There is no hurry in selecting a broker for trading operations. If you do not want to make a mistake and run into a fraudster who will take your money, lulling your vigilance with sweet talks, promises of super beneficial offers, beautiful pictures with bright slogans on the website, you should thoroughly study the information, make research, read objective reviews and testimonials.
There are plenty of scammers in the field of online trading. Take, for example, the hero of our review - the Iron-Bits company. At first glance - a representative site, spectacular visuals, designed for traders who understand English and German.
In fact, this broker has a low rating and a large line of disappointed users who actively share their negative experiences with this company. What is the reason? Is it the insufficient qualification of the broker? Alas, but more often it is all about greed - most online brokers cheat their users for the prospect of easy and quick profits. As a result, the swindlers are unwilling to develop trading and profit together with the traders. As a result, cases when a broker stops "getting in touch" and simply takes their clients' money have become frequent.
Iron-Bits, unfortunately, is one of the brightest representatives of the mass fraudulent brokerage projects. The scammers are behind it, so it is definitely not recommended to trust this company with your capital.
We suggest that you read all the details of our review, because it's almost impossible to suspect them of fraud with a cursory glance - they do their "shady dealings" so smartly. The results of an in-depth inspection of the so-called brokerage project will surprise many traders - the platform is not as profitable and reliable as advertised on their official website.
Types of trading accounts offered by Iron-Bits
To become a member of the trading platform Iron-Bits, a potential client is offered to choose any trading account from several offered. There are four package offers - Silver, Gold, Platinum and VIP.
The types of accounts offered are categorized according to how much money the trader is willing to allocate as start-up capital. Deposits are specified in the single European currency.
For example, the Silver plan requires a minimum deposit of €250 for the "admission ticket", offering in return a minimum of advantages in the process of trading operations.
The Gold package is more expensive. If you choose this trading account, the minimum deposit will be from 10,000 euros. Although the platform asks for a much higher amount for the water, the advantages compared to the cheapest package are not much more.
Those who want to join the Platinum package will have to make a down payment of 50,000 euros. There are more options here, but the risk of losing 50,000 euros is also very high.
As for the fourth type of account, the so-called VIP package, its buyer has access to all privileges. The problem is that its cost is unknown - here the so-called "face control" is established - the entrance here is not for all, only for the biggest players in the field of investing in trading and only by the invitation of the broker.
Among the promises, that the trader chooses any of the packages, the broker Iron-Bits offers help of a senior manager to work with clients, some fund bonuses (though it is not clear what exactly - this information the broker preferred not to specify), access to training materials and also priority services for the withdrawal of funds.
What does it mean, is also not clear. After all, by default, the broker must withdraw the funds specified in the trader's application. Such advertising and a list of privileges can only be designed for novice investors, as clients of brokers with a normal reputation should already receive such services, because they are included in the list of standard ones.
Iron-Bits Trading conditions
Iron-bits presents itself as a trading platform with more than 200 tradable assets.
Clients of the project can use in trading operations stocks, commodities, indices, currencies and a variety of cryptocurrencies. According to the developers themselves, the platform is reliable, comfortable and powerful. You can also use commodities and indices, cryptocurrencies against several fiat currencies to trade on Iron-Bits.
Advertising and praising itself, the broker promises that customers who work on the platform receive only the best services. This all sounds good, but it has nothing to do with reality. Behind the platform are clever swindlers, who daily add more reasons for users not to trust them.
According to Iron-Bits itself, the trading platform has been awarded for the entire period of operation. These are empty words, as there is no proof, and modern technology allows you to recreate any image.
Such a trick is only for beginners, because an experienced trader is unlikely to pay attention to such information, which is very popular with fraudsters.
Using web-trading clients are offered to manage their investment portfolios 24/7 from anywhere in the world.
Also among the promises are fast execution and competitive spreads.
