If you are interested in this anonymous crypto trading website, please read our State-Bit Review. You will then see that this broker is not a legit provider.
On the contrary, there are many fraudulent details about State-Bit. Let’s start exposing the scam that lies under the seemingly innocent crypto platform.
State-Bit is a scam, plain and simple. First of all, this bogus website is anonymous, i.e. does not reveal anything about the company’s legal background and status. The only trace we found was in the Terms and Conditions text.
Namely, the broker claims to operate under Estonian law. That’s an utter lie; we checked the register of the Estonian Financial Supervision and Resolution Authority and did not find any such entity.
On the other hand, the phone number displayed on the website has the area code +44, which corresponds to the United Kingdom. It made us check the database of the British Financial Conduct Authority but once more we did not find anything.
We recommend that you find a licensed provider, preferably regulated by top-tier authorities such as the FCA (UK), CFTC (US), ASIC (Australia), CNMV (Spain), CySEC (Cyprus), etc.
That way, you will be entitled to numerous benefits such as negative balance protection, a segregated bank account, leverage restriction (1:30 (EU), 1:50 (US)), and a compensation scheme (i.g. up to 20,000 EUR) in case the broker goes insolvent.
According to the research we did, State-Bit was mainly active in three particular domains. Here is the list we compiled:
As mentioned, State-Bit is not authorized to provide services in any of these domains, which, by the way, are heavily regulated. The scammer does so anyway, violating several laws in the process.
We decided to check what traders thought of State-Bit. PersonalReviews was our website for this. There we found two complaints against this broker, both warning the reader about the State-Bit trading scam. We were not surprised when we read that these unfortunate traders experienced withdrawal issues.
Avoid State-bit like a plaque. i am caught in their net right now as I paid £250 to try them out. They wanted me to add more, but I refuse to yield to their pressures, particularly as the forecast of the market was completely wrong when I checked it. Please do not entertain them at all they are rogues and SCAMMERS.
Don’t be suckered into thier sales pitch they talk over you so you can’t get a question in or quickly change to another tack to throw you off also constant calls get to you and take up your valuable time…
We think that the complaints we posted perfectly summarize how the scam works. First State-Bit will try to entice you, get you interested by promising fast profits, and try to squeeze as much money out of you as possible.
By the time you realize that you’re dealing with a crypto trading scam, State-Bit will cease all communication and vanish with your hard-earned money. Another trick this cutthroat broker uses includes shady fees.
Keep in mind that it’s illegal for a broker to demand that you pay an upfront fee before performing your withdrawal request. State-Bit also uses a Telegram channel.
According to State-Bit’s website, this broker offers only cryptocurrency trading. There is a load of different crypto coins available for trading:
Crypto is such a volatile market. Given the relatively young age of these coins, regulators are still trying to figure out the perfect rules and laws for these digital assets. But if you trade with an anonymous broker, you’re in for a nightmare.
Per the broker’s website, there are six different trading accounts available:
The leverage State-Bit offers can be set as high as 1:100, which is extremely risky for a volatile market like the crypto one.
State-Bit has three available funding methods:
Scammers like State-Bit typically prefer to get the money via crypto transactions since those are considerably hard to trace and refund.
You have already read that the financial swindler tries to extort money from clients by demanding an illegal upfront fee. The State-Bit withdrawal fees depend on the amount the trader wants to withdraw.
If you have fallen victim to the foul State-Bit crypto trading scam, please notify our team about it. We will gladly report the scammer to the authorities.
Global Fraud Protection can also assist you with the chargeback or recall processes. If need be, our experts can trace your crypto transaction using CipherTrace, a powerful recovery tool.
Bear in mind that a chargeback is possible only 540 days after the transaction has been made and has to be requested at the issuing bank.
Get in touch with us.
State-Bit is an anonymous crypto trading platform with no trading license or regulation, i.e. a scam broker.
You cannot trade CFDs but you can trade cryptocurrencies. We don’t recommend it though.
No. State-Bit does not offer a risk-free demo account on its website.
State-Bit is an anonymous crypto trading platform with no trading license or regulation, i.e. a scam broker.
You cannot trade CFDs but you can trade cryptocurrencies. We don’t recommend it though.
No. State-Bit does not offer a risk-free demo account on its website.
The post Our State-Bit Review Will Show You the Truth About This Crypto Scam appeared first on Global Fraud Protection.
