experienced a number of outages, resulting in missed trading opportunities. I also had multiple instances where my trades glitched, costing me a significant amount. It seems as though Beribit has not invested in a stable, secure platform, which raises serious trust issues. I believe there are better broker options out there.