The scam broker Exobit review

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Before making a decision in favor of a particular online trading broker, it is important to learn about it as much information as possible, read reviews, study objective reviews, in general, find outt who is behind the company and what reputation has both the organization itself and the people who manage it.

The so-called Exobit brokerage project has gained an unflattering reputation among traders. Read our detailed review, based only on facts, data from regulators and specialized verification services that allow you to find out data on the domain, etc. We also study reviews from real customers of the company to share a reflection of reality, not an illusion created by scammers thanks to advertising custom articles and comments.

At the end of the review it will become clear to you which decision will be the most correct and whether you should take it in favor of the online broker Exobit, which is located at the website exobit.io, and which, for example, we would definitely not describe as an honest partner and certainly do not recommend to trust the capital for trading operations.

Types of trading accounts offered Exobit

The brokerage project offers its clients, as it says on the pages of its official website, a variety of tariff plans with which you can become a member of the trading platform.

The scam broker Exobit review review

Offering a minimum deposit of $250, Exobit immediately makes a correction, or rather recommends not to change that amount and start immediately with $ 1000.

Naturally, the higher the initial deposit, the higher the profit can be. However, there is another side to the coin - a client of Exobit brokerage project has a chance to be left with nothing and one does not want to lose 1000 dollars. 

Moreover, the lowest deposit fee on the Exobit platform is more than twice the standard amount, which is accepted as the minimum fee "entry" for traders. In the field of regulated trading, the minimum deposit on average is $100.

The Exobit platform offers 5 types of trading accounts - Green, Premium, Platinum, Executive and Presidential. 

The scam broker Exobit review news

Most of the conditions are identical for the whole list of trading plans. When you look at the table of trading account types, it visually seems that the trading account has some advantages, but after a closer look it becomes clear that this is just an advertising trick to make the image as attractive as possible. For example, here:

In fact, the terms of the three rightmost trading accounts are identical, but the "˅" sign stands only in the box for the package. 

As a rule, such an advertising trick is a common practice of swindlers, who "catch" their clients (mostly beginners) by spectacular pictures, bright slogans, and profitable multiple promises.

As stated on the Exobit website, traders can expect a minimum withdrawal amount of 50 UST (credit/debit card) and 100 UST if they use a bank transfer.

It seems to be OK, but suspicious is the fact that at this brokerage site all charges are defined in cryptocurrencies. 

Based on the experience of making reviews of modern brokers we can say that this is a clear evidence of fraud. 

Exobit broker is generous in luring you to its platform, but is an extremely stingy partner when you are already a member of its platform. For example, traders should also be aware that each withdrawal request from this broker involves a commission fee of 5%. Few traders would find this condition beneficial.

If you compare it to reputable popular brokers, regulated online brokerage companies do not limit the withdrawal procedure, and their transaction processing is free.

It is also important to know that the conditions of withdrawal will be different if the trader agrees to accept any of the trading rewards (credit tokens) offered by the broker. When activating the bonus offer, clients are obliged to reach a minimum trading volume, which, by the way, does not have a final indicator in fact. 

In case of violation of the broker's requirement, the trader is charged an additional 10% of the withdrawal amount, which he is obliged to repay.

In fact, this is also a clear indication of fraud.

Exobit Trading conditions

The Exobit website is offered in two languages - English and Arabic. 

About the web platform.

Trading software is offered for clients, which is supposedly more convenient for traders to work with. According to the scammers, who work under the name of the project Exobit, they open access to the MetaTrader4 platform.

This information is deliberately false. To lure people into their bogus project, the broker uses the platform's impeccable reputation for his own promotional purposes, although he does not actually give his clients access to it. 

In reality, Exobit's clients have to make do with the only trading software of the project - a very simple web-platform, which is not even a paltry imitation of MetaTrader. 

About spreads

At first glance, the spread on EUR/USD is a pleasant surprise - 0.1 pips. In fact, it is a competitive difference between buy and sell. However, if you consider the poor quality of the platform and false information displayed in every section of the broker's official website, you should not be happy and believe the figures provided here.

About leverage

The platform sets the maximum allowable leverage at 1:400, if we are talking about the plan for traders of professional level.  For those who choose a basic trading account, however, the default leverage is 1:100 (for retail traders).

Perhaps inexperienced investors do not know that in reality such a ratio has long been considered to be forbidden in Latvia. This is another confirmation that in the pursuit of advertising the swindlers of the so-called Exobit brokerage project do not even pay attention to the legal regulations, etc.

In the European Union, the maximum ratio is 1:30 or 1:40. As for the ratio of 1:100 and 1:400, such figures indicate the extremely risky consequences for the investor.

About deposit and withdrawal 

The Exobit pseudo-broker cares only about its own profit. Another confirmation of this is the penalty (commission) for inactivity, which is removed from the trader in the case of "downtime". As stated on the official website of the company, after 60 days, the trader's account becomes inactive. Moreover, it will be automatically charged a processing fee of 10%/100 UST monthly.

Unfortunately for the trader, the broker's fees do not end there. Each account is subject to an annual fee (with the wording "processing fee"). This is over 10% of the amount, which is simply robbery and nonsense for this field.

The regulated brokers are not known for such financial extortions of their clients, which again suggests that we are dealing with fraudsters and common thieves hiding under the mask of a broker.

As stated in the application on the official Exobit website, there is a fee of "3% per annum above LIBOR (minimum 10% per annum)" per account. 

If you analyze all the fees, that for a trader to trade with Exobit is not at all profitable, as it promises.

To at least stay with us, it's better to refrain from working with this shady project run by greedy scammers.

Exobit Licenses

Even with the information provided by the broker on its website it is clear that the Exobit project is not legitimate.

The footer of the site indicates that the Exobit project belongs to the company SwellTech LLC, which is registered in Latvia.

That is, the project itself has no actual license. Neither is there legal protection for clients. It is a common practice for fraudsters to open dozens or even hundreds of projects under the "wing" of the parent company, whose goal is to raise as much money as possible and disappear into the Internet.

 A check of the parent company on the website of the Latvian financial regulator also yielded no results.

It looks like we are dealing with a fish broker that is unregulated, illegal and in fact a suspected fraud.

Let's see what else the domain tells us.

It is known that the site was registered less than a year ago - in October 2020. The details are hidden by the rights holder. The scammer deliberately chose such a paid feature to hide the data about himself as much as possible. This is mostly done by unregulated brokers who are not interested in the development of their project, reputation or profits of their clients. The task of swindlers is to get as many initial deposits as possible.

Exobit Reviews online

Despite the young age of the project, it already has a whole queue of deceived customers. As in other cases of unfortunate experience with scammers, users complain about theft, drainage of deposits and refusal to withdraw money.

Scammers are not satisfied with the minimum deposit of $250. They use their gift of persuasion to the maximum to lure people out of as much money as possible.

After that, the trader's account is either blocked or simply ignored, but the result is the same: the trader will not see his money again.

Safety and security of funds with Exobit

Claiming to belong to the Baltic brand SwellTech LLC, with registration in Latvia, as it turns out, the regulator has not registered a single legal entity with that name.

This means that the capitals of traders who decide to work with the pseudo-broker Exobit are not protected: the company is not regulated, has no license and is therefore fraudulent and virtually invisible to the law.

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Summary 

Exobit is a fraudulent project which aims to swindle its clients by deceiving them and hiding behind false information about itself. The project does not have a license and does not provide the services described on its official website.

For the sake of financial peace of mind, it is better to avoid this company and do not put your money into the pockets of the scammers.

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