WikiFX Scam Alert: FCA Warns Against Main Bit!!!

Investors who are still trading forex at Main Bit had better quit trading ASAP!!! Investors who have been deceived by this broker please contact WikiFX to help you recover your funds!!!

To start with the most essential, you may check the recent warning issued on October 12th by the Financial Conduct Authority (FCA) in the UK against Main Bit (main-bit.com) on the screenshot below.

“Almost all firms and individuals offering, promoting or selling financial services or products in the UK have to be authorized or registered by us”, the FCA says adding that “this firm is not authorized by us and is targeting people in the UK. You will not have access to the Financial Ombudsman Service or be protected by the Financial Services Compensation Scheme (FSCS), so you are unlikely to get your money back if things go wrong.”

WikiFX also paid a visit to the brokers official website to learn more. MainBit claims to have branchesin the UK, Switzerland as well as Canada. Considering it does not present us with any license number to check that, and the FCA warning already present against it, we do not believe that to be the case. Instead, brokers like this one operate in various offshore scam havens. There are severe dangers that dealing with them would expose you to!

In terms of trading platform, Main Bit only offers a rather weak web trader that allows the client to perform some basic TA. Yet, none of the sophisticated features of something like industry-standard MT5 are available – automated trading and much more.

Furthermore, the leverage that is available with Main Bit is as high as 1:200, which is a very attractive amount. Yet it is also one that is very dangerous to retail clients. Most legitimate companies do not expose them to such low margin nowadays, but scammers like this one use it to get more clients – as something of a marketing trick!

Now let's search “Main Bit” on WikiFX APP to find out more about this broker. WikiFX is an authoritative global inquiry platform providing basic information inquiry and regulatory license inquiry. WikiFX can evaluate the safety and reliability of more than 36,000 global forex brokers. WikiFX gives you a huge advantage while seeking the best forex brokers.

As you can see, based on information given on WikiFX, Main Bit currently has no valid regulatory license and the score is rather negative - only 0.99/10! WikiFX gives brokers a score from 0 to 10. The higher the score is, the more reliable the broker is.

Investors are advised to search relevant information on WikiFX APP about the broker you are inclined to trade with before finally deciding whether to make investment or not. Compared with official financial regulators which might lag behind, WikiFX is better at monitoring risks related to certain brokers - the WikiFX compliance and audit team gives a quantitative assessment of the level of broker regulatory through regulatory grading standards, regulatory actual values, regulatory utility models, and regulatory abnormality prediction models. If investors use WikiFX APP before investing in any broker, you will be more likely to avoid unnecessary trouble and thus be prevented from losing money! The importance of being cautious and prudent can never be stressed enough.

In conclusion, trusting a broker like Main Bit is simply not worth it – you will certainly end up robbed. The so-called brokerage is nothing more than an outright scam, which is in the spotlight of a recent investigation by the British financial authorities, who have already blacklisted the website for targeting UK customers without proper authorization.

WikiFX reminds you that forex scam is everywhere, you'd better check the broker's information and user reviews on WikiFX before investing. You can also expose forex scams on WikiFX. WikiFX will do everything in its power to help you and expose scams, warn others not to be scammed.

WikiFX keeps track of developments, providing instant updates on individual traders and helping investors avoid unscrupulous brokers. If you want to know whether a broker is safe or not, be sure to open WikiFXs official website (https://www.WikiFX.com/en) or download the WikiFX APP through this link (https://www.wikifx.com/en/download.html) to evaluate the safety and reliability of this broker!