MarketBitBase: customer reviews about the company’s performance in 2023
Suspicious Activity: MarketBitBase Under Investigation
If a company actively promotes numerous awards and positive reviews, caution is advised. Most likely, this is just a strategy of a second-rate structure aimed at gaining trust from potential clients. Such an approach can lead to serious losses, which can be avoided by studying reviews about MarketBitBase. We decided to conduct our own investigation to evaluate the reputation of this company.
MarketBitBase’s First Steps
MarketBitBase claims to have been in operation since 1924, after which it was acquired by the insurance company Sun Financial, transforming into an investment division (managing a sum of 574.2 billion dollars).
The brokerage company highlights:
- receiving the “Broker of the Year” award at the IAIR Awards ceremony (2019),
- being listed among the top 50 largest companies according to Forbes,
- attaining the title of “Best Broker for Beginners” at the Expo Awards exhibition (2020).
However, our verification through whois revealed that MarketBitBase distorts information about its experience and accolades. In reality, the website marketbitbase.com only started functioning as of March 22, 2023, explaining the absence of reviews about the company until recently.
Licensing Issues
MarketBitBase has chosen to neglect verifying its legal status. The website lacks scanned copies of the relevant certificates and licenses. Instead, the company refers to MIL UK, registered in the UK under number 03062708. However, this enterprise has no connection to the brokerage service and ceased to exist in July 2022.
It is also worth noting that the respected UK regulator Financial Conduct Authority has no information about MarketBitBase and has not issued permission for the activities of this company.
Financial Conditions and Deception
MarketBitBase does not provide detailed data about its contracts, and users only learn about them after registering on the platform. Unauthorized users are aware that:
- the minimum deposit starts from 100 dollars,
- continuous trading is possible,
- qualified technical support is available,
- current news and analytical reviews are provided,
- there are no management and account maintenance fees.
The fraudulent broker does not disclose information about possible deposit and withdrawal methods, regulations, or commission fees. According to reviews, the intermediary refuses to pay out winnings for fabricated reasons.
Financial Manipulations by MarketBitBase
The company MarketBitBase employs a cunning scheme of deception, not revealing the terms of cooperation, only to subsequently change them at their discretion. Initially, users are promised a multitude of privileges and even offered mentorship. Scammers simulate profitable transactions to gain the trust of newcomers and persuade them of the importance of making a large deposit instead of the standard 100 dollars.
When a trader wishes to withdraw profits, they are informed about the necessity to pay fees and insurance. Refusal leads to an account blockage. Otherwise, MarketBitBase will extort funds from the trader but never allow them to be withdrawn.
Conclusions and Recommendations
MarketBitBase is a dishonest company that operates on the edge of the law, taking advantage of the lack of significant reviews. Charlatans operate without the necessary documents and have no intention of honestly completing financial transactions. All the client sees is a deceptive imitation of the trading process.