Introduction to ByBit Review:
Scams are everywhere.
From the moment you purchase a product online or invest in a trade option that was recommended to you, you are under the watchful eyes of a scammer. This is the reason why you must always check for the legitimacy of the person or the company you are dealing with before investing your hard-earned money into it. If you are reading this review, it’s because you have either been scammed by ByBit or are researching the company. Both of you are just at the right spot! In this detailed review of ByBit, we will be discussing all the red flags that indicate ByBit as a potential scam. IF you have been scammed by ByBit scam, worry not! Stay with us till the end of this ByBit review and you will get the golden key to get back your lost money.
What does ByBit do?
To get to the real answer to this question, we must put forward what our investigative team collected. Below are the detailed explanations of the potential red flags.
Is ByBit broker regulated?:
YOU MUST NEVER TRADE WITH UNREGULATED BROKERS.
Trading with an unregulated broker is like inviting a scam upon yourself. If a certain brokerage firm does not have a license from any of the recognized regulators, it indicates that the broker is not under the supervision of any government authority and thus, the clients’ money is not safe with the unregulated brokerage firm. The brokerage firms that have a license from the offshore zones are not trustable. Furthermore, taking advantage of this, scam brokers often acquire a license from the offshore zones to trick the people.
One must know that for a brokerage firm to be accountable, they must need a license from a two-tier regulator or the ones who are recognized as the top regulators around the world such as the Australian Securities and Investment Commission (ASIC), the Financial Conduct Authority (FCA), etc. In our case, if ByBit has a license and is not regulated under any of these top-tier regulators, it indicates that ByBit is a potential Scam.
ByBit Minimum Deposits:
A MINIMUM DEPOSIT HIGHER THAN AVERAGE IS A POTENTIAL SCAM.
The usual minimum deposits demanded by legitimate brokerage firms lie in the range of 5USD to 10USD. This is because the regulators advise against asking for a huge deposit from the customers. The scam brokers, in an attempt to get more money from the customers, ask for huge amounts of money in the name of minimum deposits usually ranging from 100 USD to 10000 USD. If ByBit is asking for a minimum deposit higher than the average money asked, be aware that the company is a potential scam.
ByBit Leverages and Spreads:
THE HIGHER THE LEVERAGE, THE MORE RISK INCURRED.
We know it can be tempting to take up an offer with a company that provides higher leverage and spread. However, you must know that higher leverage increases your risk of losing the trade. This is the same reason why the leverage is capped at 1:30 and 1:50 in several countries. If ByBit is offering you leverage that is higher than the average, save yourself from being scammed. The spreads also work similarly. If ByBit is offering a spread higher than the average of 1.5pips, steer clear.
Is ByBit a scam or legit? (Many Negative ByBit Reviews)
After reading about some of the red flags that the company poses, what are your views? Let us know in the comments if you think ByBit is a scam broker or not. In our view, ByBit is a potential scam and we request the readers to proceed with caution. We have received many negative reviews and complaints about ByBit broker. If you have been scammed by ByBit, worry not. File a complaint with us and our team will get back to you with the best possible solutions to recover your fund! You should not let the scammers get away with your money.
Report now and Help Yourself!
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