You should check their regulatory status before investing with any trading company or crypto exchange. That way, you can ensure you’re not falling for another scheme.
Our detailed Profbitos review serves as a guide for all those interested in crypto investing. We’ll present you with facts about the firm and ways to avoid being scammed.
Profbitos is an entirely anonymous brand. The company has obscure legal documents that don’t elaborate on the owner or the license. However, they stated that the governing law is the law of Malta.
Simply put, if you invest your hard-earned money in a Profbitos scam, you have no guarantee that your money will be kept in segregated accounts or that you’ll be compensated. This is why it’s important to search for licensed firms.
Profbitos website is nicely designed and seemingly transparent. You can see that the company allegedly started its journey back in 2018, while it achieved 15% of global BTC volume in March 2019. Furthermore, they claim that they currently have over 11 million registered users and over $25 billion daily trading volume.
Once you submit your details, you can expect phony account managers to call and pressure you to invest constantly. And if you do, there is no guarantee that you will get a withdrawal since the exchange is not regulated.
According to their traffic analytics, Profbitos crypto exchange finds its victims in the following countries:
We’re positive that this is not a complete list and that they advertise all over Europe. As we already explained, they do so without the necessary licenses. Hence, the best thing you can do is avoid the company.
Once you click on the Trade tab, you will be redirected to the Profbitos login page. Upon signing in, you will get access to unimpressive WebTrader. It contains one chart type, no indicators, and the possibility to place limit and market orders.
This software cannot come near third-party terminals like MT4, MT5, or cTrader. Like DigiFinex, this company didn’t bother providing users with software they could use to profit. Instead, they created an illusion of trading while all the market research had to be done elsewhere.
In addition to lackluster software, the company lacks mobile apps too. There are no links to download apps for Android or iOS, which is quite weird. Usually, crypto exchanges try to make the user experience more convenient by offering trading on the go.
Since this is a dedicated crypto exchange, there’s only one trading asset – cryptocurrencies. Customers can trade pairs such as:
Based on the obscure website information, we understood that there’s no leverage. We found information about the maker and taker fee being 0.2% each for regular users and 0.14% for premium ones.
While the company mentions regular and premium users, they don’t specify the difference between the two. Furthermore, they don’t offer a risk-free Demo account. Therefore, if you want to test the platform, you need to invest a minimum deposit.
This is why we always advise investing with legitimate companies. Most of them offer third-party software that comes with a trial account. That way, you can test the system without paying the money.
The company says that all withdrawal requests are processed within 24 hours of identity verification. However, the only way to withdraw your money is through a crypto wallet. Therefore, the transactions are hidden on the blockchain, which can lead to significant issues.
This is not uncommon for unregulated companies. They don’t care about your convenience but their own comfort. This is why they avoid traditional means of payment, such as bank transfers or credit card payments, where you can request a chargeback if something goes wrong.
Note that all transactions are subject to a 1% withdrawal fee.
Let us know if you have any issues with your Profbitos wallet or payout. Our CipherTrace crypto analysts can help you track and trace your digital coins and prepare a detailed report for the authorities and recovery procedure.
Don’t hesitate to share your story. We’ve been in the business of assisting trading scam victims for years. Book a free consultation and let experts evaluate your case in detail.
Profbitos is an unregulated crypto exchange. If you have any trouble with your wallet or withdrawals, we might be able to help you with this matter. Book a free consultation today.
The only platform available with Profbitos is WebTrader, which lacks advanced features.
Profbitos exchange doesn’t offer Android or iOS apps to its customers.
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