EXCBit: broker review, information and conditions check
Official website and its content
When it comes to choosing a broker, it is crucial to be cautious and well-informed. Some financial companies may raise suspicions despite their promises and advertising. Today we will take a detailed look at EXCBit. While reviews about the company are mixed with negative tones, the organization itself claims about its successful operation and favorable conditions for clients. Where is the real truth and what should be paid attention to? Let’s find out.
The website excbit.com offers not only the basic English version but also 5 more languages, including Russian. Although this deserves praise, it is not advisable to rely on this resource for all information about the company and its conditions. About 90% of the content is filled with empty promises and advertising slogans that are appealing only to novices. There is a lack of information about the company owners, as well as effective means of communication with support. There is no activity on social networks for customer opinions exchange and online chat for prompt issue resolution.
Interestingly, the company boasts its statistics: over 155,000 investors from 180 countries use their services, over 400,000 transactions are conducted daily, and awards from various reputable sources are claimed.
According to the company’s information, it has been providing brokerage services since 2018. WHOIS data shows that the domain was registered in 2017. Even if this coincides with the stated date of EXCBit, the archive shows that in 2019, the domain excbit.com was sold by GoDaddy.
From this, it can be concluded that charlatans bought an old domain name to give themselves a decent appearance to potential clients. The last update of the website was in October 2021. Presumably, this is when the project started its operation. Therefore, it is not surprising that there are few reviews about it.
Analysis of legal documents
The company specifies its legal address: Regensbergstrasse 3b 1296 Avenches. According to Google Maps data, there is no such address in the city, although it corresponds to Avenches, Switzerland.
There is no information about EXCBit in the Swiss registry.
The organization provided a copy of the license issued in offshore Vanuatu. Verification showed that EXCBit provided misinformation. The dealer’s license was not issued.
The website states that EXCBit is approved by the following regulators: CySEC (document #523/87), FSC Mauritius (document #B541952375), IFSC (document #5241/15-02). However, this information also confirms misinformation. The company has not been approved by either the Cyprus Securities and Exchange Commission or any other mentioned authority.
With Russian traders, the organization collaborates illegally, as it is not included in the list of licensed brokers by the Central Bank of Russia. According to reviews, if financial fraud occurs, the company does not protect traders, claiming that they registered on the platform of an offshore company of their own free will.
What does the EXCBit platform offer?
EXCBit lists a wide range of promises, which are confirmed by reviews from real clients. The company mentions access to 150+ financial instruments, including global currencies, commodities, stock indices, stocks, and cryptocurrencies.
It is important to note that the platform does not provide a demo account. Clients are immediately encouraged to top up their balance with a minimum of $1,000. Let’s look at the tariffs:
- “Trader”. Minimum deposit $1,000. Features: leverage 20, instant execution.
- “Trader+”. Account opens with a deposit of $25,000. Characteristics: leverage 50, ability to trade metals and digital assets, investing in PAMM.
- “Opti Invest”. For this contract, a balance of $50,000 is required. Additional features include leverage up to 100, trading stock indices and ETFs, personal PAMM account, no swap, services of a personal manager, and insurance.
Reviews about EXCBit
Considering the company’s short history, reviews about it remain few. The reviews are negative, and traders do not recommend dealing with EXCBit. If you have a different opinion or experience working with this broker, share your reviews below the material.
Scam project tactics
EXCBit targets unknowledgeable newcomers in trading on financial markets. They reach out to them from fake accounts on forums and social networks, persuading them to deposit at least on minimal terms.
Due to the lack of a license and regulation, scammers are forced to play a cheap game with trading and convince investors of the need to invest to increase trading volume. Losses can amount to thousands of dollars, and even when attempting to withdraw remaining funds, brokers may accuse of violating contract terms and block the account.
Conclusion
Our recommendation: do not engage with EXCBit. It is an offshore company that lavishes promises. The risk of investing in this company includes not only the loss of personal savings but also the possibility of falling into a debt trap. According to initial reviews, the platform operates to replenish the balance rather than for actual trading.
My experience with EXCBit as a trading broker was incredibly disappointing. Firstly, their opaque verification process is a nightmare. I had to constantly keep reaching out to the customer service, which unfortunately was mostly unresponsive. Then there was the issue of their legal framework – I was never quite sure how secure my trading was because their terms and conditions remained cryptic. Additionally, the trading conditions were extremely poor – liquidity was low which led to slippage and unstable pricing. Furthermore, seems like their fee structure keeps changing inconspicuously, making it difficult to keep a track of expenses. Overall, I would strongly caution against using EXCBit.