Is FxBitCapital Scam or Legit Broker?

No, FxBitCapital cannot be considered a trustworthy broker due to its absence of a top-tier license from a prominent regulatory body. The firm operates under  FXBitCapital Group Ltd and is registered in St. Vincent and the Grenadines. However, the jurisdiction does not provide a high level of regulatory oversight and protection. 

  • Brokers operating within St. Vincent and the Grenadines frequently provide attractive trading terms; however, they generally lack stringent regulatory oversight and investor protection. This is why brokers in this jurisdiction have a history of being implicated in financial fraud or scams. The highest level of protection and rigorous guidelines can typically be found under the supervision of top-tier regulatory authorities like ASIC, CySEC, and FCA.

About FxBitCapital
🏢 Registered inSt. Vincent and the Grenadines
🗺️ Type of LicenseOffshore
🛡️ Is FxBitCapital safe to trade?No
🗺️ Recommended LicensesFCA in the UK 🇬🇧 and ASIC in Australia 🇦🇺
🖥 Alternative BrokerFP Markets - licensed by ASIC in Australia

 

What is FxBitCapital?

FxBitCapital offers Contracts for Difference (CFDs) on 6 asset classes: Forex, Shares, Spot Indices, Futures, Spot Metals, and Spot Energies. FXBitCapital provides a range of account types, trading software, and tools designed to enable both individual and institutional customers to engage in online Forex and Derivatives trading. The broker enables trading with MT4 through Android, and MT4 iPhone. Also, offers PAMM and MAM Programs. With FxBitCapital traders have access to tight spreads from as low as 0.1* (EURUSD), flexible leverage up to 1:500, EAs, Scalping, and Hedging.

Through in-depth research, we have uncovered significant information about FxBitCapital that can assist clients in making well-informed decisions:

  • Insufficient Regulation: At first sight, FxBitCapital seems an attractive broker with favorable conditions and diverse offerings. However, one of the biggest drawbacks of the broker is its lack of proper regulation. FXBitCapital Group Ltd is incorporated in St. Vincent & the Grenadines as an International Business Company with registration number 25735 BC 2020. It is important to bear in mind that offshore brokers often function with less rigorous regulations and oversight. Consequently, placing investments in the hands of such brokers may carry significant risks.
  • Complaints from customers: According to our research, FxBitCapital reviews are often positive, with traders frequently emphasizing the broker’s favorable trading conditions. Nevertheless, the existing negative feedback mainly revolves around issues commonly associated with offshore brokers, such as difficulties with withdrawals and inadequate customer support, among others.
  • Withdrawals Issues: Although many clients state about the favorable conditions FxBitCapital offers, there are also reviews regarding the broker’s insufficient withdrawal process, stating, that on the portal the withdrawal shows to be processed, but the clients do not receive it. When considering whether to engage with this broker, it is essential to conduct a comprehensive evaluation of the potential drawbacks that may affect the trading process and its results.

Overall FxBitCapital Ranking

Our research has revealed significant concerns about FxBitCapital’s reliability and its compliance with regulatory standards. As a result, we cannot provide a favorable rating for FxBitCapital.

  • FxBitCapital Overall Ranking is 3 out of 10 based on our testing and compared to 500 other brokers. See Our Ranking below compared to other popular and industry-leading Brokers.
RankingFxBitCapitalXMEightcap
Our Ranking⭐⭐⭐⭐⭐⭐⭐⭐⭐⭐
Is Broker safe?NoYesYes
AdvantagesNoneEducationTrading Conditions

FxBitCapital Alternative Brokers

Given the safety concerns surrounding FxBitCapital, we strongly advise considering alternative options that prioritize stringent regulations and enhanced trading conditions. Below, you will find a list of reputable brokers that provide reliable choices and a secure trading environment for your consideration:

  • XM – Excellent Educational Materials
  • FXTM – Good for Beginners and Good Fees
  • InteractiveBrokers – Good for US Trading and Trading of Real Stocks

Deposits and Withdrawals

FxBitCapital offers clients multiple methods to fund their accounts: bitcoin, litecoin, Ethereum, and tether. The minimum deposit with the broker is $5.

  • It is unclear how much FXBitCapital charges for withdrawals, as the broker does not provide information in this regard. However, the specific withdrawal fees charged by FXBitCapital may vary depending on factors such as the withdrawal method used, the account type, and any terms and conditions. 
  • Many clients report serious problems with FXBitCapital withdrawal. Considering that FXBitCapital is an offshore broker, our advice is to exercise extreme caution when considering investments with this broker. 

Account Types

FxBitCapital provides 6 distinct account types tailored to meet the specific needs of various traders: Classic Account, Pro Account, VIP Account, PAMM Account, MAM Account, and FxBitCopy Account.

  • The minimum deposit for all the account types is $5
  • Leverage for all the account options is also the same. Traders can trade with any account with leverage as high as 1:1000
  • Spreads start from 1 pip

FxBitCapital Review Conclusion

Based on the information we have gathered about FxBitCapital, it is apparent that this broker does present appealing advantages, offering favorable features and trading conditions. Nevertheless, it is crucial to acknowledge significant concerns regarding the broker’s trustworthiness and credibility. The fact that FxBitCapital is registered in an offshore jurisdiction (St. Vincent and the Grenadines) raises substantial concerns. Consequently, traders are strongly advised to exercise caution when considering this broker as their choice.

Traders should give preference to brokers that are licensed by reputable authorities such as FCAASIC, or CySEC. Many regulated brokers offer favorable terms and conditions that align with the standards set by top-tier regulations, ensuring a safer and more secure trading environment. Some of the options are FortradeHFM, and Interactive Brokers.

  • Overall ranking and experience for FxBitCapital is Negative
 

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