Read our Iron Bits review carefully to see why we do NOT recommend this broker for trading. Just to clear doubts, this is an iron-bits.com 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 Iron Bits 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 Iron Bits 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.
Iron Bits Review Conclusions
Making the Iron Bits 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 Iron Bits 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.
IRON BITS IS A BRUTAL CALLOUS SCAM FROM THE DARKNESS OF THE WEB.
DON’T GO NEAR IRON BITS OR YOU WILL NEVER SEE YOUR MONEY AGAIN. SCAM ALERT!!!!!!!!!!!!!!UPDATE 11 MAY: IRON BITS DOES NOT LIKE MY REVIEWS AND WANTS THEM TAKEN DOWN. WHAT A NERVE!!!!! THEY WANT PROOF OF MY EXPERIENCE WITH THEM…..DAVID SCOTT TOLD ME THAT JOHN BENTLEY THEIR HEAD OF FINANCE HAS BEEN DISCIPLINED,SUSPENDED OR SACKED OVER MY ACCOUNT.
I am 83 and in poor health suffering chronic pain and whilst taking powerful medications was very vulnerable to the Iron Bits scam and hard sell.
I made an inquiry on the net about Bitcoin and as quick as a wink I have an account manager, David Scott who bullied me until he had emptied my bank account for all my retirement cash….. US$400 000, a staggering amount but all when I was medicated and very vulnerable. I was putty in his hands. He told me that I could not lose as if Bitcoin went down he would short it so no chance of loss!!!!!. If you make an inquiry you are trapped by their front men “Account Managers” who collect money from unsuspecting victims by very hard sell or bullying.
Proof that this cruel system is a scam is the way they operate. You may only contact your account manager by email or they give you a couple of phone numbers (mostly unattended)
where you leave a message. Some calls are returned but you have no chance of contacting anyone above the level of account manager. Their web site has Support or Compliance tabs but you never get a response from either. So that leaves you with no option but to post a bad review.
When you dare to do this you are fined by Iron Bits and locked out of everything. Your account manager no longer is your account manager but no one else will reach out to you no matter how many complaints you make via their web pages. My account Manager told me that after the first bad review that they had fined me $35000.
Later I find that Iron Bits is unregistered and all owners or office holders are silent, yes hidden IN THE DARK CORNERS OF THE WEB.
What does this tell you? If this company was legit, why hide on the dark side and not respond to its clients.
Iron Bits has a good platform so why do they have to steal instead of trading honestly and with integrity.
I really found out the hard way.
In the first few weeks David Scott was showing off about how much profit he had made for me- USD$185000 and we agreed for withdrawals of $300 000.
His boss John Bentley is the Head of Finance.
Meanwhile David Scott was away on sick leave and Bentley told me on the phone and then by email that he had processed the withdrawals.
I have not seen them and wonder if they have been stolen or diverted to someone else’s account. Where are these withdrawals which are mine not theirs?
Iron Bits objects to unflattering reviews and protests to the sites web managers.
They have stolen the rest of my life and to make matters worse I have had a heart attack over the stress caused by these thieves. All my health problems already there compounded by the nowhere to be found withdrawals is likely to cause my early death. They are cruel and heartless and once having all my retirement cash they abandoned me. No response from management even though their head of finance confirmed withdrawals. Of course Iron Bits is culpable for actions of the Head of Finance but they refuse to discuss this with me.
Iron Bits has betrayed me and many others.
THEY ARE A BRUTAL UNREGISTERED SCAM COMPANY THAT HIDES THEIR INTENTIONS WITH SILENCE AND BETRAY UNSUSPECTING INVESTORS.