Scam Broker Trustbit Exposed: Legitimacy Questioned by Clients

Navigating the treacherous waters of forex trading demands much caution. Forex platforms like Trustbit might present themselves as professional and innovative havens within the vast expanse of brokers. Yet, beneath the surface, lack of regulation and allegations of involvement in scam operations have cast a cloud over Trustbit's reputation. 

A Quick Overview of Trustbit

Aiming at providing a versatile trading experience for its clients, Trustbit claims to have a high level of account security, a considerable range of markets, favorable trading conditions, and good customer service. Trustbit offers five types of trading accounts: Classis, Basic, Basic Gold, Platinum, and VIP. Except for the VIP account, which charges fixed spreads on Forex with a maximum leverage of 1:200 and a minimum deposit of €2,500, all other accounts charge spreads starting from 1 pip with a maximum leverage of 1:100 and a minimum deposit of €250.

Is Trustbit Regulated?

Trustbit does not present any information about regulatory compliance on its website, marking a clear sign that it is not licensed to operate as a forex brokerage. On its Contact Us page, Trustbit also fails to provide information such as a registered address, phone number, and office address. The truth is that Trustbit is not regulated by any financial regulators.

Clientele Feedback 

Trustbit faces multiple allegations of executing a scam from clients.

Clients say that withdrawal issues expose Trustbit for the scam it is. The broker also appears to have posed as a bank and tax agency to scam clients out of their money.

Trustbit also calls to harass and threaten clients about making investments.

Some clients have questioned Trustbit's legitimacy, believing that it is not a regular company.

FSMA’s Warning

In a warning issued by the Financial Services and Markets Authority (FSMA) on November 30, 2023, Trustbit was one of the trading platforms warned by the regulator. Trustbit is not authorized to provide financial services or products, and the FSMA strongly advises investors not to respond to any offers of its financial services.

Bottomline

Trustbit's lack of regulation and authorization and a lot of negative customer feedback remind investors not to deal with this fraudulent broker to avoid losing money.

We remind all investors to be cautious of unregulated brokers, as they pose significant risks. Even regular brokers come with inherent risks, making non-compliant brokers even more perilous.