Crypto trading has been booming in the past decade as it was a non-centralized type of investment. However, government oversight started through broker and crypto exchange regulations, meaning that even these institutions now must be duly licensed to perform their business.
Our detailed Meandbit review is dedicated to finding out more about this particular broker and its actions. Is your money safe? Let’s see together.
Meandbit is pretty cryptic when it comes to basic company information. For instance, you won’t be able to find the owner’s name on the website or within legal documents. The only thing we could dig out while going through the Terms and Conditions is that the governing law is the law of Malta.
According to this information, Meandbit regulation should be with the official Maltese regulator, MFSA. However, the search of their database yielded no results, meaning we still know nothing about our scammer.
Just in case, we scrapped registers of the FCA, ASIC, BaFin, CONSOB, and other Tier 1 authorities. Once again, we found nothing. Since this brokerage doesn’t even provide details about leverage and other trading terms, there’s no way we can conclude where they operate from.
According to our research and traffic analysis, there are several countries where Meandbit advertises the most. These are:
You can quickly review the Meandbit trading platform by clicking on the Trade tab on the main page. You’ll be redirected to a basic WebTrader that supports two order types – limit and market order. There are no charts except the candlestick and no indicators we were able to access.
We could search for a coin, change time on the chart ranging from 1 minute to 1 month, and check buying and selling prices. All other features are not enabled. It’s possible you’d gain access to some indicators once you deposit the money, but we were unwilling to test this possibility.
Instead, we recommend you trade with a regulated brokerage firm offering credible software. Many trading firms out there provide third-party terminals such as MT4, MT5, and cTrader. Each of these supports EAs, social trading, mobile trading, and much more.
As explained, Meandbit is a new scheme on the market, less than three months old at the time of writing. The broker lurks for victims through fake social media ads, finding customers through Instagram, Facebook, and even LinkedIn. Sometimes, scammers create profiles on LinkedIn, posing as trustworthy investment firms, adding more credibility to their stories.
Once you register, your personal information, including phone and email, will be in the broker system. Then, employees can call, send messages via WhatsApp and Telegram, email you with various promotions, and do whatever it takes to get ahold of your money.
If they succeed, you will be transferred to an account manager whose job should be to help you navigate the platform and find the best trading strategy. Note that these people are not licensed financial advisers and shouldn’t be allowed to work with you.
Finally, when all your money is gone, and you want a withdrawal, this is when you’ll face the harsh truth. You’ve been scammed, your trading account is blocked, and your money is gone.
As a crypto-only broker, Meandbit allows access to digital coins against fiat currency or other crypto coins. Some of the available pairs are:
However, the platform doesn’t show available leverage, meaning you don’t know the trading risks. As per the fees, the company says both Maker and Taker have the same fees, ranging from 0.20% for regular users to 0.14% for premium ones.
In addition, you will have to pay a commission for deposits and withdrawals, swaps, and other fees.
While talking about regular and premium users, Meandbit doesn’t provide us with a list of dedicated account types. We know nothing about the minimum deposit or premium trader perks.
In addition, the Meandbit Demo account is unavailable, meaning you will have to register, pay the money, and only then test the platform. Considering it’s a bogus browser-based terminal, you’re better off without it.
First of all, let’s go through outrageous clauses from the legal documents. Namely, if you submit a Meandbit withdrawal request for the first time, the company will require you to pay 18% of the amount under taxes. It’s illegal as the IRS charges income tax in your country of residence, not some shady broker.
Additionally, there’s a fee of 1% for each withdrawal, which is rather pricey. If you have been a customer for less than one month and the amount you wish to withdraw exceeds 0.3 BTC, you first need to upgrade to a premium user.
And finally, with all this nonsense, we have no information about available payment methods. Neither T&C nor FAQ gives us any answers regarding how you can transfer funds from your bank or crypto account to this brokerage.
If you’re one of the unlucky victims of Meandbit, you must file a detailed report immediately. You need to explain what happened and prepare all the written communication and other evidence you may have. Then, Global Fraud Protection chargeback experts and CipherTrace crypto analysts may assist you with the refund procedure.
Don’t give up on your money! Contact us before it’s too late to book a free consultation with our experts!
Meandbit is not a legitimate crypto brokerage. If you lost your money with the firm, we might be able to assist you with the recovery procedure, but you need to report it immediately.
Meandbit provides a rather lousy trading platform – WebTrader with no charts or indicators.
The minimum deposit with this investment brokerage is currently unknown.
Meandbit is not a legitimate crypto brokerage. If you lost your money with the firm, we might be able to assist you with the recovery procedure, but you need to report it immediately.
Meandbit provides a rather lousy trading platform – WebTrader with no charts or indicators.
The minimum deposit with this investment brokerage is currently unknown.
The post Meandbit Review: Facts About This Crypto Broker appeared first on Global Fraud Protection.
