Reasons Why You Can't Trust UbitMarkets for Forex Investments
Abstract：UbitMarkets is one more forex broker that scams investors under the guise of high returns. Check out our exposure story.
Another day, another forex broker story, another caution for all you traders out here. The name we are exposing today is UbitMarkets today, which began its journey in 2024. Promising high returns and delivering the same in real-time is what matters for traders. Unfortunately, it is believed that the company operates a Ponzi scheme aimed at duping investors. Lets check out why UbitMarkets are an absolute NO to forex trading and other investments.
The Biggest Red Flag - UbitMarkets is Operating Without a Regulatory License
It is not unusual in the forex market landscape to see brokers operating without a regulatory license. Countless forex brokers are penetrating the market with falsely represented claims but without any regulatory license. The lack of it allows brokers such as UbitMarkets to make tall promises, grab investors attention and then flee one day after the total collection reaches the threshold set by them.
What follows next is pain and misery, especially for new traders who dont know how to invest in forex and the right broker choices. Unfortunately, despite its journey not as old as others, UbitMarkets has acquired many investors out of which some have been cheated. Wait, as we give you a recount of all that and more.
No Clarity on Minimum Deposit, Spreads & Leverage
There does not seem to be clear information regarding minimum deposit, spread and leverage on UbitMarket‘s official website. This further dampens investors’ confidence in the forex broker. Here‘s what we found out when checking this information on the company’s website.
Ubits Suspicious Cryptocurrency Scheme Already Grabbed Headlines Last Year
UbitMarkets operates a suspicious cryptocurrency - UBIT Coin, which has a dedicated blockchain called Ubitscan.io. A user, some months ago, asked a question on a public platform regarding a ponzi type scheme through UBIT Coin.
It promised him guaranteed returns as much as 3X of the investment amount. It sounded too good to be true to the user. While the query received mixed reviews with some lauding it and some saying its an outright scam and the company can run away anytime.
Heres a snapshot to look at.
Arrests Related to UBIT Cryptocurrency Fraud
Last year, the Nirmal police in the state of Telangana, India, held three government charges accused of direct involvement in operating UBIT cryptocurrency multi-level marketing (MLM) and encouraging people to invest in it by promising massive commissions and profits. The police reportedly blocked 12 bank accounts associated with the UBIT cryptocurrency fraud and figured out the prime culprit Brij Mohan Singh.
WikiFX Assigns Poor Rating for UBITMarkets
The Saint Lucia-based UBITMarkets does not hold any regulatory license to operate in the forex market. So, it can be the subject of an easy forex scam, something as a trader, you must avoid to stay away from illegal financial transactions. Amid the potential grave scenario for traders, WikiFX, the one-stop destination for all forex broker-related information, has assigned UBITMarkets a poor rating of 1.78 out of 10.
Read more
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