Trade the Bit Spreads, leverage, minimum deposit Revealed

WikiFX | 2024-11-06 15:47

Abstract：Trade the Bit is a financial company established in 2021 in Australia. It offers five types of trading instruments with a minimum deposit of €250 and a fixed leverage of 1:100. However, it is important to note that the company is not regulated by any legal authority.

　　Note: Trade the Bit's official website: https://tradethebit.com/ is currently inaccessible normally.

Trade the Bit Review Summary
Founded	2021
Registered Country/Region	Australia
Regulation	Unregulated
Market Instruments	Currency pairs, indices, cryptos, commodities, and shares
Demo Account	❌
Leverage	1:100
Spread	From 4.5 pips
Trading Platform	Web-based platform
Min Deposit	€250
Customer Support	Email: support@tradethebit.com
Customer Support	Phone: +92 21 32472030-35

　　Trade the Bit is a financial company established in 2021 in Australia. It offers five types of trading instruments with a minimum deposit of €250 and a fixed leverage of 1:100. However, it is important to note that the company is not regulated by any legal authority.

Pros and Cons

Pros	Cons
Multiple trading choices	Lack of detailed info on fees
	Lack of legal regulation
	High minimum deposit
	Wide spreads

Is Trade the BitLegit?

　　Trade the Bit lacks legal regulation from any financial institution. The broker claims to comply with the laws of Saint Vincent and the Grenadines, but in reality, Saint Vincent and the Grenadines is not only a country without a foreign exchange license issuer but also a favorable place for fraudulent brokers Therefore, please do not trust this broker.

　　In addition, the domain of this company was registered on March 7, 2021, was last updated on May 5, 2023, and will expire on March 7, 2025.

What can I trade on Trade the Bit?

　　Trade the Bit provides five kinds of tradable instruments, including currency pairs, indices, cryptos, commodities, and shares.

Tradable Instruments	Supported
Forex	✔
Commodities	✔
Indices	✔
Cryptocurrencies	✔
Shares	✔
Mutual Fund	❌
Futures	❌

Trading platform

　　Trade the Bit claims to provide a web-based platform with only basic functions. However, since this broker operates without any legal regulation, trading on its platform poses a high risk to your assets. Therefore, it is advisable to choose brokers that have legal permission to use reputable platforms like MT4/5 or cTrader.

Trading Platform	Supported	Available Devices	Suitable for
MT5	❌	/	Experienced traders
MT4	❌	/	Beginners
cTrader	❌	/	Experienced traders
Web-based	✔	Computer	/

Deposit and Withdrawal

　　The minimum deposit is 250 euros and the payment methods offered are credit card, bank transfer, and wire transfer. The average processing time for deposits and withdrawals is up to 10 days. In addition, the minimum withdrawal amount is 100 euros, and a 1% handling fee is charged. However, if the 1% fee is less than $30, the fee will be fixed at $30.