coinbits review

Read our CoinBits review carefully to see why we do NOT recommend this broker for trading. Just to clear doubts, this is a Coin-Bits.live review.

Who are they?

After taking a look at their website, it shows that they do not fall under any regulating agency. That is a MAJOR RED FLAG!! That should be enough for you NOT to invest with them. And they also work with websites that offer “Automated trading software” which is another red flag, as this kind of websites are notoriously famous for scamming schemes.

So CoinBits is just another unregulated forex broker, which means the customers are not protected, and there is highly likely they will get away with your hard earned money and there will be no regulating agency to hold them responsible.

How does it work?

Usually unregulated forex brokers work in the following way. They will call people to persuade them to make the initial minimum deposit, while trying any conceivable method in order to make that happen. They will offer deals that sound too good to be true, like we will double your initial deposit or you will make $100 per day easily. Please don’t fall for anything they say!!! It is a SCAM! After making the initial deposit, people get transferred to a smarter scammer, called a “retention agent”, who will try to get more money out of you.

Withdrawing funds

You should submit a withdrawal request ASAP, because your funds are never safe with an unregulated broker. And here is when things get tricky.

If you want to withdraw your money and it does not matter if you have profits or not, they will delay the withdrawing process for months. If they delay it for six months, you won’t be able to file a chargeback anymore and your money is gone for good. It does not matter how often you remind them or insist in withdrawing your money, you will NOT get them back. And if you signed the Managed Account Agreement or MAA, which is basically authorizing them to do anything they want on your account, they will lose all your funds so there won’t be anything to request anymore.

How to get your money back?

If you already deposited your money with them and they refuse to give your money back, which is very likely to happen, don’t worry, it might be a way or two to get your money back.
First of all you need to keep the emails as a proof that you have been requesting the money back from them but they don’t give it to you, or they delay the process for too long, with the intention of not refunding your money.

The first thing you should do is perform a chargeback! And you should do this right away! Contact your bank or credit card provider and explain how you were deceived into depositing for a trading company that is not regulated and they refuse to give your money back. This is the simplest way of getting your money back and is also the way that hurts them the most. Because if there are many chargebacks performed, it will destroy their relation with the payment service providers. If you haven’t done this before or you are not sure where to start or how to present your case to your bank or credit card company, we can assist you in preparing your chargeback case. Just contact us at [email protected] but do not let your broker know they you read this article or that you are in contact with us.

What about wires?

If you sent them a wire, there is no way to perform a chargeback on a wire. For this step you need to raise the fight to a different level. Tell them that you will go to the authorities and file a complaint against them. That will get them to rethink the refund possibility. Another thing you can do is prepare a letter or email for the regulating agencies. Depending on the country where you live, you can search on google to find the regulating agency for Forex brokers in that country. After that you can prepare a letter or an email describing how you got deceived from them. Make sure you show this letter or email to them, and tell them you will send it to the regulating agency if they don’t refund your money. If you do not know where to start, reach for us at [email protected] and we will help you with this step as well.

Make sure you leave reviews about CoinBits in other sites

Another way to hurt them and save other people from falling victims is to leave bad reviews on other sites, and describe shortly what happened. If you fallen victim please leave a review and a comment on this site at the comment section.

CoinBits Review Conclusions

Making the CoinBits review is actually a pleasure for us, and we hope to save as many people as possible from losing their hard earned money. A good rule of thumb is to carefully review all the Forex companies and any other company for that matter, before you perform any transaction. We hope that our CoinBits review has been helpful to you. If you have any questions or you need an advice about the withdrawing process, feel free to contact us at [email protected]
If you like to trade please do it with a trustworthy, regulated broker, by choosing one of the brokers listed below.

REVIEW OVERVIEW
coinbits review
coinbits-review-coin-bits-co-is-a-scamRead our CoinBits review carefully to see why we do NOT recommend this broker for trading. Just to clear doubts, this is a Coin-Bits.live review. Who are they? After taking a look at their website, it shows that they do not fall under any regulating...

3 COMMENTS

  1. Hello and yes coin-bits.co. are definitely scammers. Look out for the following when either approached by them or wanting to join them. They are not regulated and have offshore accounts. Names to look out for:
    Michael Kaminsky or Adam Marino or Leo Biscoff or Jack Cohen
    Tel: +442080893753 +447482874902 +44 2080893666 – numbers change regularly.
    Email: [email protected]; [email protected]; [email protected]; [email protected]
    Web: http://www.coin-bits.co. Go to FCA, Action Fraud UK. Coinbase and USA Fraud dept, even your bank Security team as they can verify that they are scammers, along with many recovery firms.
    You can never get hold of their finance dept, any attempt to withdraw is cancelled, if you submit a complaint – you get no response. Want you money back, they will give you many reasons why you cannot get it. Example – they have added credit to your “trading account” and you have to pay them the allotted amount before they can release your money. Do that and you just paid for their new car!

  2. Devastation – my son died leaving his “sick mother “funds to help with many household needs and taking his fathers ashes to Scotland. I joined with $5000 . Max Cutler was appointed my manager. He rang frequently. He kept getting me to invest more although I was not that keen, He made all my investments and organised bank transfers. On March 13 2020 I received of our signed $150.000 us dollars certificate. Then in September all was gone. Max ï’ll see what I can do – öbviously nothing as I never heard from him again. I could not contact him. I was absolutely devastated I had let my only son down terribly. I have only just been able to write this down. I have sent an e-mail last month and have not heard a thing. They are a disgrace!!!

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