Review of CFD broker Bitofbites and client feedback: scam or honest company?
Persistent aggravation among professional scammers
Time and again, serial fraudsters set up new traps, deceiving inexperienced individuals. Lately, there have been around a hundred clones (Dio Leaf, GU Arex, Om-m, and others) successfully deceiving their victims and then vanishing, leaving only negative reviews.
How reliable is the Bitofbites project?
Bitofbites is yet another freebie job we will look at in this review. How do scammers deceive their clients and where do their funds disappear to? Let’s clarify this question.
Obvious facts about the “Bitofbites” company
The scam calls itself a well-known global broker and boasts about its statistics. However, in reality, the company “Bitofbites” acquired a domain in November 2020 and actively started attracting Russian-speaking users with its services.
How can one speak of 355,000 satisfied customers when there is not a single review of Bitofbites online?
The main actions of the fraudsters are carried out behind the scenes of the site. According to their statements, the company “Bitofbites” (officially in the “User Agreement” of Bitofbites Limited) is registered in Cyprus at 15 Neofytou Nikolaidi, Paphos, Cyprus (ID – 101135).
On the official website of the Companies Registrar, no information is found about the intermediary Bitofbites (to be fair, the cost of an apostilled document is only 150 euros, automatically raising doubts about the reliability of such a certificate).
A company called CY-METRON MEDIA & COMMUNICATIONS LIMITED was previously registered at this address.
However, in 2016, it was liquidated, and then the scammers quickly laid their hands on the old number, giving themselves an unrelated history.
Now let’s address the issue of licenses. The activities of “Bitofbites” are monitored by three regulators:
- International Financial Services Commission (Belize) (33/112/TS/13),
- Financial Services Commission of Mauritius (C151522265),
- Securities and Exchange Commission of the Republic of the Marshall Islands (111/21).
All would be well if it weren’t for the last regulator, which we hear about for the first time. Forex activities in the Marshall Islands are not licensed (except for the self-proclaimed regulator PIPISEC, which hands out certificates like cookies).
As you can see, “Bitofbites” is pure deception operating outside the law. And considering the company is registered in Cyprus, it’s strange that the Cyprus Securities and Exchange Commission is not mentioned anywhere. Again, this does not instill confidence.
Under the “Accreditations and Licenses” section, there is a document from the Vanuatu Financial Services Commission (registration number – 15598), which turned out to be fake.
Bitofbites also claims to be under ASIC control, and all disputes are resolved by the Australian Financial Complaints Authority. It’s amazing how this is related to Australia?
But this charade loses its power against compelling evidence.
Despite the lack of reviews, it is clear that scammers are targeting Russian citizens (internal documents are only in Russian). Consequently, the offshore must have a license from the Central Bank.
According to law No. 460-FZ, all dealers providing broker services in Russia must register as a legal entity and join a self-regulatory organization. “Bitofbites” lacks such a license, meaning the fraudsters operate outside real legislation.
The contact information provided is a phone number with the Cyprus code (+357 (21) 121-675). However, calling this number is impossible as it is fraudulent.
There is no physical office in Paphos, Cyprus.
The “User Agreement” is only available after registration, and the document is presented only partially. Clever, indeed.
By reserving the right to change the terms of the agreement at any time and shifting all responsibility onto depositors, the scammers provide no guarantees.
Details on Bitofbites trading conditions
Charlatans offer trading in the following instruments:
- currency pairs,
- metals,
- stocks,
- commodities,
- indices,
- cryptocurrencies.
The promises of quality support, tight spreads, and instant trade execution are pure lies.
It is claimed that the company has 10 prestigious awards, but none are visible on the site. There is also no visibility of professional staff from the secondary company Bitofbites.
Three types of accounts are presented on the site – “Go on start,” “Get developed,” “Professional.”
The minimum deposit amount is $500. A leverage of 1:500 is a reason to steer clear of “Bitofbites.” Major brokers have much lower maximum leverage, and such companies do not even enter the market, trading within their own application.
For more naive clients, the scammers have an affiliate program, but stable income should not be expected. You will simply be feeding your acquaintances-victims and receiving negative feedback in return.
Reviews about the “Bitofbites” company
There are currently no reviews about the company as the scammers have decided not to spend on advertisements, hence the project is developing very slowly. We hope this enterprise shuts down before causing damage to numerous traders and gathering a multitude of negative reviews.
Bitofbites scam operation
The main methods of deception are related to manipulation on the trading platform. Bitofbites does not execute trades on the real market, allowing managers to easily mislead clients by altering charts and displaying attractive numbers in the personal account that traders fall for.
When it comes time to withdraw funds, Bitofbites managers first try to burden you with commissions and taxes. If that doesn’t work, they accuse you of various violations and block access to your account, citing the “User Agreement.”
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Summarizing the Bitofbites review
The scammers from Bitofbites greedily siphon money from poor depositors, not providing them with even the slightest hope of success. Although the scammers can be convincing, all their licenses and promises of a great future are just empty words. If you don’t want to fall victim to Bitofbites and write negative reviews, then don’t fall for the promises of the company’s managers.