These are all boilerplate phrases and standard offers that broker. Strangely, the iron-bits.com website claims all of these criteria as benefits. These conditions can hardly be called too competitive of the trading conditions presented on the sites of modern markets.
The platform claims to support trading in many currency pairs. It also says that all stock market opportunities are open to users. However, this is not true - clients can trade only on their virtual platform, without access to real external platforms.
As one of its advantages, the broker exposes the opportunity for clients to study, improve their skills through a special Educational Center, where a lot of training materials, webinars, etc. are held.
This advantage is questionable, because the real value and effectiveness of the acquired knowledge is impossible to prove. As practice shows, almost all brokers use the training as their bonus, but this format provides only a superficial understanding of the issue, introductory knowledge, because it is not professional traders who teach. As a result if you invest money hoping to improve your skills in parallel, it is guaranteed not to pay off.
In addition to the boilerplate data provided on the low-informative official website of the company, the company raises very serious doubts about its legitimacy.
Let's start in order. For example, it is unknown who is the founder of the platform - the broker does not tell about it on its website. It is extremely risky and scary to trust a platform with a few thousand or tens of thousands of euros when you do not even know who is behind it, who founded it and who is responsible for everything that happens within it.
According to the broker himself, the Iron-Bits brokerage project was launched in 2015.
Let's see what the WhoIs domain name and IP address verification service has to say about it.
What is it? A date mismatch with a five-year error? How on earth can an online broker work five years before registering the domain name of his site! Turns out Iron-Bits broker isn't even a year old, and, as we wrote above, he talks about awards and badges of honor. When did the swindlers manage to get them?
Or there is a widespread fraudulent practice here, when the same people launch so-called one-day sites, and having collected a significant arsenal of defrauded investors, launch the next one and so on in a circle.
In the footer of the site, the small print says only that "The website is owned and operated by Iron-Bits LTD, a worldwide brand committed to your trading experience".
Iron-Bits even hides the address of its registration and office - in all likelihood there is no headquarters.
This category of companies, which are backed by scammers, are trying to avoid any interaction with the law by any means, continuing to conduct illegal, criminal operations.
The absence of a license prevents Iron-Bits LTD from acting in full transparency. For example, the site doesn't say a word about certificates and licenses authorizing to conduct financial activity.
We found only such data written in small print:
It turns out that the broker is offshore, and the scammers have chosen one of the most dubious regulators that experienced traders from around the world have little confidence in.
However, we will certainly check if the broker has a license, which somehow regulates brokers in St. Vincent & The Grenadines.
Overall, as we suspected: there is not even such a license.
Iron-Bits Reviews online
Even with such a rudimentary but obligatory service like customer support this broker has problems: people complain that they cannot contact the managers or get any feedback if necessary.
Also, people from different countries unanimously declare that Iron-Bits LTD is a scammer.
Scammers who hide under the mask of brokers elementary do not fulfill their promises, but they do it with impunity, because their activity is not regulated by any regulator.
People complain that they fell for the tricks of swindlers and lost not only time but also money and recommend other investors to bypass this company.
Scammers say that the management will solve all the problems of the clients and all will be well with them - both trading and withdrawal of funds. However, all words are lies. This is what the deceived clients say.
Safety and security of funds with Iron-Bits
There is no question of safety and financial security when working with the Iron-Bits LTD project. The regulatory status is questionable: the company has no regulatory authority, which would control its activities.
Iron-Bits LTD broker is not able to guarantee the safety of their clients' funds. About what kind of hardware and software is used to protect their systems, the scammers are silent - most likely it simply does not exist.
This means that for hackers it is very easy to gain access to the funds of any trader on this platform.
Iron-Bits is a platform behind which there are scammers who promise nicely but don't keep their word. A trading platform in the clutches of scammers is a questionable venture to invest in.
Just bypass them and do not risk your money, because if your money is stolen there is no one to protect you - the scammer works without a license, so in terms of the law - it is a dubious invisible company.